Life insurance is a tool for securing the financial well-being of your loved ones after you’re gone. When you’re 81, you can still purchase a policy providing coverage and protection tailored to your specific needs.
This article discusses various life insurance options and rates available to 81-year-olds to help you make an informed decision.
Navigating the world of life insurance at this age might seem overwhelming, but with the correct information, you can find coverage that aligns with your circumstances. Whether you’re looking to cover your final expenses, leave a legacy for your loved ones, or ensure their financial stability, the options outlined in this article will guide you toward the perfect policy for you.
Choose kindness.
You never know what battles people may be fighting.
Can An 81 Year Old Get Life Insurance?
At 81 years old, seniors have one option for life insurance: final expense insurance (also known as “burial insurance”).
These fantastic policies can have you applying on a Tuesday and approved covered on Wednesday.
Some benefits of burial insurance include:
- No medical exams: Seniors can avoid lengthy waiting times for coverage approval.
- Permanent coverage: As a form of whole life insurance, Final Expense insurance lasts for the insured’s entire life and builds cash value. This allows policyholders to borrow against the policy for unexpected expenses, a feature many seniors value.
- Customizable policies: Additional benefits, also known as riders, can be added to tailor the policy to the insured’s needs.
Final expense insurance, with its relaxed underwriting standards and smaller policy size, is ideal for seniors seeking to protect their loved ones from end-of-life expenses. Since it accommodates various health issues, such as diabetes and previous smoking habits, it offers an accessible and valuable life insurance option for those aged 81 and beyond.
Life Insurance Rates For 81 Year Olds
Whole Life Insurance Rates For 81-Year-Old Male
| Coverage | Male (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 Female?
| Coverage | Female (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 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.
Choose kindness.
You never know what battles people may be fighting.
Top Burial Insurance Companies for an 81-Year-Old
Aetna, Mutual of Omaha, and Transamerica are the three top insurance companies for 81-year-olds. Below, you’ll find an overview of each carrier’s final expense plan and a downloadable brochure.
Aetna Protection Series
Aetna provides coverage for individuals between the ages of 40 and 89, ranging from $2,000 to $25,000. Additionally, Aetna has an “A” rating from AM Best.
"Protection Series" Whole Life Insurance
| Policy Type | Whole Life |
|---|---|
| States | All except AK, CA, DC, HI, MA, ME, MN, NY, ND, SD, WA |
| Ages | 45 - 89 |
| Coverage | $2,000 - $50,000 (varies by age) |
| Duration | Lifelong |
| Waiting Period | No |
| Rate Lock | Yes |
- Lenient underwriting
- Shortest application, industry-wide
- Automated underwriting (approval potentially in minutes)
- No medical exam
- Flat, never-increasing premiums
- N/A
- ADHD
- Addisons Disease
- Anxiety Disorder
- Artery Disease
- Arthritis (Psoriatic)
- Arthritis (Rheumatoid)
- Asthma (Chronic)
- Asthma (Mild)
- Atrial Fibrillation
- Autism (High Functioning)
- Autism (Severe)
- Barlows Syndrome
- Bladder Pain (Chronic)
- Blood Clot
- Blood Disorder
- Bone Marrow Transplant
- Brain Tumor (Removed; Benign)
- Bronchitis (Acute)
- COVID-19
- CPAP Use (w/o Oxygen)
- Cancer (Skin)
- Cardioversion Treatment
- Cerebral Palsy
- Chronic Cough
- Chronic Pancreatitis
- Circulatory Disease
- Claudication
- Clogged Arteries
- Coronary Artery Disease
- Crohns Disease
- Declined for Life Insurance
- Depression
- Diabetes (No Insulin)
- Diabetes (With Insulin)
- Disability
- Encephalopathy
- Enlarged Heart
- Enlarged Prostate
- Epilepsy
- Felony
- Fibromyalgia
- Glaucoma
- Gout
- Guillain-Barre Syndrome
- Hashimotos Disease
- Heart Arrhythmia
- Heart Blockage
- Heart Catheterization
- Heart Disease
- Heart Murmur (Functional)
- Heart Murmur (Innocent)
- Hemophilia
- High Blood Pressure
- High Cholesterol
- Irregular Heartbeat
- Irritable Bowel Syn.
