Comparing 5 Best Life Insurance Companies for Elderly Over 80 Years in 2022
If you’re in the market for life insurance for seniors over 80, you have more choices than you may realize. Like any insurance, though, you should shop around to find the best deals since premiums for life insurance over 80 can get pretty high.
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We’ve rounded up the top life insurance companies for seniors over 80 and share them with you below!
Top Life Insurance Companies for Seniors over 80
MassMutual
Features
MassMutual offers more flexible options for seniors than most insurance companies. It’s one of the top companies in whole life insurance for seniors, but they don’t have guaranteed issue policies, which can be bad for seniors with health issues.
Because their policy is whole life, it can earn dividends, and if you live long enough, you may even borrow against it.
PROSCONSYour beneficiaries get a guaranteed death benefitSeniors must apply in person; online isn’t allowedThe policy lasts for your lifetimeYou must pass a medical examCoverage starts at $25,000+
Type of Policies Offered
For seniors, MassMutual offers only whole life insurance or permanent life insurance. This is great for seniors who expect to live a long life, though, and who have the money to cover the premiums.
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Ratings
Why we recommend it
If you’re looking for a permanent life insurance policy that will leave your loved ones with a financial legacy, this is the plan you need.
Mutual of Omaha
Features
Mutual of Omaha offers competitive prices and a wide selection of life insurance options for seniors, including over 80. They offer top-of-the-class customer service and have many online capabilities, including online applications.
PROSCONSCan apply for a new policy up to age 85Doesn’t offer a wide selection of ridersHas both term and whole life options availableYou may have to pass a medical examGreat customer service
Type of Policies Offered
Seniors can buy a term or whole life policy at Mutual of Omaha. You can apply for a term life insurance policy up to age 80 but renew the policy up until age 95. If you prefer a whole life policy, you can apply until age 85.
Ratings
Why we recommend it
We love the flexibility Mutual of Omaha provides seniors. You can choose from either a term or whole life policy, choose to apply online or in person, and their premiums are quite competitive.
AIG
Features
Sometimes you just need peace of mind that you’ll leave your loved ones with enough money to cover your final expenses, and that’s what AIG offers. It’s a whole life insurance policy with low coverage amounts that are meant for you to leave for your loved ones to cover your funeral expenses, final medical bills, and other final arrangements.
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PROSCONSYou can get up to $25,000 in coverageThere’s a 2-year waiting period from your application dateThe insurance is guaranteed acceptance, so everyone qualifiesPoor customer serviceYou can accelerate your benefits if you have a chronic or terminal illness
Type of Policies Offered
AIG offers only a final expense policy for seniors, which is often what seniors need. It’s not a full coverage policy – it leaves just enough to cover your final expenses, but with the option to use the benefits while you’re alive if you’re terminally or chronically ill.
Ratings
Why we recommend it
You can get final expense insurance up to age 80, which is higher than many other companies, and you don’t have to take a medical exam. Everyone qualifies, even though there is a 2-year waiting period. If you’re in decent health, it can provide your loved ones with the needed funds when you pass.
TransAmerica
Features
TransAmerica offers an excellent selection of life insurance policies for seniors, including term and final expense insurance options. A unique option they offer is the ability to get more coverage on a final expense policy than most companies provide if you secure the policy at a younger age (starting at age 56).
PROSCONSHas the highest age range for seniors to get life insuranceYou must get the policy through an agent. There’s no online applicationProvides options for term and permanent life insuranceLower coverage limits if you’re over 76Caters to seniors
Type of Policies Offered
Like we said earlier, TransAmerica offers both term and final expense insurance. Term life insurance is good for a specific period, and then it expires. Final expense insurance is permanent but offers lower coverage amounts because it’s only for final expenses. The fact that seniors up to age 85 can get coverage sets them apart from the rest.
Ratings
Why we recommend it
TransAmerica is best for seniors over 80 who have no other options. TransAmerica caters to older seniors, setting you up with a final expense insurance policy so that you can leave your loved ones with funds to cover your final arrangements.
Prudential
Features
Prudential is known for its living benefits, which is a feature many seniors want. Living benefits are benefits you can use while you’re alive, such as when you’re diagnosed with a terminal or chronic illness and need help paying the costs. Prudential is also one of the most well-known life insurance companies in the country.
PROSCONSPays out up to 100% of your death benefit as living benefits if neededNo whole life insurance optionOffers term and universal life policiesCustomer service is lackingHas many more options for seniors than other companies
Type of Policies Offered
You won’t find whole life insurance policies at Prudential, but they offer term and universal life policies (which is a cross between term and whole life insurance).
Ratings
Why we recommend it
If you’re worried about what would happen if you fell ill, a Prudential life insurance policy provides the perfect peace of mind. You’ll have access to up to 100% of your death benefits if you have a chronic or terminal illness.
Final Thoughts
Always shop around and get the best rates for your life insurance, especially if you’re a senior over 80 years old. There are many options, but as you might have guessed, the rates can get high because the risk of a payout is much higher than for younger people.
