At 86 years old, you’ve likely seen it all, wars, recessions, new generations, and more change than most people can imagine. You’ve built a life, left a mark, and learned what truly matters. But one thought still lingers for many people at this stage: “Will my family be okay when I’m gone?”
It’s not just about the emotional side of loss. It’s about the very real, practical side of what happens afterward, funerals, cremation, unpaid medical bills, and other final costs. These expenses can add up quickly, often placing a heavy burden on children or surviving spouses who are already grieving.
You might be wondering if it’s too late to put something in place. After all, most life insurance policies become difficult, if not impossible, to qualify for by your 80s. But final expense insurance is different.
This type of coverage is specifically designed to help seniors, even those well into their 80s, secure a modest policy that takes care of immediate end-of-life costs. And while your options may be more limited at age 86 than they were at 76, you’re not out of luck.
In this article, we’ll break down everything you need to know about getting final expense insurance at 86: what’s available, what it costs, how it works, and what to watch out for. Whether you’re planning for yourself or helping a parent make arrangements, this guide will help you make an informed and confident decision.
Because no matter your age, it’s never too late to plan ahead, and at Liberty Financial Group, we’re here to help make that plan a reality.
Is It Possible to Get Final Expense Insurance at Age 86?
Yes, it is still possible to get final expense insurance at 86, though your choices are fewer than they would’ve been even a few years earlier. Many insurance companies cut off new life insurance policies around age 80 or 85, but a few specialized providers continue offering guaranteed issue final expense policies up to age 89.
These policies are specifically designed for people in their mid- to late-80s who still want to put something in place but don’t want to jump through hoops like medical exams or bloodwork.
So, what does “guaranteed issue” mean?
It means you cannot be turned down due to health reasons. You won’t have to answer medical questions or submit any medical records. Your approval is guaranteed, regardless of your current condition or medical history.
There is a trade-off, though. Most guaranteed issue policies come with a graded death benefit, which means the full payout isn’t available until after a waiting period, typically two years. If you pass away from natural causes within those first two years, your beneficiary would receive the premiums you paid plus a small amount of interest (usually 10%). However, accidental deaths are usually covered in full from day one.
These policies exist because insurers know people in their mid-80s still want to plan ahead. You might not need a million-dollar life insurance policy, but you may want to leave behind enough to cover cremation, funeral services, and some unpaid bills, without causing a financial ripple for your loved ones.
That’s where final expense insurance shines. It’s not about wealth, it’s about dignity and peace of mind.
At Liberty Financial Group, we regularly work with seniors in their 80s, including many aged 86 or older. We understand the carriers that still offer these plans and how to find the best fit based on your situation, no guesswork, no pressure.
How These Policies Work for Seniors in Their Mid-80s
Final expense insurance at age 86 works differently than a traditional life insurance policy you might have looked at in your 50s or 60s. At this age, the goal isn’t about building long-term wealth or providing decades of income for your spouse. It’s about covering what comes next, and doing it without hassle.
Here’s what you can expect from most policies available to someone who’s 86 years old:
Smaller Coverage Amounts
Most final expense policies for seniors over 85 are available in benefit amounts between $5,000 and $15,000, with some going as high as $25,000, depending on the carrier. This is intentional, these policies are meant to cover essentials like cremation or burial, medical bills, and unpaid debts. You’re not over-insuring, you’re being practical.
A $10,000 policy, for example, might be enough to pay for a cremation service, settle a small hospital bill, and give your family a cushion for any loose ends. The payout goes directly to your chosen beneficiary, usually a child or spouse, and can typically be used however they need.
No Medical Exams, Just a Waiting Period
At this age, no insurer will require a medical exam for a final expense policy. That’s good news for many seniors who might be dealing with health issues, medications, or mobility challenges. But the trade-off is that these are graded benefit policies, which means they come with a two-year waiting period for full payout.
This means:
- If you pass away from natural causes within the first two years, your family will receive all the premiums you paid plus some interest.
- If you pass after the two-year mark, they receive the full face value of the policy.
- If you pass away due to an accident, many policies pay the full benefit immediately, even during the waiting period.
This setup protects insurers from financial loss while still offering coverage to people who may otherwise be uninsurable. And while some may hesitate at the waiting period, many seniors still choose to move forward, because something in place is better than nothing at all.
Premiums Are Fixed
One of the best features of final expense insurance is that your monthly premium is locked in for life. That means once you purchase the policy at age 86, your rate will never go up. It doesn’t matter if your health changes, if inflation rises, or if you live to 100, your cost stays the same.
