Age 85 is the maximum age to obtain a permanent life insurance policy, so if you are looking for a policy at this age, or if you are researching coverage for a family member or friend, then it is important to make a decision soon, before it is too late. Although most seniors obtain final expense insurance policy earlier in life, there are times when people make the decision to get insurance at this age. The first thing you should know is that there are still options available, though it depends somewhat on your health status.
Your Options for Life insurance at 85 Years Old
At this age the only type of coverage that you can obtain is a final expense policy, also known as burial insurance or funeral expense insurance. This is a whole life insurance policy, which means that the rate is fixed and the coverage is permanent. Whole life insurance also builds cash value over time because a portion of your premiums are set aside in a savings account. This cash value can be borrowed or left within the policy. Coverage amounts range from $2,000 to a maximum amount of $30,ooo. At this age you probably want to obtain some coverage to cover the costs of a funeral and final expenses, so it will not be a burden on your family. Most people will desire about $7,000 to $10,000 worth of final expense insurance to cover burial expenses.
You Don’t Need a Medical Exam to Qualify for Coverage
To qualify for this type of coverage, there is no medical exam needed to apply for coverage. In order to qualify you will have to fill out an application and answer a set of health questions. Insurance companies all have different questions that they inquire about, but they generally ask about the same types of things. Most carriers will want to know if you are in a nursing home or if you are unable to care for yourself. You will also have to disclose whether you currently have or previously had (usually the previous 36 months) heart problems, cancer, a stroke, diabetes, or other major health issues.
Keep in mind that most insurers who specialize in insurance coverage for the elderly understand that most seniors in their eighties are going to have some health issues, so don’t let that be a deterrent to applying for a policy. There are a many highly rated companies that offer final expense life insurance up to age 85. The rate will depend on whether you are a male or female (insurance on a male costs more) and whether or not you smoke. Rates also differ from one company to another. That is why it is important to compare quotes from multiple companies that specialize in final expense life insurance for seniors to find out which company has the most affordable rate for your situation.