As you age, it’s easy not to think about life insurance. But even if you’re 85, it’s still a good idea to have it. Life insurance can help ensure your family will be taken care of if something happens to you.
Even though you may have different thoughts and plans as you age, the importance of life insurance stays the same. If you have the right policy, you can feel at ease knowing your family will be financially safe in case of a tragedy.
In this article, we’ll talk about life insurance for people who are 85 or older. Whether you already have insurance or you’re just thinking about getting it, we’ll give you the information you need to make a good decision about protecting yourself in your golden years.
(Note: If you want to see what rates would have been like last year, see our piece on 84 year old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 86 year olds.)
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Can An 85 Year Old Get Life Insurance?
Can you still get life insurance if you’re 85? Absolutely. While you don’t have as many options as younger people, you can still get final expense whole life insurance (also known as burial insurance or funeral insurance). This type of insurance is designed specifically for those looking to fund things like funeral costs and other end-of-life expenses.
Final expense whole life insurance is a good choice for the following reasons:
- Final expense policies are generally easier to qualify for, with no medical exams and looser underwriting.
- These policies have riders that can be used to pay for long-term care or the additional costs associated with accidental death.
- You build cash value with final expense policies, which is cash you can access to cover urgent expenses.
Note that 85 year olds are not eligible for the following types of life insurance:
- Term life insurance
- Accidental death life insurance
- Guaranteed acceptance life insurance
Life Insurance Rates For 85 Year Olds
Whole Life Insurance Rates For 85 Year Old Male
| Coverage | Male (Non-Smoker) | Male (Smoker) |
|---|---|---|
| $2,000 | $42 | $70 |
| $3,000 | $61 | $103 |
| $4,000 | $81 | $136 |
| $5,000 | $100 | $169 |
| $6,000 | $119 | $202 |
| $7,000 | $138 | $235 |
| $8,000 | $158 | $268 |
| $9,000 | $177 | $301 |
| $10,000 | $196 | $334 |
| $11,000 | $215 | $367 |
| $12,000 | $235 | $400 |
| $13,000 | $254 | $433 |
| $14,000 | $273 | $467 |
| $15,000 | $292 | $500 |
| $16,000 | $312 | $533 |
| $17,000 | $331 | $566 |
| $18,000 | $350 | $599 |
| $19,000 | $369 | $632 |
| $20,000 | $389 | $665 |
| $21,000 | $408 | $698 |
| $22,000 | $427 | $731 |
| $23,000 | $446 | $764 |
| $24,000 | $466 | $797 |
| $25,000 | $485 | $830 |
For an 85-year-old man, rates vary by smoking status, your policy’s face amount, and the severity of your health. For a $2,000 life insurance policy, the cost will be $42 per month for non-smokers and $70 per month for smokers.
For a $25,000 policy, non-smokers can get coverage for $485 per month, while smokers pay $830 per month, or 71% higher.
Waiting until your 86th birthday can be expensive. Rates increase by 20%, on average, for non-smokers and 18% for smokers. For example, the cost of a $25,000 policy for non-smokers goes from $485 per month to $585, a $100/month difference.
How Much Is Life Insurance For An 85 Year Old Female?
| Coverage | Female (Non-Smoker) | Female (Smoker) |
|---|---|---|
| $2,000 | $30 | $46 |
| $3,000 | $43 | $67 |
| $4,000 | $57 | $88 |
| $5,000 | $70 | $109 |
| $6,000 | $83 | $130 |
| $7,000 | $97 | $151 |
| $8,000 | $110 | $172 |
| $9,000 | $123 | $193 |
| $10,000 | $137 | $214 |
| $11,000 | $150 | $235 |
| $12,000 | $163 | $257 |
| $13,000 | $176 | $278 |
| $14,000 | $190 | $299 |
| $15,000 | $203 | $320 |
| $16,000 | $216 | $341 |
| $17,000 | $230 | $362 |
| $18,000 | $243 | $383 |
| $19,000 | $256 | $404 |
| $20,000 | $270 | $425 |
| $21,000 | $283 | $446 |
| $22,000 | $296 | $467 |
| $23,000 | $309 | $489 |
| $24,000 | $323 | $510 |
| $25,000 | $336 | $531 |
If you’re an 85-year-old woman you can expect to pay 40% to 56% less than men as a result of your longer life expectancy..
For a $2,000 final expense life insurance policy, non-smokers can get coverage for $30 per monthwhile smokers would pay $46 per month.
For a $25,000 policy, those rates would be $336 per month and $531 per month, respectively.
We recommend not waiting until you are 86 to buy life insurance, given the increase you’ll see in your premiums. On average, non-smokers pay 25% more; in other words, a $25,000 policy would increase from $336 per month to $424 per month.
Check Out: Affordable Life Insurance at Age 60
Choose kindness.
You never know what battles people may be fighting.
Top Life Insurance Companies for an 85 Year Old
Aetna, Mutual of Omaha, and Transamerica are three insurance companies we recommend for 85-year-olds. You’ll find profiles of each of these companies below:
Aetna Protection Series
Aetna provides coverage for individuals between the ages of 40 and 89, ranging from $2,000 to $25,000. Additionally, Aetna has an ‘A’ rating from AM Best.
Mutual of Omaha Living Promise Whole Life Insurance
Mutual of Omaha provides coverage for people 45-85, with face amounts from $2,000 to $50,000. Furthermore, this insurer has an A.M. Best rating of “A+”.
Transamerica Immediate Solution Final Expense Insurance
Transamerica’s burial insurance plan is offered to individuals between 0-85 years old. For 76 to 85-year-olds, coverage amounts range from $1,000 to $25,000. AM Best gives Transamerica an “A” rating.
