Important Considerations for Life Insurance at Ages 81-85

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Regardless of your age, everyone has their reasons for having life insurance.

If you’re in the 81 – 85 years age bracket, you might be wondering if it’s possible to still buy term life insurance.

The answer unfortunately is no.  The life insurance companies have a cut off date where they will no longer sell term life insurance and that includes this age group.

However, don’t be put out as there are other life insurance options still open to you if you happen to between 81 and 85 years of age.  Life insurance has to be made available to everyone and that includes you.

What other life insurance Options Do I Have if I’m Between Age 81 – 85

There are other life insurance policies which you can buy.  Your two main choices are:

Before I explain the differences between the two policies, I will give you a few sample quotes of what you might expect to pay for one of these policies for someone in your age bracket.

These quotes are for someone who does not smoke and is still in reasonably good health.

$100,000 Whole and Universal Life Insurance Quotes for Ages 81 -85

Age Single Pay
81 Year Old Man $51,433.00
82 Year Old Man $54,312.00
83Year Old Man $57,681.00
84 Year Old Man $61,552.00
85 Year Old Man $65,803.00

(Disclaimer – These rates are effective as of January 15, 2013)

The above quotes means that you pay this as a one time single payment for your premium and you will be covered until age 121.

What Should I Buy – Whole Life or Universal Life Insurance?

That’s a good question and depends on your needs and circumstances.  The first thing you should know about whole life and universal life is that they both have some similarities which makes them different from a term life insurance policy.

A whole life policy or universal life insurance policy is especially the way to go if you need life insurance for:

  • Estate Planning
  • Setting up a Trust
  • Charitable Donations

Term life insurance pays out death benefits only.  A whole life or universal life policy is different because not only do they pay out death benefits but they both also have a cash value accumulation feature which is a form of savings plan.page 2……