Best Life Insurance For An 86 Year Old
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 that you can make an informed decision.
With coverage, you can rest easy knowing that your final expenses will be covered and your loved ones won’t be financially burdened.
Life insurance can also provide peace of mind for your loved ones, knowing they’re protected and you’ve taken steps to secure their future. And if you 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.)
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Can An 86 Year Old Get Life Insurance?
Life insurance options for individuals who are 86 years old are limited to final expense insurance.
Final expense insurance, sometimes called 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 quick application process that doesn’t require a medical exam
- Riders, or add-on benefits, provide additional protection in specific cases, such as accidental death, critical illness, or long-term nursing home care
- Cash value builds over time, allowing you to borrow against your life insurance policy for medical or other urgent expenses
Life Insurance Rates For 86 Year Olds
Whole Life Insurance Rates For 86 Year Old Male
| Coverage | 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 coverage for just $50 per month, while smokers pay 64% more, or $82 monthly, for the same coverage.
We recommend not waiting until your 87th birthday to take out whole life insurance. Premiums rise by 16.7% for non-smokers and 14.3% for smokers.
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 Female?
| Coverage | 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 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.
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Top Life Insurance Companies for an 86-Year-Old
We recommend Aetna’s “Protection Series” final expense insurance plans for men and women over 86.
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 rating agency that evaluates a company’s financial strength and claims-paying ability.)
| Policy Type | Whole Life |
| Available States | All except AK, CA, DC, HI, MA, ME, MN, NY, ND, SD, WA |
| Age Range | 45 - 89 years |
| Coverage Range | $2,000 - $50,000 (varies by age) |
| Policy Duration | Lifelong |
| Waiting Period | None |
| Rate Lock | Yes - rates never increase |
- Lenient underwriting
- Shortest application, industry-wide
- Automated underwriting (approval potentially in minutes)
- No medical exam
- Flat, never-increasing premiums
- N/A
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Rikin Shah
Rikin is the Founder & CEO of GetSure. He is a licensed life, accident & health insurance agent in all 50 states (plus D.C.) and has over 15 years of experience in the financial services industry. He has been featured in publications such as Forbes, USA Today, and U.S. News & World Report, among others. Rikin holds a B.S. in Applied Mathematics from Columbia University and an MBA from The Stanford Graduate School of Business. If you'd like to speak with Rikin to discuss your life insurance options or questions, don't hesitate to email him at hello [at] getsure.org.
