The Truth About Life Insurance for Seniors Over 85

It’s never too late to protect themselves and their loved ones with life insurance. We found the best carrier for seniors over 85 who don’t need a medical exam or waiting period, just call us now!!

My name is Danny Ray and I am a life insurance expert that has written over 9000 policies and has been in the investment/insurance industry for over 28 years.

I will explain the best options for seniors over the age of 85 when 99.9% of the agents will tell you there is nothing available.

Can you get life insurance if you are 86 and over

For any 85-year old individual and over, the only type of life insurance available is whole life.

They are limited to a few but all other types have been ruled out due to your age and current circumstance–no term policies or universal/accidental death coverage for seniors over 85 will exist!

Life insurance is a great way to protect your family from financial loss in case of death.

The whole life plan works like this:

Monthly premiums cannot increase coverage, and it will remain active forever unless you choose otherwise!

You can cancel anytime without penalty as long as all conditions are met. There’s no limit on how much money or what kind gets paid out tax-free when the beneficiary(s) need them.

Well, now you’ve got the lowdown on how these plans work. There are no hidden tricks and if something does go wrong it’s all in one place for your review so stop stressing over every detail-we’ve got this!

What is final expense and burial insurance

Burial insurance is the same thing as a final expense, and funeral insurance. It’s like saying “dozen” or twelve to refer to a specific kind of life insurance that has been around for decades: Burials & Funerals Insurance!

In fact, all three names referring to these types mean pretty much what their name says.

Final Expense Insurance means just that; an inexpensive way (literally) to cover your expenses in case something happens at death with no survivors left behind.

However, burial insurance also covers one’s funeral if one dies unexpectedly.

Finally, there can be some confusion when people hear funeral, final expense, and burial insurance.

Nowadays, some people are looking for a whole life insurance plan that has very lenient underwriting so they can still qualify.

The term “whole-life” simply means the policy covers your entire lifetime.

Best whole life insurance carriers for seniors over 85

Above all, when you are an 85-year-old and older, you are in a very small minority of people who can get life insurance.

The options that exist for coverage are up to $25K and there’s little else available on the market!

We have 3 products for our senior clients with one giving coverage at age 90.

That’s right!! Age 90!

Below are the top 3 products with two carriers that will give you coverage for an array of health impairments.


AETNA (ACI)

If you are healthy and looking for life insurance over age 85 then this is the one for you.

They have three plans, Level, Graded, and Modified benefit plans. The level plan is all that is available for over age 85.

Level

  • Issues ages: 45-89
  • Minimum benefit amount: $2,000
  • Maximum benefit amount over 85: $25,000
  • Available in every state but NY, MA
  • No waiting period, Immediate coverage
  • Instant approval while on phone

AETNA/CVS Health (ACC)

Level (Preferred/Standard)

  • Issues ages: 40-89
  • Minimum benefit amount: $2,000
  • Maximum benefit amount over age 85: $25,000
  • Has Preferred and Standard Rate Class
  • Available in every state but NY, MA
  • No waiting period, Immediate coverage
  • Instant approval while on phone, Security question signature

It Covers COPD without oxygen with immediate coverage. Minor health issues as well. Only looks back 1-2 years for major health issues.


Guarantee Trust Life (GTL)

Graded Benefit

  • Issues age: 40-90
  • Minimum death benefit: $2,500
  • Maximum death benefit over 85: $10,000
  • Graded death benefit, (Death Benefit in year 1 is Premiums Paid plus 5%, Death Benefit in year 2 is 50% of the face amount, Death Benefit in year 3 is 100% of the face amount)
  • Pays FULL death benefit day one due to accident
  • Simple application, 6 questions, instant approval

This is a great option for people with recent health issues as it pays 50% of the death benefit in year two when no others would.


There are very few carriers that will cover over 85. Carriers like Foresters only offer policies up to age 80, and State Farm is no good other than for homeowners insurance and car insurance.

How much will it cost if I am over age 85

The following are final expense life insurance quotes for seniors over 85.

Remember that you can purchase coverage in any amount, but the higher your chosen level is ($2,000-$10,000), the more expensive it will be per month (high prices).

Below rates are for each gender with tobacco vs non tobacco rates.