- Kidney Stones
- Low Blood Pressure
- Lupus (Non-Systemic)
- Lyme Disease
- Malaria
- Memory Loss
- Mitral Valve Prolapse
- Multiple Sclerosis (MS)
- Muscular Dystrophy
- Myasthenia Gravis
- Narcolepsy
- Neuropathy (Non-Diabetic)
- Osteoarthritis
- Osteoporosis
- PAD
- PTSD
- PVD
- Pagets Disease of the Bone
- Pain (Chronic)
- Pancreatic Insufficiency
- Panic Disorder
- Parole / Probation
- Pernicious Anemia
- Pneumonia
- Pulmonary Embolism
- Pulmonary Sarcoidosis
- Respiratory Failure
- Restless Leg Syndrome
- Scleroderma
- Seizures
- Sepsis
- Shingles
- Sjogrens Syndrome
- Sleep Apnea (No Oxygen)
- Spina Bifida
- Spinal Stenosis
- Stem Cell Transplant
- Suicide Attempt
- Thrombocythemia
- Thrombocytopenia
- Thrombosis (Blood Clots)
- Thyroid Disorders
- Tourettes
- Ulcer
- Ulcerative Colitis
- Unexplained Weight Loss (> 10 lbs)
- Vertigo
- Wegeners Granulomatosis
- Wet Macular Degeneration
- Wolff-Park. Syndrome
- ADL Assistance Required
- Alcohol / Drug Abuse
- Aneurysm (Corrected)
- Aneurysm (Not Corrected)
- Angina
- Angioplasty
- Assisted Living Facility
- Awaiting Surgery
- Awaiting Test Results
- Bedridden
- Brain Tumor (Not Removed; Benign)
- CHF
- CPAP Use (w/Oxygen)
- Cancer (Not Skin)
- Cardiac Ablation
- Cardiomyopathy
- Circulatory Surgery
- Coronary Artery Bypass
- DUI / DWI
- Defibrillator
- Diabetic Coma
- Gastric Bypass
- Heart Attack
- Heart Surgery
- Heart Valve Surgery
- Hemorrhagic Stroke
- Hodgkins Lymphoma
- Home Health Care
- Hospitalization
- Huntingtons Disease
- Hypertrophic Cardiomyopathy
- Insulin Shock
- Intracerebral Hemorrhage
- Lap Band Surgery
- Leukemia
- Liver Disease
- Liver Disorder
- Melanoma
- Multiple Myeloma
- Myocarditis
- Nephropathy
- Neuropathy
- Non-Hodgkins Lymphoma
- Nursing Home
- Organ Transplant (Completed)
- Oxygen (Non-Continuous)
- Oxygen (Sleep Apnea Use Only)
- Oxygen Use (Continuous)
- Pacemaker
- Paralysis
- Paraplegia
- Pending Hospitalization
- Pending Surgery
- Quadriplegia
- Retinopathy
- Sleep Apnea (w/Oxygen)
- Stent Placement
- Stroke / TIA
- Watchman Implant
- Wheelchair (Confined)
- Wheelchair (Not Confined)
Mutual of Omaha Living Promise Whole Life Insurance
Mutual of Omaha provides coverage for people 45-85, with face amounts from $2,000 to $50,000. This insurer has an A.M. Best rating of “A+.”
