Best Life Insurance for Seniors Over 85 (Top 10 Companies in 2024)
The Mutual of Omaha, AIG, and Gerber Life bring the best life insurance for seniors over 85, with rates only starting at $39 per month. These companies give straightforward applications, guaranteed acceptance, and trustworthy coverage options tailored to meet the needs of seniors.
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Chris Abrams
Licensed Life Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Life Insurance Agent
UPDATED: Nov 21, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Nov 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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0 reviewsThe best life insurance for seniors over 85 comes from Mutual of Omaha, AIG, and Gerber Life, offering affordable rates and reliable coverage options.
Mutual of Omaha is the top pick overall, providing competitive pricing, guaranteed acceptance, and flexible policy tailored to seniors’ needs. AIG and Gerber Life also offer solid coverage with simple applications and dependable benefits.
Our Top 10 Company Picks: Best Life Insurance for Seniors Over 85
| Company | Rank | Bundling Discount | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 10% | A+ | Guaranteed Issue | Mutual of Omaha |
 | #2 | 12% | A | Flexible Options | AIG |
| #3 | 8% | A+ | Final Expense | Gerber Life |
 | #4 | 10% | A | Affordable Coverage | Colonial Penn |
 | #5 | 9% | A+ | Flexible Coverage | Transamerica |
 | #6 | 11% | A++ | Member Discounts | AARP |
 | #7 | 10% | A | Member Benefits | AAA Life |
 | #8 | 17% | B | Comprehensive Coverage | State Farm |
 | #9 | 8% | A+ | Strong Service | Prudential |
 | #10 | 9% | A- | Member Benefits | Foresters Financial |
This guide reviews the top 10 companies, comparing content and benefits to help you find the most money-saving life insurance for seniors. It ensures that you choose the best policy for your needs.
Life Insurance Discounts From the Top Providers for Seniors Over 85
| Insurance Company | Available Discounts |
|---|---|
| Multi-Policy, AAA Member Benefit |
| AARP Member Benefit, Auto-Pay Benefit |
| Multi-Policy, Healthy Living Benefit |
| Auto-Pay Benefit, Senior Benefit for Loyal Customers |
| Member Benefits, Multi-Policy Benefit, Healthy Lifestyle Benefit |
| Multi-Policy, Auto-Pay Benefit, Family Coverage Benefit |
| Multi-Policy, Non-Smoker Benefit, Auto-Pay Benefit |
| Multi-Policy, Healthy Living Benefit, Auto-Pay Benefit |
| Multi-Policy, Non-Smoker Benefit, Safe Driving Benefit |
| Multi-Policy, Healthy Living Benefit, Auto-Pay Benefit |
For affordability, the cheapest life insurance for seniors over 85 and elderly life insurance offer practical solutions, particularly when buying life insurance for elderly parents or exploring life insurance for senior citizens. Compare rates with as many companies as possible using our free comparison tool. Simply enter your ZIP code above to get immediate quotes.
- The best life insurance for seniors over 85 offers low rates at $39/month
- Policies are tailored to meet seniors’ health and financial needs
- Mutual of Omaha is the top pick for its competitive rates and flexible coverage
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#1 – Mutual of Omaha: Top Overall Pick
Pros
- Guaranteed Issue: No medical exam required.
- A+ Rating: Strong financial stability. Explore our guide, “Mutual of Omaha Life Insurance Review,” for additional details.
- Affordable: Minimum coverage starts at $49.
Cons
- Limited Coverage Options: Fewer customization choices.
- Higher Premiums: $125 for full coverage is considered relatively high.
#2 – AIG: Best for Flexible Options
Pros
- Flexible Plans: Various policy options.
- A Rating: Financially stable. Visit our guide, “AIG Life Insurance Review,” for further insights.
- 12% Bundling Discount: Save on multiple policies
Cons
- Higher Premiums: Minimum coverage starts at $54.
- Limited Senior Coverage: Fewer options for seniors over 85.
#3 – Gerber Life: Best for Final Expense
Pros
- Final Expense Focus: It simplified policies for final expenses.
- A+ Rating: Strong financial stability. Refer to our guide, “Gerber Life Insurance Review,” for more information.
- Affordable: Minimum coverage starts at $43.
Cons
- Limited Customization: Less flexibility in plans.
- Lower Coverage: Coverage amounts may be too low.
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#4 – Colonial Penn: Best for Affordable Coverage
Pros
- Low Rates: Minimum coverage starts at $39.
- A Rating: Financially stable.
- No Medical Exam: Easy qualification.
Cons
- Limited Coverage: Lower coverage amounts. For more information, take a look at our guide, “Colonial Penn $9.95 Plan Reviews.”
- Higher Full Coverage Cost: $109 for full coverage.
#5 – Transamerica: Best for Flexible Coverage
Pros
- Customizable Plans: Flexible coverage options.
- A+ Rating: Financially secure. Dive into our guide, “Transamerica Life Insurance Company Review,” for comprehensive details.
