Searching for life insurance for seniors over 85 can be tough. It’s like trying to find a needle in a haystack.
Many agents will turn you down, and anyone you know might not be able to help. But don’t lose hope yet.
Your best option will be whole insurances, with many restrictions. The premiums may be higher, especially for those who smoke, drink, or have health issues.
While life insurance over 85 isn’t very rewarding, it can still be helpful.
You’ll find information about whole insurance, requirements, and how to apply in this article.
4 Companies Offering Life Insurance For Seniors Over 85
#1. Aetna (ACI)
Aetna is a great option for life insurance for seniors over 85. They offer lenient underwriting and high coverage options. Also, this is available in most states.
I’ve provided details about the life insurance here.
- Age Range: 45-89.
- State Availability: All states except MA and NY
- Minimum Benefit Range Provided: $2000.
- Maximum Face Amount Range: $2,000 to $25,000.
- Waiting Period: None, depending on underwriting approval.
- Direct Phone Consultancy Approval: Yes
You cannot find this life insurance directly from Aetna. This life insurance is offered by agencies instead. But the biggest advantage is that you can get approval directly from a phone consultation.
This option is best for you if you’re in good shape. Aetna offers Level, Graded, and Modified benefit plans.
But only the Level plan is available for 85 or over.
#2. Aetna And CVS Health (ACC)
Maybe you have minor health issues or want COPD without Oxygen to have immediate coverage.
You’ll want to look at the insurance offered by Aetna and CVS Health. This insurance offers very lenient underwriting, and only checks 1-2 years of medical history for major issues.
- Age Range: 40-89.
- Minimum Benefit Amount Provided: $2,000.
- Maximum Face Amount Range Over 85: $25,000.
- State Availability: Every state but NY and MA can apply.
- Waiting Periods: None.
- Rate Class: Preferred and Standard.
- Immediate Coverage: Yes.
- Direct Phone Consultancy Approval: Yes.
- Security Question Signature: Available.
The major reason why you should consider Aetna and CVS Health is because they have a long track record of providing quality service.
Another reason is that the companies involved in this policy have excellent financial ratings.
Financial ratings are the indicator of the financial health of a company. Without great financial health, you raise the chances of the company being unable to provide the policy payout.
I’ve provided the financial ratings of Aetna and CVS health here.
- AM Best: A (Excellent).
- Fitch Rating: BBB+.
- Moody’s Investor Service: A2.
Strong financial strength ensures the security of the payout. Also, this policy is applicable to those with minor health issues.
Health issues are quite common in those looking for life insurance for elderly over 85.
Overall, this may be the best option for the majority of 85 or over.
#3. Security National Life
Security National Life is not exactly a household name. A good reason may be the low availability of its policies.
But if you’re looking for life insurance for people over 85, this company’s policy might be worth considering.
- Age Range: 40-90.
- State Availability: All States except for DC, CT, ME, DE, MT, MA, NJ, NH, NC, NY, OH, ND, PA, RI, VT, SD, WV, WA can apply.
- Minimum Benefit Amount Provided: $2,500.
- Maximum Face Amount Range Over 85: $10,000.
- Waiting Periods: None, depending on underwriting approval.
While the company’s maximum face amount is only $10,000, it offers the policy to 90-year-olds.
Companies like Aetna and CVS Health do not offer their policies to any over 89 without consideration and more restrictions.
#4. Guarantee Trust Life (GTL)
For those who are looking for life insurance for seniors over 85, it’s common to have recent health issues.
If you’ve had trouble with other options due to your condition, you can try this policy.
Another advantage is this policy will accept you if you are 90 years of age.
- Age Availability: 40-90.
- State Availability: All states can apply, except NY.
- Minimum Benefit Amount Provided: $2,500.
- Maximum Face Amount Range Over 85: $10,000.
- Payout Due To An Accident: Full In Day 1.
- Application Process: Simple With 6 questions.
- Approval: Instant.
- Death Benefit: Graded.
The graded death benefit system is beneficial in general. Here’s how it works.
- Year 01 payout is premiums paid and 5%.
- Year 02 payout is 50% of the death benefit.
- Year 03 onwards payout is 100%.
The graded death benefit system may not sound great on paper. But this system is a given no matter what. Unlike a waiting period, you’ll have access to 50% of the payout by year 02.
These are your options for you. If you enjoy good health, then you can pick Aetna’s policy.
However, if you have health issues you still have options. Depending on the severity and what you want from the policy, you can pick one from the other options.
Why Pick Whole Life Insurances?
Whole life insurances aren’t the only choice available for life insurance for seniors over 85.
If you’ve opted for term life insurance for seniors before, you can renew it again. Even if you haven’t, some companies will still provide term life insurance options.
