Life Insurance At 90: Is It Possible To Get Covered?

Life insurance for seniors over 90 years old can be difficult to find, but it is not impossible. The availability and terms of coverage depend on the insurance provider and may come with a very high premium. While whole and term life insurance options are unlikely to be available at this age, final expense insurance is a viable option for those who want to cover funeral costs and other end-of-life expenses. This type of insurance is designed to pay for funeral, burial, or cremation costs, as well as any outstanding debts such as medical bills. It is important to note that the maximum age for term life insurance is typically 89, and whole life insurance policies often have an age cutoff of 80. Seniors over 90 years old should also consider guaranteed universal life insurance, though it tends to be very expensive. When choosing a life insurance policy, it is crucial to consider not just the cost but also the financial stability, customer satisfaction ratings, and types of coverage offered by the insurance company.

Whole life insurance

When considering whole life insurance for seniors, it is important to keep in mind that the availability and cost of coverage will depend on various factors, including age, health, and income. Additionally, the application process may involve a medical exam or simply answering health questions, depending on the insurer and the desired coverage amount.

For those over 90 years old, finding whole life insurance can be challenging, and the availability of coverage will depend on the insurance provider. While it may be more difficult to find affordable options, some insurers do offer whole life insurance policies for seniors in this age group. It is recommended to speak with a life insurance agent or advisor to discuss specific options and determine the most suitable coverage based on individual needs and circumstances.

Term life insurance

Healthy men over 70 can expect to pay between $122 and $435 for a ten-year term life insurance policy with a $200,000 death benefit, while healthy women in the same age group will pay between $66 and $194 for the same policy.

For those over 90, it may be challenging to find term life insurance, and the premiums will be very high. MassMutual is one company that offers term life insurance to applicants up to 90 years old.

When considering term life insurance, it is important to keep in mind that renewing the policy can become more difficult as you age, which is why whole life insurance may be a better option for seniors. Additionally, term life insurance policies usually do not offer any additional benefits beyond the death benefit.

Universal life insurance

When considering universal life insurance, it is important to keep in mind that the premiums can be high, especially if you have health issues. Additionally, the availability and terms of coverage may vary depending on the insurance provider. It is always a good idea to speak to an insurance agent or financial advisor to determine if universal life insurance is the best option for your needs.

Final expense insurance

The cost of final expense insurance depends on factors such as age, sex, health, and the desired coverage amount. Rates for seniors increase substantially with age, with monthly costs ranging from $30 to $120 or more for those over 70 or with significant health conditions. Younger, healthier applicants can expect rates as low as $20 to $50 per month.

Guaranteed universal life insurance

Since the life expectancy in the United States is 77 years for men and 81 years for women, purchasing a policy until one of the above ages is pretty much guaranteeing a permanent policy, meaning you’ll still be covered when you pass away. With a GUL policy, you get premiums that resemble term life prices, but you won’t have to worry about reapplying for coverage and retaking a medical exam when the term policy ends.

GUL policies also focus on the death benefit rather than accumulating cash value. This type of policy is also much easier to understand than other types of permanent policies.

Pacific Life (PacLife)

Pacific Life offers permanent coverage with guaranteed level premiums and coverage amounts as low as $25,000, making it an ideal option for older clients who need to secure a small amount of coverage for their burial costs and final expenses. The PL Promise GUL includes a terminal illness rider, which allows the insured to access up to 75% of their policy's face amount if they become terminally ill.

Corebridge Financial (AIG)

AIG provides two solutions: the Accelerated Access Solution and Lifestyle Income Solution Riders. The Accelerated Access Solution provides the option to access your tax-free death benefit through pre-determined monthly payments if you suffer a qualifying chronic illness during the life of your policy. The Lifestyle Income Solution rider is designed for Americans who are living longer. Starting at age 85, this rider allows you to translate your death benefit into a stream of supplemental income (typically tax-free) that you can use however you choose.

Penn Mutual

Penn Mutual’s guaranteed increase option rider allows increases in coverage at certain ages without evidence of insurability. You also have flexibility when it comes to making premium payments, depending on the status of your cash value. If you have enough accumulation, you may withdraw from your cash value and either pay less or nothing at all on your premiums for a certain period of time.

Cincinnati Life

Cincinnati Life offers as little as $50,000 of guaranteed universal life insurance, making this policy an excellent alternative to expensive traditional whole life insurance.

United of Omaha

United of Omaha includes a Guaranteed Refund Option (GRO) at no extra cost to the policy owner, giving them seven different opportunities to surrender their policy in exchange for a full refund of the premiums paid.

North American

North American offers an Extended No Lapse Guarantee, so you can rest assured knowing your death benefit is guaranteed. They also offer a Waiver of Monthly Deductions rider, which will waive your premium payments if you suffer from a qualifying disability.

Nationwide

Nationwide allows you to add your spouse to your policy with the spouse rider, and similar to North American, the Waiver of Monthly Deductions waives your premiums if you are to become disabled and cannot pay them.

Frequently asked questions