"Living Promise" Whole Life Insurance
| Policy Type | Whole Life |
|---|---|
| States | All except NY |
| Ages | 45 - 85 |
| Coverage | $2,000 - $50,000 |
| Duration | Lifelong |
| Waiting Period | No |
| Rate Lock | Yes |
- Excellent customer service
- No medical exam
- Flat, never-increasing premiums
- No waiting period
- Moderately strict underwriting
- ADHD
- Addisons Disease
- Anxiety Disorder
- Artery Disease
- Arthritis (Psoriatic)
- Arthritis (Rheumatoid)
- Asthma (Chronic)
- Asthma (Mild)
- Atrial Fibrillation
- Autism (High Functioning)
- Autism (Severe)
- Barlows Syndrome
- Bladder Pain (Chronic)
- Blood Clot
- Blood Disorder
- Bone Marrow Transplant
- Brain Tumor (Removed; Benign)
- Bronchitis (Acute)
- COVID-19
- CPAP Use (w/o Oxygen)
- Cancer (Skin)
- Cardioversion Treatment
- Cerebral Palsy
- Chronic Cough
- Chronic Pancreatitis
- Circulatory Disease
- Claudication
- Clogged Arteries
- Coronary Artery Disease
- Crohns Disease
- Declined for Life Insurance
- Depression
- Diabetes (No Insulin)
- Diabetes (With Insulin)
- Disability
- Encephalopathy
- Enlarged Heart
- Enlarged Prostate
- Epilepsy
- Felony
- Fibromyalgia
- Glaucoma
- Gout
- Guillain-Barre Syndrome
- Hashimotos Disease
- Heart Arrhythmia
- Heart Blockage
- Heart Catheterization
- Heart Disease
- Heart Murmur (Functional)
- Heart Murmur (Innocent)
- Hemophilia
- High Blood Pressure
- High Cholesterol
- Irregular Heartbeat
- Irritable Bowel Syn.
- Kidney Stones
- Low Blood Pressure
- Lupus (Non-Systemic)
- Lyme Disease
- Malaria
- Memory Loss
- Mitral Valve Prolapse
- Multiple Sclerosis (MS)
- Muscular Dystrophy
- Myasthenia Gravis
- Narcolepsy
- Neuropathy (Non-Diabetic)
- Osteoarthritis
- Osteoporosis
- PAD
- PTSD
- PVD
- Pagets Disease of the Bone
- Pain (Chronic)
- Pancreatic Insufficiency
- Panic Disorder
- Parole / Probation
- Pernicious Anemia
- Pneumonia
- Pulmonary Embolism
- Pulmonary Sarcoidosis
- Respiratory Failure
- Restless Leg Syndrome
- Scleroderma
- Seizures
- Sepsis
- Shingles
- Sjogrens Syndrome
- Sleep Apnea (No Oxygen)
- Spina Bifida
- Spinal Stenosis
- Stem Cell Transplant
- Suicide Attempt
- Thrombocythemia
- Thrombocytopenia
- Thrombosis (Blood Clots)
- Thyroid Disorders
- Tourettes
- Ulcer
- Ulcerative Colitis
- Unexplained Weight Loss (> 10 lbs)
- Vertigo
- Wegeners Granulomatosis
- Wet Macular Degeneration
- Wolff-Park. Syndrome
- ADL Assistance Required
- Alcohol / Drug Abuse
- Aneurysm (Corrected)
- Aneurysm (Not Corrected)
- Angina
- Angioplasty
- Assisted Living Facility
- Awaiting Surgery
- Awaiting Test Results
- Bedridden
- Brain Tumor (Not Removed; Benign)
- CHF
- CPAP Use (w/Oxygen)
- Cancer (Not Skin)
- Cardiac Ablation
- Cardiomyopathy
- Circulatory Surgery
- Coronary Artery Bypass
- DUI / DWI
- Defibrillator
- Diabetic Coma
- Gastric Bypass
- Heart Attack
- Heart Surgery
- Heart Valve Surgery
- Hemorrhagic Stroke
- Hodgkins Lymphoma
- Home Health Care
- Hospitalization
- Huntingtons Disease
- Hypertrophic Cardiomyopathy
- Insulin Shock
- Intracerebral Hemorrhage
- Lap Band Surgery
- Leukemia
- Liver Disease
- Liver Disorder
- Melanoma
- Multiple Myeloma
- Myocarditis
- Nephropathy
- Neuropathy
- Non-Hodgkins Lymphoma
- Nursing Home
- Organ Transplant (Completed)
- Oxygen (Non-Continuous)
- Oxygen (Sleep Apnea Use Only)
- Oxygen Use (Continuous)
- Pacemaker
- Paralysis
- Paraplegia
- Pending Hospitalization
- Pending Surgery
- Quadriplegia
- Retinopathy
- Sleep Apnea (w/Oxygen)
- Stent Placement
- Stroke / TIA
- Watchman Implant
- Wheelchair (Confined)
- Wheelchair (Not Confined)
Transamerica Immediate Solution Final Expense Insurance
Transamerica’s burial insurance plan is offered to individuals between 0-85 years old. Coverage amounts for 81 year olds range from $1,000 to $25,000. AM Best gives Transamerica an “A” rating.
