Yes, it is possible for an 85-year-old to get life insurance; however, the policies available generally have reduced coverage and may require a medical exam.
Most life insurance companies have an upper age limit at which they stop selling traditional, term and whole life insurance policies. Generally, the upper age limits for these policies is 80-85 years old. However, those over this age range can still obtain coverage via other life insurance products such as:
• Guaranteed issue life insurance: This is a type of life insurance policy for seniors with no medical exam or health questions. This type of policy provides a fixed death benefit, usually between $2,000–$25,000, and is available to ages 40-85.
• Final expense insurance: This type of policy covers funeral and burial costs, usually between $2,000–$25,000, and is available to ages 40-85. In some cases, no medical exam is required, although the premium rates tend to be higher.
• Simplified issue life insurance: This policy is similar to traditional life insurance but is typically more expensive and is less likely to cover pre-existing conditions. It is available to ages up to 70-80 and requires a brief medical questionnaire instead of a full medical exam.
If an individual is over 85 and still wants to get life insurance, they may need to shop around and look for companies that specialize in policies for seniors. It is also important to compare policy details and ensure that the insurance company has a good rating before signing up for a policy.
Overall, it is possible for an 85-year-old to get life insurance, though the market is limited, and seniors may have to shop around to find the right policy for their needs.