Life Insurance for 86-Year-Olds
- Updated: February 7, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
As an 86-year-old, it’s not too late to secure your future and that of your loved ones with life insurance. This article will guide you through your options, so you can make an informed decision.
With coverage in place, you can rest easy knowing that your final expenses will be taken care of and your loved ones won’t be left with a financial burden.
Life insurance can also provide peace of mind for your loved ones, knowing that they’re protected and that you’ve taken steps to secure their future. And if you have a desire to leave a financial legacy, life insurance can help you achieve that goal.
(Note: If you want to see what rates would have been like last year, see our piece on 85-year-old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 87-year-olds.)
Life Insurance Options for 86-Year-Olds
Life insurance options for individuals who are 86 years old are limited to final expense insurance.
Final expense insurance, sometimes referred to as burial insurance, is a type of life insurance created to cover expenses incurred at the end of life, including funeral costs, outstanding debts, and other related expenses.
Key characteristics of final expense insurance include:
- Permanent coverage, which lasts your whole life.
- Coverage amounts range from $2,000 to $50,000.
- A streamlined application process without requiring a medical examination.
- Riders, or add-on benefits, that provide additional protection in specific cases, such as accidental death, critical illness, or long-term nursing home care.
- Cash value that builds over time, allowing you to borrow against your life insurance policy for medical expenses or other urgent expenses.
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)
Whole Life Insurance Rates For 86-Year-Old Men
| Coverage Amount | Male (Non-Smoker) | Male (Smoker) |
|---|---|---|
| $2,000 | $50 | $82 |
| $3,000 | $73 | $121 |
| $4,000 | $97 | $160 |
| $5,000 | $120 | $199 |
| $6,000 | $143 | $238 |
| $7,000 | $166 | $277 |
| $8,000 | $190 | $316 |
| $9,000 | $213 | $355 |
| $10,000 | $236 | $394 |
| $11,000 | $260 | $433 |
| $12,000 | $283 | $472 |
| $13,000 | $306 | $511 |
| $14,000 | $329 | $550 |
| $15,000 | $353 | $589 |
| $16,000 | $376 | $628 |
| $17,000 | $399 | $667 |
| $18,000 | $422 | $706 |
| $19,000 | $446 | $745 |
| $20,000 | $469 | $784 |
| $21,000 | $492 | $823 |
| $22,000 | $516 | $862 |
| $23,000 | $539 | $901 |
| $24,000 | $562 | $940 |
| $25,000 | $585 | $979 |
Your burial insurance rate as an 86-year-old varies based on three factors: whether or not you smoke, how much coverage you choose to buy, and the severity of your medical conditions.
Non-smokers can get 2,000 of life insurance coverage for just $50 per month. Smokers pay 64% more – $82 per month for the same coverage.
Non-smokers would pay $XXX for $25,000 of coverage while smokers… $979 per month.
We recommend not waiting until your 87th birthday to take out whole life insurance. Premiums rise 16.7% for non-smokers and 14.3% for smokers on average.
For example, the cost of a $25,000 policy would increase from a rate of $585 (non-smoker) or $979 (smoker) to an increased rate of $686 and $1,128, respectively.
How Much Is Life Insurance For An 86-Year-Old Woman?
| Coverage Amount | Female (Non-Smoker) | Female (Smoker) |
|---|---|---|
| $2,000 | $37 | $54 |
| $3,000 | $54 | $79 |
| $4,000 | $71 | $105 |
| $5,000 | $88 | $130 |
| $6,000 | $104 | $155 |
| $7,000 | $121 | $181 |
| $8,000 | $138 | $206 |
| $9,000 | $155 | $231 |
| $10,000 | $172 | $256 |
| $11,000 | $188 | $282 |
| $12,000 | $205 | $307 |
| $13,000 | $222 | $332 |
| $14,000 | $239 | $358 |
| $15,000 | $256 | $383 |
| $16,000 | $272 | $408 |
| $17,000 | $289 | $433 |
| $18,000 | $306 | $459 |
| $19,000 | $323 | $484 |
| $20,000 | $340 | $509 |
| $21,000 | $356 | $535 |
| $22,000 | $373 | $560 |
| $23,000 | $390 | $585 |
| $24,000 | $407 | $610 |
| $25,000 | $424 | $636 |
86-year-old women can obtain a whole life policy at much lower rates than man (35-52% less). This is because insurers recognize that women have longer life expectancies than their male counterparts.
If you’re a female who doesn’t smoke, you can obtain $2K of life insurance coverage for $37 per month. However, if you smoke, you’ll pay an additional $17 per month.
For example, if we compare two policies with coverage amounts of $25,000 each: non-smoking females would pay just $424 per month while smokers pay $636 per month.
Similarly, we recommend not waiting until you are 87 years old to buy life insurance. On average, non-smokers will see rates jump an average of 19.5%, which means your monthly rate could reach $509 for $25,000 of coverage!
Smokers will pay a 16% higher premium, resulting in a monthly rate of approximately $743.
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)
Top Life Insurance Companies for 86-Year-Olds
For men and women who are 86 years old, we recommend Aetna’s “Protection Series” final expense insurance plans.
Aetna offers coverage to individuals up to age 89, with death benefits ranging from $2,000 to a maximum of $25,000. Aetna has been given an “A” rating by AM Best, an independent ratings agency, which evaluates a company’s financial strength and claims-paying ability.)
Burial Insurance
15 companies competing for your business
97% of the time we beat Colonial Penn
30 days to get your money back, no questions asked
* Based on website quote requests, through 2/28/23.
(Check your rate to see their rates vs. ours)