GetSure

GetSure Logo

Life Insurance for 81-Year-Olds

Table of Contents
    Add a header to begin generating the table of contents

    Buying a life insurance policy provides peace of mind and financial security for loved ones left behind.

    Whether you’re concerned about final expenses, leaving a legacy, or protecting your loved ones’ finances, buying life insurance at 81 years old can provide the necessary coverage and protection.

    This article will explore life insurance options and rates for 81-year-olds.

    (Note: If you want to see what rates would have been like last year, see our piece on 80-year-old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 82-year-olds.)

    Life Insurance Options for 81-Year-Olds

    At 81 years old, you are limited to only one option when it comes to life insurance.

    Term life insurance is not available to people over the age of 80, and while whole traditional life is an option, many seniors do not like the hassle of medical exams.

    Final Expense insurance is the only option for individuals at 81 years of age. Because of their looser underwriting standards and smaller policy size, final expense insurance is ideal for seniors looking to protect their loved ones from end-of-life expenses.

    There are many great benefits of buying final expense insurance:

    1. Final expense insurance requires no medical exams, so you do not have to wait weeks to obtain coverage.
    2. Since final expense insurance is whole life insurance, the coverage will last your entire lifetime and build cash value. Cash value allows you to borrow against the policy for unexpected expenses that most seniors find incredibly important.
    3. There are additional benefits (also known as riders) that you can add to customize your policy.

    No-Exam, Cash Value
    Burial Insurance
    Gender
    Tobacco

    15 companies competing for your business

    97% of the time we beat Colonial Penn

    30 days to get your money back, no questions asked

    * Based on website quote requests, through 2/28/23.
    (Check your rate to see their rates vs. ours)

    Whole Life Insurance Rates For 81-Year-Old Men

    Coverage AmountMale (Non-Smoker)Male (Smoker)
    $2,000$33$53
    $3,000$48$77
    $4,000$63$102
    $5,000$77$126
    $6,000$92$151
    $7,000$107$176
    $8,000$122$200
    $9,000$137$225
    $10,000$151$249
    $11,000$166$274
    $12,000$181$299
    $13,000$196$323
    $14,000$211$348
    $15,000$225$372
    $16,000$240$397
    $17,000$255$421
    $18,000$270$446
    $19,000$284$471
    $20,000$299$495
    $21,000$314$520
    $22,000$329$544
    $23,000$344$569
    $24,000$358$594
    $25,000$373$618

    Monthly premium costs for a final expense policy for an 81-year-old man, broken down by whether the individual is a non-smoker or a smoker.

    The first column represents the death benefit or the amount paid to your loved ones upon the policyholder’s death. The columns to the right represent the monthly premium cost for a non-smoker and a smoker, respectively.

    Coverage amounts in this table range from $2,000 to $25,000, and monthly premiums range from $33 to $618. While the monthly premiums vary significantly, one thing to note is that for every $5,000 of coverage you would buy or consider adding, expect the rates to go up by $74 for a non-smoker and $123 for smokers.

    Remember that the rates for an 81-year-old male may be relatively high compared to those for younger individuals.

    As we age, the likelihood of death increases, making it more expensive for insurance companies to provide coverage. Additionally, as we age, we may be more likely to have health issues that could make us a higher risk for the insurance company.

    Waiting until you are 82 years old to buy insurance is not recommended.

    The average increase in monthly rates between 81 and 82 years old is around 7.5% for non-smokers and 8.6% for smokers. For example, your monthly rate of $10,000 of coverage can go up from $151 to $163 by holding off for a year.

    How Much Is Life Insurance For An 81-Year-Old Woman?

    Coverage AmountFemale (Non-Smoker)Female (Smoker)
    $2,000$25$37
    $3,000$35$53
    $4,000$46$70
    $5,000$56$86
    $6,000$67$103
    $7,000$77$119
    $8,000$88$136
    $9,000$98$152
    $10,000$109$169
    $11,000$119$185
    $12,000$130$202
    $13,000$140$218
    $14,000$151$235
    $15,000$161$252
    $16,000$172$268
    $17,000$182$285
    $18,000$193$301
    $19,000$203$318
    $20,000$214$334
    $21,000$224$351
    $22,000$235$367
    $23,000$245$384
    $24,000$256$400
    $25,000$266$417

    Rates for women are lower than those for men of the same age.

    This is because, on average, women have a longer life expectancy than men, so insurance companies may consider them less risky and therefore charge lower rates.

    The coverage amounts range from $2,000 to $25,000, and because women typically live longer than men, rates do not increase as considerably. For example, for every $5,000 of coverage you add, you can expect the rates to increase by about $53 for non-smokers and $83 for smokers.

    This table shows women’s final expense insurance coverage ranges from $2,000 to $25,000.

    One thing to note is that Non-smokers have much lower rates than smokers, which is another benefit of quitting smoking. For example, a non-smoker would pay $25 for a $2,000 policy, while a smoker would pay $37.

    Holding off on buying life insurance comes at a cost.

    Waiting until your next birthday will increase your rates by almost 7%. For the same $10,000 of coverage, rates will jump from $109 to $116 if you push out until your next birthday. That’s an extra $84 per year.

    No-Exam, Cash Value
    Burial Insurance
    Gender
    Tobacco

    15 companies competing for your business

    97% of the time we beat Colonial Penn

    30 days to get your money back, no questions asked

    * Based on website quote requests, through 2/28/23.
    (Check your rate to see their rates vs. ours)

    Top Life Insurance Companies for 81-Year-Olds

    Transamerica, Mutual of Omaha, and Aetna are the three top insurance companies for 81-year-olds.

    • Transamerica offers coverage for individuals aged 0-85, with coverage amounts ranging from $1,000 to $25,000 (specifically for 76-85-year-old individuals) and an AM Best rating of “A.”
    • Mutual of Omaha offers coverage for individuals aged 45-85, ranging from $2,000 to $40,000, and an AM Best rating of “A+.”
    • Aetna offers coverage for individuals aged 40-89, with coverage amounts ranging from $2,000 to $25,000 and an AM Best rating of “A.”

    It is important to note that AM Best rating is an independent rating agency that rates insurance companies based on their financial stability and ability to pay claims. A+ is the highest rating, and all three have an A or better.

    All three carriers provide flexible payment options. One of the best payment methods is Social Security Billing, which will only allow insurance companies to draw from your account on the day you receive your direct deposit. This will ensure that your policy does not lapse. While all three companies accept EFT (Electronic Checks), you can also pay your monthly premiums to Transamerica with a credit card.

    No-Exam, Cash Value
    Burial Insurance
    Gender
    Tobacco

    15 companies competing for your business

    97% of the time we beat Colonial Penn

    30 days to get your money back, no questions asked

    * Based on website quote requests, through 2/28/23.
    (Check your rate to see their rates vs. ours)