This is a huge relief for seniors on fixed incomes who need stability in their monthly expenses.
Quick Payouts When the Time Comes
Final expense policies are known for their fast claims process. In many cases, once the insurer receives a death certificate and basic paperwork, the benefit is paid out to the beneficiary within a week or two. That kind of speed is a gift to grieving families who need funds right away for funeral homes, cremation services, or travel.
At Liberty Financial Group, we walk you through how these policies work step-by-step. We’re here to make sure nothing is confusing, and nothing is missed. We want you, and your family, to feel confident in the plan you’ve put in place.
What It Covers
Final expense insurance isn’t just about paying for a funeral, it’s about easing the weight that falls on your loved ones during one of the hardest moments of their lives. At age 86, you may not need a large, complicated policy. What you want is something that quietly takes care of the essentials, so your family can focus on saying goodbye, not sorting out bills.
Here’s what a final expense policy typically covers:
1. Funeral or Cremation Costs
This is the most common reason people buy final expense insurance. The average funeral today can easily cost $8,000 to $12,000, and that’s for a modest, respectful service. If burial is involved, you’ll need to consider the casket, burial plot, headstone, embalming, and other services.
Cremation tends to be more affordable, but it still comes with costs. Between the cremation itself, an urn, memorial service, and transportation, families can still face $3,000 to $6,000 in total expenses. Having a policy in place ensures your family doesn’t have to come out-of-pocket or go into debt to honor your wishes.
2. Unpaid Medical Bills
Even with Medicare, many seniors leave behind unpaid medical expenses, whether it’s from hospital stays, medication, hospice care, or procedures not fully covered. These bills don’t disappear after you’re gone. They often fall into the hands of your estate, which can slow things down or become a burden for those left behind.
Final expense insurance gives your loved ones cash to pay those bills quickly, without red tape.
3. Legal or Administrative Costs
If you’ve ever had to handle someone else’s affairs, you know there’s paperwork. Lots of it. Probate fees, legal filings, death certificates, and other loose ends can cost anywhere from a few hundred to a few thousand dollars. These aren’t big-ticket items, but they can feel overwhelming, especially if there’s no money set aside.
Your policy can help cover these smaller, but urgent, expenses.
4. Personal Debts
Maybe there’s an outstanding credit card balance, a utility bill, or a loan that still needs attention. While these may not be massive, they often create confusion and stress when no one’s sure who’s responsible. A final expense policy gives your family the ability to handle those items cleanly and quickly.
5. Travel or Emergency Expenses for Family
In many cases, family members may need to travel across the state, or even the country, on short notice when someone passes away. Flights, hotels, and time off work can be expensive. A final expense policy can help provide funds to make that possible.
Final expense insurance doesn’t dictate how the money must be used. The cash goes to your beneficiary, and they decide how to use it. That flexibility is part of what makes it so valuable. One family might use it all for a cremation and memorial. Another might split it, covering both funeral arrangements and a few outstanding bills.
Either way, it means your family doesn’t have to carry the financial burden alone.
At Liberty Financial Group, we help seniors think through these real-life costs and choose the right coverage amount based on their final wishes. We believe planning ahead is one of the most generous things you can do for your loved ones, and we’re here to make that process simple and stress-free.
Realistic Costs of Final Expense Insurance at Age 86
One of the first questions people ask when considering final expense insurance at 86 is simple: “How much is it going to cost me?” That’s an important and fair question, especially for seniors living on Social Security or fixed retirement income.
Let’s break it down clearly, without sugarcoating.
What You Can Expect to Pay
At age 86, final expense insurance is going to be more expensive than it would’ve been even five years earlier. That’s because insurance companies are taking on more risk the older you are. But while premiums are higher, they’re not out of reach for everyone.
Here’s a general idea of what monthly premiums might look like for an 86-year-old:
| Coverage Amount | Non-Smoker (Monthly) | Smoker (Monthly) |
| $5,000 | $145–$175 | $180–$220 |
| $10,000 | $190–$240 | $240–$290 |
| $15,000 | $260–$320 | $310–$370 |
Note: Rates may vary slightly depending on gender, state, and specific insurance carrier.
As you can see, smaller policies are more budget-friendly and still go a long way in helping with funeral or cremation costs. Many seniors opt for $10,000 as a middle ground, it’s enough to cover a full cremation and still help with a few bills, without creating a financial burden in the present.
