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.)
Burial Insurance
Can An 82 Year Old Get Life Insurance?
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:
- No medical exam: Final expense policies don’t require a medical exam so you can apply for coverage quickly and easily.
- Instant decision: You can get an instant decision because there are no medical exams.
- Underwriting that accommodates pre-existing conditions, such as diabetes, heart disease and other common diseases.
- Ability to build cash value: You can borrow against your policy’s cash value for urgent expenses.
- 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:
- Term life insurance
- Accidental death life insurance
- 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. Women have longer average life expectancies than men, so 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.
Burial Insurance
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.
Top Life Insurance Companies for an 82 Year Old
For 82-year-olds, Transamerica, Mutual of Omaha, and Aetna are the insurance companies we recommend.
- Transamerica offers 82-year-olds final expense policies 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 $40,000 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.
One more thing to note — Transamerica, Mutual of Omaha, and Aetna offer flexible payment options, including having your premiums drafted on the same day you receive your Social Security benefits.
