Life Insurance for Seniors Over 87 in 2026: Complete Guide to Coverage, Best Companies & Real Rates
Finding life insurance for seniors over 87 in 2026 is more limited than at younger ages — but it is absolutely still possible. At 87, traditional term life and most simplified issue policies are no longer available. Your options narrow to guaranteed acceptance whole life insurance and a handful of graded benefit burial policies from carriers that extend coverage into the late 80s. This guide covers every option available to 87-year-olds, real monthly rates from the carriers that still accept applicants at this age, and the step-by-step process to get covered today — no medical exam required.
Can You Get Life Insurance at Age 87?
Yes — but your options are significantly narrower than at age 85 or 86. Most life insurance carriers cap new policy issuance at age 80–85. At 87, you are past the maximum issue age for the majority of simplified issue final expense plans. The carriers that do accept 87-year-old applicants offer exclusively guaranteed acceptance whole life or graded benefit policies with smaller face amounts — typically $2,000 to $25,000. These policies are designed to cover funeral costs, cremation expenses, outstanding medical bills, and small debts — not income replacement or estate planning.
The key advantage at age 87: every available policy requires zero medical exam. Guaranteed acceptance plans ask no health questions at all — approval is automatic. Graded benefit plans ask a few health questions but accept a wide range of conditions. Premiums are locked for life, and coverage can be active within days of applying.
Types of Life Insurance Available for 87-Year-Olds
1. Guaranteed Acceptance Whole Life Insurance
This is the primary option for most 87-year-olds. Guaranteed acceptance policies accept every applicant within the stated age range — no health questions, no medical exam, no denial possible. The carriers that extend guaranteed acceptance to age 87 include Aetna (CVS Health), Gerber Life, and Great Western. Face amounts range from $2,000 to $25,000. The trade-off is a 2–3 year graded death benefit period: if you pass away during the waiting period from natural causes, your beneficiaries receive all premiums paid plus 10–30% interest — not the full face amount. After the graded period, the full death benefit applies. Accidental death is covered at full face value from day one.
2. Graded Benefit Final Expense Insurance
A small number of carriers offer graded benefit policies to 87-year-olds who can answer a few health questions. These plans have a shorter waiting period than guaranteed acceptance — typically 12–24 months — and lower premiums. Aetna’s graded benefit plan is the standout option here, accepting applicants up to age 89 with moderate health conditions. If you can answer “no” to questions about terminal illness, hospitalization in the last 12 months, or nursing home confinement, you may qualify for graded coverage at a better rate than guaranteed acceptance.
3. Pre-Need Funeral Insurance
Pre-need insurance is purchased directly through a funeral home to cover a specific funeral contract. These policies have no age limit and no health questions — the funeral home handles everything. The face amount is tied to the funeral home’s price list, and the death benefit is paid directly to the funeral home, not your family. This is a viable option for 87-year-olds who want to lock in today’s funeral prices and remove the burden from their family entirely.
Best Life Insurance Companies for Seniors Over 87 in 2026
Only a handful of carriers accept new applicants at age 87. Here are the companies that do, ranked by financial strength, policy quality, and real rates.
| Company | Max Issue Age | Coverage Type | Max Face Amount | AM Best Rating | Best For |
|---|---|---|---|---|---|
| Aetna (CVS Health) | 89 | Guaranteed Acceptance / Graded | $25,000 | A | Best overall; highest age cap; competitive rates |
| Gerber Life | 80 (Guaranteed Acceptance) | Guaranteed Acceptance | $25,000 | A | Strong brand; reliable claims payment |
| Great Western | 85 | Guaranteed Acceptance | $20,000 | B++ | Budget option; lower face amounts |
| Colonial Penn | 85 | Guaranteed Acceptance | $20,000 | A | TV-advertised; unit-based pricing |
| Prosperity Life | 85 | Graded Benefit | $25,000 | B++ | Competitive rates for ages 80–85 |
| Liberty Bankers Life | 85 | Graded Benefit | $25,000 | B+ | COPD, diabetes, and moderate health acceptance |
Critical note for 87-year-olds: Several carriers listed above have a maximum issue age of 85. If you are already 87, you are past their cutoff. Aetna is the most reliable option with its age-89 cap. Always verify current age eligibility with a licensed agent before applying — carrier guidelines change, and some may make exceptions for applicants within a few months of the cutoff.
How Much Does Life Insurance Cost at Age 87?
