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This guide has everything you need to know about getting life insurance for an 88 year old.
Believe it or not, life insurance for over 85 isn’t a myth. It’s real!
So if you want coverage to pay off funeral or other expenses, you came to the right place.
Keep reading or click a link below…
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At this stage of the game there is only one kind of life insurance available which is whole life insurance.
There are no other options. It’s only whole life.
This is not bad per say because it’s the most reliable kind of policy to cover someone’s final expenses.
A whole life insurance plan couldn’t be more easy to understand.
Here’s the rundown in regard to how they work…
- Death benefit cannot decrease
- Policy is noncancelable and can’t expire due to age
- Premiums are locked in forever and cannot increase
Did we mention they were simple?
That’s all there is to these plans.
Just like all life insurance, these plans merely pay out cash directly to your beneficiary(s).
Fortunately, life insurance proceeds have dodged the government bullet, so the payout is going to be tax free.
For example, if you buy $10,000 in coverage, your family will get $10,000 in cash.
There’s no rules or restrictions how the money is used either.
They can technically use the money for whatever they want.
Now, your family will certainly pay for your final bills with the money, but if there is money leftover it will stay with them. The funeral home doesn’t get to keep it 😊
When Does The Coverage Go Into Effect?
By far the most common question we get is when does the policy payout if something happens to you?
Another way of saying this would be: is there a 2-year waiting period?
The answer is no there is not a waiting period.
Final expense life insurance for 88 year olds has no waiting period.
Why you may ask?
It’s because at this age, you either qualify for the immediate insurance plan or you’re outright declined altogether. They won’t offer you a rated plan that has a waiting period.
There’s no in between. It’s all or nothing.
Just keep in mind however, that even though you’ll have an immediate coverage, the policy (like all life insurance) will still be subject to the incontestability clause (that’s where if you die during the first two years, they order medical records to ensure you didn’t lie on your application).
The funeral life insurance rates below are actual prices at this age.
These quotes are from a company Aetna owns called American Continental Life Insurance Company. They are the company that offers life coverage to 88 year olds.
As you view these prices, please keep this stuff in mind:
- Prices are subject to underwriting approval.
- These rates are for the immediate benefit no waiting period plan.
- Aetna does not have this product available in all states.
- Female residents of Montana will pay whatever the male price is.
- You may purchase face amounts other than what is shown. However, the most they’ll offer is $10,000.
- In case you’re wondering, the prices are this expensive because you’re 88. At this age, it’s incredibly risky to offer life insurance to someone. Therefore, they must charge a higher amount to cover the increased risk. You may be better off saving your money. It’s definitely something to consider.
Female Non Tobacco
AGE $3,000 $5,000 $8,000 $10,000
88 $61.83 $100.83 $159.33 $198.33
Male Non Tobacco
AGE $3,000 $5,000 $8,000 $10,000
88 $81.58 $133.75 $212.00 $264.17
AGE $3,000 $5,000 $8,000 $10,000
88 $73.08 $119.58 $189.33 $235.83
AGE $3,000 $5,000 $8,000 $10,000
88 $100.83 $165.83 $263.33 $328.33
For starters, final expense coverage for seniors does not require a physical or medical exam to qualify.
All you’ll have to do is complete a health questionnaire and pass a prescription history background check.
Don’t worry though. You don’t need to get a list of your medications from your doctor or pharmacy. Aetna will take care of that for you.
They do it electronically and it’s instant.
So here’s the bottom line.
Take a look at the health questions below.
In order to qualify, you must be able to say no to all of them. If you say yes or even one, you won’t be eligible.
Furthermore, your prescription history can’t have any medications filled that would treat these conditions. Remember that many of these conditions are time sensitive. So if you had cancer medications over 2 years ago, that would be okay because they only ask about cancer within the last 2 years.
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?
- 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?
First, there are only two companies in the entire nation that offer final expense insurance for 88 year olds.
Neither company will allow you to apply by directly through them. You must buy through an agency.
One of them is called Security National Life. They are based out of Utah, but they offer coverage in many U.S. states.
We do not represent SNL. Their business model involves having their agents physically go into a client’s home to take an application.
That’s not how Choice Mutual does things. We assist folks entirely over the phone, email, and regular mail without ever meeting you face to face.
If for some reason you want to apply with Security Naitonal Life, you must contact them directly. They’ll arrange to have an agent call you to book a meeting. You’ll either meet at your house or some other location you both agree to.
Aetna owns American Continental Life Insurance Company which is the second company that offers 88 year old life insurance.
We most certainly do represent Aetna and can help you get coverage with them.
The best thing to do is call our toll-free number which is 1-800-844-2926. One of our agents will answer any outstanding questions you may have and help you submit the application.
Your other option would be run quotes on our website and fill out the application request. One of our agents would call you shortly thereafter to assist you further with the Aetna application.
When dealing with us, there are three possible application processes you could experience.
No matter which process is used, Aetna generally takes 2-5 business days before we officially know if someone is approved.
If you’re approved, you’ll get a printed policy in the mail in less than two weeks.
Voice Signature Via Telephone
Your agent would gather all the information needed to fill out the application over the phone. Once the app is filled out, they would initiate a three-way call with Aetna. Aetna would ask you the health questions on a recorded line and obtain a couple of authorizations. Afterwards, they would either let you know that you have been pre-approved or have been declined. In almost every case, a pre-approval leads to an official approval. Assuming there’s a pre-approval given, we would have you sign the application by using your voice. You basically say “yes I agree” to certain statements. Once that’s done, we can officially submit the application for formal processing. Then we wait for the final approval to come in. Please note, at no point would you need to sign any paperwork. The voice signature takes care of everything.
E-Sign Process Via Email
Your Choice Mutual agent will gather 100% of the information needed to fill out the whole application. At that point, they will patch in Aetna so they can ask the insured the health questions. After that, Aetna will issue a pre-approval or a decline. With a pre-approval secured, we would have you sign the application by accessing an email that Aetna sends you. Basically, you click a few buttons to sign it which then submits it to underwriting. Then we wait for the official decision to come in.
Snail Mail Via Paper Application
Thankfully this is seldom needed, but it does happen on occasion. Over the phone, your agent would collect your information, so the application is completely filled out. We would then mail you a completed application for you to sign. You sign the highlighted sections and send it back to us. Once we get it, you’ll then complete the health interview with Aetna. Just like with the other processes, Aetna will let you know you’ve been declined or pre-approved. If pre-approved, we then submit the application to be formally underwritten. Then we just do a little bit of waiting while they process it.