At 88, you can obtain life insurance to protect your loved ones from the financial burden of funeral expenses. In this article, we’ll review final expense insurance to help you make an informed decision.
Having life insurance means you don’t have to worry about your final expenses being a financial burden on your loved ones. It can also give your loved ones peace of mind, knowing they’re protected and that you’ve taken steps to secure their future.
Additionally, life insurance can be used to leave a financial legacy if that’s something you desire.
(Note: If you want to see what rates would have been like last year, see our piece on 87 year old life insurance, and if you want to see what’s coming up, check out our article on life insurance for 89 year olds.)
Choose kindness.
You never know what battles people may be fighting.
Can an 88-Year-Old Get Life Insurance?
Final expense insurance, or burial insurance, is a type of life insurance designed to cover expenses incurred at the end of life, including funeral costs, outstanding debts, and other related expenses.
Several key features of final expense insurance are important to note, including:
- Permanent coverage that lasts for the policyholder’s entire life.
- Coverage amounts typically range from $2,000 to $50,000.
- A streamlined application process that does not require a medical examination.
- 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 the policyholder to borrow against the life insurance policy for medical or other urgent expenses.
88-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 88 Year Olds
Whole Life Insurance Rates For 88 Year Old Male
| Coverage | Male (Non-Smoker) | Male (Smoker) |
|---|---|---|
| $2,000 | $66 | $105 |
| $3,000 | $97 | $156 |
| $4,000 | $129 | $207 |
| $5,000 | $160 | $258 |
| $6,000 | $191 | $309 |
| $7,000 | $223 | $360 |
| $8,000 | $254 | $411 |
| $9,000 | $285 | $462 |
| $10,000 | $317 | $513 |
| $11,000 | $348 | $564 |
| $12,000 | $379 | $615 |
| $13,000 | $411 | $666 |
| $14,000 | $442 | $716 |
| $15,000 | $473 | $767 |
| $16,000 | $505 | $818 |
| $17,000 | $536 | $869 |
| $18,000 | $567 | $920 |
| $19,000 | $599 | $971 |
| $20,000 | $630 | $1,022 |
| $21,000 | $661 | $1,073 |
| $22,000 | $693 | $1,124 |
| $23,000 | $724 | $1,175 |
| $24,000 | $755 | $1,226 |
| $25,000 | $787 | $1,277 |
The table shows burial insurance rates for men at different coverage amounts, divided into two columns for non-smokers and smokers. The coverage starts at $2,000 and goes up to $25,000 in increments of $1,000.
For non-smokers, the price range is from $66 for a $2,000 coverage to $787 for a $25,000 coverage. For smokers, the price range is from $105 for a $2,000 coverage to $1,277 for a $25,000 coverage. Therefore, non-smokers pay less for the same coverage amount compared to smokers.
For every $1,000 of coverage, the price difference between non-smokers and smokers increases. For instance, for a $2,000 coverage, smokers pay $39 more than non-smokers. But for a $25,000 coverage, the difference increases to $490.
Overall, the table provides information about burial insurance rates for men based on their coverage amount and smoking status. The rates increase with the coverage amount and are higher for smokers than non-smokers. Analyzing such tables to make informed decisions about purchasing insurance is essential.
How Much Is Life Insurance For An 88 Year Old Female?
| Coverage | Female (Non-Smoker) | Female (Smoker) |
|---|---|---|
| $2,000 | $51 | $71 |
| $3,000 | $75 | $105 |
| $4,000 | $98 | $139 |
| $5,000 | $122 | $172 |
| $6,000 | $146 | $206 |
| $7,000 | $169 | $240 |
| $8,000 | $193 | $274 |
| $9,000 | $217 | $307 |
| $10,000 | $241 | $341 |
| $11,000 | $264 | $375 |
| $12,000 | $288 | $409 |
| $13,000 | $312 | $443 |
| $14,000 | $335 | $476 |
| $15,000 | $359 | $510 |
| $16,000 | $383 | $544 |
| $17,000 | $407 | $578 |
| $18,000 | $430 | $611 |
| $19,000 | $454 | $645 |
| $20,000 | $478 | $679 |
| $21,000 | $501 | $713 |
| $22,000 | $525 | $747 |
| $23,000 | $549 | $780 |
| $24,000 | $573 | $814 |
| $25,000 | $596 | $848 |
The table displays burial insurance rates for women at various coverage amounts, with separate columns for non-smokers and smokers. The coverage starts at $2,000 and increases to $25,000 in increments of $1,000.
The prices for non-smokers range from $51 for a $2,000 coverage to $596 for a $25,000 coverage. For smokers, the prices range from $71 for a $2,000 coverage to $848 for a $25,000 coverage. As in the previous table, non-smokers pay less than smokers for the same coverage amount.
This table shows a lower price difference between smokers and non-smokers compared to the previous one. For instance, the price difference for a $2,000 coverage is only $20. However, the difference increases with the coverage amount, with smokers paying $252 more than non-smokers for a $25,000 coverage.
The prices for every $1,000 of coverage increase with the coverage amount. The price difference between non-smokers and smokers also increases with the coverage amount. For example, for a $2,000 coverage, smokers pay $20 more than non-smokers. But for a $25,000 coverage, the difference increases to $252.
Choose kindness.
You never know what battles people may be fighting.
