The cost of a funeral can be a significant financial burden for loved ones, especially during a time of grief. One way to ease this burden is to have a life insurance policy to cover the expenses.
For individuals 87 years of age, there are several life insurance options available to choose from. In this article, we will explore the different types of life insurance and the rates that 87 year olds can expect to pay.
Whether you want to provide financial security for your loved ones or ensure that your funeral expenses are covered, a life insurance policy can be an important part of your overall financial plan.
(Note: If you want to see what rates would have been like last year, see our piece on 86-year-old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 88-year-olds.)
Can An 87 Year Old Get Life Insurance?
For 87-year-olds, the only viable option for life insurance is final expense insurance. Final expense insurance, or burial insurance, is a type of life insurance designed specifically to cover end-of-life expenses, such as funeral costs, outstanding medical bills, and other final expenses.
Here are key features of final expense insurance that make it an ideal option for 87-year-olds:
- Low Premiums: Given their low coverage amounts, final expense insurance policies have premiums that make them more affordable for seniors on a fixed income.
- No Medical Questions: Unlike traditional life insurance policies, final expense insurance policies do not ask medical questions. This makes it easier for seniors who may have pre-existing medical conditions to obtain coverage.
- Guaranteed Death Benefit: Final expense insurance policies typically have a guaranteed death benefit, meaning the policy will pay out a set amount upon the policyholder’s death.
- Simplified Underwriting Process: The underwriting process for final expense insurance is typically much simpler than that of traditional life insurance policies, making it easier for seniors to obtain coverage.
- It’s important to note that 87-year-olds are not eligible for term life insurance, guaranteed issue whole life insurance, or accidental death insurance. These policies typically have age limitations and require medical exams, making them less suitable for seniors.
Life Insurance Rates For 87 Year Olds
Whole Life Insurance Rates For 87 Year Old Male
|Coverage||Male (Non-Smoker)||Male (Smoker)|
This table provides information on burial insurance rates for 87-year-old males at different coverage amounts. The coverage amounts range from $2,000 to $25,000, and the monthly premium costs are listed for non-smoker and smoker status.
The range of prices for a non-smoker is $58 to $686 per month for $2,000 to $25,000 of coverage, respectively, while the range for a smoker is $93 to $1,128 per month. This indicates that the cost of burial insurance for a non-smoker is lower compared to a smoker, with the difference in prices increasing as the coverage amount increases.
The difference in prices between non-smokers and smokers is substantial, with smokers paying about 60% more on average for the same coverage amount.
For every $1,000 of coverage you buy, the monthly premium increases by approximately $27 to $34, depending on whether you are a non-smoker or a smoker. This indicates that as the coverage amount increases, the monthly premium cost also increases relatively consistently.
How Much Is Life Insurance For An 87 Year Old Female?
|Coverage||Female (Non-Smoker)||Female (Smoker)|
This table provides information on burial insurance rates for 87-year-old females at different coverage amounts. The coverage amounts range from $2,000 to $25,000, and the monthly premium costs are listed for non-smoker and smoker status.
The range of prices for a non-smoker is $44 to $509 per month, while the range of prices for a smoker is $63 to $743 per month. This indicates that the cost of burial insurance for a non-smoker is lower compared to a smoker, with the difference in prices increasing as the coverage amount increases.
The difference in prices between non-smokers and smokers is substantial, with smokers paying about 50% more for the same coverage on average.
For every $1,000 of coverage you buy, the monthly premium increases by approximately $21 to $29, depending on whether you are a non-smoker or a smoker. This indicates that as the coverage amount increases, the monthly premium cost also increases relatively consistently.
Top Life Insurance Companies for an 87 Year Old
There are four final expense insurance companies whose age eligibility extends to 87: Aetna, CVS Health, Security National, and American Home Life. We at GetSure recommend Aetna and CVS Health as the best life insurance companies for 87-year-olds.
First, Aetna and CVS Health have the lowest prices for this demographic. For example, for 87-year-old women, Aetna will sell you $10,000 of coverage for $197 while CVS comes in at $205. The two other carriers each have higher prices. The case is the same with men, except that their prices come in at $264 and $277, respectively.
Second, CVS Health has two level benefits plans. So even if you have a pre-existing condition and are not eligible for their Preferred plans, you can still get coverage without a waiting period on their Standard plan.
Third, they have a very straightforward application that can be completed in 15-20 minutes.
Overall, Aetna provides coverage to customers between the ages of 45 and 89 with death benefits ranging from $2,000 to various different maximums that depend on your age (the maximum for 87-year-olds is $25,000). Note that Aetna’s geographic reach isn’t as wide as some other carriers, with policies not available to residents of the following states: AK, CA, DC, HI, ME, MA, MN, MD, NY, SD, and WA. Aetna is rated “A” by AM Best.
CVS Health’s burial insurance policies are offered to a slightly wider demographic (40 to 89), with coverage limits that are identical to Aetna’s. As opposed to Aetna, CVS Health’s policies are widely available, with eligibility extending to residents of all states except New York.