Your golden years are all about spending time with the people who matter most, not worrying about their financial futures. With senior life insurance, you can rest assured that your loved ones can meet their financial needs. There are a few things to keep in mind as you decide whether senior life insurance could be a good fit for your circumstances.

Can you get life insurance after 80?

Not everyone in their 80s needs life insurance; you might have plenty of savings and few financial concerns. However, life insurance makes sense in plenty of circumstances older adults might face. While you may have fewer life insurance choices than younger applicants, there are still several great options for life insurance over 80.

When does it make sense to buy life insurance for someone over 80?

If you haven’t saved for end-of-life costs, senior life insurance can ensure your loved ones aren’t hit with a hefty bill during an already difficult time. Funerals in the United States cost around $9,000 on average. Even a small death benefit can help cover this expense so your family doesn’t have to scramble for the funds.

Life insurance can also be critical if you still owe debts like medical, credit, or long-term care bills when you pass away. Since certain outstanding bills may come out of your estate, they can eat away at the legacy you might hope to leave your family. In some circumstances, your family can even inherit your debts, but with the right life insurance policy, your beneficiaries can use the death benefit payout to take care of any remaining bills.

How much does life insurance cost for an 80-year-old?

Insurance providers consider a variety of factors to determine premiums. While age is important, so are your gender, lifestyle, and overall health. That means an older adult with a healthy lifestyle could still have relatively lower premiums compared to seniors with major health issues.

What can the life insurance death benefit cover?

Typically, older adults qualify for less life insurance coverage than younger adults, maxing out around $150,000. However, if you’re over 80, you may find that you require less coverage than that. Adults over age 80 usually have fewer dependents, less debt, more assets, and more savings than younger people.

Even with a modest payout, your life insurance policy can cover various expenses, including end-of-life costs, like a funeral or burial. In addition to paying for your funeral itself, your policy can cover related costs, like travel for family members, a wake or celebration of life, a headstone or vault, and more.

Unlike estates, life insurance payouts are not taxable. Therefore, you can use your policy to leave a legacy in the form of an inheritance or trust for your loved ones. Your policy can also pay off debts so they don’t affect your overall estate.

It’s important to note that some policies have built-in waiting periods for full coverage. In these policies, beneficiaries don’t receive the full death benefit if you pass away before the policy has been active for a few years.

For example, Fidelity Life’s RAPIDecision® Guaranteed Issue policy for seniors over 80 pays a reduced benefit for the first three years and full death benefits in years four and after.

Which life insurance options are available for those over 80?

Although life insurance options for older adults are somewhat limited, you can still find a policy that meets your family’s needs.

Final expense life insurance is a type of whole life insurance designed to cover end-of-life expenses. These policies offer modest coverage, for example, up to $40,000 with a RAPIDecision® Final Expense policy. In  addition, final expense coverage doesn’t require a medical exam, only a few health-related questions on your application.

You’ll usually receive a response within days of applying, and coverage begins immediately upon approval. Once approved, you’ll have consistent premiums and coverage for the rest of your life.

If you would rather avoid answering any health questions, you could opt for RAPIDecision® Guaranteed Issue insurance. This policy provides up to $25,000 in coverage and doesn’t ask for any health information. Underwriters don’t consult any public database sources to determine your eligibility either. As soon as you’re approved, a portion of your coverage kicks in. After year four of the policy, your beneficiaries can receive the full death benefit. Guaranteed issue insurance is a great option for people with serious health concerns that make life insurance eligibility difficult.

Finally, senior whole life insurance is a permanent plan designed specifically for older adults. Depending on your age, Fidelity Life’s RAPIDecision® Senior Whole Life provides between $10,000 and $150,000 in coverage.

The RAPIDecision® Senior Whole Life policy accumulates cash value over time, which you can borrow against during your life. The senior whole life application process does not include a medical exam but does ask some health questions. Partial coverage begins right away, with full coverage beginning in year four, and lasts a lifetime as long as you pay your level premiums. This policy could be a good fit if you still have some outstanding expenses or dependents that will rely on you financially for the rest of your life.

How to choose the right plan

Everyone’s life insurance needs are different, and it can be challenging to identify the best plan for you. Asking yourself the following questions can help guide your decision:

• Do you have adequate savings for your end-of-life expenses?
• Does anyone still rely on your income?
• Will anyone depend on your financial support indefinitely?
• Will you leave behind any debts like credit cards or medical bills?
• Is your mortgage paid off?
• Are you planning on leaving an inheritance?

These questions can also help you determine beneficiaries and the coverage amount you need.

Will individuals over 80 need to take a medical exam to get life insurance? 

Fidelity Life has life insurance options for people over 80 that do not require a medical exam to qualify. In most cases, policies rely on basic health questions and information from public databases to simplify the process when applying.

If you have serious health concerns, you can apply for RAPIDecision® Guaranteed Issue coverage, which has no medical requirements at all.

The right life insurance policy is one that provides financial protection and peace of mind for you and your loved ones. Talk to an agent to explore your options, or get started with a life insurance quote online.