Final expense insurance for people over 80

Which policies are still open after 80

Level plans that issue to 85 are your first choice. Mutual of Omaha Living Promise level, Foresters PlanRight and Transamerica Immediate Solution all accept applicants to 85.

On a level plan, you answer health questions but get full coverage from day one. Many people in their early 80s with well-managed conditions still qualify, so it is worth applying before settling for guaranteed issue.

For guaranteed issue, the field is smaller. Gerber Life, Mutual of Omaha's graded Living Promise and Transamerica's Easy Solution stop at 80. Mutual of Omaha Guaranteed Whole Life issues to 85 (50 to 75 in New York), and Colonial Penn issues to 85 in most states.

Availability varies by state. Colonial Penn, for example, says its 50 to 85 range applies in most states, not all.

Coverage amounts after 80

Expect a ceiling around $25,000. Transamerica caps at $25,000 from 76 to 85, and Mutual of Omaha's guaranteed policy caps at $25,000.

At this age, $5,000 to $10,000 is a common choice. That pays for a direct cremation or a simple service, or adds to savings already set aside for a burial.

NFDA's 2023 medians were $6,280 for a funeral with viewing and cremation and $8,300 with viewing and burial. A direct cremation with no viewing usually costs less, according to the FTC.

Women usually pay less than men at the same age, and tobacco users more. In Mutual of Omaha's level table, an 80-year-old woman pays about 30% less per $1,000 than a man of 80.

The math of buying after 80

Premiums per $1,000 are high at this age, so check the break-even point. Divide the face amount by the yearly premium to see how many years of payments equal the benefit.

For many people over 80, it takes several years of premiums to pay in what the policy pays out. The policy still makes sense if you want the money guaranteed for your family, or have health concerns that make a shorter life expectancy likely.

If you have steady savings and good health, setting money aside in a payable-on-death bank account may work as well. Our cost guide walks through the comparison.

Graded and guaranteed plans after 80

A guaranteed policy bought at 82 does not pay the full amount for natural-cause death until 84. Mutual of Omaha's Guaranteed Whole Life pays a reduced benefit for the first two years, and Colonial Penn returns premiums plus 7% interest.

Accidental death is treated differently. Colonial Penn pays the full face amount in the first two years if death occurs within 90 days of an accident.

Guaranteed plans also cap the amount. Mutual of Omaha's Guaranteed Whole Life allows $2,000 to $25,000, and Colonial Penn sells coverage in units, up to 25 units on its quote form.

If you are in fair health, apply for a level plan first. Our waiting periods guide explains how each design pays.

Using veterans and other benefits

Check other benefits before deciding how much to buy. According to the FTC, veterans are entitled to a free burial plot and grave marker in a national cemetery, and spouses and dependent children may qualify too.

In a national cemetery there is no charge for opening and closing the grave, the vault or liner, or setting the marker. The family still pays for the funeral home and transportation.

Social Security adds only a one-time $255 death payment for eligible survivors. If you are a veteran planning burial, a smaller policy may cover the funeral home bill.

Practical tips after 80

An adult child can help with the application, but you must answer the health questions, sign, and usually consent to the policy. Many families also make the adult child the owner who pays the premium.

Keep paying on time. Most policies have a grace period, but a lapse after 85 usually cannot be replaced with new coverage.

Keep the paperwork simple. Put the policy number, carrier phone number and beneficiary names with your funeral wishes, and give a copy to the person who will handle arrangements.

If you have memory loss, see our page on final expense with dementia for what carriers ask.