Life Insurance for 83-Year-Olds
- Updated: February 7, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
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.)
Life Insurance Options for 83-Year-Olds
You can get life insurance at 83 years old. More specifically, you can buy final expense insurance. Final expense insurance, also known as burial insurance, is designed to cover 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 that you can access in an emergency.
- Coverage amounts range from $2,000 to $50,000, which is ideal for covering end-of-life expenses.
- Add-on benefits (known as riders): give additional protection in cases that include 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: for the most part, underwriting decisions are automated, allowing you to get an instant decision when you submit your application
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
Burial Insurance
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* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)
Whole Life Insurance Rates For 83-Year-Old Men
| Coverage Amount | 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 per month will increase to $456. For smokers, the rates would increase from $725 to $778.
How Much Is Life Insurance For An 83-Year-Old Woman?
| Coverage Amount | 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 years old.
A non-smoker can purchase a $2,000 policy for $27 per month, while a smoker would pay $41 per month. 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.
Burial Insurance
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 83-Year-Olds
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 are available 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.
Burial Insurance
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)