Life Insurance for Seniors Over 70 in Canada
Your life insurance needs may vary as you become older. If you or a loved one is 70 years old or older, you have the opportunity to purchase seniors’ life insurance.
Kinds of life insurance over 70
A term life insurance policy is the least expensive plan but covers you for a specific amount of time. You determine the amount of coverage you desire, and your family receives death benefits if you die within that time frame. You can choose whether the payout remains constant during the period or drops incrementally over that period. Usually, Whole Life Insurance is better suited for people over 70 as this is coverage that is good for their entire life. Some types of senior’s life insurance are guaranteed issue.
Benefit of Life Options for Seniors Over 70
Giving Your beneficiary an Inheritance
Most Canadians wish to leave a legacy for their beneficiaries when they pass away. The most coveted aim of an elderly person is to have peace of mind knowing that their loved ones will be taken care of when they pass away. If you are over the age of 70 and want to leave an inheritance, there is a way to do so by purchasing life insurance coverage and leaving a legacy. It can also be left to a favorite charity.
Providing Funeral Expenses
Some adults over the age of 70 are seeking a lower-cost policy that will cover final expenses such as burial costs or debt that they may still have in their retirement. If that’s the case, Guaranteed Issue Life Insurance (also known as Life Insurance for Seniors) can be the ideal option for you even if you have some health issues like high blood pressure, diabetes or cancer. Guaranteed Issue policies have coverage amounts ranging from $5,000 to $50,000 without a medical exam, fluids or even medical questions.
Why Experior Financial Group?
Finding reputable insurance advisors who can assist you in finding the life insurance rates for you was made easy! Experior financial associates are well informed with life insurance for seniors over 70 and can direct you in the right path for policies that are best suited for you. There are numerous terminologies and unique things about each policy that can be perplexing to many people.
Our life insurance professionals help buyers to understand clearly what you’re searching for, and how much you’re prepared to pay. Working with the best life insurance providers, we ensure that we provide our policyholders with a satisfying experience and peace of mind.