- Affordable: Minimum coverage starts at $55.
Cons
- Expensive Full Coverage: $132 for full coverage.
- Limited Senior Plans: Fewer options for seniors over 85.
#6 – AARP: Best for Member Discounts
Pros
- Member Discounts: Discounts for AARP members.
- A++ Rating: Highest financial rating. See our guide, “AARP Life Insurance Company Review,” for a deeper understanding.
- Comprehensive Coverage: Various policy options.
Cons
- Higher Premiums: Minimum coverage starts at $59.
- Member-only: Available only to AARP members.
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#7 – AAA Life: Best for Member Benefits
Pros
- Member Benefits: Discounts for AAA members.
- A Rating: Strong financial stability. Find out more by reading our guide, “AAA Life Insurance Review.”
- Affordable: Minimum coverage starts at $45.
Cons
- Higher Full Coverage Costs: $113 for full coverage.
- Member-only: Available only to AAA members.
#8 – State Farm: Best for Comprehensive Coverage
Pros
- Comprehensive Coverage: Wide range of coverage options.
- B Rating: Long-established reputation. Head over to our guide, “State Farm Life Insurance Review,” for additional resources.
- 17% Bundling Discount: Discount for multiple policies.
Cons
- Higher Premiums: $123 for full coverage.
- Less Focus on Seniors: Not specifically tailored for seniors over 85.
#9 – Prudential: Best for Strong Service
Pros
- Strong Service: Excellent customer support.
- A+ Rating: Financially secure. Learn more by exploring our guide, “Prudential Life Insurance Review.”
- Customizable Plans: Various policy options.
Cons
- Higher Premiums: $62 for minimum coverage and $149 for full coverage.
- Limited Affordable Options: Higher cost may not fit all budgets.
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#10 – Foresters Financial: Best for Member Benefits
Pros
- Member Benefits: Extra benefits for members. Get more details from our guide, “Foresters Life Insurance Company Review.”
- Rating: Financially stable.
- Affordable: Minimum coverage starts at $48.
Cons
- Limited Coverage Options: Fewer plans are available.
- Membership Required: Benefits are only available to members.
What types of life insurance are available for individuals 85 years of age?
When you buy life insurance at 85 years old, your choices are restricted to burial and final expense policies. Final expense coverage is intended to help with the associated costs related to your death such as burial, funeral, and medical bills among others. The maximum death benefit amount you can purchase is $40,000.
Seniors Over 85 Life Insurance Monthly Rates by Provider & Coverage Level
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| $45 | $113 |
| $59 | $138 |
| $54 | $113 |
| $39 | $109 |
| $48 | $120 |
| $43 | $99 |
| $49 | $125 |
| $62 | $149 |
| $52 | $123 |
| $55 | $132 |
However, most individuals buy $25,000 or less. Plans like life insurance for 85 year old individuals and AARP life insurance for seniors over 85 often feature options requiring no medical exam. These policies are called simplified issues because there is no test or exam required to apply, only a few health questions you need to answer.
Mutual of Omaha offers guaranteed issue policies, strong financial stability, and affordable rates starting at $49, making it the best choice for seniors over 85Jimmy McMillan Licensed Insurance Agent
Since the carrier doesn’t have access to your medical tests, they will conduct a phone interview and use other public data reports to confirm your eligibility for coverage. Most companies will run reports from the Medical Information Bureau, driving history, and prescription search.
What does burial insurance entail?
Burial insurance is permanent coverage that remains effective as long as premiums are paid. The premium is fixed and doesn’t change with age or health. It also accumulates cash value over time, which can be accessed through loans or by surrendering the policy. Policies like final expense insurance for seniors over 85, whole life insurance for seniors, and AARP burial insurance ensure funds for end-of-life expenses without burdening families.
🌟 Looking for hassle-free life insurance with guaranteed acceptance? No health questions, no medical exams, and no exclusions for pre-existing conditions. Watch now to learn more! 📽️ #LifeInsurance #ColonialPenn https://t.co/kNJkfe5ptY
— Colonial Penn Life Insurance Company (@Colonial_Penn) October 24, 2024
Don’t rely on this too much, as with most whole life insurance, it takes more than a few years to build cash, and if you take a loan, you will not have enough for your beneficiaries when the time comes. Here are the three types of burial insurance:
- Level Benefit Plan:
The level benefit plan, or immediate death benefit plan, pays 100% of the death benefit with no waiting period. It’s available to applicants in good health, without serious medical conditions. - Modified Death Benefit:
Also known as guaranteed issue life insurance, this plan requires no health questions and guarantees coverage, but is costly. If the insured dies within two years (excluding accidents), beneficiaries receive premiums paid plus 10% interest. It should be a last resort. - Graded Benefit Plan:
The graded benefit plan offers partial payouts in the first two years: 40% in the first year, 75% in the second, and 100% after. It’s for those with minor health issues and has higher premiums. Learn more by exploring our guide, “How does a death benefit work?“
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What is the process for applying for coverage?
