Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jul 14, 2021

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The Brief

  • Typically, you can secure guaranteed issue or final expense life insurance for nursing home residents
  • Expect life insurance rates for nursing home residents to cost around $195 per month
  • Some life insurance may impact Medicaid funding, but nursing homes cannot take life insurance away from beneficiaries

Life insurance for nursing home residents costs $195 per month on average. However, some forms of insurance may impact your Medicaid funding.

Keep reading to learn more about buying life insurance for seniors over 60, and discover how living in a nursing home affects coverage and costs.

Discover the best life insurance company for nursing home residents in your region by entering your ZIP code into our free quote tool above.

What are the best life insurance policies for nursing home residents?

If you live in a nursing home, your life insurance options heavily depend on your age, medical record, and current health status.

Traditional life insurance may not be an option for all nursing home residents, especially if you’re older than 65 or have pre-existing or high-risk medical needs.

However, burial or final expense insurance is often an excellent option for people in nursing homes and covers funeral costs as well as minor end-of-life expenses.

Check out the average monthly burial life insurance rates for nursing home residents with a $20,000 death benefit in the table below:

Average Monthly Final Expense Life Insurance Rates for Nursing Home Residents
AgeFemale Average Monthly RatesMale Average Monthly Rates
65-years-old$79.68$109.48
70-years-old$104.41$145.74
75-years-old$142.21$196.49
80-years-old$204.65$276.88
85-years-old$293.68$397.29
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For more affordable life insurance for nursing home residents, you can invest in a smaller death benefit.

If you’re very high-risk, know that almost anyone can purchase a policy from one of the guaranteed issue life insurance companies.

Just know this coverage is more expensive than other types of life insurance.

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Does living in a nursing home impact your life insurance?

According to the Centers for Disease Control and Prevention (CDC), 1.3 million Americans live in nursing homes.

The reason why you’re living in a nursing home is what heavily impacts your life insurance options and costs. Therefore, purchasing life insurance for seniors over 80 who are healthy is a different task than buying life insurance for stroke patients in their 60s.

Can nursing homes take your life insurance from your beneficiary? Fortunately, no. But do life insurance proceeds affect Medicare funding? That depends.

In general, term policies have no impact on Medicare eligibility because the cash value does not build. However, whole policies have building cash values and can interfere since the policy counts as an asset.

Can Medicaid take life insurance from a beneficiary? Not while you’re still living. However, if you name your estate as your beneficiary, the death benefit proceeds could go towards your long-term care costs.

For more information, check your local and state laws.

Life Insurance for Nursing Home Residents: The Bottom Line

If you live in a nursing home but are in otherwise good health, it’s worth comparing life insurance quotes for nursing home residents online to get the best coverage.

Otherwise, life insurance for seniors over 85 or elderly residents with pre-existing conditions is more challenging to secure.

Now that you’ve learned how to buy life insurance for nursing home residents, find the best coverage for you by entering your ZIP code into our free rate tool below.

References:

  1. https://www.cdc.gov/nchs/fastats/nursing-home-care.htm