If you are an 85 year old man and you need a life insurance policy, then now is the time to get it because by your next birthday it will be too late.
Age 85 is the maximum age to get a life insurance policy. This means that you can secure coverage up until the day before you turn 86, but that is cutting it close! If you have reached this age and realized that you either have no coverage or what you have is inadequate, then you have some choices to make.
What Can I Qualify for at Age 85?
So there is good news, bad news, and just plain facts. The good news is that you can find more than a few solid companies to insure you at this age. The bad news is that the type of policy you can obtain and the amount is limited. The facts are your age, health issues, and budget will all be a factor in obtaining coverage.
I’ve worked with many older men who obtain coverage at this remarkable age. In the majority of cases, I haven’t had a problem securing a policy. Most of the time a man at age 85 is looking for a simple policy to cover the basic costs of his funeral and burial expenses and maybe some additional for other final costs, like bills, taxes, and other outstanding debts.
In this case, there are two good options.
One is a 10 year term policy. This would be a policy to cover you until age 95, and your premium would remain level during that 10 year period. The pros of this policy are a lower costs than whole life insurance and coverage until your mid 90’s. The con is that the policy does end at a particular age, so if you live to 96 you would not have life insurance coverage. A ten year term policy for an 85 year old man would be about $715 per month for $100,000 worth of coverage, considering you are in average health.
The second option is permanent whole life insurance. The rate on this policy would be much, much higher but it would last you for the rest of your life, even if you lived to 100 and beyond. For a $10,000 whole life insurance policy it would cost you
Which type of coverage is best? It really depends on your needs and your budget. You get the most coverage and the least amount of money with the term policy, but you may have more peace of mind with a permanent policy that will never expire. You may want to discuss your options with your children or talk to an experienced life insurance professional about your options. 888-801-4402.
Medical Exam or No Medical Exam?
Depending on the type of policy you choose, you may need to get a physical examination in order to qualify. Most permanent whole life insurance policies are small ($25,000 or less) and the majority of companies do not require a complete medical exam. They will do something called simplified issue coverage. This entails an application, which includes a health questionnaire. The company will do a background check into your medical history, prescription drug history, and they will do a phone interview with you. It is important to disclose whether you currently have or previously had (usually the previous 36 months) heart problems, cancer, a stroke, diabetes, or any other major health issues.
With a term life insurance policy, most companies will require a physical examination. This means the company will either send a qualified technician to your home to check your height and weight, and obtain blood and urine samples or you can schedule an appointment at a designated location.
What If I Have Health Problems?
By age 85, it is pretty likely that you have or have had at least one health issue pop up. Many times, men in their 80’s are dealing with several health concerns. This can be a source of worry for a man in his eighties looking for life insurance coverage, but keep in mind that most insurers who specialize in insurance coverage for the elderly understand that the majority of seniors in their eighties are going to have some health issues, so don’t let that be a deterrent to you.
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. Compare rates online today or call toll free 888-801-4402 to speak with an experienced insurance professional