Most companies will only go to age 85. I have seen one or two go to 90 and it is not cheap. You may want to consider setting aside money into a funeral trust or a pre-paid funeral plan. At 90 your options are extremely limited. A good Independent agent who specializes in Final Expense planning may be able to help.
Yes and 88-year-old can buy life insurance. But he will have to be an unusually healthy 88-year-old.
He will also have to be willing to pay a very high premium if he's setting up a monthly payment. He is not expected to live for too many years and won't have too long to pay premiums so that results in a much higher premium.
If the 88-year-old is in bad health he can always set up a prepaid funeral insurance policy through a funeral home.
Most nonmed, final expense policies have a cutoff age of 80-85 for policy eligibility. Therefore, 88 year old's must apply for medically underwritten Life Insurance to get coverage. This has several implications:
1) The minimum face amount is generally higher than what you can get in a nonmed final expense policy. At that age, the minimum is usually $50,000+. This makes for a higher premium.
2) The applicant must qualify medically, which can be much more stringent than applying for a no exam policy. There are no guaranteed issue policies available at age 88.
3) That being said, it is possible to get life insurance at age 88 if the applicant is in fairly good health and can afford the premiums. The maximum cutoff for medically underwritten policies that I have seen is age 90.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Before considering buying a life insurance policy at age 88, find a copy of the Commissioners Standard Ordinary tables (CSO) on the internet. You will see that the average life expectance for an 88 year old male is somewhat less than 4 years. Anyone offering insurance would have to collect enough to pay the death benefit in that period of time. It is an expensive proposition.
.JPG){kind=avatar}
He will also have to be willing to pay a very high premium if he's setting up a monthly payment. He is not expected to live for too many years and won't have too long to pay premiums so that results in a much higher premium.
If the 88-year-old is in bad health he can always set up a prepaid funeral insurance policy through a funeral home.
1) The minimum face amount is generally higher than what you can get in a nonmed final expense policy. At that age, the minimum is usually $50,000+. This makes for a higher premium.
2) The applicant must qualify medically, which can be much more stringent than applying for a no exam policy. There are no guaranteed issue policies available at age 88.
3) That being said, it is possible to get life insurance at age 88 if the applicant is in fairly good health and can afford the premiums. The maximum cutoff for medically underwritten policies that I have seen is age 90.