Most people don’t realize you can buy life insurance for your grandparents — even if they’re in their 80s or have medical issues. You can even pay for it yourself.
But there’s one catch: Your grandparent has to be involved. You can’t get a policy behind their back, even with power of attorney.
If you’re trying to lock in affordable life insurance for elderly grandparents, here’s how to do it right. Don’t overbuy. Keep it simple — this is about locking in affordable life insurance to cover final expenses.
Quick Facts: What You Need To Know
- Yes, you can buy life insurance for a grandparent — but they must sign the application.
- POA doesn’t let you apply without their knowledge or consent.
- Most companies offer coverage through age 89 (a few go to 90).
- Even with health issues, many grandparents can still qualify for coverage with no waiting period.
What Type Of Life Insurance Should You Get For A Grandparent?
This depends on their age, health, and how much coverage you want. But in most cases, the right move is final expense insurance — it’s easy to qualify for, lasts for life, and has fixed premiums.
Here’s a quick breakdown of the main options:
Final Expense Whole Life Insurance (Also known as Burial Insurance)
Best for: Funeral & burial costs
- No medical exam
- Fixed rates
- Coverage lasts forever
- Lenient health underwriting
- Coverage amounts typically range from $2,000–$50,000
- Most seniors qualify for immediate coverage (no waiting period)
No medical exam – a great option if you’re looking for no exam life insurance for elderly family members.
Guaranteed Issue Life Insurance
Best for: Grandparents with severe health conditions
- No health questions at all
- 2-year waiting period
- Premiums never increase
- Usually maxes out at $25,000 in coverage
- Best for those with: Dementia, recent cancer, heart failure, dialysis, etc.
- Most seniors qualify for immediate coverage (no waiting period)
Traditional Whole Life
Best for: Estate planning, paying off debt, income protection, or leaving a legacy
- Permanent coverage that never expires
- Builds guaranteed cash value
- Fixed premiums that never increase
- Strong long-term option for coverage amounts of $50,000 or more
Universal Life Insurance
Best for: Flexible permanent coverage with higher benefit amounts
- Lifetime protection with adjustable payment options
- Can support estate planning, income protection, and retirement goals
- Potential to build cash value over time
- Great option when you need $50,000+ in permanent coverage with flexibility
Term Life Insurance
Best for: Financial debts (like a mortgage) or income replacement
- Offers higher coverage amounts at a lower initial cost
- Great option for income replacement or paying off debts
- Most plans offer level premiums for 10-30 years
- Works best for younger, healthier individuals with short-term needs
Note: Term policies typically expire around age 80, so they’re not ideal for final expense planning.
Can I Buy Life Insurance For My Grandparent?
Yes — as long as they’re involved in the process. That means:
- They’ll need to answer a few simple health questions
- They’ll need to sign the application (we make this easy — phone, email, or digital signature)
- Power of attorney doesn’t override this — it’s an industry-wide rule.
Sample Prices For Grandparent Life Insurance
Below are sample monthly quotes for non-smoking grandparents in average health. Actual pricing varies by state, age, health, and gender — but this gives you a ballpark.
Female Rates
Age | $5,000 | $10,000 | $25,000 |
|---|---|---|---|
70 | $28 | $53 | $127 |
75 | $37 | $71 | $172 |
80 | $50 | $98 | $241 |
85 | $68 | $136 | $335 |
90 | $150 | $300 | N/A |
Male Rates
Age | $5,000 | $10,000 | $25,000 |
|---|---|---|---|
70 | $37 | $70 | $169 |
75 | $50 | $97 | $238 |
80 | $69 | $135 | $332 |
85 | $95 | $178 | $440 |
90 | $177 | $354 | N/A |
What If Your Grandparent Has Health Issues?
That doesn’t mean you’re out of luck.
Final expense insurance is one of the best life insurance options for seniors with health conditions, even those with:
- Diabetes
- COPD
- Past cancer
- Pacemakers
- Stroke history And More.
If they’re in poor health, guaranteed issue plans are still an option. But if they’re relatively stable, there’s a good chance they’ll qualify for day-one coverage.
→ Pro Tip: Only policies with health questions can offer immediate coverage. If there are no questions, it’ll always have a 2-year waiting period.
Best Companies For Seniors Over 80
Many insurance companies still offer coverage to seniors over 80 — even up to age 90. If you’re looking for burial insurance for seniors over 85, these final expense providers are often the best fit.
Here are some top options we work with at Horizon Senior Benefits:
Company | Max Issue Age | Coverage Amounts | Waiting Period |
|---|---|---|---|
Mutual of Omaha | 85 | $2,000–$50,000 | No |
Aetna | 89 | $2,000–$25,000 | No |
Security National Life | 90 | $2,500–$10,000 | No |
Guarantee Trust Life | 90 | $2,000–$10,000 | 2-Year Graded |
Transamerica | 85 | $1,000–$25,000 | No |
5 Tips For Buying Life Insurance For Grandparents
- 1.Talk to them first. If they aren’t willing to participate, you won’t be able to get coverage.
- 2.Know their health history. The more info you know, the better we can match them with a carrier.
- 3.Don’t rule out smaller companies. Most of the best burial insurance plans don’t advertise on TV.
- 4.Use an independent broker, like Horizon Senior Benefits. We shop multiple carriers to get you the best offer — not just one company. Captive agencies, like State Farm, only offer their products at their rates – even if a better one is available.
- 5.Focus on the goal. If this is about covering funeral costs, don’t overbuy. Keep it simple and affordable.
Getting life insurance for your grandparents isn’t complicated — but it does require their cooperation and a little strategy. If you want to protect your family from high final expenses and avoid delays or waiting periods, we can help.
At Horizon Senior Benefits, we work with all the best top-rated carriers and know which ones are best for seniors based on their age and health.
Want to talk options?
→ Call now or request a quote and we’ll show you exactly what your grandparent qualifies for, how much it’ll cost, and how to move forward. There’s no pressure, no hard pitch. Just straight answers from experts who’ve done this before.
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