Male Non Tobacco User

Apply Age$5,000 $10,000$20,000
86$114.58$225.82$448.32
87$133.74$264.16$524.98
88$152.91$302.49$601.64
89$172.08$340.82$678.31
90$195.66$387.32N/A

Female Non Tobacco User

Apply Age$5,000$10,000$20,000
86$83.83$164.33$325.32
87$100.16$196.99$390.65
88$116.50$229.66$455.98
89$132.83$262.32$521.31
90$170.66$337.32N/A

Male Tobacco User

Apply Age$5,000$10,000$20,000
86$190.49$377.65$751.97
87$218.49$433.65$863.97
88$246.49$489.65$975.96
89$274.49$545.64$1,087.96
90$195.66$387.32N/A

Female Tobacco User

Apply Age$5,000$10,000$20,000
86$125.58$247.82$492.31
87$145.33$287.32$571.31
88$165.08$326.82$650.31
89$184.83$366.32$729.30
90$170.66$337.32N/A

How long is the waiting period

The bottom line is that life insurance for seniors over 85 has either immediate coverage or a waiting period of two years. This is depending on health.

Find out if you qualify and have a pre-approval emailed to you, CLICK HERE.

However, if graded and the insured dies from non-accidental reasons during this time, there’s no payout and instead, all premiums paid into their policy will be returned with interest at 5% in year one, and 50% of the death benefit in year two.

At age 85 and over, life insurance is a must-have for every elderly individual. You’ll have immediate day one coverage or it may not be offered at all to them if they decline you outright on the spot without even giving this option much thought!

What is the contestability clause in life insurance

All life insurance plans regardless of which type or who issues the policy will have what’s called an incontestability clause.

This clause entitles insurers to investigate any death that occurs during its first two years (in some states it’s only one), especially if there are suspicious circumstances surrounding your loved one’s passing such as foul play and in cases where they weren’t even insured by the said company at all!

You cannot buy US-based coverage from ANY carrier where this provision exists unless you specifically request otherwise when purchasing your product.

if the insured passes during the first two years of their policy term, then their health records will be ordered and reviewed by an independent physician. If there are no signs that they misrepresented themselves in any way the death benefit will be paid.

This is a tricky process and it’s important to be careful. However, if they do find evidence of misrepresentation then their policy will not be paid with no death benefit paid out or even refunded by the company.

If you are honest, on your application, then there’s nothing to worry about. Your policy will pay out in full even if it were only active for two hours.

Let them do their investigation! The bottom line is – be upfront!

Eligibility requirements for seniors over 85

If you’re looking for parents’ life insurance coverage, don’t worry about the medical exam. In fact, no one should need an extensive physical when they’re above 85—just answer some health questions!

The good news is if you live in one of the states where coverage is indeed available, it’s time to answer some basic health questions.

Sadly if any of your answers are yes and there’s a decline at this age – then we may have to go graded.

Here are some of the examples of the health questions:

Are you currently

  • Confined in or been advised to enter a hospital, nursing home, skilled nursing facility, psychiatric facility, correctional facility?
  • receiving or been advised to receive home health care or hospice?
  • Do you use a wheelchair or mobility scooter or do you have any physical or mental impairment requiring assistance from anyone with the following activities of daily living: taking medication, bathing, dressing, eating, toileting, getting in or out of bed, or chair, or moving about?

Within the past year have you:

  • used or been advised to use oxygen equipment to assist with breathing (excluding CPAP for sleep apnea) or had or been advised to have kidney dialysis?
  • been advised to have any medical procedure, surgery, or a diagnostic test which has not yet been started, completed, or for which results are not known, excluding tests related to the Human Immunodeficiency Virus (HIV)?
  • Have you ever received, or been advised to receive, an organ or bone marrow transplant or amputation due to any disease or complications of diabetes?
  • Have you ever been diagnosed by a member of the medical profession or testedpos1t1ve_for Human Immunodeficiency Virus (AIDS virus), AIDS Related Complex (ARC), or Acquired Immune Deficiency Syndrome (AIDS)?

Have you ever been diagnosed with, received, or been advised to receive treatment or medication for:

  • Amyotrophic Lateral Sclerosis (Lou Gehrig’s Disease), Huntington’s Disease, or sickle cell anemia?
  • Alzheimer’s disease, dementia or mental incapacity?
  • congestive heart failure, pulmonary fibrosis, any terminal condition, or end-stage disease?
  • cerebral palsy, cystic fibrosis, muscular dystrophy, or un-operated heart defects?
  • Within the past 2 years have you been diagnosed with, received, or been advised to receive chemotherapy or radiation for any form of cancer (excluding Basal or Squamous cell skin cancer)?
  • Have you ever been diagnosed with more than one occurrence of the same or different type of cancer?

