The truth is that life insurance is usually best purchased when you’re young and healthy so that you can lock in affordable rates for the rest of your life. But not everyone is in a position to buy life insurance that early, and that’s okay.
Life insurance for seniors over 85 is for those that decide they want life insurance later in life, and it’s entirely possible to get. Keep reading to find out how to get it and the best life insurance over 85.
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There are a number of different types of life insurance policies out there, but for life insurance over 85, the option that makes the most sense is whole life insurance, and specifically final expense insurance within that category.
This means the policy will last the rest of your life and your beneficiaries will get a guaranteed death benefit payout. However, the amount you can purchase will be a lot less than if you were in your 50s or 60s; you’ll be able to purchase coverage for somewhere in the range of $2,000-$40,000, but that’s often enough for those looking to cover their final expenses.
This type of policy has no restriction on how the payout is used; your family can use the tax-free amount to pay your end-of-life costs, including medical bills, funeral expenses, and any outstanding debt, and the remaining amount would simply stay with your family.
Final expense insurance is designed to be easier to qualify for since the coverage amounts are lower than other types of life insurance. You won’t need a medical exam to qualify; you’ll likely need to complete a phone interview, and the insurance provider will use other publicly available data to confirm your eligibility.
Final expense, also known as burial expense, insurance lasts for the rest of your life as long as premiums are paid. Your premiums won’t go up or down, which can definitely help in terms of financial planning, even if your health changes.
Since final expense insurance is a type of whole life insurance, it also comes with a cash value component that you can borrow against during your lifetime. However, this isn’t typically recommended for life insurance over 85 because it takes a few years to build the cash value and you may not end up leaving anything to your beneficiaries if you borrow against it.
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Now that you’ve determined your best option for life insurance over 85, it’s time to apply for coverage. Your first step will be to get multiple quotes, to ensure you’re getting the best deal for the best coverage.
Once you choose a plan, you’ll apply online or fax over the forms. Your application will be reviewed by the insurance provider and they’ll schedule a phone interview with you. They’ll also review public information like your driving record, the Medical Information Bureau, and your prescription history.
Once approved, your coverage will start immediately. It’s important to note that your insurance provider has the right to contest your family’s claim if you pass away within two years of purchasing the policy. They can request your medical records and see if you misrepresented yourself on your application and then deny your payout if so. It’s important to be completely truthful on your application to avoid this situation for your loved ones.
Although the best time to buy life insurance is when you’re young, it’s never too late to look into life insurance options, even if you’re 85 and older. While your options are going to be more limited and coverage will be more expensive, you’ll likely be able to find a policy that helps you avoid leaving your loved ones with debt and final expenses.
Even with fewer options, be sure to always request quotes from multiple providers to ensure you find the best policy at the best price.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
