Life Insurance for Senior Citizens over 80

If you are the bread earner for your family, no time is bad to secure their future. You always have an opportunity to redeem the time lost and ensure that you leave behind a significant amount to cater to your family's needs. All instances are also true for policy buyers above 80 years of age.

Read more
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++ Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

Buying life insurance for senior citizens over 80 years of age only helps the family stay financially secure in the absence of the policyholder. This article covers the things you need to know if you are a senior citizen above 80 years of age and plan to buy life insurance policy.

Why Is Life Insurance for Senior Citizens Over 80 Required?

Underneath are few reasons why senior citizens entail life insurance: 

  1. To take care of your life partner

    You might not want to leave behind your spouse to the mercy of your children. To upkeep their personal needs and ensure the continuance of their existing lifestyle, it is important to avail of coverage that can provide a lump sum to your surviving partner. Especially when your partner is a homemaker, it can provide self-dependence, dignity, and the support they need in your absence.

  2. For your financially dependent kids

    If your kids are dependent on your source of income for their expenses, they need a safety net to cushion them until they start earning their bread and butter. Therefore, ensuring their prospective future will be the first thing you would like to take care of. 

  3. Leaving behind an heirloom

    Endowing your family with a gift of life at your departure that can help them accomplish their dreams and needs is the ultimate sense of accomplishment that can be achieved with a policy designed specifically for your needs. 

  4. Funeral and burial expenses

    The cost of meeting out the funeral expenses is generally laid upon as an additional burden for the surviving members of the family. Therefore, it will be a supportive gesture to ensure that your family does not have to suffer after you leave. 

  5. Medical expenditure

    With the increase in age, the cost incurred on your medical well-being tends to escalate at unbound rates. The burden tends to fall on your children or your spouse. The best way to ensure they are relieved of the same is to create a backup for them while you can. 

  6. Outstanding debts and loans

    In circumstances whereby you have a huge list of debts to be repaid in your name, leaving them to be paid by your spouse or children is never a good idea. The family can easily pay off the loan with the sum assured receivable to the nominee. 

Benefits of Life Insurance Policies for Senior Citizens Over 80

The life insurance policies can be a very good support system for senior citizens over 80 to ensure the well-being of their families and dependents. In addition, some policy insurers also provide living benefits such as waiver of premium, accelerated death benefits, accidental death and disbursement coverage, and the like. 

Also, a lump sum amount is paid to the nominee in case of the policyholder's death. The amount of waiting period for these policies is also generally low. Several providers also provide insurance without a health checkup, which can be suitable for those who don't wish to go through the hassles of the checkup.

How to Choose the Right Life Insurance Policy for Senior Citizens Over 80?

When you turn 80 and over, the number of insurance policy options available tends to decrease. The choice that you make should be based on the following essential characteristics:

  • Your physical and mental well-being 

  • Your gender

  • Your exact age 

  • The number of people dependent on you

  • The amount of premium you are willing to pay

  • The life expectancy

  • The market reputation of the insurer

  • The claim settlement ratio

  • The terms and conditions of the policy

  • The coverage provided

  • Your needs and expectations 

Furthermore, to generalize, whole life insurance is suitable for the seniors who are willing to cover only their final expenses, whereas term insurance would work well for someone looking forward to significant expenditures and are healthy at the time of execution of the policy. 

In Conclusion

To conclude, life insurance is never a bad idea. Irrespective of the fact that you are aged 30-35 or 80, you can always find a plan that suits you the best. Several factors are different when it comes to the options available, but the benefits are amazing and always worth it.


  • What life insurance policies are available for me if I am over 80? 

    Ans: The choices available at the age of 80 are limited and concise. However, there are options like Final Expense Policy, Term life policy, Whole Life Insurance policies, Universal policies, and the like. 
  • How much insurance should I avail myself of if I am over 80? 

    Ans: The question is highly subjective; the amount of insurance you require would depend upon several factors at once like your age, gender, level of dependency, your needs, and lifestyle requirements of your family. 
  • Am I eligible for insurance at the age of 80? Do they require a health examination for the same?

    Ans: Yes, some policies are specifically available for senior citizens over the age of 80. A health examination may or may not be required depending upon the type of policy you choose to go with. 
  • Am I too late in deciding to buy an insurance policy for me? 

    Ans: It is never too late to secure the future of your family. You can avail of the policy's benefits and leave behind support and love for your dear ones even when you have crossed your retirement age. 
  • Is it possible to get immediate coverage with no waiting period? 

    Ans: Yes, there are insurance providers that can provide you with plans with no waiting periods and immediate coverage.

Types of Term Plans

Life insurance articles

Recent Articles
Popular Articles
Post Office Gram Suraksha Scheme Calculator

27 Jun 2022

A Post Office Gram Suraksha Scheme calculator is a useful online...
Read more
What happens if you stop paying life insurance premiums?

03 Jun 2022

Buying the best life insurance plan is a wise and learned...
Read more
Postal life Insurance Tax Benefits

26 May 2022

Postal Life Insurance is the oldest life insurer in the country...
Read more
How to Download PLI Statement Online?

24 May 2022

PLI or Postal Life Insurance was an initiative originally...
Read more
Is Life Insurance an Investment?

24 May 2022

The thumb rule to building wealth is to invest your money in...
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15...
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s...
Read more
Surrender Value in Insurance
Have you bought a life insurance policy which is not as per your requirement? Are you planning to terminate the...
Read more
PLI Surrender Value Calculator
PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI...
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.