Burial Life Insurance Options For 86-Year-Olds
Final expense life insurance is the only type of coverage that an 86-year-old can buy. It’s permanent coverage with a fixed price and will accrue cash value.
Neither term life insurance nor universal life insurance are available above age 85.
When you pass away, the policy will pay out a lump sum cash benefit directly to your beneficiaries. Your loved ones can use the money for funeral expenses or any other purpose (there are no limitations).
To qualify, you only need to answer some basic health questions. You don’t have to take a medical exam.
If you have pre-existing health issues, you can still get coverage depending on your specific ailments (some conditions would disqualify you).
How Much Does Burial Life Insurance Cost At Age 86?
Not surprisingly, life insurance for 86-year-olds can get costly strictly due to age. On average, it will cost $90 to $320 per month for a policy of $5,000 to $10,000.
The price of a funeral insurance policy is based on your age, health, tobacco history, and how much death benefit coverage you want.
Life Insurance Companies That Will Issue A New Policy To An 86-Year-Old
The table below outlines the five final expense life insurance companies that will issue a new policy to someone over 85.
Keep in mind that these insurance companies do not sell their coverage directly to consumers. They only sell these policies through licensed agencies such as Family First Life or Open Care Seniors.
Y2 50% payout,
Y3+ full benefits
Life Insurance Vs. Funeral Insurance
People seeking insurance for an 86-year-old commonly proclaim that they need “end-of-life funeral insurance” (or some similar description) and that they don’t want “life insurance.”
It’s important to remember that funeral insurance for seniors is a type of life insurance.
A funeral only occurs when a person passes away. That’s why an insurance policy to cover the cost of cremation or burial will always be life insurance.
Does Burial Insurance For 86-Year-Olds Have A Waiting Period?
For the most part, if you’re eligible for a policy at this age, there will be no waiting period.
Also, remember that you don’t need to be in perfect health to qualify for immediate life insurance coverage for a senior at 86.
There are many chronic conditions eligible for no waiting period life insurance, such as COPD, diabetes, and Parkinson’s, to name a few.
But understand that some conditions are completely uninsurable (such as dementia) or only eligible for coverage with a waiting period.
Ultimately, you’ll need to speak with an insurance agent who can determine your eligibility and provide the precise cost.
How To Apply
First, you must work with a licensed insurance agency to buy burial life insurance for an 86-year-old senior.
Life insurance companies that insure seniors above 85 don’t allow applicants to apply directly with the company, online, by email, or through the mail.
That being said, here’s what the process looks like:
- Your agent will read the insured person the health questions. They do not have to take a medical exam or provide medical records.
- The agent will compile all the necessary information to complete the application.
- They will read various disclosures and obtain authorization to submit the application to underwriting.
Most applications are approved or declined within 24 hours. If approved, you will get a paper policy via US mail within 2-3 weeks.
If you’re a senior over 80 and need life insurance, call 1-800-644-2926. A licensed agent will answer your questions and walk you through the entire 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.
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