After determining the coverage amount, carrier, and plan type, the process begins. You won’t undergo a medical exam for burial insurance coverage, but your broker will ask health questions to assess eligibility. They will help submit the application online or by fax. Browse our guide, “No Exam Life Insurance,” for more details.
The insurer will conduct a background check, including a Motor Vehicle Report, Medical Information Bureau search, and prescription history review to identify discrepancies. A phone interview, typically 15-20 minutes, will verify the application details. You’ll receive a decision, usually within 24 hours.
What about life insurance for seniors over 85?
Life insurance for seniors over 85 typically includes guaranteed issue or whole life policies, as traditional options often require health assessments. These policies offer coverage without medical exams. Access our guide, “Life Insurance Cost by Age: How Your Age Impacts Life Insurance Premiums,” for full details.
Premiums tend to be higher for seniors, but providers like Mutual of Omaha, AIG, and Gerber Life offer affordable plans starting at $39. Options such as life insurance for seniors over 75, life insurance for seniors over 90, and life insurance for over 85 years old address the unique needs of older adults.
Case Studies: Life Insurance for Seniors Over 85
Here are examples of how seniors over 85 found affordable life insurance to suit their needs and protect their families. To discover more, check out our guide, “Types of Life Insurance: Find the Right Policy for Your Needs.”
Mutual of Omaha offers the best life insurance for seniors over 85 with affordable rates, guaranteed coverage, and no medical exams requiredTim Bain Licensed Agent Insurance
- Case Study #1 – John and Mutual of Omaha: At 87, John wanted an affordable life insurance policy. He chose Mutual of Omaha because of its low rates starting at $39 and no medical exams. This gave him guaranteed coverage and peace of mind.
- Case Study #2 –Susan and AIG: Susan, 90, needed life insurance but had health issues. She chose AIG for its guaranteed issue policy, which didn’t require a medical exam and still provided coverage for her family.
- Case Study #3 –Robert and Gerber Life: At 85, Robert needed a simple, budget-friendly policy. He went with Gerber Life for its easy application process and affordable premiums, ensuring his family would be taken care of.
These examples show how seniors over 85 can find reliable and affordable life insurance with the right provider. Simplify your life insurance shopping by entering your ZIP code into our free quote comparison tool below and find coverage that fits your budget and needs.
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Frequently Asked Questions
1. What is the best life insurance for seniors over 85?
Finding the right life insurance for elderly individuals can be challenging, especially when considering options like life insurance for elderly parents or burial insurance for seniors over 85. Mutual of Omaha, AIG, and Gerber Life offers the best life insurance for seniors over 85. These providers offer affordable coverage, including guaranteed issue and whole life policies, with no medical exams required.
2. Can seniors over 85 qualify for life insurance?
Yes, seniors over 85 can get life insurance. Companies like Mutual of Omaha, AIG, and Gerber Life offer policies designed for seniors, even those with health concerns. Compare term life insurance rates by entering your ZIP code below into our free tool today.
3. What are guaranteed issue life insurance policies?
Guaranteed issue life insurance doesn’t require a medical exam or health questions. It guarantees coverage, though premiums are usually higher, and there may be a waiting period for full benefits. Refer to our guide, “Best Guaranteed Issue Life Insurance Companies,” for more information.
4. What is the cost of life insurance for seniors over 85?
Life insurance for seniors over 85 can start at $39 per month. Costs vary depending on the policy type, coverage amount, and the insurance company.
5. What are the benefits of whole life insurance for seniors over 85?
Whole life insurance provides permanent coverage with fixed premiums and cash value growth. It offers long-term protection for seniors and their families.
6. What types of life insurance are available for seniors over 85?
Seniors over 85 can choose from whole life, guaranteed issue, or burial insurance. These policies offer permanent coverage and can be customized to meet individual needs. Find out more by reading our guide, “Open Care Senior Plan Review.”
7. Can I get life insurance if I have health problems at 85?
Yes, seniors with health problems can get life insurance through guaranteed issue policies. These don’t require a medical exam but may have higher premiums.
8. How does guaranteed issue life insurance work?
Guaranteed issue life insurance offers coverage without a medical exam. It guarantees acceptance but may have higher premiums, and full coverage might not begin immediately.
9. Why is Mutual of Omaha a top choice for seniors over 85?
Mutual of Omaha is a great choice for seniors over 85 due to its affordable rates, flexible coverage options, and no medical exam requirements for some policies. Find out more by reading our guide, “Mutual of Omaha Term Life Insurance Policies Review.”
10. What should seniors consider when choosing life insurance?
To choose the right life insurance, consider health, budget, and coverage needs. Compare options from companies like Mutual of Omaha, AIG, and Gerber Life for the best fit. Life insurance for people over 50 ensures long-term financial security, meeting the specific needs of aging individuals. Enter your ZIP code below into our free comparison tool to explore affordable life insurance rates today.
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Chris Abrams
Licensed Life Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.