Age is simply a number, and it definitely doesn’t stop you from getting life insurance.
You can actually get life insurance for seniors over 85 without any medical exam. And the best part? No waiting period either!
We’ll show you how to get it in just a few simple steps.
Agenda Of The Article
- Whole Life Insurance – Best Choice
- Burial Insurance – 2nd Option
- Universal Life Insurance – 3rd Option
- Which One Is The Best & Why?
- 3 Best Companies For You
- No Medical Exam Life Insurance
- Sample Rates For Age 85-89
- Impact of Health & Credit Scores
- Common Questions Insurers Ask
- Application Process Steps
3 Best Life Insurance For Seniors Over 85
There are plenty of choices for young people. However, as you grow older, the options start to become more limited.
There are only three (3) life insurance options available for seniors aged 85 to 89 years old:
- Whole life insurance
- Burial/Final expense insurance
- Universal life insurance
Now, let’s see what you can expect from these policies.
Too lazy to read? Watch the video.
#1. Whole Life Insurance For People Over 85 To 89 [Best Option]
Whole life insurance is the best option for over 85 because it takes the money from you as premiums and builds cash value.
It is a permanent life insurance. No worries about the expiry date. No medical exam and becomes active in few hours.
The policy ensures you get a guaranteed amount of money each year, and it keeps growing. No need to guess or wonder, because the interest rate will boost your money. The money also depends on compounded growth, so this option is pretty awesome as life insurance for 85 and older.
Mutual funds, money market accounts, and stocks can’t give you any guarantees. These investments are also pretty risky for older folks who have to rely on their money growing every year.
No Tax Penalties!
One more reason why whole life insurance is a great option is that you can access your money whenever you need it, without any penalties, including no tax penalties.
This cool feature can be a lifesaver when unexpected events pop up. Plus, this policy gives you some freedom by letting you borrow money against the cash value.
We highly recommend it as the ultimate life insurance for seniors over 80. Don’t miss out on securing your future with the best coverage available!
The Bottom Line
Check out the awesome perks you get with whole life insurance policies:
- Covers entire lifespan
- No need for medical exam
- No waiting period
- Just a few medical questions
- Monthly premium stays the same
- Fixed coverage amount
- Builds cash value
- Never expires
- Plus, it comes with tax benefits!
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#2. Funeral, Burial Or, Final Expense Insurance
Burial insurance, funeral, or final expense insurance are all the same thing. The goal is to take care of the funeral expenses once someone is no longer with us.
No here! Just to clarify, these are basically whole life insurance policies with a few specific rules.
Insurers call these plans final expense insurance because they only cover the cost of funeral expenses, which is $9,600 or more. You won’t find final expense life insurance that covers as much as a regular policy.
Just to clarify, none of these plans require a medical exam or waiting period. No need to worry about that!
Why Is Burial Insurance Becoming More Popular These Days?
Burial life insurance is a budget-friendly way to get financial protection. It’s designed to provide coverage until you reach the impressive 100-year milestone.
This method is used to assist people in paying for their funeral expenses in advance. It helps save money and makes the grieving process easier when someone passes away. Plus, it gives you the choice to decide whether you want to be cremated or buried in a casket.
The policy gives the insured a chance to share their estate and plan for events when they die.
Benefits Are
- You have very few questions to respond
- No urine or blood tests
- The payout is immediate
- You can have additional underwriting to help increase your benefits
- It is the most inexpensive method to obtain a life insurance
Keep in mind that the policy might differ depending on the insurance company you’re dealing with. The death benefits range from $5,000 to $25,000, but there are a few companies that offer as much as $75,000.
The cool thing is, the death benefits are paid right away, so the beneficiaries can use the funds for funeral expenses. Plus, the extra money can come in handy for paying off things like medical bills.
A Few Drawbacks
Even though funeral insurance is the most affordable life insurance option, it does have a few downsides. Keep reading to learn about the drawbacks.
- First off, there are some insurers who won’t enroll you right away. They have a waiting period that could last anywhere from 1 to 3 years. During this time, the benefits may be reduced, and if you happen to pass away before the waiting period is over, you might not receive any death benefit.
- A lot of these policies are way too expensive. Sometimes, they can cost even more than your own funeral! So, it just doesn’t make sense to go for such policies. But hey, the good news is, you can easily avoid them.
- Also, it’s important to note that a burial policy isn’t really an investment. When you decide to get one, you might not have much say in how the funds are allocated. Plus, some companies tend to charge pretty high premiums.