Within the past 2 years have you been diagnosed with, received, or been advised to receive treatment or medication for:

  • alcohol or drug abuse (prescribed or illegal), or used illegal drugs; or been convicted of or plead guilty to driving under the influence?
  • complications of diabetes such as diabetic coma, insulin shock, retinopathy (eye disorder), nephropathy (kidney disorder), or neuropathy (nerve, circulatory disorder)?
  • kidney or liver disease?

Within the past year have you been diagnosed with, received, or been advised to receive treatment for:

  • angina (chest pain), heart attack, cardiomyopathy, or any type of heart or circulatory procedure or surgery?
  • stroke or transient ischemic attack (TIA/mini-stroke), aneurysm, or brain tumor?

Within the past 2 years have you been diagnosed with, received, or been advised to receive treatment for:

  • angina (chest pain), heart attack, cardiomyopathy, or any type of heart or circulatory procedure or surgery?
  • stroke or transient ischemic attack (TIA/mini-stroke), aneurysm, or brain tumor?

Have you ever been diagnosed with, received, or been advised to receive treatment or medication for:

  • Parkinson’s disease, Multiple Sclerosis, or Systemic Lupus (SLE)?
  • chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema, or any other chronic respiratory condition?

Will they check my medications

The insurance company will electronically analyze your prescription history, and their goal is to validate what health issues you may have.

For example: if I say no to the question about dementia but fill a previous prescription for drugs that are related in some way (or even just listed under “Dementia”), then they’ll decline me!

With their extensive knowledge and understanding of what medications are used for, the company will take that into account as part of your qualification process.

Carrier application process for life insurance over 85

If you are wondering about the process of applying for the elderly over 85, we have the most efficient process!

Both AETNA (ACC), AETNA (ACI), and Guarantee Trust Life have the most efficient, and quickest applications in the industry.

In fact, it’s so simple you will probably pinch yourself when it is over to see if you weren’t dreaming!

AETNA Application Process

With AETNA CVS/Health & AETNA (ACI), 99% can be done via email, however, I will need to talk to you to verify health questions before submitting your application for approval.

  • Verify your information (Beneficairy/Payment Date) etc
  • Signature is done by a “Security Questions”, for example: What street did you grow up on?
  • Then Automated underwriting takes over, your are approved with policy number in seconds!

GTL Application Process

With GTL, it is a simple automated verification process, we dial (866) 839-5132, and the automated service will ask the following:

  1. Full name
  2. Last 4 digits of social security number
  3. Date of birth
  4. Second applicant’s name (if applicable)
  5. Name of GTL product being applied for and if there any additional products
  6. Agent of Record’s name
  7. Verbal response acknowledging they understood the questions on the application
    and answered them truthfully.
  8. Verbal response acknowledging they understand that, if their application for insurance
    coverage is approved, regular premium payments are required to maintain coverage.

Then we are off the phone, then we fill out the application that has these qualifying questions:

  1. Within the last twenty four (24) months, have you been receiving kidney dialysis, require daily
    oxygen use (excluding CPAP), have an implanted defibrillator or received or been advised by a
    licensed member of the medical profession to get an organ transplant?
  2. Have you ever been diagnosed with or treated by a licensed member of the medical profession
    for Alzheimer’s disease or dementia or are currently being treated for memory loss?
  3. Within the last twenty four months, have you been diagnosed as having, or been prescribed
    medication or been treated by a licensed member of the medical profession for cancer
    (excluding Stage A Prostate Cancer, Carcinoma in Situ, Squamous Cell or Basal Cell
    Carcinoma)?
  4. Have you ever had or been recommended by a licensed member of the medical profession to
    have an amputation due to complications from diabetes?  Yes  No
  5. Are you currently bedridden, confined to a hospital, nursing home, mental care facility, long term
    care facility, hospice or have you been diagnosed with an end-stage or terminal illness, or been
    told by a licensed member of the medical profession that you have less than 12 months to live?
  6. In the past 10 years haveyoubeen tested positive for exposure to the HIV infection or been
    Diagnosed by a physician as having ARC or AIDS caused by the HIV infection or other sickness or
    condition derived from such infection?

Conclusion

It’s never too late to protect themselves and their loved ones with life insurance. Whether you are looking for a policy that won’t require a medical exam or waiting period, we found the best carrier for seniors over 85 who don’t need a medical exam or waiting period.

Just call us now and let our team of experts help you get the coverage your family deserves! Get Quote by filling out the form on the right!