What Impacts the Price?
Several factors affect what you’ll pay:
- Age – At 86, you’re near the upper limit of eligibility, so premiums are naturally higher.
- Gender – Women usually pay slightly less, since they tend to live longer.
- Tobacco Use – If you currently use tobacco or have recently quit, expect to pay more.
- Policy Type – Guaranteed issue plans cost more than simplified issue (but are usually your only option at 86).
- Carrier – Some insurance companies cater specifically to older seniors and offer better pricing than large, one-size-fits-all providers.
Premiums Are Locked In for Life
Here’s the good news: once you’re approved, your monthly rate will never increase. It’s locked in for life. That means you won’t be surprised by price hikes, and you’ll always know exactly what’s coming out of your bank account.
This kind of predictability matters. It helps seniors plan their finances and avoid being caught off guard, especially in later years.
At Liberty Financial Group, we help you find the best rate for your situation by comparing policies from trusted senior-focused carriers. We’ll walk through your needs, budget, and what makes sense, not just financially, but practically.
It’s not about getting the biggest policy. It’s about getting the right one, so when the time comes, your family is taken care of, and your wishes are honored.
Alternatives if You’re Declined or On a Budget
At 86, not every final expense insurance application gets approved, especially if you’re outside the age limit for certain carriers or can’t comfortably afford the premiums. But that doesn’t mean you’re out of options.
There are still ways to plan ahead, protect your loved ones, and bring some peace of mind. Here are a few practical alternatives if traditional coverage isn’t a fit:
1. Prepaid Cremation or Burial Plans
Many funeral homes offer prepaid cremation or burial packages. These allow you to lock in today’s prices for future services, and in some cases, you can pay over time. Prepaid plans can be a good option if you’re confident about staying in the same area and want to handle everything directly with a funeral provider.
Pros:
- Fixed cost
- You can plan all the details in advance
- Less decision-making for your family
Cons:
- Funds are tied to one provider
- Harder to transfer if you move or the provider goes out of business
- Less flexible than insurance
2. Payable-On-Death (POD) Bank Account
This is a simple setup you can do at most banks. You open a savings account, name a trusted family member as the beneficiary, and fund it as you’re able. When you pass, the funds go directly to that person, bypassing probate.
Pros:
- No application or medical requirements
- You keep control of the money while you’re alive
- Easy for your family to access after death
Cons:
- Requires discipline to avoid dipping into the account
- Might not be fully funded in time
- No extra benefit like insurance (e.g., premiums don’t “grow” into a bigger payout)
3. State and Local Burial Assistance
Some states and counties offer small burial assistance programs for low-income seniors. These programs often cover cremation or basic burial services when there’s no insurance or financial support available. The benefits are limited, often $1,000 to $2,000, and must be applied for through a local government office or funeral director.
Pros:
- Provides a basic level of help
- No premiums or pre-planning needed
Cons:
- Only available in certain locations
- Very limited coverage
- Cannot be relied upon for full funeral costs
4. Family Agreements
Some families choose to have honest, upfront conversations. In some cases, children or grandchildren are willing to cover expenses when the time comes. This may not be ideal, but for some, it’s a reality, and having a plan, even if informal, is better than avoiding the conversation altogether.
If your family chooses this route, put something in writing and share your wishes. Even a short letter or outline can go a long way in keeping things clear.
While these options don’t replace the simplicity and flexibility of a final expense policy, they can still provide relief, and a sense of control, when insurance isn’t accessible or affordable.
At Liberty Financial Group, our goal isn’t just to sell a policy. It’s to help you make the smartest decision possible with what’s available to you. If insurance isn’t the right fit, we’ll still guide you toward the next best solution.
Tips for Getting Approved and Choosing the Right Policy
At age 86, you don’t have time, or patience, for confusing applications, fine print, or insurance agents who don’t listen. If you’ve decided to move forward with final expense insurance, the process should be simple, clear, and tailored to your needs.
Here are some tips to help make sure you get approved (if eligible) and end up with a policy that works for you and your family.
1. Work With a Specialist Who Knows the Market
Not every insurance agent understands how to work with seniors in their 80s. Some may not even know which carriers accept applicants at 86. At Liberty Financial Group, we specialize in helping seniors in their later years find final expense policies that are still available, affordable, and dependable.
A good advisor won’t try to fit you into a one-size-fits-all policy. They’ll walk you through the available options and tell you honestly whether you qualify, and if it’s the right financial move.
