88-Year-Old Life Insurance Options
At 88 years old, a whole life final expense insurance policy is the only type of life insurance available.
A final expense policy (aka “funeral insurance” or “final expense insurance”) is a permanent life insurance plan that has a fixed monthly payment and builds cash value.
To qualify, no medical exam is required. All you need to do is complete a brief health questionnaire. Despite prior medical conditions, most seniors still qualify. However, some ailments (such as dementia) will result in denial.
When you pass away, the insurer will pay the death benefit as a tax-free check to your beneficiaries or funeral home (the choice is yours).
No restrictions exist on how the money is used, and your loved ones get to keep any leftover funds.
How Much Does Final Expense Insurance Cost At Age 88?
Objectively, it’s expensive to get life insurance for an 88-year-old because it’s well beyond the average life expectancy for a senior in the USA.
The cost of funeral life insurance is always a function of your age, gender, health, tobacco usage (if any), and the amount of coverage you buy. In the table below, you can see some sample monthly premiums for an 88-year-old.
Life Insurance Companies That Will Issue A New Policy To An 88-Year-Old
Below are the only burial insurance companies that offer coverage above 85.
These insurance providers require you to buy their policies through a licensed insurance agency. None of these companies sell their coverage directly to consumers. If you want to explore a policy from any of these providers, call 1-800-644-2926.
Y2 50% payout,
Y3+ full benefits
Final Expense Insurance Vs. Life Insurance
Frequently, seniors over 85 seeking insurance to cover burial expenses will claim that they only want “burial insurance” and don’t want life insurance.
The primary thing to understand is that burial insurance is a type of life insurance.
Funeral insurance for seniors is a small whole life policy with lenient underwriting, so seniors with health issues can still qualify.
A funeral only happens after a person dies, which is why burial insurance is still life insurance.
Read more: Life vs final expense insurance.
Is There A Waiting Period?
If you’re approved, there likely won’t be a waiting period. That’s true even if you have previous health issues.
One of the great things about final expense life insurance is that you don’t need to be in pristine health to qualify.
Now, there are definitely some health conditions that will result in a decline or a waiting period, but that isn’t common.
In the end, you’ll need to speak with a licensed agent. Only a licensed agent can diagnose if you’re eligible for no waiting period life insurance.
How To Apply For Life Insurance For An 89-Year-Old
To buy life insurance for an 88-year-old, you’ll have to work with an insurance broker like Choice Mutual, Family First Life, or Open Care Seniors.
Regardless of which agency you work with, here is a breakdown of how the process works:
- An agent will ask the insured the health questions (there’s no medical exam).
- Your agent will gather all the information to fill out the application.
- The agent will review and read you some disclosures and obtain consent to submit the application to underwriting. On average, applications are declined or approved in less than one day.
If the insurance company approves the application, you’ll get a paper policy within two-three weeks via US mail.
There are no down payments. You choose when the premiums begin, but remember that whichever day your payments start is when your policy becomes active.
If you need life insurance for a senior citizen over 80, call us at 1-800-644-2926. An agent will answer all your questions and guide you through the application process.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
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