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Although financial needs change throughout life, a life insurance policy can benefit nearly everyone, including seniors over 80. You may need to do more research to find an option that fits your needs and budget, but there are plenty of policies that can get you the right coverage. Aflac offers life insurance policies for individuals and families that can help seniors get the financial protection and peace of mind they need. Read on to learn how life insurance for seniors over 80 works.
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Life insurance for seniors over 80 works like most other policy types. You pay monthly premiums, and should you pass while the policy is active, your beneficiaries will receive a death benefit payout that they can use for various purposes. Some life insurance policies are specifically designed for older adults to help cover final expenses and provide financial support for loved ones in their absence.
There are several types of life insurance available for seniors:
Term life insurance for seniors over 80 lets you choose a term length of 10 to 30 years, with longer lengths costing more in premiums. This type of policy may be best suited for those with short-term coverage needs.
Whole life insurance provides coverage for the duration of your life. The policy remains active as long as you pay premiums. This type of policy also comes with cash value that grows with each premium payment. You can borrow against or withdraw from it as it grows. However, keep in mind that premiums for seniors over 80 can be higher.
Final expense insurance is a whole life insurance policy that helps your loved ones cover funeral costs, medical bills, and other end-of-life costs. The death benefit is smaller, but lower overall premiums. Plus, this policy can build cash value, and a medical exam may not be required.
Guaranteed issue life insurance skips the medical exam and may ask few or no health questions, making it an excellent potential option for seniors. Like final expense insurance, it’s a whole life insurance policy that offers cash value and low premiums.
Simplified issue life insurance provides a middle ground between traditional policies and guaranteed issue life insurance. It offers a straightforward application process and no medical exam, but does ask some medical questions. Simplified issue life insurance offers cash value, cost-conscious premiums, and smaller coverage amounts.
Typically, seniors over 80 may pay more in premiums since they increase with age. A healthy, non-smoking senior could pay $718 to $960 for a 10-year, $250,000 term life insurance policy. Meanwhile, a $40,000 final expense insurance policy can cost $549.31 and $384.12 for men and women over 80, respectively.1
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedSeveral factors can impact the cost of life insurance for seniors:
Premiums generally increase with age. Therefore, seniors over 80 may face higher costs for life insurance. However, shopping around can help you compare quotes to fit your needs and budget.
Men tend to pay more than women for the same coverage since they have a slightly lower life expectancy.2 This difference tends to widen the premium gap at higher levels translating to an increase in cost.
Health is a crucial factor in determining premiums. Personal or family health history of medical conditions could result in higher premiums. Fortunately, you have some level of control over your health. Maintaining good health and demonstrating your commitment to managing health conditions to the insurer could help reduce premiums.
Each policy type charges different premiums overall and per dollar of coverage. For example, term life insurance has competitive premiums and is the most cost-efficient. Permanent life insurance costs more due to lifelong coverage and cash value. Meanwhile, final expense and guaranteed issue life insurance cost less, but offers a smaller death benefit.
The right senior life insurance policy for you may depend on your situation and coverage needs:
If you want lifelong coverage, you can consider getting a permanent life insurance policy. Whole life insurance can provide significant coverage so that your loved ones can receive a large death benefit payout after you pass away. Smaller policies like final expense or simplified issue insurance may be better if you want to skip the medical exam and your loved ones don’t need as much support.
Term life insurance can be an excellent option for seniors with outstanding debts, such as a mortgage. You can get a significant death benefit at a lower cost, making it easier to fit premiums into your budget. However, you may also consider a smaller permanent policy, such as guaranteed issue life insurance, if you have a smaller outstanding balance and want to avoid a medical exam.
Final expense insurance may be the best policy for covering end-of-life expenses since it's designed to help cover these costs. Simplified and guaranteed issue policies can also work, especially if you want a straightforward application process.
Life insurance can be more expensive for seniors over 80, since age is a crucial factor insurers consider. However, comparing quotes can help you find the right policy without breaking the bank. At Aflac, we offer term life, whole life, and final expense life insurance policies for individuals and families to help you get coverage that fits your unique needs. You can purchase these policies directly through Aflac. Contact an agent today to learn more and get a quote.
Get Started
Life insurance companies may require you to take a life insurance medical exam when getting a policy. Learn how the life insurance medical exam works.
The type of life insurance you should get can depend on your coverage needs and budget. Learn how to figure out what kind of life insurance you need.
Life insurance companies may require you to take a life insurance medical exam when getting a policy. Learn how the life insurance medical exam works.
The type of life insurance you should get can depend on your coverage needs and budget. Learn how to figure out what kind of life insurance you need.
1Policygenius - Best life insurance for seniors (2024). Updated July 31, 2024. https://www.policygenius.com/life-insurance/best-life-insurance-for-seniors/. Accessed April 8, 2025.
2Policygenius - Life insurance rates by gender. Updated September 24, 2024. https://www.policygenius.com/life-insurance/gender/. Accessed April 8, 2025.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
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