2. Choose Guaranteed Issue If You’re 86 or Have Health Conditions
At this stage, guaranteed issue is usually your best (and often only) option. Since there are no health questions or exams, you’re automatically approved, regardless of any chronic conditions, prescriptions, or hospital history.
Just remember: these policies come with a two-year waiting period for natural death. But they still offer full protection after that, and accidental death is typically covered from day one.
3. Know What Coverage Amount You Actually Need
You don’t need to overdo it. Most seniors at this age choose between $5,000 and $15,000 in coverage. Think about what your family would need to cover:
- Cremation or burial
- Funeral home service
- A few unpaid bills
- Travel or time off for loved ones
If you’re unsure what that might cost, we can help you estimate based on your final wishes and location.
4. Lock in a Fixed Premium
Make sure the premium you’re quoted is guaranteed to stay the same for life. Some companies offer policies that increase in cost over time, but that’s not sustainable at this age. You want peace of mind that your price today is your price always.
We only work with carriers that offer fixed-rate, lifetime policies, so there are no surprises later.
5. Pick the Right Beneficiary
Your policy’s benefit will go directly to the person you name as your beneficiary. This could be a child, a spouse, a trusted relative, or even a close friend. Make sure they understand your intentions, whether that’s to use the money for a cremation, medical bills, or settling accounts.
It’s also wise to name a backup or contingent beneficiary, just in case something happens to the first person listed.
6. Communicate Your Plan
Once your policy is in place, don’t keep it a secret. Let your family know:
- What type of policy you bought
- Who the beneficiary is
- What your final wishes are
- Where the paperwork is located
This small step can save your loved ones hours of stress and confusion later.
Choosing a final expense policy at 86 isn’t just about filling out forms, it’s about creating clarity and comfort during one of life’s hardest moments. And with the right guidance, you can get it done quickly and confidently.
Why Liberty Financial Group Is the Right Partner
Finding final expense insurance at 86 is already a challenge. The last thing you need is a sales pitch or someone pushing policies that don’t fit your situation. That’s why working with the right team makes all the difference, and why so many seniors turn to Liberty Financial Group when they’re ready to get serious about planning.
We understand that at this stage of life, every decision matters. You’re not just buying coverage. You’re creating peace of mind, tying up loose ends, and doing something incredibly thoughtful for the people you love.
Here’s what makes us different:
We Specialize in Helping Seniors Over 80
Many agencies stop at age 80 or 85. We don’t. We know the landscape. We work with carriers that still write policies up to age 89, and we know how to get applications approved, even if your health isn’t perfect or you’ve been turned down before.
We Make It Simple
You don’t need to fill out a stack of forms or talk to five different agents. We walk you through it step-by-step, in plain language. Whether you prefer to chat on the phone, via email, or in person, we meet you where you’re comfortable.
We’re Independent, So We Work for You
We’re not tied to any one insurance company. That means we shop around on your behalf and compare multiple offers to get you the best rate and most reliable coverage for your situation. You get options. You get transparency. You get what fits you, not what helps a company hit its numbers.
We Stick Around After You Buy
Some agents disappear after the sale. We don’t. If your family needs help filing a claim, understanding the policy, or handling any updates, we’re right here. One call. One familiar voice. That’s the Liberty Financial difference.
At 86, you don’t need fluff. You need truth, clarity, and people who actually care. That’s what we’re here to provide.
Conclusion and Next Steps
It’s easy to feel like 86 is too late to make big decisions. But when it comes to final expense insurance, it’s not too late at all, it’s just the right time.
You’ve spent your life looking out for the people you love. You’ve made sacrifices, supported your family, and weathered storms. Planning for what happens next is simply the final act of that same care. It’s a way to leave clarity instead of questions. Relief instead of regret.
Final expense insurance helps ensure your loved ones won’t have to worry about how to pay for a funeral, cremation, or unexpected bills. It gives them space to mourn, without financial stress. And most importantly, it gives you peace of mind knowing it’s taken care of.
At 86, you still have options. And we’re here to help you find the right one.
At Liberty Financial Group, we take pride in walking alongside seniors who want to finish strong, on their terms. Whether you’re ready to apply or just want to talk things through, we’re here for the conversation. No pressure. Just guidance, honesty, and a genuine commitment to doing what’s best for you.
Your next step is simple:
Reach out for a free consultation. We’ll explain your options, show you what’s available, and help you decide whether a policy is right for you.
Because it’s never too late to plan ahead. And it’s never too late to leave a legacy of love.
