Life Insurance for 88-Year-Olds
- Updated: February 14, 2023
- Rikin Shah | Licensed Life & Health Insurance Agent
- Fact-Checked (see our Editorial Guidelines)
At 88 years of age, you can obtain life insurance to protect your loved ones from the financial burden of funeral expenses. In this article, we’ll go over final expense insurance to help you make an informed decision.
Having life insurance means that 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 that 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.)
Life Insurance Options for 88-Year-Olds
Final expense insurance, which is also known as burial insurance, is a type of life insurance that is designed to cover expenses incurred at the end of life, including funeral costs, outstanding debts, and other related expenses.
There are several key features of final expense insurance that are important to note, including:
- Permanent coverage that lasts for the policyholder’s entire life.
- Coverage amounts that typically range from $2,000 to $50,000.
- A streamlined application process that does not require 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, which allows the policyholder to borrow against the life insurance policy for medical expenses 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
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 88-Year-Old Men
| Coverage Amount | 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 | $1022 |
| $21,000 | $661 | $1073 |
| $22,000 | $693 | $1124 |
| $23,000 | $724 | $1175 |
| $24,000 | $755 | $1226 |
| $25,000 | $787 | $1277 |
The table shows burial insurance rates for men at different coverage amounts, and it is divided into two columns for non-smokers and smokers. The coverage amount 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. It is essential to analyze such tables to make informed decisions about purchasing insurance.
How Much Is Life Insurance For An 88-Year-Old Woman?
| Coverage Amount | 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.
For non-smokers, the prices 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.
The price difference between smokers and non-smokers is lower in this table 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 difference in prices 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.
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 88-Year-Olds
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, which is a rating agency known for its impartial assessments of insurance companies. Ratings are based on the financial health of the company and its claims paying ability.
Aetna provides a convenient way to make payments, including Automated Funds Transfer (EFT), which enables customers to withdraw funds from their bank account every month to pay for their policy.
Overall, Aetna is a life insurance provider that offers a variety of coverage options for seniors, including those aged 88. They have an “A” rating from AM Best and provide several payment alternatives for their customers.
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)