As you navigate the golden years, life insurance for seniors is a valuable resource that will protect your loved ones against unexpected events.
This article will go through life insurance options for 83 year olds and guide you through the cost of a typical policy by coverage amount and gender.
Understanding your life insurance options is the first step to securing your loved ones and legacy.
(Note: If you want to see what rates would have been like last year, see our piece on 82 year old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 84 year olds.)
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In today’s insurance market, securing life insurance for 83 year old individuals has become increasingly feasible. Many people ask, can an 83 year old get life insurance? The answer is a resounding yes, with various options available to cater to the unique needs of seniors in this age bracket. Insurance providers have recognized the necessity and have developed specific products to address this demand, ensuring that life insurance for 83 year old woman and life insurance 83 year old male policies are accessible.
The process of finding suitable life insurance for 83 year old clients involves careful consideration of the types of policies available. Whether it’s tailored coverage for a life insurance 83 year old male or specially designed life insurance for 83 year old woman, insurance companies offer a range of products to match the needs of their elderly clientele. This inclusivity in the market demonstrates a commitment to providing financial security and peace of mind to older adults, regardless of gender.
Furthermore, the availability of life insurance for 83 year old individuals highlights an important aspect of financial planning for seniors. It reassures them and their families that it’s possible to obtain coverage, ensuring that they can leave behind a legacy or cover final expenses without burdening their loved ones. For anyone considering this step, understanding that can an 83 year old get life insurance and exploring the specific options like life insurance 83 year old male and life insurance for 83 year old woman policies become crucial in making an informed decision.
In conclusion, the current insurance landscape offers promising opportunities for seniors seeking coverage, with life insurance for 83 year old individuals being readily available. This serves as a significant development, ensuring that age is not a barrier to obtaining the peace of mind that life insurance provides. Whether seeking life insurance for 83 year old woman or life insurance 83 year old male policies, the market caters to the diverse needs of the senior population, enabling them to secure their financial legacy effectively.
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Can An 83 Year Old Get Life Insurance?
You can get life insurance at age 83. More specifically, you can buy final expense insurance. Final or burial expense insurance covers end-of-life expenses, including funerals, medical bills, and other outstanding debts.
Key characteristics of final expense insurance include:
- Cash value: final expense insurance accumulates cash value over time. You can borrow against the cash value, giving you funds you can access in an emergency.
- Coverage amounts range from $2,000 to $50,000, ideal for covering end-of-life expenses.
- Add-on benefits (known as riders) provide additional protection in cases involving accidental death, critical illness, or long-term nursing home care.
- Simple application process: final expense policies do not require medical exams, making the application process straightforward.
- Instant approvals: Underwriting decisions are generally automated, so you can receive an instant decision when you submit your application.
Note that an 83-year-old can not get the following types of life insurance:
- Term life insurance
- Accidental death life insurance
Life Insurance Rates For 83 Year Olds
Whole Life Insurance Rates For 83 Year Old Male
| Coverage | Male (Non-Smoker) | Male (Smoker) |
|---|---|---|
| $2,000 | $37 | $61 |
| $3,000 | $54 | $90 |
| $4,000 | $71 | $119 |
| $5,000 | $88 | $148 |
| $6,000 | $105 | $177 |
| $7,000 | $122 | $206 |
| $8,000 | $139 | $235 |
| $9,000 | $156 | $263 |
| $10,000 | $173 | $292 |
| $11,000 | $190 | $321 |
| $12,000 | $207 | $350 |
| $13,000 | $224 | $379 |
| $14,000 | $241 | $408 |
| $15,000 | $258 | $437 |
| $16,000 | $275 | $466 |
| $17,000 | $292 | $494 |
| $18,000 | $309 | $523 |
| $19,000 | $326 | $552 |
| $20,000 | $343 | $581 |
| $21,000 | $360 | $610 |
| $22,000 | $377 | $639 |
| $23,000 | $394 | $668 |
| $24,000 | $411 | $697 |
| $25,000 | $428 | $725 |
Life insurance rates for an 83-year-old male will vary depending on smoking habits, how much coverage you decide to buy, and your medical conditions.
Non-smokers can get final expense insurance for $37 per month for $2,000 of coverage, while smokers would spend 65% more at $61 per month. The difference is more significant when comparing rates for $25,000 of coverage. Non-smokers can get coverage for $428 per month, and smokers for $725 per month (69% more than non-smokers).
We recommend not waiting until your 84th birthday as the rates do increase. Rates increase by 7.3% for non-smokers and 6.9% for smokers.
A $25,000 policy that would cost you $428 monthly will increase to $456. For smokers, the rates would increase from $725 to $778.
How Much Is Life Insurance For An 83 Year Old Female?
| Coverage | Female (Non-Smoker) | Female (Smoker) |
|---|---|---|
| $2,000 | $27 | $41 |
| $3,000 | $39 | $60 |
| $4,000 | $51 | $79 |
| $5,000 | $63 | $98 |
| $6,000 | $75 | $116 |
| $7,000 | $87 | $135 |
| $8,000 | $99 | $154 |
| $9,000 | $111 | $173 |
| $10,000 | $123 | $192 |
| $11,000 | $134 | $210 |
| $12,000 | $146 | $229 |
| $13,000 | $158 | $248 |
| $14,000 | $170 | $267 |
| $15,000 | $182 | $286 |
| $16,000 | $194 | $305 |
| $17,000 | $206 | $323 |
| $18,000 | $218 | $342 |
| $19,000 | $230 | $361 |
| $20,000 | $242 | $380 |
| $21,000 | $253 | $399 |
| $22,000 | $265 | $417 |
| $23,000 | $277 | $436 |
| $24,000 | $289 | $455 |
| $25,000 | $301 | $474 |
Women have lower rates than men as women, on average, live longer. Life insurance rates are 37-53% less than men at 83.
A non-smoker can purchase a $2,000 policy for $27 per month, while a smoker would pay $41 monthly. Furthermore, if you’re looking to buy a $25,000 policy, then rates for non-smokers would be $301 per month (and $474 for smokers).
We recommend buying an insurance policy before your next birthday. Your rates will increase by 6.7% if you are a non-smoker and 5.4% if you are a smoker. For example, a $25,000 policy will increase to $319 per month (versus $301 per month) if you are a non-smoker.
Check Out: Life Insurance Options for 60-Year-Olds
Choose kindness.
You never know what battles people may be fighting.
Top Life Insurance Companies for an 83 Year Old
For 83-year-olds looking for burial insurance, we recommend the following three carriers: Transamerica, Mutual of Omaha, and Aetna.
- Transamerica provides insurance to individuals between 0 and 85 years old. For 76-85-year-olds, the coverage ranges from $1,000 to $25,000. Transamerica has an “A” rating from AM Best.
- Mutual of Omaha offers coverage to individuals 45-85 years old. Coverage amounts range from $2,000 to $40,000. The carrier also has an AM Best rating of “A+.”
- Aetna offers life insurance to individuals 40-89 years of age, with amounts for 83-year-olds varying from $2,000 to $25,000. Aetna also has an “A” rating from AM Best.
AM Best is an independent rating agency that evaluates a company’s financial strength and claims-paying ability.
These insurance companies have flexible payment options. All three have social security billing, where the carrier deducts from your account only on the day of your direct deposit, ensuring that no insurance policies go unpaid. In addition, each company offers Electronic Funds Transfer (EFT), and Transamerica allows credit card payments.