At age 87, premiums are higher than at any younger age — but the face amounts are smaller, so monthly costs remain manageable. Below are real 2026 rates for guaranteed acceptance whole life insurance at age 87, based on quotes from Aetna and Gerber Life.
| Coverage Amount | Male (Monthly) | Female (Monthly) | Policy Type | Waiting Period |
|---|---|---|---|---|
| $5,000 | $48–$62 | $38–$49 | Guaranteed Acceptance | 2–3 Years |
| $10,000 | $89–$115 | $70–$90 | Guaranteed Acceptance | 2–3 Years |
| $15,000 | $130–$168 | $102–$132 | Guaranteed Acceptance | 2–3 Years |
| $20,000 | $172–$220 | $135–$173 | Guaranteed Acceptance | 2–3 Years |
| $25,000 | $213–$275 | $167–$215 | Guaranteed Acceptance | 2–3 Years |
Rates vary by gender, state, and the specific carrier. Women consistently pay 20–25% less than men at the same age due to longer life expectancy. If you qualify for a graded benefit plan (rather than guaranteed acceptance), premiums are typically 15–25% lower and the waiting period is shorter — 12–24 months instead of 2–3 years.
How to Apply for Life Insurance at Age 87: Step-by-Step
The application process for seniors over 87 is straightforward — no medical exams, no lab tests, and in most cases, no health questions at all. Here is the step-by-step process:
- Determine your coverage need. Calculate your expected funeral costs (national median: $7,848 for a burial with viewing, $6,280 for cremation with memorial service in 2026). Add any outstanding debts or medical bills you want covered. Most 87-year-olds need $5,000–$15,000.
- Choose the right policy type. If you have serious health conditions (active cancer, dialysis, nursing home residence), go with guaranteed acceptance. If you’re in relatively stable health, try for a graded benefit plan — it costs less and has a shorter waiting period.
- Compare carriers that accept age 87. Aetna is the top choice with its age-89 cap. Get quotes from at least two carriers to compare rates for the same face amount.
- Complete the application. For guaranteed acceptance: fill out a one-page form with basic personal information — name, address, beneficiary, and payment method. No health questions. For graded benefit: answer 5–12 yes/no health questions. The entire process takes 15–20 minutes by phone or online.
- Set up payment and activate coverage. Premiums are typically paid monthly by bank draft or credit card. Coverage becomes active upon first premium payment. For guaranteed acceptance, the graded period begins immediately. For graded benefit, the partial waiting period starts on the effective date.
Age 87 Life Insurance vs. Other Options: What’s the Best Choice?
At 87, you have fewer choices than younger seniors — but you still have options. Here’s how the available paths compare:
| Option | Max Age | Health Questions? | Waiting Period | Face Amount | Best For |
|---|---|---|---|---|---|
| Guaranteed Acceptance | 89 (Aetna) | None | 2–3 Years | $2,000–$25,000 | Serious health conditions; automatic approval |
| Graded Benefit | 89 (Aetna) | 5–12 Yes/No | 1–2 Years | $5,000–$25,000 | Moderate health; lower premiums |
| Pre-Need Funeral Insurance | No limit | None | None (immediate) | Tied to funeral contract | Locking in funeral prices; no family burden |
| Self-Funding (Savings) | N/A | N/A | None | Whatever you save | Those with $10,000+ in liquid savings |
| Family Contribution | N/A | N/A | None | Variable | Family willing and able to cover costs |
For most 87-year-olds without significant savings, guaranteed acceptance whole life insurance is the most practical choice. It locks in a guaranteed death benefit that your family can count on, regardless of how your health changes. Pre-need insurance is an excellent alternative if you have a specific funeral home in mind and want to handle everything in advance.
What Affects Life Insurance Rates at Age 87?
Several factors influence what you’ll pay for life insurance at age 87. Understanding these helps you make the most cost-effective choice:
- Gender. Women pay 20–25% less than men at every age due to statistically longer life expectancy. A $10,000 guaranteed acceptance policy may cost a female $70/month vs. $89/month for a male.
- State of residence. Insurance is state-regulated, and rates vary by state. Florida, Texas, and California tend to have more carrier competition and slightly lower rates. Rural states with fewer carriers may have higher premiums.
- Coverage amount. Premiums scale almost linearly with face amount. A $25,000 policy costs roughly 5× what a $5,000 policy costs. Buy only what you need — over-insuring at age 87 wastes money on premiums.
- Policy type. Graded benefit plans cost 15–25% less than guaranteed acceptance for the same face amount. If you can pass the health questions, always choose graded benefit over guaranteed acceptance.
- Payment frequency. Monthly payments are standard, but some carriers offer a discount for annual premium payment (typically 5–8% savings). If you can afford the lump sum, annual payment reduces total cost.