"Immediate Solution" Whole Life Insurance
| Policy Type | Whole Life |
|---|---|
| States | All except NY |
| Ages | 0 - 85 |
| Coverage | $1,000 - $50,000 (varies by age) |
| Duration | Lifelong |
| Waiting Period | No |
| Rate Lock | Yes |
- Very low prices
- No medical exam
- Flat, never-increasing premiums
- No waiting period
- Underwriting has become stricter (e.g., no insulin)
- Coverage limited to $25,000 for older applicants
- ADHD
- Addisons Disease
- Anxiety Disorder
- Artery Disease
- Arthritis (Psoriatic)
- Arthritis (Rheumatoid)
- Asthma (Chronic)
- Asthma (Mild)
- Atrial Fibrillation
- Autism (High Functioning)
- Autism (Severe)
- Barlows Syndrome
- Bladder Pain (Chronic)
- Blood Clot
- Blood Disorder
- Bone Marrow Transplant
- Brain Tumor (Removed; Benign)
- Bronchitis (Acute)
- COVID-19
- CPAP Use (w/o Oxygen)
- Cancer (Skin)
- Cardioversion Treatment
- Cerebral Palsy
- Chronic Cough
- Chronic Pancreatitis
- Circulatory Disease
- Claudication
- Clogged Arteries
- Coronary Artery Disease
- Crohns Disease
- Declined for Life Insurance
- Depression
- Diabetes (No Insulin)
- Diabetes (With Insulin)
- Disability
- Encephalopathy
- Enlarged Heart
- Enlarged Prostate
- Epilepsy
- Felony
- Fibromyalgia
- Glaucoma
- Gout
- Guillain-Barre Syndrome
- Hashimotos Disease
- Heart Arrhythmia
- Heart Blockage
- Heart Catheterization
- Heart Disease
- Heart Murmur (Functional)
- Heart Murmur (Innocent)
- Hemophilia
- High Blood Pressure
- High Cholesterol
- Irregular Heartbeat
- Irritable Bowel Syn.
