Life Insurance for An 82 Year Old

While there can be hesitation about getting (or keeping) coverage as you age, life insurance for 82-year-olds still provides valuable protection and peace of mind that should not be overlooked.

In this blog post, we’ll walk through the ins and outs of purchasing a policy if you’re an 82-year-old looking to secure yourself and those closest to you against a tragedy or financial hardship.

(Note: If you want to see what rates would have been like last year, see our piece on 81 year old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 83 year olds.)

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Can An 82 Year Old Get Life Insurance?

While considering life insurance for an 82-year-old, it’s important to understand how premiums can increase with age. For a more detailed look at pricing for various ages, you can explore the burial insurance cost for 51-year-olds to get a sense of how costs might have escalated over the years.

The answer is yes, 82-year-olds can get life insurance coverage. Specifically, a policy is known as final expense life insurance (burial or funeral insurance).

Key characteristics of final expense insurance include:

  1. No medical exam: Final expense policies don’t require a medical exam, so you can apply for coverage quickly and easily.
  2. Instant decision: You can get an instant decision because there are no medical exams.
  3. Underwriting that accommodates pre-existing conditions, such as diabetes, heart disease, and other common diseases.
  4. Ability to build cash value: You can borrow against your policy’s cash value for urgent expenses.
  5. Add-on coverage through riders: You can customize your policy with riders that provide additional coverage for accidental death or critical illness.

Note that 82-year-olds are not eligible for the following types of life insurance:

  1. Term life insurance
  2. Accidental death life insurance
  3. Guaranteed acceptance life insurance

Life Insurance Rates For 82 Year Olds

Whole Life Insurance Rates For 82 Year Old Male

Coverage Male (Non-Smoker) Male (Smoker)
$2,000 $35 $57
$3,000 $51 $84
$4,000 $67 $111
$5,000 $83 $137
$6,000 $99 $164
$7,000 $115 $191
$8,000 $131 $218
$9,000 $147 $244
$10,000 $163 $271
$11,000 $179 $298
$12,000 $195 $325
$13,000 $211 $352
$14,000 $226 $378
$15,000 $242 $405
$16,000 $258 $432
$17,000 $274 $459
$18,000 $290 $485
$19,000 $306 $512
$20,000 $322 $539
$21,000 $338 $566
$22,000 $354 $593
$23,000 $370 $619
$24,000 $386 $646
$25,000 $402 $673

As an 82-year-old male, you will face higher rates for a whole life plan than younger individuals.

This table breaks down the coverage amounts and monthly premiums for both non-smokers and smokers to give insight into how much your policy could cost.

A non-smoker pays $35 monthly for $2,000 of coverage, while a smoker pays $57 for the same plan (63% higher). The difference is even more pronounced for a $25,000 life insurance policy: $402 for non-smokers versus $673 for smokers (67% higher).

82-year-old males pay 35-51% more than their female counterparts for whole life policies. Because women have longer average life expectancies than men, insurers offer them lower rates.

As we age, the likelihood of mortality increases, and our health worsens, making us more expensive for insurance companies to cover.

Waiting until you’re 83 years old will cost you more, with monthly premiums rising an average of 6.1% (for non-smokers) or 7.4% (for smokers).

For example, delaying a purchase by one year would mean a $25,000 policy would increase from $402 (if a non-smoker) or $673 (if a smoker) to $428 and $725, respectively.

How Much Is Life Insurance For An 82 Year Old Female?

Coverage Female (Non-Smoker) Female (Smoker)
$2,000 $26 $39
$3,000 $37 $57
$4,000 $48 $74
$5,000 $60 $92
$6,000 $71 $110
$7,000 $82 $127
$8,000 $93 $145
$9,000 $104 $163
$10,000 $116 $180
$11,000 $127 $198
$12,000 $138 $216
$13,000 $149 $233
$14,000 $160 $251
$15,000 $172 $269
$16,000 $183 $286
$17,000 $194 $304
$18,000 $205 $322
$19,000 $216 $339
$20,000 $228 $357
$21,000 $239 $375
$22,000 $250 $392
$23,000 $261 $410
$24,000 $272 $428
$25,000 $284 $445

As an 82-year-old female, you will qualify for better rates than a male of the same age.

For example, a non-smoker can get $2,000 coverage for $26 per month, while a smoker would pay $39. Conversely, a non-smoker can get $25,000 coverage for $284 per month, while a smoker would pay $445.

That said, waiting until you’re 83 years old will cost substantially more, with monthly premiums rising an average of 4.9% (for non-smokers) and 5.8% (for smokers). This would increase your premiums to $301 and $474 for $25,000 of coverage.

Check Out: Comparing Life Insurance for 60-Year-Old Individuals

Choose kindness.

You never know what battles people may be fighting.

Top Life Insurance Companies for an 82 Year Old

We recommend Transamerica, Mutual of Omaha, and Aetna for 82-year-olds, similar to the options you might consider when using a cash value calculator to evaluate policies.

  • Transamerica offers final expense policies for 82-year-olds, with coverage amounts ranging from $1,000 to $25,000. The Company has an AM Best rating of “A.”
  • Mutual of Omaha offers coverage ranging from $2,000 to $50,000 and has an “A+” rating from AM Best.
  • Finally, an 82-year-old could get between $2,000 and $25,000 of coverage from Aetna, a life insurer with an “A” rating from AM Best.

AM Best rating assignments are based on a company’s financial strength and ability to meet its contractual obligations.

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