Top Life Insurance Companies for an 88-Year-Old
Aetna is a life insurance provider that offers plans specifically tailored to meet the needs of seniors, including those aged 88. They provide coverage options for individuals aged between 40-89, with varying coverage amounts ranging from a minimum of $2,000 to a maximum of $25,000.
Aetna has earned an “A” rating from AM Best, a rating agency known for its impartial assessments of insurance companies. Ratings are based on the company’s financial health and claims-paying ability.
"Protection Series" Whole Life Insurance
| Policy Type | Whole Life |
|---|---|
| States | All except AK, CA, DC, HI, MA, ME, MN, NY, ND, SD, WA |
| Ages | 45 - 89 |
| Coverage | $2,000 - $50,000 (varies by age) |
| Duration | Lifelong |
| Waiting Period | No |
| Rate Lock | Yes |
- Lenient underwriting
- Shortest application, industry-wide
- Automated underwriting (approval potentially in minutes)
- No medical exam
- Flat, never-increasing premiums
- N/A
- ADHD
- Addisons Disease
- Anxiety Disorder
- Artery Disease
- Arthritis (Psoriatic)
- Arthritis (Rheumatoid)
- Asthma (Chronic)
- Asthma (Mild)
- Atrial Fibrillation
- Autism (High Functioning)
- Autism (Severe)
- Barlows Syndrome
- Bladder Pain (Chronic)
- Blood Clot
- Blood Disorder
- Bone Marrow Transplant
- Brain Tumor (Removed; Benign)
- Bronchitis (Acute)
- COVID-19
- CPAP Use (w/o Oxygen)
- Cancer (Skin)
- Cardioversion Treatment
- Cerebral Palsy
- Chronic Cough
- Chronic Pancreatitis
- Circulatory Disease
- Claudication
- Clogged Arteries
- Coronary Artery Disease
- Crohns Disease
- Declined for Life Insurance
- Depression
- Diabetes (No Insulin)
- Diabetes (With Insulin)
- Disability
- Encephalopathy
- Enlarged Heart
- Enlarged Prostate
- Epilepsy
- Felony
- Fibromyalgia
- Glaucoma
- Gout
- Guillain-Barre Syndrome
- Hashimotos Disease
- Heart Arrhythmia
- Heart Blockage
- Heart Catheterization
- Heart Disease
- Heart Murmur (Functional)
- Heart Murmur (Innocent)
- Hemophilia
- High Blood Pressure
- High Cholesterol
- Irregular Heartbeat
- Irritable Bowel Syn.
- Kidney Stones
- Low Blood Pressure
- Lupus (Non-Systemic)
- Lyme Disease
- Malaria
- Memory Loss
- Mitral Valve Prolapse
- Multiple Sclerosis (MS)
- Muscular Dystrophy
- Myasthenia Gravis
- Narcolepsy
- Neuropathy (Non-Diabetic)
- Osteoarthritis
- Osteoporosis
- PAD
- PTSD
- PVD
- Pagets Disease of the Bone
- Pain (Chronic)
- Pancreatic Insufficiency
- Panic Disorder
- Parole / Probation
- Pernicious Anemia
- Pneumonia
- Pulmonary Embolism
- Pulmonary Sarcoidosis
- Respiratory Failure
- Restless Leg Syndrome
- Scleroderma
- Seizures
- Sepsis
- Shingles
- Sjogrens Syndrome
- Sleep Apnea (No Oxygen)
- Spina Bifida
- Spinal Stenosis
- Stem Cell Transplant
- Suicide Attempt
- Thrombocythemia
- Thrombocytopenia
- Thrombosis (Blood Clots)
- Thyroid Disorders
- Tourettes
- Ulcer
- Ulcerative Colitis
- Unexplained Weight Loss (> 10 lbs)
- Vertigo
- Wegeners Granulomatosis
- Wet Macular Degeneration
- Wolff-Park. Syndrome
- ADL Assistance Required
- Alcohol / Drug Abuse
- Aneurysm (Corrected)
- Aneurysm (Not Corrected)
- Angina
- Angioplasty
- Assisted Living Facility
- Awaiting Surgery
- Awaiting Test Results
- Bedridden
- Brain Tumor (Not Removed; Benign)
- CHF
- CPAP Use (w/Oxygen)
- Cancer (Not Skin)
- Cardiac Ablation
- Cardiomyopathy
- Circulatory Surgery
- Coronary Artery Bypass
- DUI / DWI
- Defibrillator
- Diabetic Coma
- Gastric Bypass
- Heart Attack
- Heart Surgery
- Heart Valve Surgery
- Hemorrhagic Stroke
- Hodgkins Lymphoma
- Home Health Care
- Hospitalization
- Huntingtons Disease
- Hypertrophic Cardiomyopathy
- Insulin Shock
- Intracerebral Hemorrhage
- Lap Band Surgery
- Leukemia
- Liver Disease
- Liver Disorder
- Melanoma
- Multiple Myeloma
- Myocarditis
- Nephropathy
- Neuropathy
- Non-Hodgkins Lymphoma
- Nursing Home
- Organ Transplant (Completed)
- Oxygen (Non-Continuous)
- Oxygen (Sleep Apnea Use Only)
- Oxygen Use (Continuous)
- Pacemaker
- Paralysis
- Paraplegia
- Pending Hospitalization
- Pending Surgery
- Quadriplegia
- Retinopathy
- Sleep Apnea (w/Oxygen)
- Stent Placement
- Stroke / TIA
- Watchman Implant
- Wheelchair (Confined)
- Wheelchair (Not Confined)