Common Mistakes to Avoid When Buying Life Insurance at 87
- Buying too much coverage. At 87, life insurance is for final expenses — not income replacement. A $25,000 policy when your funeral costs $8,000 means you’re paying premiums on $17,000 of unnecessary coverage. Calculate your actual need and buy accordingly.
- Not comparing carriers. Rates for the same $10,000 guaranteed acceptance policy can vary by $20–$30/month between carriers. Always get quotes from at least two companies before committing.
- Waiting too long. Every year you delay, premiums increase and carrier options shrink. At 88, even fewer carriers will accept you. If you need coverage, apply now.
- Assuming you won’t qualify. Guaranteed acceptance means exactly that — guaranteed. You cannot be turned down. Many 87-year-olds assume they’re uninsurable and never apply, leaving their families with funeral costs.
- Overlooking pre-need insurance. If you have a relationship with a local funeral home, pre-need insurance may offer immediate full coverage with no waiting period — something no guaranteed acceptance policy provides. It’s worth a conversation with your funeral director.
Related Resources
- Burial Insurance for Seniors: Complete 2026 Guide — covers all ages and policy types
- Life Insurance for Seniors Over 86 in 2026 — the companion guide for 86-year-olds
- Free Final Expense Insurance in 2026 — how to get no-cost burial coverage
- Life Insurance for Seniors: Complete Guide — coverage options across all senior ages
- How Much Does Life Insurance Cost Per Month? — average rates by age and policy type
- AM Best Insurance Ratings — verify any carrier’s financial strength before buying
- NAIC Consumer Resources — state insurance department contacts and consumer protection guides
Frequently Asked Questions About Life Insurance for 87-Year-Olds
Can an 87-year-old get life insurance with no medical exam?
Yes — in fact, every policy available to 87-year-olds is no-exam. Guaranteed acceptance whole life insurance requires zero health questions and zero medical exams. Graded benefit policies ask a few health questions but still skip the physical exam, blood tests, and urine samples. The entire application process is done by phone or online in 15–20 minutes. No nurse visit, no lab work, no waiting for underwriting results.
What is the maximum age for life insurance?
The maximum issue age varies by carrier and policy type. For guaranteed acceptance whole life, Aetna accepts applicants up to age 89 — the highest in the industry. Most other carriers cap at age 85. Pre-need funeral insurance has no age limit at all. After age 90, options become extremely limited — if you’re 87 and considering coverage, applying now rather than waiting is strongly recommended.
How much does a $10,000 burial policy cost at age 87?
A $10,000 guaranteed acceptance whole life policy for an 87-year-old male costs approximately $89–$115 per month in 2026. For a female of the same age, the cost is $70–$90 per month. Graded benefit plans (if you qualify) run 15–25% less — approximately $68–$87/month for males and $53–$68/month for females. Rates are locked for life and never increase.
Is there a waiting period for life insurance at age 87?
Yes — nearly all policies available to 87-year-olds include a waiting period. Guaranteed acceptance plans have a 2–3 year graded death benefit period. If death occurs from natural causes during this period, beneficiaries receive premiums paid plus interest (typically 10–30%), not the full face amount. Accidental death is covered at full value from day one. Graded benefit plans have shorter waiting periods — typically 12–24 months. Pre-need funeral insurance is the only option with no waiting period at all.
Which is the best life insurance company for an 87-year-old?
Aetna (CVS Health) is the top recommendation for 87-year-olds in 2026. It has the highest maximum issue age (89), an A (Excellent) AM Best financial strength rating, competitive guaranteed acceptance rates, and a graded benefit option for healthier applicants. Gerber Life is a strong second choice with its A rating and well-known brand. Always compare quotes from at least two carriers — rates for the same coverage can differ significantly.
Can I buy life insurance for my 87-year-old parent?
Yes — adult children can purchase life insurance for their 87-year-old parent, but the parent must sign the application and provide consent. You can pay the premiums, own the policy, and be the beneficiary. This is a common arrangement: the adult child handles the research, application, and payments while the parent provides the signature. The process is the same as if the parent applied directly — no medical exam, minimal paperwork, and coverage active within days.
What happens if my 87-year-old parent is in a nursing home?
Nursing home residence disqualifies applicants from graded benefit plans but does not disqualify them from guaranteed acceptance whole life insurance. Guaranteed acceptance policies have no health questions — nursing home status is irrelevant. The full graded death benefit period applies (2–3 years), and accidental death is covered at full face value from day one. If your parent is in a nursing home, guaranteed acceptance through Aetna or Gerber Life is the path to coverage.
Ready to get covered? At 87, time is the one factor you can’t control — but you can control whether your family faces funeral costs alone. Compare free quotes from top carriers that accept 87-year-olds and get covered today with no medical exam, no health questions, and premiums locked for life.
