Term Life Insurance for Seniors

Term Life Insurance for Seniors

Term Life Insurance for seniors is compartmentalised in two broad groups namely:

Conventional Life Insurance Policies, require a Medical Test along with a detailed Questionnaire on background. The medical tests include, Blood test, urine Sample and ECG As Well.

 Simplified Issue Term Policies do not require a medical test however they have a a detailed questionnaire with usually 30 questions however it has an immediate death benefit effective from the purchase date.

 Simplified Issue Term Policies can be further segmented into Deffered life Policies and policies shelving our immediate death benefits.

In Most Cases Deffered Life Insurance have ten Questions and the face Value is usually limited to $100,000 generally.

Following is a pricing Illustration for a traditional$100,000:

A Term Life Cover for a 65 Year old Non Smoker Male Vs Simplified Issue Term10 Policy

                Traditional $100,000 Term 10 is $86.31/month –BMO Insurance

                 Simplified Issue Term $148.59/ month – Canada protection Plan

                 Simplified Issue Deferred Term 10 is $232.29/month –Canada Protection Plan


* The Coverage is effective from Day One on the Simplified Issue Term 10 policy  with Canada Protection Plan with 31 questions .

**The Simplified Issue Deferred Term 10 policy with Canada Protection Plan has    ten health questions and the death benefit for non-accidental deaths is limited to a return-of-premium plus interest in the first two years

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Created by: Aman Kapur




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