Can I Get Life Insurance at 85?

Yes, if you are 85, you may purchase life insurance.

Finding life insurance at the age of 85 might seem daunting, but rest assured, it is indeed possible.

Many seniors, or their families, wonder if life insurance is still an option at such an advanced age.

Whether you're looking to cover final expenses, leave a legacy, or ensure your loved ones are financially protected, this comprehensive guide will address your questions and help you make an informed decision.

Availability of Life Insurance

The first and foremost concern is availability. Generally, life insurance companies do offer policies for individuals who are 85 years old.

However, the options may be limited compared to younger age groups. The availability largely depends on the type of policy you are looking for. Insurance companies recognize the need for senior-specific plans and thus provide various products catering to older adults.

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. Start Here to get a FREE Quote. 

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

Types of Life Insurance

The most common types of life insurance policies available for those aged 85 include whole life insurance, guaranteed issue life insurance, and occasionally simplified issue life insurance.

Whole life insurance offers lifetime coverage and can accumulate cash value over time.

Guaranteed issue life insurance is often the go-to option as it guarantees coverage without requiring a medical exam or answering health questions.

Simplified issue life insurance does require some health questions but is more lenient than fully underwritten policies.

Cost of Life Insurance

Cost is a crucial factor to consider. Insuring seniors, particularly at age 85, comes with higher premiums due to the greater risk involved.

The premiums can vary widely based on the policy type, coverage amount, and the insurance provider.

For example, a guaranteed issue life insurance policy with a modest coverage amount might cost anywhere between $200 to $600 per month.

It's essential to compare quotes to find the best rate.

Start Your Free Life Insurance Quote

Requirements to Get Insurance

When it comes to requirements, the application process for seniors often involves fewer hurdles.

Guaranteed issue policies require no medical exams or health questions, making them accessible for nearly everyone. 

Simplified issue policies may ask a few health-related questions but typically don’t require a physical exam. The process is streamlined, ensuring that age and health do not become significant obstacles.

Amount of Life Insurance Available

Coverage amounts for life insurance at age 85 tend to be lower than those available to younger individuals.

Typically, you can find coverage ranging from $5,000 to $25,000.

These amounts are often geared towards covering end-of-life expenses such as funeral costs, outstanding medical bills, and other debts.

While these amounts may not provide a substantial inheritance, they do offer financial relief to your family.

Benefits and Limitations

Understanding the benefits and limitations of getting life insurance at an advanced age is vital.

One of the primary benefits is peace of mind. Knowing that your final expenses are covered can alleviate financial worries for both you and your family.

Moreover, whole life policies build cash value, which can be borrowed against if needed.

However, the main limitation is the higher premiums and lower coverage amounts compared to younger age groups.

Is Buying Life Insurance at 85 Worth it?

Given the information above, how does one decide if pursuing life insurance at 85 is feasible and worthwhile?

Start by evaluating your financial needs and goals.

If you aim to cover final expenses and avoid burdening your family, a smaller policy might be sufficient.

On the other hand, if you want to leave a more considerable financial legacy, you might need to look into other options or combine multiple policies.

Financial Planning

Effective financial planning can help incorporate the costs and benefits of life insurance into your overall estate strategy. Discussing your needs with a financial advisor can provide personalized insights tailored to your situation. They can help you weigh the costs against potential benefits, reviewing not only life insurance options but also other financial tools that can support your legacy goals.

Provide for Loved Ones

Many seniors want to ensure they can provide for their loved ones after their passing. Life insurance can be a valuable tool for this purpose. Even modest coverage can alleviate the financial burden of funeral costs, which average around $7,000 to $10,000 in the U.S. By securing a policy, you can leave a legacy of thoughtfulness and care, showing your family you have planned for their needs.

Compare Options

It's essential to compare options from different insurance providers. Each company has its underwriting guidelines, premium rates, and policy structures.

Websites offering free life insurance quotes allow you to easily compare multiple options side-by-side. This process helps find the best fit for your budget and coverage needs without feeling overwhelmed by high-pressure sales tactics.

Take Action

To take action, once you've identified a suitable option, you can proceed to apply for a policy.

Start by gathering necessary documents such as identification, proof of any existing coverage, and any pertinent medical information if required.

Contact the insurance company or an agent specializing in senior life insurance policies for assistance in completing the application process.

Peace of Mind

Having a strategy in place adds to the sense of security and peace of mind for both you and your family.

Knowing that final expenses are covered helps alleviate stress and allows you to focus on enjoying your remaining years.

This planning also ensures that your family can remember you without the shadow of financial strain.

Simple and No Health Questions Asked

Additionally, data from the Life Insurance Marketing and Research Association (LIMRA) indicates that more seniors are opting for guaranteed issue policies due to their simplicity and no-questions-asked approach.

These insights can guide you toward making a decision that aligns with current trends and best practices within the insurance industry.

Summary

In conclusion, while it may come with certain challenges and higher costs, obtaining life insurance at 85 is possible and can be highly beneficial.

Take the time to explore available options, compare life insurance quotes, and assess your financial goals. This proactive approach ensures you can make a well-informed decision that secures peace of mind for you and financial security for your loved ones.

Ready to get started?

Request a free quote today and take the first step towards ensuring your family's future.

Guaranteed Acceptance Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. Start Here to get a FREE Quote. 

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee