Life Insurance for Seniors

Life Insurance for Seniors

There has been a dramatic change in the Canadian Life Insurance market for seniors. Cost of insurance ( ie. Premiums) has gone down, however underwriting has become very detailed where certain risk factors pertaining to illness, lifestyle and travel are closely examined and reviewed.  

Important factors to consider :

  • There are several insurance companies that can offer life insurance to individuals up to age 85. Since premiums are a factor of age, it is always most favourable to apply now as you will never be younger than today. 
  • Amount of coverage or face amounts can be as low as $5,000 and premiums can be as low as $20/month. You can get an instant quote for traditional life insurance at Get a Quote.
  • Many creditor insurance plans (like mortgage insurance) end at age 69. Individuals who are approaching retirement or are currently retired and in good health should consider individual life insurance options instead.
  • Preferred rates are available to those in excellent health and with an excellent family health history.
Preferred and Elite Insurance rates are actually discounted rates that reduce your insurance rates from standard rates. People get entitled to these rates upon having a very good health and also a clear family medical history. The underwriting process in tha application stage identifies whether the rates are standard, preferred or elite. Some insurance companies apply preferred and elite rates, upon approval, only beyond certain face amounts, i.e $applied only beyond $200,000.00 of coverage.

Mortgage Insurance Facts: There are several very valid reasons why people prefer to take an individually owned life insurance and a living benefits insurance plan to protect their mortgage. I could discuss the reasons in detail.

Non-Medical Life Insurance: Some people aren’t going to qualify for these policies because of their medical history or condition, and this can jeopardize their family’s financial security  in the event of their death. It might seem like all hope is lost, but it’s not! You have the option of non medical life insurance that don’t require a medical exam.

Combine Term and Permanent Life Insurance: People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance.

Many insurance companies now offer last-to-die coverage at a lower rate than traditional life insurance. This form of insurance is used primarily for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse. Premiums are low since benefit is paid out upon the death of the second person.

  • Non-Medical Insurance policies are available for those with health issues. These policies do not have medical tests, but they do have health questions. The applicant should make sure that they select a plan that carries the greatest number of health questions they can say no to. Plans with no health questions carry the highest premiums (since it groups together the insured people with the poorest health) and these plans have a two-year waiting period for the death benefit. 
Please feel free to contact me at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit me for a no obligation quote or advice.

 

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