Life Insurance for 85 Year Old Male Applicants? Not a Problem

For an 85 year old male, buying life insurance is no longer as difficult as it was a few years ago. There are several insurance companies that offer life cover for people at this advanced age. However, the options available are limited. Also, the costs of policies are invariably high. In fact, after a person crosses 80 years of age, costs of premiums increase drastically with every passing year. Men aged 85 have two good policy options that could also turn out to be more cost effective than any other life insurance policy.

The two options are ten year term life insurance and annual renewable insurance. There is also a third option of permanent or whole life insurance. Although this coverage offers death benefits and extends till the death of the policy holder, premiums for these policies are very restrictive. So, the first two options are considered to be better. In order to save money, policy holders can restrict their coverage amount. While choosing a policy for 85 year old males, extra attention is needed since terms and conditions associated with these policies are many. Strong understanding of the policy terms is crucially important so that policy holders and their beneficiaries can obtain full benefits of the life coverage plan.

If your father is 85 years old and you want to buy a life insurance for him, you don’t have to struggle as much as you would have a few years back. Several companies offer life insurance for 85 year old male. In fact, you can also obtain life cover until the age of 95. What is more, you don’t have to pay exorbitant premiums as well although the cost is higher than those levied on younger people.

Which life insurance for 85 year old male is best?

For 85 year old males, two types of life cover policies are the most suitable.

10 year term life policy

For a man aged 85, a ten year term policy is the best option. Moreover, you find it almost impossible to purchase anything more than a ten year term. Typically, a $100,000 term policy at 85 years of age costs you around $700 per month in terms of premiums. If you buy a $250,000, you’ll have to pay premiums of around $1700 per month. These values are average estimates and some insurers charge much higher rates. However, a 10 year term policy is the cheapest that you can buy for your father aged 85.

The good thing about life insurance policies is that you can choose just the right amount of coverage you need. What exactly do you need a policy for? If you only want to cover funeral costs, a $10,000 policy for a term of ten years is best suited. However, if your father has high debts or large estates that entail taxes, you can increase the amount based on your requirement. In general, a $100,000 policy is not required for an 85 year old man.

Purchasing insurance becomes much easier and cost effective if your father is healthy. Diseases such as diabetes, hypertension, arthritis, asthma and cardiac problems increase policy premiums drastically. Moreover, finding a policy for an old man with pre-existing diseases is almost impossible.

Annual renewable policy

Another good option for men at 85 is the annual renewable policy. As the name indicates, these are policies provided for a term of one year. You need to get the policy renewed annually. At every renewal, premium amounts increase based on health conditions of the policy holder. Some companies put a cap on annual renewals. For example, the policy might not be eligible for renewal after your father’s 90th birthday. So, you need to check out these terms and conditions. The good thing about these policies is that premium is low for the first year.

Whole life insurance is another option. However, at 85, the policy is very expensive.

Before you buy life insurance for a man aged 85, you need to consult an agent in order to obtain the right information about different policies. While several companies sell these policies, the terms and conditions attached to them are more. So, you should clear all aspects and make sure that you understand everything about the policy before you buy one.