Life insurance is a crucial part of end-of-life financial planning, but can you get life insurance at age 85? The answer is yes, but only with final expense whole life insurance, which is a small whole life insurance plan that doesn’t require a medical exam to qualify. Traditional life insurance policies like term life, universal life, or any other type of life insurance do not exist at age 86+. Below are some essential points to keep in mind about life insurance at age 85:
| Points to Remember |
|---|
| Final expense whole life insurance is the only type of policy available to seniors over 85. |
| $25,000 is the most coverage you can buy from any one insurance company. |
| The insurance provider will pay out the death benefit upon the insured’s passing through a tax-free check. |
| Senior final expense insurance is just a small whole life policy with very lenient underwriting, so seniors with health issues can still qualify. |
| The cost of life insurance for seniors over 80 could be as low as $80 per month or as much as $800. |
| No life insurance companies offer a no health question guaranteed issue policy after age 85. |
| New York is the only state in the USA with no life insurance options over 85. |
Life insurance for seniors over 85 is expensive because of age, and the higher the risk, the higher the cost. However, it is still possible to get life insurance for your elderly parents over 85, but they must participate in the application process and answer health questions. The incontestability clause is present in every life insurance contract, and it entitles the insurance company to investigate any death during the first 24 months of the policy. So, answering the health questions honestly is critical to ensure that your claim would be paid even if you died the next day.
While some seniors may not qualify for coverage or may feel the insurance is not worth it due to the cost, there are other end-of-life financial preparations they can make outside of insurance. Planning their own funeral ahead of time is one such option that will ensure their loved ones don’t have to make tough decisions when they pass away.
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Article Sources
- Funeral Funds. Life Insurance For Seniors In Canada In 2023
- TruStage. Ultimate Guide To Life Insurance For Seniors In Canada [2023]
- Lighthouse Life Insurance Company. Benefits Of Life Insurance For Canadian Seniors
- Lighthouse Life Insurance Company. Best Burial & Life Insurance For Seniors Over 85 In 2023
- Progressive. Life Insurance