#3. Universal Life Insurance [No One Talk About It]
The third popular option is universal life insurance for seniors. The policy costs higher than whole life insurance, but this can offer more savings which can be a deciding factor for seniors, but the cost will be higher.
Unlike other plans with fluctuating interest rates, universal life insurance offers a guaranteed minimum interest rate. It’s also super flexible! If your insurance needs ever change, you can easily adjust your policy to accommodate those fluctuations.
Another awesome thing about universal insurance for over 85 is that you have the option to borrow against your insurance with some really great terms. [Whole Life also has this loan feature]
You could use the money to pay off debts or even go on a vacation. And if you ever find yourself in a tough spot financially, this policy can also help boost your monthly income.
Which Of These 3 Is The Best Option For You
Whether you agree or not, whole life insurance is the best choice for individuals aged 85 and above.
Why?
There are three reasons behind this:
- Term life insurance policies aren’t available at this age.
- Universal life insurance is gonna cost you a lot because of its flexible premium rule. Insurers don’t expect someone of 85 to live long and can adjust the premium later. You gotta pay a higher premium at the beginning of the policy, which is often a total waste.
- Burial or funeral insurance is one kind of whole life insurance (the most commonly available one at this age).
On the other hand
With whole life insurance, you can actually get a little more coverage compared to a burial policy.
But hey, don’t expect crazy huge coverage! Insurers always take into account your age when deciding the maximum coverage amount. And you know what? You don’t really need a boatload of money. The main goal is to cover the funeral expenses and leave a little something for the family.
3 Best Life Insurance Companies For Seniors Over 85
Insurance for people over 85 isn’t widely available. You only have a handful of companies that’ll offer you a plan. Oh, and just a heads up, the coverage won’t exceed $25,000.
Let’s find out which companies would be the best fit for you!
#1. Aetna
Aetna provides the best coverage of $25,000 for folks over 85. The underwriting process is easier compared to others. Plus, no medical exam is needed. If you are 89 or younger, this is the best option for you.
Quick Overview
- Age Range: 45 to 89
- Face Amount Range: $5,000 to $25,000
- States: All States Except New York
- Waiting Period: No
- AM Best Rating: A
#2. Security National Life
Here’s another option. Even though people don’t really talk about this company, it’s actually quite well-established. It’s mostly based in Utah, but it operates in most states.
Quick Overview
- Age Range: 45 to 90
- Face Amount Range: $5,000 to $10,000
- States: All States Except WA, NY, NJ
- Waiting Period: No
- AM Best Rating: A-
#3. Royal Neighbors Of America
With a long-standing history since 1895 and a solid background, this company has gained the trust of many. Rated A by AM Best, it is highly regarded by numerous individuals. While the writing process may seem intricate, we are here to simplify it for you.
Quick Overview
- Age Range: 45 to 89
- Face Amount Range: $3,000 to $15,000
- States: All States Except NY, NH, MA, AK, & AL
- Waiting Period: No
- AM Best Rating: A
No Medical Exam Life Insurance Is The Easiest
Guaranteed issue life insurance is the easiest and quickest way to get a policy. It’s all about guaranteed acceptance! You can buy this policy at any stage of your life, regardless of your age or health history. It’s that simple!
Although such policies are quite expensive, many benefits make them a great business churner for life insurance companies. Those who are worried about their policy acceptance because of medical issues or age factors can easily buy guaranteed acceptance life insurance without waiting.
You get them super fast. Since the application is processed hand in hand, there’s no long waiting period.
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Is There Any Eligibility Requirement?
Here are some factors insurers look at when determining eligibility.
The Age
A lot of seniors think that due to their age, they might not be eligible for the policy. But that’s not true when it comes to burial insurance plans. Anyone in good health, even folks over 90, can get the policy.
Medical Exam
Sometimes a provider might request a medical exam. However, they might simply ask you a few health questions instead. Most insurers will require you to complete a basic medical questionnaire form.
Once it’s done, you’ll be good to go for signing the contract.
So, Are You Eligible At 85+?
Yep, anyone, regardless of age, can qualify. However, it’s especially great for older folks. If you’ve tried getting a regular policy but didn’t have any luck, you might be eligible for a no medical exam life insurance.
People with health issues and those believed to be at high risk can also find solace in this one.