But these are troublesome. The renewed insurance will cost more. And the term insurances come with expensive premiums and aren’t renewable post-term.
Comparatively, whole life insurance will come with a set of benefits.
- No need for renewal.
- Monthly premiums will never increase.
- The death benefit payout will be tax-free and never decrease.
- Inflation will not affect the cash value.
You can also find some guaranteed life insurance options. These do not require medical exams and have few restrictions.
But these come with incredibly expensive premiums that are only worth for edge cases.
The maximum age that a life insurance company accepts is 90 years. If you purchase term life insurance when you are 85 years you will face trouble in the future as you can’t renew it.
So, the best choice for life insurance for over 85 is whole life insurance. I’ve explained more about whole life insurance below.
How Much Can Life Insurance Cost For Seniors Over 85?
Life insurance rates are influenced by a variety of factors, including but not limited to:
- The older you get, the higher your insurance premiums are going to be.
- If you‘re in bad health or have several health issues, your rates will be greater than if you’re in good health.
- Insurance premiums are often lower for women than for men.
- Tobacco and Alcohol use. If you’re a smoker or a drinker, you’ll have to pay higher premiums than others.
- Type of policy. Whole or universal insurance generates a cash value, so they’re often ridiculously expensive than those that do not.
For life insurance for seniors over 85, here are some sample last expense life insurance quotations.
Keep in mind that you aren’t restricted to just these quoted amounts. You can get insurance for any coverage amount ranging from $2,000 to $25,000.
Remember that at this age, many agencies will want to check if you’re medically qualified. There are no plans available with no health questions (assured admission).
Because of your age, you’ll note that the premiums are expensive compared to typical rates.
| Female Non-Tobacco | ||||
| AGE | $5,000 | $10,000 | $15,000 | $20,000 |
| 86 | $87.41 | $171.32 | $255.24 | $339.15 |
| 87 | $104.74 | $205.97 | $307.21 | $408.45 |
| 88 | $122.06 | $240.62 | $359.19 | $477.75 |
| 89 | $139.39 | $275.27 | $411.16 | $547.05 |
| Male Non-Tobacco | ||||
| AGE | $5,000 | $10,000 | $15,000 | $20,000 |
| 86 | $119.87 | $236.25 | $352.62 | $469.00 |
| 87 | $140.09 | $276.67 | $413.26 | $549.85 |
| 88 | $160.30 | $317.10 | $473.90 | $630.70 |
| 89 | $180.51 | $357.52 | $534.54 | $711.55 |
| Female Tobacco | ||||
| AGE | $5,000 | $10,000 | $15,000 | $20,000 |
| 86 | $130.07 | $256.64 | $383.21 | $509.77 |
| 87 | $151.24 | $298.99 | $446.73 | $594.47 |
| 88 | $172.42 | $341.34 | $510.26 | $679.17 |
| 89 | $193.59 | $383.69 | $573.78 | $763.87 |
| Male Tobacco | ||||
| AGE | $5,000 | $10,000 | $15,000 | $20,000 |
| 86 | $198.62 | $393.75 | $588.87 | $784.00 |
| 87 | $228.37 | $453.25 | $678.12 | $903.00 |
| 88 | $258.12 | $512.75 | $767.37 | $1022.00 |
| 89 | $287.87 | $572.25 | $856.62 | $1141.00 |
Whole Life Insurance Explained
Unlike term life insurance, whole life insurance doesn’t expire after a set time. So, whole life insurance is considered permanent life insurance.
These are also the simplest version of permanent life insurance. To learn more about different types of policies read our guide on life insurance for dummies.
For whole life insurance, you’ll have to pay a fixed premium for the rest of your life. The amount will not increase due to inflation. But you cannot expect it to decrease either.
The coverage offered by the company will also never change. The policy will provide a tax-free payout to the beneficiaries upon activation. The payout can be used for any purpose, as there will be no designated use.
You’ll also have heard of burial insurance, funeral insurance, or final expense insurance. These are simple marketing labels or monikers for whole insurance. You should be wary if you hear any of these terms used.
These are whole insurance plans with very low restriction underwriting for people with health issues.
But these aren’t great for anyone searching for senior life insurance. Companies with such options will sell you as low as $2000 as coverage.
You can find whole life insurance for seniors over 85 with better payouts. But you may have restrictions like a waiting period. The company won’t provide the payout during this period.
The true benefit of whole life insurance is that everything is set in stone. You have guaranteed cash value and growth. But the rate is lower than other high-risk policies.
Are You Worried?
There are some companies who are interested in providing senior life insurance as you are a respected citizen of this country.
What Should Seniors Look For In A Life Insurance Policy?
