Life Insurance Options For 89-Year-Olds
Final expense whole life insurance is the only type of life insurance that is available to an 89-year-old. At 89, there is no term life or universal life insurance.
Commonly known as “burial insurance” or “funeral insurance,” final expense insurance is a small permanent policy with a fixed premium. It will last forever and build cash value.
Final expense policies are “simplified issue” because there is no medical exam to qualify. You only need to answer health questions.
There are many pros and cons to burial insurance. One of the best features is the lenient underwriting. Most seniors will qualify despite prior health issues such as diabetes, hypertension, lung or kidney disease, and much more.
When you pass away, the insurance company will pay the death benefit as a tax-free cash payment to your beneficiaries or a funeral home. There are never any restrictions on how the money is spent, and your loved ones get to keep any money not used on funeral expenses.
How Much Does Final Expense Life Insurance Cost At Age 89?
Due to age alone, life insurance at 89 can get very expensive. The cost of final expense insurance is always determined by your age, tobacco usage (if any), health, gender, and how much coverage you want.
Life Insurance Companies That Offer New Coverage To 89-Year-Olds
Below are the five companies in the USA that offer life insurance to seniors over 85.
Please note that you cannot call these final expense companies directly to buy their insurance. They exclusively sell their policies through licensed agencies. If you need life insurance for a senior over 80, call us at 1-800-644-2926. We can assist you with any of these companies.
Y2 50% payout,
Y3+ full benefits
Life Insurance Vs. Burial 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.
Does Life Insurance For 89-Year-Olds Have A Waiting Period?
Most policies for individuals above the age of 85 do not have a waiting period.
Understand that you don’t need to be in perfect health to qualify for no waiting period final expense coverage.
That’s true even if you have pre-existing conditions such as diabetes.
Now, there are indeed some health conditions that will result in a waiting period or possibly an outright decline.
Ultimately, you’ll need to speak with a licensed agent who can determine the options you qualify for, the cost, and the policy terms and conditions.
How To Apply For Life Insurance For An 89-Year-Old
Getting life insurance at 89 isn’t much different from buying burial insurance at any other age.
First, you must work with a licensed insurance agency. At this age, insurers do not sell their coverage online or through the mail.
That said, here’s a breakdown of what the process entails when working with us:
- Your agent will ask the insured the health questions (no medical exam is required).
- Your agent will gather all the necessary application information.
- After reviewing the disclosures and obtaining authorizations from all parties, the application will be submitted to underwriting. Generally, applications are approved or declined within 24 hours.
If the application is approved, the insurance company will mail a paper policy, which should arrive within 2-3 weeks.
- 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.
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