In this article, you’ll learn the policy options at this age, see sample costs, which companies are available, and how to apply.

Life Insurance Options For 87-Year-Olds

The only type of life insurance available for an 87-year-old is a whole life burial insurance policy. Burial insurance is also commonly known as final expense insurance or funeral insurance.

Regardless of which name is used, it’s permanent life insurance that will never end, has a fixed premium, and the death benefit won’t decrease. Also, the policy will accrue cash value that you can withdraw anytime.

Lastly, the policy will accrue cash value that you can withdraw at any time.

Term life and universal life insurance are not an option for 87-year-olds.

No medical exam is required to buy a policy, but you must answer health questions. There are no guaranteed acceptance life insurance options at this age. 

You don’t have to be in perfect health to qualify. Getting a final expense policy with pre-existing conditions at this age is still possible despite conditions like COPD, diabetes, and many other ailments. 

When you die, the insurance provider will pay your beneficiaries the death benefit (tax-free). There are no restrictions on how they spend that money, and they keep any leftover funds.


How Much Does Final Expense Life Insurance Cost At Age 87?

There’s no question that life insurance for an 87-year-old can get costly because of age. That said, it will generally cost about $135-$310 monthly for a $5,000-$10,000 policy.

The price of a final expense policy is determined based on your age, tobacco usage (if any), health, and how much coverage you select.

Below is a table that shows some monthly price estimates.

GENDER & RATING$5,000$10,000 $15,000$20,000
Female Tobacco User$151.24$298.99$446.73$594.47
Male Tobacco User$228.37$453.25$678.12$903.00


Life Insurance Companies That Offer New Coverage To 87-Year-Olds

Below is a table that outlines which funeral insurance providers are available for an 87-year-old senior and some basic info about their products.

The only way to buy coverage from these insurance carriers is via an agent licensed to sell their products. If you need over 85 life insurance, call us at 1-800-644-2926. We can help you with any of these companies.

Insurance CompanyCoverage Options & Max Age For New ApplicantsPolicy Type & Waiting Period
Aetna company logoAge: 89
Coverage: $2K-$25K
• Whole Life Insurance
• No waiting period
american home life company logoAge: 89
Coverage: $2K-$25K
• Whole Life Insurance
• No waiting period
Security National Life company logoAge: 89
Coverage: $2K-$15K
• Whole Life Insurance
• No waiting period
Security National Life company logoAge: 89
Coverage: $2,500-$10K
• Whole Life Insurance
• No waiting period
Guarantee Trust Life company logoAge: 90
Coverage: $2K-$10K
• Whole Life Insurance
• Refund of premiums in first 12 months, 50% payout in 2nd year, then full benefits after 2 years


Life Insurance Vs Final Expense Insurance

Very often, people looking for insurance for 87-year-olds say they only want “burial insurance.” They proclaim that they don’t want life insurance.

The main thing to understand is that final expense insurance for seniors is a type of life insurance.

A burial only happens when someone dies, which is why any insurance to cover a burial is still a life insurance policy.

Check out final expense insurance vs life insurance for more information about this topic.


Does Funeral Life Insurance For 87-Year-Olds Have A Waiting Period?

Generally, if you’re approved for coverage at this age, there will be no waiting period.

Common conditions like high blood pressure, high cholesterol, past heart attacks, and diabetes are usually eligible for immediate coverage.

However, there are some health situations where a waiting period could be inevitable.

At the end of the day, you’ll need to speak with a licensed agent who can determine if you’ll qualify for a life plan with no waiting period at this age.


How To Apply

First, to buy life insurance for an 87-year-old, you must work with an agency like Choice Mutual.

The life insurance companies that offer coverage at this age do not sell their products directly, through the mail, or online.

To complete an application, you must speak with a licensed agent verbally via telephone.

Given that disclaimer, the applicant will not have to undergo a medical exam. Once we are on the phone with you, here’s the process:

  1. Ask the insured (a POA cannot answer for them) the health questions and gather medications.
  2. Gather all the information to complete the application and submit it to underwriting.
  3. Wait for the insurance company to process the application and render a decision.

In most cases, applications are approved or declined within 24 hours. Once approved, a physical policy will arrive via mail within two weeks.

If you need life insurance for a senior over 80, call us at 1-800-644-2926.

One of our friendly agents will answer all your questions and guide you through the process.