Best Life Insurance for an 83 Year Old

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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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Can An 83 Year Old Get Life Insurance?

You can get life insurance at 83 years old. 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:

  1. 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.
  2. Coverage amounts range from $2,000 to $50,000, ideal for covering end-of-life expenses.
  3. Add-on benefits (known as riders): give additional protection in cases that include accidental death, critical illness, or long-term nursing home care.
  4. Simple application process: final expense policies do not require medical exams, making the application process straightforward.
  5. Instant approvals: for the most part, underwriting decisions are automated, allowing you to get an instant decision when you submit your application

Note that an 83 year old can not get the following types of life insurance:

  1. Term life insurance
  2. 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.

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 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.