Alyssa Lane
If you're an 85-year-old man looking for life insurance, you may find that your options are limited. Most companies do not offer life insurance policies for people over 85, and the maximum age for new applicants is typically 90. However, there are still a few companies that offer coverage for this age group, and it's important to act fast as your choices will become even more restricted after you turn 86. Final expense or burial insurance is a common option for people in this age group, as it is designed to cover end-of-life expenses and does not require a medical exam.
| Characteristics | Values |
|---|---|
| Type of insurance | Final expense life insurance, burial insurance, funeral insurance, whole life insurance |
| Maximum age for new applicants | 90 |
| Maximum coverage amount | $10,000–$40,000 |
| Average annual rates for men | $549.31 for $40,000 final expense insurance |
| Average annual rates for women | $384.12 for $40,000 final expense insurance |
| Companies offering insurance for 85-year-olds | Aetna, Security National Life Insurance Company, Genworth |
| Location | Not available in all states, including New York |
| Waiting period | No waiting period for most policies, but some have a two-year waiting period |
| Medical exam required | No medical exam required for final expense insurance, but a phone interview and health questions are conducted |
What You'll Learn
Final expense life insurance
Qualifying for final expense insurance is generally easier than for other types of life insurance as it usually does not require a medical exam. Instead, applicants need to fill out a short application with a few health questions. This means that even those with pre-existing conditions can qualify for a policy. Most policies for people over 85 have no waiting period, but some do, so it is important to check the terms and conditions carefully.
When considering final expense insurance, it is beneficial to work with an independent agency that has access to multiple providers to find the best rates and coverage options. Shopping around and comparing quotes can also help to find more affordable coverage. Additionally, some insurance companies may deny coverage based on serious health conditions, so it is important to be aware of the specific requirements and restrictions of each company.
While final expense insurance can provide peace of mind and financial support for loved ones, there are alternative ways to pay for end-of-life expenses. These include saving money in a dedicated account, pre-paying for a funeral plan, or relying on the estate to cover final expenses. Planning ahead and documenting final wishes can ensure that loved ones are not burdened with these difficult decisions.
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Burial insurance
Final expense insurance is the only type of policy available to seniors over 85, and 90 is the maximum age limit for new applicants. These policies are small whole life insurance plans that don't require a medical exam to qualify. They are designed to help cover end-of-life expenses such as funeral costs, medical bills, and debts. The death benefit is paid as a tax-free cash payment upon the insured's death, and there are no restrictions on how the money is spent. For seniors above age 85, $10,000 - $25,000 is the maximum coverage available from any provider. However, it is possible to purchase multiple policies from different companies.
Several factors can impact the cost of burial insurance for seniors over 85, including age, gender, health, state of residence, tobacco usage, and coverage amount. The monthly cost of final expense insurance for an 80-year-old man is approximately $197 for $10,000 in coverage, while an 80-year-old woman would pay around $158 for the same coverage. Premiums tend to increase with age, and men generally pay more than women due to their lower life expectancy. Health is also a crucial factor, as pre-existing medical conditions can result in higher premiums.
To obtain burial insurance for a senior over 85, it is recommended to work with an independent agency brokerage to find the best rates and compare quotes from different companies. It is important to note that only a few companies offer coverage for this age group, and the options are limited. Some companies that provide coverage for seniors over 85 include Aetna and Security National Life. Additionally, it is worth considering other ways to pay for funeral expenses, such as saving accounts, pre-paying funeral plans, or relying on estate funds.
Simplified Issue Burial Insurance for Seniors Over 85 offers a straightforward application process, often requiring only a few health-related questions. No Exam Burial Insurance is another popular choice, providing coverage without the need for a medical examination. When choosing a burial insurance plan, it is essential to compare different options to find a policy that offers the necessary coverage at an affordable price.
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Whole life insurance
Final expense life insurance is the only type of policy available to seniors over 85 years old, with 90 being the maximum age limit for new applicants. These are small whole life insurance plans that don't require a medical exam to qualify. Final expense insurance is also referred to as burial or funeral insurance, and the death benefit is paid as a tax-free cash payment upon the insured's death. This can be used by loved ones to cover funeral costs, medical bills, debts, or anything else.
Some companies that offer whole life insurance for those over 85 include:
- Aetna
- Security National Life
- New York Life
- State Farm
- Pacific Life
- Mutual of Omaha
If you are unable to find a suitable whole life insurance policy, there are other ways to pay for a funeral outside of insurance. For example, you could put money into a savings account, pre-pay for a funeral plan, or rely on your estate to cover final expenses.
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Universal life insurance
For an 85-year-old man, the options for universal life insurance are limited. Most insurance companies set an age limit of 85 for new applicants, and only a few companies offer coverage up to age 90. Additionally, the maximum coverage amount for individuals over 85 is typically $25,000, and the cost of insurance can be very high due to the increased health risks associated with advanced age.
To qualify for universal life insurance at this age, a medical exam is usually required, and premiums will be higher for those with health conditions such as diabetes. Guaranteed Universal Life Insurance (GUL) is a type of UL policy that does not require a medical exam, but it is even more expensive. The high cost of GUL policies reflects the fact that they are guaranteed regardless of the individual's health status.
Despite the challenges, it is still possible for an 85-year-old man to obtain universal life insurance. Working with an independent agency brokerage that has access to multiple providers can help individuals in this age group find the best rates and determine their eligibility. Shopping around and comparing quotes from different companies can also help identify the most affordable options.
It is worth noting that final expense life insurance, also known as burial or funeral insurance, is a more common and affordable option for individuals over 85. These policies are designed to cover end-of-life expenses and typically have lower coverage amounts and premiums. While universal life insurance may be an option for some, final expense insurance is the only type of policy widely available to seniors in this age group.
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Guaranteed issue life insurance
AIG is one of the world's biggest providers of life insurance policies and has been providing life insurance protection since 1919. AIG guaranteed issue life insurance can only be purchased through selected brokers like Funeral Funds or directly through AIG.
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Frequently asked questions
There are only a few companies that offer life insurance to people over the age of 85. These include Aetna, Security National Life Insurance Company, and Genworth.
Final expense life insurance is the only type of policy available to 85-year-olds. This type of insurance is also referred to as "burial insurance" or "funeral insurance" and covers burial, funeral, and medical costs.
The maximum coverage amount for people over 85 years old is $25,000, with most individuals buying $10,000 or less.
The cost of life insurance for seniors depends on various factors, including age, gender, and health. For example, a $40,000 final expense insurance policy can cost $549.31 for men over 80.
