Principal, LifeNet Insurance Solutions, Redmond, WA
Provided that the applicant is healthy enough to have a favorable underwriting outcome, many carriers will write up to age 90. There are no "simplified issue" type policies available at that age, however it the amount of coverage is at least $25,000, then insurance is possible. Depending upon the objective, coverage may or may not make economic sense.
That is a great question! It is possible, but I will not mislead you, it will be difficult. The majority of insurers will cap policy writing at 80-85; so you will need a good independent agent who can search multiple companies for you to find one that will write at his age. The second hurdle will be his health. It would be very difficult to find a company that will write if he is in a nursing home, receiving home health care, or has had any major health issues within the past couple of years. Many will decline if he's wheelchairbound. Again, you will need a good agent that can seek out the company that will write for you. The last hurdle will be the cost. Even if you can find the company that will write his policy, it is very likely that it will be too costly to afford. I'd hazard a guess that it would be in the hundreds of dollars a month price range, unless his health is excellent.
Life insurance is one of those things where the earlier you buy it, the cheaper it is, and it hurts me to say that far too many people either through their fault or not, end up waiting far too late to buy it. Far too many wait until there has been a scare, and then it is too late, either due to health or financial concerns. You may be able to find a policy, look for an independent agent (one not tied to a specific brand name) and have them go through your options. It is my prayer for you that you can find one that fits. If you have further questions, please feel free to contact me, okay? Thank you for asking!
The minimum face amount that I have seen for an 89 year old applicant is $50,000. The person being insured will need to have good mental and physical health to qualify, as the policy will be medically underwritten. There are some No Exam options for people up to age 85. If you are not yet 86 years old, now is the time to apply, as it gets much more difficult after age 85.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Just about anything is possible in the insurance world as there is always Lloyds, but the premium would be so high that you might be paying dollar for a dollar for coverage. Insurance isn't meant to be the last thing purchased just before death. If it were, there would be no insurance industry as it would have gone broke centuries ago.
I would think the window for purchasing insurance has passed at 89. Death becomes more a certainty then rather than a probability.
Insurance Advisor, Lordship Insurance Services, California
Although there are some carriers who will issue insurance till age 90 I would say the answer to this question is no. Once you pass 85 years old the insurance company knows that although you may live for many years afterwards you have neared the time of a definite claim. If you find a policy at the age of 89 you will have to qualify medically for it. The cost typically is so prohibitive that it is better to be prepared to pay for final expenses with assets you already possess. The maximum face amount will also be set in or near $25,000.
You can purchase simplified issue plans up to age 92 with a few carriers but there are some considerations to be made. First, the person needs to be healthy enough to get through the simplified issue questions in order to get a policy. The other thing to consider is the price. Simplified issue/final expense is expensive as it is but when a 90 year is buying it the premium will be vary expensive. The break even on premium vs. death benefit is likely only going to be 3 or 4 years. This means that in 3 or 4 years, the premium paid will equal the death benefit on the policy.
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Life insurance is one of those things where the earlier you buy it, the cheaper it is, and it hurts me to say that far too many people either through their fault or not, end up waiting far too late to buy it. Far too many wait until there has been a scare, and then it is too late, either due to health or financial concerns. You may be able to find a policy, look for an independent agent (one not tied to a specific brand name) and have them go through your options. It is my prayer for you that you can find one that fits. If you have further questions, please feel free to contact me, okay? Thank you for asking!
I would think the window for purchasing insurance has passed at 89. Death becomes more a certainty then rather than a probability.