Life Insurance for 84-Year-Olds
- Updated: February 7, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
Life insurance provides financial security to you and your loved ones from unforeseen death.
In this article, we will review life insurance for 84-years-olds. We will provide an overview of the types of life insurance available and the factors that influence their life insurance rates.
(Note: If you want to see what rates would have been like last year, see our piece on 83-year-old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 85-year-olds.)
Life Insurance Options for 84-Year-Olds
If you want to avoid taking a medical exam, final expense insurance is your only options as an 84-year-old. While final expense insurance payouts can be used for anything, they are often used to cover end-of-life expenses, including funerals, outstanding debt, and medical bills, which eliminates the burden that these expenses may put on loved ones..
Key features of final expense whole life insurance include:
- Looser underwriting standards, making it easier for those with pre-existing conditions to get coverage.
- Coverage amounts between $2,000 and $50,000, which are ideal for covering end-of-life expenses.
- Add-on benefits (also known as riders), which offer an extra layer of protection from the costs associated with, for example, accidental death and critical illness.
- ash value, which you can borrow against to pay for urgent expenses.
Note that 84-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 84-Year-Old Men
| Coverage Amount | Male (Non-Smoker) | Male (Smoker) |
|---|---|---|
| $2,000 | $40 | $65 |
| $3,000 | $58 | $96 |
| $4,000 | $76 | $127 |
| $5,000 | $94 | $158 |
| $6,000 | $112 | $189 |
| $7,000 | $130 | $220 |
| $8,000 | $148 | $251 |
| $9,000 | $167 | $282 |
| $10,000 | $185 | $313 |
| $11,000 | $203 | $344 |
| $12,000 | $221 | $375 |
| $13,000 | $239 | $406 |
| $14,000 | $257 | $437 |
| $15,000 | $275 | $468 |
| $16,000 | $293 | $499 |
| $17,000 | $311 | $530 |
| $18,000 | $330 | $561 |
| $19,000 | $348 | $592 |
| $20,000 | $366 | $623 |
| $21,000 | $384 | $654 |
| $22,000 | $402 | $685 |
| $23,000 | $420 | $716 |
| $24,000 | $438 | $747 |
| $25,000 | $456 | $778 |
Life insurance rates for 84-year-olds vary depending on your smoking status, your policy’s coverage amount, and the severity of your health conditions. Let’s look at what male rates are.
An 84-year-old male non-smoker can buy a $2,000 burial insurance policy for $40 per month while a smoker would pay$65 per month. A $25,000 life insurance policy goes for $456 per month for non-smokers and $778 per month for smokers (71% more).
We recommend not waiting until your next birthday. At 85 years old, your rates will be roughly 6% more for non-smokers and 7% more for smokers.
How Much Is Life Insurance For An 84-Year-Old Woman?
| Coverage Amount | Female (Non-Smoker) | Female (Smoker) |
|---|---|---|
| $2,000 | $29 | $43 |
| $3,000 | $41 | $63 |
| $4,000 | $54 | $83 |
| $5,000 | $67 | $103 |
| $6,000 | $79 | $123 |
| $7,000 | $92 | $143 |
| $8,000 | $104 | $163 |
| $9,000 | $117 | $183 |
| $10,000 | $130 | $203 |
| $11,000 | $142 | $223 |
| $12,000 | $155 | $243 |
| $13,000 | $167 | $263 |
| $14,000 | $180 | $283 |
| $15,000 | $193 | $303 |
| $16,000 | $205 | $323 |
| $17,000 | $218 | $343 |
| $18,000 | $230 | $363 |
| $19,000 | $243 | $383 |
| $20,000 | $256 | $403 |
| $21,000 | $268 | $422 |
| $22,000 | $281 | $442 |
| $23,000 | $293 | $462 |
| $24,000 | $306 | $482 |
| $25,000 | $319 | $502 |
Women who are 84 years old can buy coverage at a 55% lower rate than men.
A $2,000 final expense life insurance policy costs $29 per month for non-smokers and $43 per month for smokers. A $25,000 policy goes for $319 per month for non-smokers and $502 per month for smokers.
We recommend buying life insurance before age 85 as the rates do rise. Non-smokers will see an increase of 4% and smokers 6%. For example, a $25,000 policy would cost $336 per month for non-smokers and $531 per month for smokers.
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 84-Year-Olds
We recommend the following carriers for final expense insurance: Transamerica, Mutual of Omaha, and Aetna.
- Transamerica offers coverage between $1,000 to $25,000 for 84-year-olds and has an “A” rating from A.M. Best.
- Mutual of Omaha has an A+ rating from A.M. Best and offers a slightly wider range of coverage ($2,000 to $40,000).
- Finally, Aetna offers face amounts between $2,000 and $25,000, and has an “A” rating from A.M. Best.
A.M. Best rates insurance companies based on their financial stability and capacity to pay claims.
All three carriers offer convenient payment options. For example, all three of these carriers can align your monthly payments with your Social Security direct deposits. If you would like to choose a specific day, however, you can opt for a bank draft Finally, Transamerica is the only one of these carriers that accepts credit cards.
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)