Begin by precisely defining the insurance policy’s purpose.
For example, if you want to ensure that your heirs can pay off a mortgage, a term policy may be the best option. Make sure to do the math before purchasing permanent life insurance.
Jeff Rose, a certified financial planner in Nashville, has retired clients who wanted to leave a nice inheritance for their children and grandchildren.
But when they learned the cost of the insurance and realized how it would affect their lives during their retirement, they decided against it.
Niv Persaud, a certified financial advisor with Transition Planning & Guidance in Atlanta stated it may be better to just skip life insurance.
She recommends looking into a long-term care rider, as Medicare does not cover this type of care.
What Does A Waiting Period Mean?
As mentioned above, a waiting period is a set time during which the agency will not provide the payout.
Waiting periods typically last 02 years. During this period, the beneficiaries will instead get the premiums paid back along with a percentage of up to 10%.
You can be given a waiting period during evaluation if you have health issues. Your age and habits will also contribute to this issue. Some companies will have a graded death benefit system with a 50% payout by year 02. But this is rare.
You can use some methods to lower your chances of getting hit with a waiting period. The 02 easiest methods are presenting good health records and credit scores.
I’ve elaborated some more advantages you can gain from these below.
How To Leverage Health Records And Credit Scores?
Life insurance for parents over 85 already comes with a high premium cost and restrictions. But you can alleviate a lot of these by using your health records and credit scores.
If you’re of considerably good health, then your chances of getting a lower premium, or fewer restrictions are greater. You can leverage this by presenting your medical records in evaluation.
A clean bill of health will do wonders for your policy. If you are not in a good health state you can simply go for guaranteed acceptance life insurance.
Also, your credit scores matter just as much if not more. High credit scores indicate high purchasing power. Presenting your credit score will assure the agency that you’ll be able to pay the premiums without issue.
Try to leverage both factors to your advantage. If you manage it, you’ll have no issues getting a policy.
And there’s a good chance any waiting periods will be waived, along with many restrictions. You may even have a lower premium than estimated.
Common Questions That Insurers Will Ask
For life insurance over 85, you can expect some common questions. Insurers will ask these to understand if you can afford the premiums and if you’re healthy.
I’ll provide these common questions and explain the intent so you can answer accordingly.
Do You Smoke Or Use Tobacco?
Using tobacco is a major concern for agencies. Tobacco has an adverse impact on your health, and the insurer will want to know.
Don’t avoid the question, as you can still apply for smoker’s premium rates.
Have You Been To The Hospital Recently?
Medical conditions are common in seniors above 85.
So, if you have a recent history of heart conditions, stroke, diabetes, renal issues, blood pressure, or something else, don’t fret. It won’t affect your policy much.
What Medicines Are You Taking?
This is an important question. Depending on how you answer, it shows that you’re concerned about your condition and keeps everything in check.
Try to bring all your prescriptions, as this serves as proof and shows thoroughness.
Have You Ever Had Any Of These?
Insurers will typically cite these conditions while asking this question.
- Organ transplants.
- Alzheimer’s.
- Amyotrophic lateral sclerosis.
- Lung disease.
- Enlarged prostate.
- Kidney dialysis and bladder problems.
- Macular degeneration.
- Cardiovascular disease.
Again, don’t avoid answering. Answering truthfully will help avoid complications in the future.
What’s Your Typical Day Like?
The intent is to check if you’re physically and mentally active. If you lead an active life, this is a sign of good health. You’ll face less risk of any health issues.
You can find senior communities for physical activities and social work. This way, you’ll have people or written proof attesting to your good health.
Have You Ever Used Drugs, Or Still Drink?
It’s rare to find someone 85 or older who regularly drinks or takes drugs. But this can affect your longevity, especially drug use.
Having a history of drug use might not affect your chances much. But if you still drink and do drugs, this can be a red flag. You won’t have a great chance of passing the drug test.
Answer any questions that insurers ask truthfully. This prevents any issues down the line and prevents causing an issue with the payout.
Also, keep any and all documents handy. If you provide proof behind every answer, you’ll improve your chances of getting the policy with advantages.
States With No Life Insurance For Seniors Over 85
New York is the only state that doesn’t have life insurance for age over 85. In any other state, you can still apply for coverage.
If you’re in New York, then you have don’t have much choice. Your best option is to arrange is pre-planning with a local funeral home.
This will at least cover burial expenses to a degree.
Conclusion
Life insurance for seniors over 85 isn’t impossible. You’ll have to face higher premium rates and possible waiting periods, but you can get whole life insurance.
However, you can lower all restrictions if you leverage your good health, finances, and be truthful.
Even with health or other issues, there are solutions available for everyone.