The only catch is that the premium you may have to pay could be a bit steep due to the risks involved. Also, the payment structure might differ depending on the company in question.
Sample Rates For Life Insurance Over 85
Unfortunately, in this article, we won’t be able to give you the exact price because it changes every day and varies across states.
Discover the current rate and unlock the best life insurance options by simply requesting quotes in the box below. Don’t miss out on this opportunity!
Just so you know, we’re providing you with an estimated monthly rate for males and females aged 85 to 89. But hey, don’t take the price too seriously – it could change anytime!
| Age | Coverage | Male | Female |
|---|---|---|---|
| 85 | $10,000 | $160+ | $150+ |
| 86 | $10,000 | $175+ | $165+ |
| 87 | $10,000 | $190+ | $187+ |
| 88 | $10,000 | $210+ | $198+ |
| 89 | $10,000 | $240+ | $220+ |
The price might differ based on factors like the individual, location, and any special conditions. Check out our price comparison tool for the exact rate.
Is There A Waiting Period At All?
Like we said earlier, there’s no waiting period.
Just so you know, some companies might have a policy that requires a two-year waiting. If the insured person passes away during this time, there won’t be any death benefit.
But here’s the thing, if it’s an accidental death, you’ll get the death benefit. If it’s not, then the insurer will only reimburse you the premium you’ve paid along with a 10% interest. Now, mind you, the interest rate might change depending on what you’ve agreed with the insurer.
Health Records And Credit Scores
Some seniors manage to maintain a pretty healthy lifestyle and body even at this age. So, it’s possible for them to get a policy without too much trouble. Just remember to bring your health reports and credit rating history when you apply.
Having a solid credit rating shows you’re a responsible citizen, while your health cards indicate better chances of survival. And if you’ve got some cool fitness certifications, like winning marathons or excelling in sports for your age group, those are definite bonuses in your favor!
Questions Asked By The Insurers
Before an insurer gives you a policy, they’ll ask a few basic health questions. No need to stress – we’ll give you a sneak peek at the questionnaires.
There’s no medical exam for policies at 85, so the Q&A session is super important.
Here are a few sample questions.
Do You Use Tobacco?
Insurers really care about tobacco use. We all know smoking has a big, bad impact on our bodies. If you’re a tobacco user, no worries! You can still qualify for smoker’s policy rates. So just be honest and never try to conceal it.
Have You Been To The Hospital In The Last 3 Months?
The insurer wants to have a good understanding of your health and determine your health class. So, they might ask this question. It could also involve things like using oxygen, any aneurysm concerns, or if you’re limited to being in bed.
Do You Have Any Medical Condition?
For seniors above 85, it’s a pretty common thing. Having some medical condition won’t really affect your policy that much.
The insurer might also ask about stuff like heart issues, recovering from a stroke, diabetes, kidney problems, mental disorders, HIV, blood pressure, and all that jazz. But hey, no need to freak out. Just stick to the truth and you’ll get the policy you want.
What Kind Of Medicines Do You Take?
It’s a smart move to bring all your medicine prescriptions along. It’ll make it easier for you to keep track of everything. This way, you can ensure that your health issues are being treated properly and are under control.
Do You Ever Have Any Of The Following?
-
- Organ transplantation.
- Alzheimer’s Disease.
- Amyotrophic lateral sclerosis.
- Glaucoma
- Lung disease
- Cataracts
- Osteoporosis
- Enlarged prostate
- Kidney dialysis and bladder problems
- Macular degeneration
- Depression
- Cardiovascular disease
How You Pass Your Day?
Wondering why it is!
Your daily lifestyle impacts a lot on your health. For example, if you are active and do regular exercises, it suggests that you have less chance to face significant health problems.
Stay connected with the senior community, and social work will help you to refresh your mind. And, we all know that a fresh mind means a fresh body.
Use Of Drugs Or Alcohol?
We hardly find a senior citizen to take drugs or alcohol regularly.
Though using it occasionally is fine, regular use can have negative effects on your health and life insurance coverage. You may not pass the drug test for life insurance.
How To Apply For Life Insurance Above 85
The application process is super easy, and we’ll walk you through it.
Here are the 4 SIMPLE steps:
- Choose Your State from the Quotes Comparison Tool Box on this page (Just below).
- Click On Get Quotes.
- Click on At Least 3 Insurer’s Link (Get Quotes).
- Fill in the form and Request Quotes.
The insurer will do the rest of the work, and they will contact you. You can buy the policy that offers the best deal to you.