- Kidney Stones
- Low Blood Pressure
- Lupus (Non-Systemic)
- Lyme Disease
- Malaria
- Memory Loss
- Mitral Valve Prolapse
- Multiple Sclerosis (MS)
- Muscular Dystrophy
- Myasthenia Gravis
- Narcolepsy
- Neuropathy (Non-Diabetic)
- Osteoarthritis
- Osteoporosis
- PAD
- PTSD
- PVD
- Pagets Disease of the Bone
- Pain (Chronic)
- Pancreatic Insufficiency
- Panic Disorder
- Parole / Probation
- Pernicious Anemia
- Pneumonia
- Pulmonary Embolism
- Pulmonary Sarcoidosis
- Respiratory Failure
- Restless Leg Syndrome
- Scleroderma
- Seizures
- Sepsis
- Shingles
- Sjogrens Syndrome
- Sleep Apnea (No Oxygen)
- Spina Bifida
- Spinal Stenosis
- Stem Cell Transplant
- Suicide Attempt
- Thrombocythemia
- Thrombocytopenia
- Thrombosis (Blood Clots)
- Thyroid Disorders
- Tourettes
- Ulcer
- Ulcerative Colitis
- Unexplained Weight Loss (> 10 lbs)
- Vertigo
- Wegeners Granulomatosis
- Wet Macular Degeneration
- Wolff-Park. Syndrome
- ADL Assistance Required
- Alcohol / Drug Abuse
- Aneurysm (Corrected)
- Aneurysm (Not Corrected)
- Angina
- Angioplasty
- Assisted Living Facility
- Awaiting Surgery
- Awaiting Test Results
- Bedridden
- Brain Tumor (Not Removed; Benign)
- CHF
- CPAP Use (w/Oxygen)
- Cancer (Not Skin)
- Cardiac Ablation
- Cardiomyopathy
- Circulatory Surgery
- Coronary Artery Bypass
- DUI / DWI
- Defibrillator
- Diabetic Coma
- Gastric Bypass
- Heart Attack
- Heart Surgery
- Heart Valve Surgery
- Hemorrhagic Stroke
- Hodgkins Lymphoma
- Home Health Care
- Hospitalization
- Huntingtons Disease
- Hypertrophic Cardiomyopathy
- Insulin Shock
- Intracerebral Hemorrhage
- Lap Band Surgery
- Leukemia
- Liver Disease
- Liver Disorder
- Melanoma
- Multiple Myeloma
- Myocarditis
- Nephropathy
- Neuropathy
- Non-Hodgkins Lymphoma
- Nursing Home
- Organ Transplant (Completed)
- Oxygen (Non-Continuous)
- Oxygen (Sleep Apnea Use Only)
- Oxygen Use (Continuous)
- Pacemaker
- Paralysis
- Paraplegia
- Pending Hospitalization
- Pending Surgery
- Quadriplegia
- Retinopathy
- Sleep Apnea (w/Oxygen)
- Stent Placement
- Stroke / TIA
- Watchman Implant
- Wheelchair (Confined)
- Wheelchair (Not Confined)
.
Finding a suitable life insurance for 81 year old might seem challenging, but it’s certainly possible and there are options tailored to meet their specific needs. The question of can an 81 year old get life insurance is answered with a variety of products designed for seniors, including those tailored for both genders, such as life insurance 81 year old male and life insurance 81 year old female. These offerings ensure that age is not a barrier to obtaining necessary coverage.
When considering life insurance at an advanced age, understanding the specificities like life insurance 81 years old policies becomes essential. For males, details such as the average cost of life insurance for 81 year old male or exploring life insurance plans for an 81 year old male can provide clarity on the financial implications and coverage details. Similarly, determining the best life insurance for 81 year old requires researching the benefits and limitations of different policies available in the market.
Moreover, acquiring a life insurance policy for 81 year old involves understanding the application process and eligibility criteria, such as how to obtain life insurance for an 81 year old man, which can vary significantly among providers. It’s crucial to conduct thorough research or consult with insurance experts to navigate through these options efficiently.
However, it’s important to be aware of the limitations and exclusions that might come with policies at this age, signified by concerns like age 81 life insurance says won’t pay, indicating potential disputes over policy payouts. Prospective policyholders should carefully review the terms and conditions of their insurance agreements to ensure they fully understand what is covered and the circumstances under which a policy might not pay out.
Navigating the complex world of life insurance for seniors, especially those looking for coverage at 81 years old, requires careful consideration of the available options, costs, and terms. With the right information and guidance, seniors can secure a policy that provides them with peace of mind and financial security for their loved ones.
Article Sources
- Investopedia. Investopedia
- Investopedia. Whole Life Insurance Definition: How It Works, With Examples
- Forbes. Cash Value Life Insurance Explained
- Aetna. Aetna Product Overview
