If you are looking for life insurance for 83 year old or wondering what type of life insurance is best for 83-year-olds you are in the right place. We specialize in life insurance for seniors and help all our clients make an informed decision to protect their loved ones from their final expenses.
In this article, we will go over everything you need to know about getting the right life insurance for 83 year old’s and why it is crucial to have this permanent life insurance to pay for funeral expenses for your family so they do not get a massive bill dropped in their lap.
You can also read more detail on senior life insurance over age 80 we have covered that topic in full detail.
Can an 83 Year Old Get Life Insurance?
Yes, you can you get life insurance at age 83 this would be final expense insurance which is also known as burial insurance. These are simplified issue plans with lower coverage amounts usually around $10,000, $15,000, and $25,000 all the way up to 40,000.
Those are the amounts the life insurance company will offer coverage at because these policies are meant for burial expenses. You can get coverage at age 85 all the way up to age 90.
The average funeral cost is between $7,000 and $9,000.
This means these different life insurance options and their coverage amounts would more than cover a burial when you die.
No Medical Exam to Qualify
Burial Life insurance for 83 year olds is simplified issue coverage meaning there are no medical exams required to be approved for the coverage. All you have to do is answer health questions on the application then the life insurance company will look at your medical history and prescription history.
If you are in good health with minimal health issues and no serious medical conditions you will be able to qualify and buy life insurance right over the phone with us within 30 minutes or less.
Term Life Insurance
We do not recommend term life insurance at 83 years old because you cannot get a term policy for more than 10 years at this age. It also requires a full paramedical examination and the premium is going to be extremely expensive because life insurance premiums are based on age health and life style.
Most seniors at age 83 will not pass the paramedic exam and even if you do the extremely expensive premium will not be worth it considering the policy would only last a maximum of 10 years. In addition to this, it does not build cash value as whole life insurance does.
The bottom line no 83-year-old should be getting term life insurance period. At your age your goal should be to make sure your burial expenses are covered which is why final expense insurance was invented in the first place.
Waiting Period vs Non-Waiting Period
Final expense life insurance for 83 year old has 2 different levels of coverage you can qualify for.
No Waiting Period
If you are in good health then you will qualify for day one level coverage which means the moment you make your first premium payment to the life insurance company and die the day after they will pay the full death benefit to your beneficiary. This is for seniors in good health or even moderate health, part of this is working with agents like us.
We are highly trained in life insurance company underwriting niches which means we can help seniors with conditions like Congestive Heart Failure or COPD find day one coverage. Again these life insurance companies are liberal in their underwriting so can help most seniors get life insurance with no waiting period.
This is for seniors with severe health conditions like current or recent cancer, HIV, or even Dementia. Now there are different waiting periods depending on your health but most waiting periods can be between 1 – 3 years. This depends on if the plan is a Modified or Graded policy.
The goal here is that if this is all you qualify for just make it through the 2 years and the full death benefit is paid when you pass away.
Best Life Insurance for 83 Year Old
As we have stated the best life insurance for 83 year old is final expense insurance.
Now the best life insurance brands that we represent to provide the best coverage would be the following:
- American Amicable
- Mutual of Omaha
- Guarantee Trust Life
Life Insurance Rates for 83 Year Old Male
We have provided insurance quotes for life insurance for 83 year old male. Now life insurance for 83 year old man is always going to be more expensive than for females because according to mortality rates females outlive males.
Life Insurance Quotes for 83 Year Old Female
We have included rates for 83 year old females these are averages if you want to see an accurate quote specifically for you fill out the form to your right.
Life insurance for an 83 year old is final expense insurance at this point in a seniors life your mortgages and big bills from your younger years are taken care of. This means that last big expense anyone leaves behind is their burial costs.
Having sufficient burial insurance like this gives you and your family peace of mind. This is that final gift to protect your family from any financial burdens when your time comes. With quick and easy underwriting no senior can be denied this coverage and it will always be there to protect your family.