If you have reached the age of 80, then your options for getting good, affordable life insurance shrinks even more. Unlike the days of your youth when getting a long-term, large life insurance policy at a cheap rate had few requirements, getting the same type of policy at 80 is not going to be possible.
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However, there are advantages to your age in terms of getting life insurance that will help you make the best-informed decision about which type of policy is right for you. The average 80-year-old has already grown children, and the mortgage paid off, so the financial requirements are less if you should pass away. What follows are the types of life insurance policies that are the most available and averages of premiums that you might pay.
Types of Policies
The most common type of policy for seniors over 80 falls into the whole life policy category, particularly the final expense or burial insurance. This is a policy designed to pay for funeral expenses and associated costs. Such expense beyond the funeral may include the passing of financial assets if you have no spouse. There are also whole life policies that include paying off any outstanding debt from medical bills. Plus, if you want to leave an inheritance to your children or grandchildren, that is also available.
The costs rise considerably if you are interested in obtaining a whole life insurance policy with a substantial death benefit such as $250,000 or more. An 80-year-old can indeed qualify, but you will pay a considerable amount in terms of premiums.
Term life insurance is generally not for seniors. Few companies offer it, and those that do charge a considerable amount more than whole life policies. But what if you only need funeral expenses? Then you can expect to pay the following.
It should be stated that there really is no “average” life insurance premium for seniors over 80 because they can vary considerably based on the following.
- Exact Age
- Type of Policy
Considering all factors, an 80-year-old male in good health and a $10,000 death benefit may expect to pay about $150 per month in premiums. That figure can go up or down by $25, depending on which company you acquire the policy. As you get older, the premiums will continue to rise. An 85-year-old male under the same circumstances can expect to pay $225 per month in premiums.
For women, the premiums tend to be considerably lower. An 80-year-old female in good health can expect to pay $115 per month for a $10,000 death benefit. That cost goes up to $160 per month when they reach the age of 85.
The premiums are higher for policies that do not ask any health questions. Such policies tend to be $30 to $100 higher or more again, depending on other circumstances for a $10,000 death benefit.
Finding the right life insurance policy for your needs starts with a full assessment of how much is required to cover all expenses associated with your passing. Be sure to go over your financial status first before shopping around for the best life insurance policy for seniors over 80.