Life Insurance For 86 Year Olds: Get The Facts!

You are probably reading this article because you are an 86 year old man or woman looking to take out life insurance.

Or perhaps you are interested in buying insurance for your 86 year old parents. In either case, this is the right article for you!

We are going to answer all the essential questions about life insurance for seniors your age.

We’ll cover topics like final expenses, term life insurance, debt payoff, and income replacement.

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Why does an 86 year old senior like me need life insurance?

All seniors, no matter their age, should have life insurance. Here are some of the ways seniors choose to use their life insurance:

  • For covering their final expenses. Many of our senior clients at Buy Life Insurance For Burial retire with little or no savings and don’t have enough insurance to cover their final expenses. If this is your case, life insurance will help you take the burden off the shoulders of your loved ones. They will be able to cover funeral costs, and burial or cremation expenses.
  • For paying off debt. As an 86 years old, you can use your life insurance to pay off debt including mortgage or credit card debt.
  • For replacing their spouse’s income. Seniors your age often decide to buy life insurance to compensate for the loss of income from their spouse who was the family’s primary earner. 
  • For leaving a legacy for their loved ones. Taking out life insurance at the age of 86 will allow you to leave money behind to your children and grandchildren after your death.

What life insurance coverage options do I have at the age of 86?

You can choose between term life insurance, universal life insurance, and whole life insurance. 

Here is what you should know about each type of insurance: 

Term Life Insurance

Seniors often believe that term life insurance is the best life insurance option for them. But this is not always the case, especially when you’re an 86 old man or woman. 

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Term life insurance is not easy to qualify for when you are 86 years old. Your application will often be denied due to your age or health issues.

Besides, term life guarantees coverage only for a certain number of years. Therefore, you may end up outliving the policy and being left with no insurance at all. 

Universal life insurance

Universal life insurance is a solid choice for seniors who are in good health. When it’s set up correctly, guaranteed universal life insurance for seniors is permanent coverage that you can’t outlive. 

Whole life insurance

At Buy Life Insurance For Burial, in most cases, we recommend whole life insurance to senior citizens of your age.

One of the advantages of this type of insurance is that it can’t cancel. So as long as you are paying your premiums, you’ll be covered. 

Also, our whole life insurance options offer simplified issue underwriting where you can qualify for insurance without having to take a medical exam.

Most importantly, whole life insurance rates never increase. If you choose whole life insurance, you can be sure that premiums will not get so expensive that you can’t afford them. 

What if I still want term life insurance? Can I buy it from you? 

Yes, absolutely. We’ll be more than happy to help you. As an independent broker, we have access to carriers that are easier on underwriting.

This means that we can find quality term life insurance to match your needs.

So what kind of rates are we looking at?

The good news is, we can always find a life insurance policy that fits your budget. Our end goal is to help you find a policy that meets your needs regardless of your circumstances. Even if you’re on a fixed income, you shouldn’t be in a situation where you have to drop coverage because it’s too expensive. 

Do I need a medical exam?

A medical exam is not always needed when you’re 86 years old. Unlike most life insurance programs that require underwriting analysis, our insurance options for 86 year olds are approved immediately.

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Most of our clients choose simplified issue coverage. It allows you to answer a few questions about your medical history for the life insurance application. You don’t need to undergo any kind of medical exam. If you’re looking for a quick and simple way to get a life policy, then this is the perfect option for you. 

What if I am not in great health? Can I still qualify for a policy?

Yes, as an 86 year old senior, you can qualify for life insurance even if your health is not the best. At Buy Life Insurance For Burial, we’ve got many options for 86 year old men and women with any health condition including:

  •  Cancer
  •  Heart issues (heart attacks, strokes)
  •  Lung disease (COPD)
  •  Diabetes 
  •  Neurological disorders (Parkinson’s disease, lupus)
  •  Mental health disorders
  •  and other conditions.

Do I qualify if I have an advanced pre-existing condition?

If you have a significantly advanced pre-existing health condition, you won’t be able to qualify for no questions asked whole life insurance policies. These plans provide coverage for seniors up to the age of 80. 

Can I get coverage on my elderly parents?

Getting coverage on your parents is common. We often assist adult children to get burial insurance or life insurance coverage on their parents and we’ll definitely be able to help you out. 

One thing you need to keep in mind is that you can buy life insurance on your parents only if they sign off on the policy. You can’t authorize a life insurance policy on an 86 year old parent without their consent unless you have power of attorney. 

If your parents agree that you take out the life or burial insurance coverage for them, then you’ll be able to set up payments from your account to pay the policy premiums.

Why not buy from AARP or Colonial Penn? I see all sorts of television commercials about their burial insurance and get their advertisements in the mail.

Although AARP and Colonial Penn offer final expense burial insurance for seniors, make sure to read the fine print before you consider buying from them. 

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For example, you should know that AARP life insurance offers term life insurance that cancels at the age of 80. So this is not an insurance option for 86 year old seniors. 

As for Colonial Penn life insurance, their “guaranteed acceptance” policy doesn’t cover natural death for the first two years. We believe that we can find a better life insurance for you. 

What carriers do you recommend to seniors aged 86?

There are several good insurance options for seniors aged 86, but you should keep in mind that no single policy fits everyone. It all depends on your health condition and the way health factors are rated by a specific insurance company. 

At Buy Life Insurance, we work with many top-rated national insurance carriers. So if you’re an 86 year old senior looking for life or burial insurance, we can help you find the best coverage option given your health condition and financial situation.

How can I get a free life insurance quote from you?

If you’re an 86 year old senior looking to buy life insurance, you can easily get in touch with us either by phone or online. In any case, you’ll get a quote in a matter of minutes. 

Here’s what you need to do:

  • Call us at 888-626-0439 to speak to one of our representatives. If we’re busy, simply leave a voicemail and we’ll call you back as soon as possible. It will only take us about 10 minutes to get you a quick quote. 
  • Get an online quote. On a smartphone, click the button at the top to request a free quote. On your desktop computer, fill out the information to your right then click “submit”. After you have received some price options, we’ll follow up with you shortly to hear what you think.