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Yes you can get a new life insurance policy for someone who is 87 years old.
It really can be done!
In article we’ll show you what options you have for 87 year olds, the prices and the eligibility requirements.
Click a link below to jump to a particular section of this article that most interests you or just keep reading on.
Topics Covered in this article
What Options You Have When Buying Life Insurance For 87 Year Olds
There’s no doubt about it; there aren’t many options available when looking for buy final expense insurance for seniors over 85.
Having said that, you can indeed get coverage.
The only kind of life insurance you can buy at age 87 is whole life insurance.
All other forms of life insurance are not available in your 80’s.
Fortunately, whole life plans are very straightforward and simple to understand.
You don’t need to be concerned there’s some fine print that will come back to haunt you.
They are as simple as this:
- Policy can’t expire due to age
- Rates are fixed for life and can’t increase
- Coverage won’t ever decrease
That’s it!
As is the case with all forms of life insurance, your policy merely pay out a tax-free cash benefit to whoever you name as your beneficiary(s).
This gives them the money needed to pay for your final expenses or for whatever reason you took out the life insurance.
Should there be any money leftover, they will get to keep it.
When Does The Coverage Start?
If your policy is approved and issued, your coverage will fully protect you on whatever day you elected the payments to begin.
One of the questions we get often is: Is there a two-year waiting period?
87 year old life insurance has no waiting period. You will either be approved or immediate coverage, or you won’t be approved at all.
Just know the policy will still be subject to the contestability clause even during the first two years.
Quotes For 87 Year Olds
In this section you’ll see real prices on burial insurance for an 87 year old.
The burial life insurance prices shown below are from American Continental Life Insurance Company. They are wholly owned by Aetna (the health insurance company).
You must keep in mind the following as you view these prices:
- Getting a policy is subject to underwriting approval
- Aetna does not offer this policy in every state.
- Females will pay male rates if you live in Montana.
- Other face amounts are available other than what is shown, but the most you can buy is $10,000 in coverage.
- The rates are expensive because of your age. As you can imagine, it’s incredibly risky for a life insurance company to issue a final expense life policy on an 87 year old.
Female Non Tobacco
AGE $3,000 $5,000 $8,000 $10,000
87 $58.33 $95.00 $150.00 $186.67
Male Non Tobacco
AGE $3,000 $5,000 $8,000 $10,000
87 $75.08 $122.92 $194.67 $242.50
Female Tobacco
AGE $3,000 $5,000 $8,000 $10,000
87 $68.58 $112.08 $177.33 $220.83
Male Tobacco
AGE $3,000 $5,000 $8,000 $10,000
87 $93.83 $154.17 $244.67 $305.00
Eligibility Requirements
First of all, you won’t need to take any kind of medical exam.
You will only have to complete a health questionnaire. In addition, the insurance company will conduct a prescription history analysis to verify your health so to speak.
If you say yes to any of the following health questions, they will not accept you.
Also, if you’ve taken any medications consistent with these conditions, they would decline you on that basis as well.
1) Right now are you:
- In a hospital, nursing home, hospice or other medical facility?
- Confined to a bed?
- Using oxygen?
- Have an aneurysm that hasn’t been fixed via surgery?
2) Have you ever had:
- Been advised to have a stem cell, bone marrow or organ transplant?
- Had dialysis from renal disease?
- Dementia, Alzheimer’s Disease,
- A mental incapacity?
- Lou Gehrig’s Disease (ALS)?
- Been told you have 12 months or less left to live?
- AIDS, HIV, or any AIDS related complex?
- Diabetes prior to age 40?
- Diabetes along with a heart condition or circulatory condition (excluding high blood pressure)?
- Used more than 40 units of insulin daily?
- Parkinson’s disease?
- Congestive heart failure?
- Cardiomyopathy?
- Permanent paralysis of any part of your body?
- Part of your body amputated due to a disease?
- Require a mechanical mobility device or wheelchair?
3) In the last 12 months have you had:
- Stroke or mini stroke (TIA attack), valve disorder, blockage, or heart attack?
- Used a nebulizer for any lung condition?
- A lung condition while still using tobacco
- Any form of internal or external cancer (excluding basal cell), systemic lupus SLE, hepatitis, cirrhosis, or chronic pancreatitis?
- Treatment or counseling for the abuse of drugs or alcohol?
- Pending surgeries, diagnostic test or other procedures that haven’t yet been completed?
4) In the last 24 months have you had:
- Circulatory disorder, stroke or mini stroke, aneurysm or heart attack?
- COPD, chronic bronchitis, or emphysema?
- Any form of internal or external cancer (except basal cell)?
- Neurological conditions such as, but not limited to, multiple sclerosis, muscular dystrophy, cerebral palsy?
- Connective tissue conditions such as Crohn’s or ulcerative colitis?
How To Apply
If you want to get some life insurance for an 87 year old, you cannot contact the insurance companies directly.
They only sell these policies through agencies.
There are two companies in the nation that offer coverage at this age.
- Aetna
- Security National Life
First, we don’t represent Security National Life. They require agents to meet clients in their homes.
We don’t do that. We help people via phone, email, and regular mail without ever needing to go into a client’s home.
If you want to apply with SNL, you would need to contact them directly. They would arrange to have an agent meet you at your house or some other mutually agreed upon location.
Now
Aetna’s coverage is less expensive, and we do represent them. We can absolutely help you apply with Aetna.
You would either need to call us at 1-800-644-2926 or fill out an application request on our website (run quotes then hit apply).
Either one will get the ball rolling. One of our agents will answer all your questions and hold your hand through the whole process.
Here’s what you can expect in regard to how the application is conducted with Aetna.
No matter which application process we go with, Aetna generally gives us a decision on cases within 2-5 business days.
Also, you don’t need to make any payments up front. You can choose when you want the billing on your policy to begin.
1) Voice Signature
Over the phone, your agent will gather every bit of information needed to fill out the whole application. At that point, you would complete a brief personal health interview with Aetna where they ask you the health questions. After that they will either give us a decline or a pre-approval (pre-approval almost always means you’ve medically qualified). At this point, we would take your voice signature by having you agree to certain statements. Your voice signature takes place of your physical hand-written signature, so you never at any point need to sign any paperwork.
2) Email Signature
This option is very similar to the voice signature process. Your agent will still gather all your information over the phone. Aetna will still ask you the health questions for the record and issue you a pre-approval or rejection. The only difference is you’ll sign the application by clicking a few buttons in an email Aetna will send you. The e-signature serves as your official signature so you don’t need to sign any papers.