Yes, it’s possible to get life insurance for someone who is 86.
In this article, we’ll show you what options you have, sample prices, and how to apply.
Topics Covered in this article
Can An 86 Year Old Get Life Insurance?
Final expense whole life insurance is the only type of coverage available to 86 year olds. No insurance company offers term or universal life to anyone above 85. Sadly, some websites claim non-whole options are available. They are lying, so you click on their site (that’s how they make money).
Also, you must understand that “final expense insurance,” “burial insurance,” and “funeral insurance” are just marketing expressions.
All those labels merely refer to a small whole life insurance policy with lenient underwriting and small coverage options.
So if you do buy life insurance for an 86 year old senior, it’s going to be a whole life policy.
Here’s how these plans work:
- The policy will never expire due to age.
- Coverage will not decrease.
- Premiums cannot increase.
As is the case with all forms of life insurance, the policy will merely pay out cash tax-free cash benefit directly to your beneficiary(s).
There are no rules or restrictions on how the money is used. You can spend the money on anything.
If there happens to be money left over, your beneficiaries get to keep it to enrich their lives.
Is There A 2 year Waiting Period?
Like any other age, there are plans with a 2-year waiting period, and then there are some that have no waiting period.
Yes, seniors over 80 can get life insurance with no waiting period.
Let’s set the record straight on something before we go any further.
To get a no waiting period policy for an 86 year old, you must apply for a plan where you answer health questions and are approved by the insurance company. You don’t have to take a medical exam, but you must at minimum answer health questions.
So yes, you can get no waiting period coverage above 85, but you’ll need to qualify for it.
Please don’t assume you cannot qualify either. Even if you have diabetes, high blood pressure, past heart attacks, or strokes, you can still get a no waiting period policy.
To know for certain, you’ll need to speak with an agent. Call us at 1-800-644-2926, and one of our agents will determine within 60 seconds if the person is eligible for immediate coverage or not.
How Much Does Life Insurance Cost At Age 86?
86 year old life insurance premiums tend to be anywhere from $100-$300 per month for a policy between $5,000-$10,000 in coverage. The exact rate you pay will be based on your gender, age, health, and how much coverage you buy.
Just below are some sample rates for burial insurance for 86 year olds. As you view these prices, know that you can have any amount between $2,000-$25,000.
You might be wondering, why is it so expensive? That because of your age. The average life expectancy is 76 for a male and 81 for a female.
| Gender | $5,000 | $10,000 | $15,000 | $20,000 |
|---|---|---|---|---|
| Female Non Tobacco | $87.41 | $171.32 | $255.24 | $339.15 |
| Male Non Tobacco | $119.87 | $236.25 | $352.62 | $469.00 |
| Female Tobacco | $130.07 | $256.64 | $383.21 | $509.77 |
| Male Tobacco | $198.62 | $393.75 | $588.87 | $784.00 |
Insurance Companies Available To 86 Year Olds
There are only three insurance companies in the USA that will issue a new life insurance policy to someone above 85.
As noted below, you cannot buy coverage from any one of these companies by dealing directly with the insurance carrier.
You must deal with an agency that represents these companies. Call us at 1-800-644-2926, and we can assist you with insuring an 86 year old.
1) Aetna 
- Age Availability: 45-89
- State Availability: All States Except MA, NY
- Face Amount Range Over 85: $2,000-$25,000
- 2 Year Waiting Period: No (subject to underwriting approval)
- How To Apply: Through agencies such as Choice Mutual. It’s not sold direct.
2) Security National Life 
- Age Availability: 40-90
- State Availability: All States Except CT, DC, DE, ME, MA, MT, NH, NJ, NY, NC, ND, OH, PA, RI, SD, VT, WA, & WV
- Face Amount Range Over 85: $2,500-$10,000
- 2 Year Waiting Period: No (subject to underwriting approval)
- How To Apply: Through independent agencies. It’s not sold direct.
3) Guarantee Trust Life 
- Age Availability: 40-90
- State Availability: All States Except CA, MT, & NY
- Face Amount Range Over 85: $2,500-$25,000
- 2 Year Waiting Period: Sort of (Yr 1 is a refund of premiums, Yr 2 is 50% of the death benefit)
- How To Apply: Through independent agencies. It’s not sold direct.
How To Apply
The first thing to understand is that you must find an agency representing Aetna, Security National Life, or Guarantee Trust Life. You cannot deal directly with the insurance companies.
If you call any one of those insurance companies, they would tell you to find an agency licensed to sell their products.
Fortunately, Choice Mutual does represent them, so we can assist you.
Here’s how the application process works.
- We will gather the information needed to fill out the application.
- The insured will answer the health questions (there is no exam required).
- With verbal authorization to apply, we’ll submit it to underwriting.
Once submitted, we typically get an approval or a decline within a few mins or a few days.
Once the application is approved, the insurance company will mail out a physical copy of the policy. The coverage will take effect on whatever day you want the payments to begin.
That’s it. It really is that simple.