Note: If you request a quote doesn’t mean that you have to buy that policy.
Compare And Shop
When you’ve made up your mind to invest in a life insurance policy, keep an eye out for the available options in the market.
Sometimes people make buying decisions based on the first 2-3 offers they see. But you know what? Advertising campaigns can sometimes overshadow really good deals.
You compare most of the options available in the market and then make a decision on what to buy.
Why Do Seniors Over 85 Need Life Insurance?
Given the state of the economy, there are a bunch of reasons to consider getting a life insurance policy for elderly who are 85 and older
To get a grasp of the needs, just give these points a read.
Self-Sufficiency
Until they reach 85, they’ve gotta be all about self-reliance. But once they hit the later stages of life, they realize things aren’t really in their control. You know, like sickness (whether it’s their own or someone in the family), all those rituals and traditions, family expenses, and whatnot. Everything just keeps on chugging along at its own pace.
Without any income or a source of income, it’s not possible to live independently. A life insurance policy can help senior citizens become self-sufficient. They can borrow some loans on their policy and pay them back later at a comfortable pace.
So, a policy can totally meet their requirements, no doubt about it. They don’t have to go searching for support when they need it.
Supporting The Younger Ones
We all know that life doesn’t last forever. When seniors realize that their time could be up anytime soon, they want to leave behind some valuable gifts for the younger generation.
They want their children to remember them as the “provider” for life. Only a life policy can make their wishes come true.
Ensuring The Life Of The Partner
When couples realize that one of them will be the first to go, they naturally worry about their better halves. So, to make sure their surviving partner is financially secure, they go ahead and buy a life insurance policy.
Sometimes both partners decide to get life insurance because life can be unpredictable. They choose each other as beneficiaries. If one of them passes away, it provides enough support for the other to live comfortably.
Dignified Funerals
We come across people who have specific preferences for their last wishes, like being cremated in a certain way. Some don’t want their families or anyone else to worry about their end-of-life expenses or final medical expenses.
They purchase policies to ensure their funerals can be carried out smoothly, without any financial worries.
Frequently Asked Questions
Here are the most common questions asked by people. Hope this will clear all the doubts and questions.
How Do You Tell When You Need To Buy Life Insurance?
Knowing whether you will need life insurance is simple. Just ask yourself a few questions.
First, do you have enough resources to cater to your final expenses?
If you don’t have any plans, life or final expense life insurance could be a great choice for you. It can provide protection for your loved ones against unexpected costs. Even if you think you can handle the expenses, it’s worth considering the terms of the funeral home you’re working with.
Can I Get Burial Insurance With Bad Health?
Certainly, based on your circumstances, you can certainly qualify for a policy. However, it’s important to keep in mind that due to certain factors, such as your age or health condition, the cost of the policy may be slightly higher. Rest assured, we will work together to find the best coverage option that suits your needs and budget.
Is There Any Way To Get Discount?
You might not be able to score a discount at this age. The regulations just don’t allow for those kinds of deals.
What Is The Main Role Of A Burial Insurance?
It’s a type of life insurance that provides a set amount of money when the insured person passes away. Usually, this kind of life insurance is more affordable. The policy is designed to provide coverage for individuals who might not be eligible for traditional life insurance.
Do The Premiums Change In The Burial Insurance?
Good news! With burial insurance, the premiums stay the same. The amount you pay depends on your age and health, but once it’s determined, it won’t change. After you get the policy, you’ll just keep paying the same amount until the payout.
How Do I Choose The Best Life Insurance Companies?
Lots of companies have various policies on offer. These policies come at different prices, giving you plenty of options. So, it might be a good idea to do a bit of research and find the one that suits your needs the best.
Luckily, we offer free quotes service. It gives you a chance to sample them before choosing the best.
Can I Cancel The Policy Later?
Once you stop paying the premiums, the policy gets canceled. Unfortunately, you won’t be entitled to a refund of the money you had paid. Plus, the beneficiaries won’t receive any benefits upon your death.
In some cases, if you stop paying the premiums, the policy becomes invalid. If you’re lucky, you might get a fraction of the paid premiums refunded.
Conclusion
Life insurance for parents over 85 has opened up opportunities for self-reliance and financial security. So, with just a little planning, life can become easier and stress-free.
We talked about three options that can meet your needs and give you peace of mind. So, no more waiting.
Apply for free quotes and find out which one is the best for you!
