Life Insurance Options for an 80 Year Old Female


If you are a woman and you need life insurance at age 80, then you should be aware that rates for coverage will go up quite a bit for every year that you wait. So now is the right time to get enough coverage to cover your burial costs, final expenses, and possibly leave behind something for your children or grandchildren.

Whether you are in excellent health or if you have some health problems such as high blood pressure,  a recent heart attack or insulin dependent diabetes, there are policies for you.

Why Women Obtain Life Insurance In Their Eighties

Though everyone has different reasons for obtaining a life insurance policy, a woman in her eighties is usually looking to obtain coverage so she doesn’t leave a burden on her family. This includes funeral costs, final bills and debts, probate costs, and possibly taxes. Here are some other reasons that an 80 year old woman looks for life insurance coverage:

  1. You Just Don’t Have Enough – Maybe you have set up life insurance coverage in your younger years, but you realize that costs have risen over the years and you just don’t have enough.
  2. Estate Planning Purposes – You may need to add liquidity to your estate or you can also use the proceeds from an insurance policy to pay estate taxes.
  3. To Leave Money to Your Family – Some women just want to be able to leave money to their spouse, children, and grandchildren.

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Your Options for Coverage

No matter what your reason for obtaining life insurance at this age, you have two basic coverage options – whole life insurance and term life insurance.

At 80 years old, a whole life insurance policy, also known as burial insurance or final expense insurance, is best if you just want coverage to cover your funeral costs. This type of policy is permanent, which means that your premiums will remain level for the rest of your life and your policy will not expire. A burial insurance policy usually does not require a physical exam. You simply fill out an application with a health questionnaire. Your approval is determine by the answers to your health history. If you have major health issues, then you will only be able to qualify for a guaranteed acceptance life insurance policy.

The second type of coverage option you have is term insurance. This is temporary coverage that will last you to a maximum age of 95. Once you reach that age, your policy will expire, which is why I don’t recommend term coverage for anyone in their eighties.

What Determines the Rates for an 80 Year Old Female?

Your age is one of the first factors that in insurance underwriter will consider. At this age, life insurance coverage is obviously much higher than when you were in your fifties, sixties, and seventies, but don’t worry because there are many companies that specialize in insuring seniors and the elderly. Along with your age, an insurance underwriter will determine whether you qualify for a policy and at what rate with the following variables:

  • Your smoking status (smokers obviously pay more- sometimes double or triple what a non-smoker pays)
  • Your health history and your family health history (Do you have high blood pressure, hypertension, a history of heart problems, COPD, etc.?)
  • Your driving record (do you have any DUIs or excessive speeding tickets?)
  • Your height and weight (Some companies look at this while other companies don’t even ask)

In the majority of cases a woman in her eighties has some health problems, which is why it is important to work with companies that specialize in senior life insurance coverage. A carrier that works with seniors will understand the various health issues that many elders have and will weight those medical issues differently than a company that focuses on term policies for those age 30 to 50. All insurance companies have different criteria so it is important to compare rates from companies that work with elders to ensure that you get the most competitive rate for your age group.

How Much Does A Policy Cost for an 80 Year Old Woman?

Here are a few example quotes to give you an idea of what you might pay for a policy at this age. The sample rates shown below are based on a preferred plus rating (non-smoker). Your rate could be higher depending on your particular situation.

Permanent Burial Insurance Policy – Non-Smoker

$10,000 – $1,232 Per Year
$15,000 – $1,833 Per Year
$25,000 – $3,034 Per Year

Permanent Burial Insurance Policy – Smoker

$10,000 – $1,545 Per Year
$15,000 -  $2,292 Per Year
$25,000 – $3829 Per Year

There is A Cost When You Wait to Obtain Coverage

If you are thinking about getting a life insurance policy now then you go with your mind and get it taken care of. If you take a look at the sample rates above, you can see that a $15,000 policy for an 80 year old non-smoking woman is  is $1,833 per year. If you put off your decision just one more year until you are 81 then that same policy will cost you $1,973 per year. That is almost 10% more and if you wait another year, it will cost you even more. The point is – don’t put off tomorrow what you can do today, especially when it concerns protecting your loved ones from a financial burden.

Use the quote box above to begin a rate comparison. You’ll be able to view rates in under a minute. It is always best to compare several rates from different companies to ensure that you get the absolute lowest rate for your needs. We work with over 100 companies so you can be sure that you can obtain the best rate for your situation and your age.

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