Some seniors over the age of 60 may have sufficient savings to cover all anticipated and unanticipated needs and may decide that insurance is unnecessary. However, there are still cases where most seniors do not have enough savings to settle their debts, and sometimes their heirs will still have to repay the senior’s debts even after death.
Life insurance is a financial product designed to provide cash to ease the burden on the family in the event of the passing away, but also gives you peace of mind knowing that your family will be financially stable if your income were to disappear. Seniors’ life insurance plans should include the burial cost, final expenses, debts, and some beneficiaries’ money if there have not been enough savings in the past to help your loved one in the unfortunate case of your passing.
Types of Life Insurance for Seniors in Canada
Guaranteed Issue Life Insurance
Guaranteed issue for seniors is a simple and reasonable last expense plan of life insurance coverage. To be eligible for the product, you do not need to take a medical exam or answer any health questions. Eligible seniors up to age 85 can purchase this coverage to assist in covering costs such as unpaid medical bills, credit card debts, and funeral and burial fees. While guaranteed issues are convenient, we only suggest it if you are unable to qualify for other coverage.
Term Life Insurance
Term life insurance protects you for a set length of time, commonly referred to as a “term.” Term Life offers 10, 20, and 30-year options and more. The amount you agree to pay when the coverage begins is the cost you’ll pay for the length of your policy.
Simplified Issue Life Insurance
Simplified issue life insurance does not require a medical exam and is more forgiving of health issues than a fully underwritten policy. Life insurance premiums will be lower than Guaranteed Issue because you will answer a few questions about your health.
Funeral Expenses Insurance
This is designed to put money aside for your funeral before you need it. It’s a different form of coverage that protects your loved ones from having to bear the financial burden of the actual funeral when you pass away.
Burial Insurance or Pre-Need Coverage
This is similar to a funeral expense life insurance policy that pays for your burial or cremation costs when you pass away. It distributes the death benefit of your policy straight to your choice of a pre-selected funeral home. The pre-need plan allows the senior to choose how they want their funeral celebrated. Any money that is left over is distributed to the beneficiary, who can spend the money any way they wish.
Whole Life Insurance
Whole Life insurance policies can permanently protect your loved ones in the event of your untimely death. This is different from term insurance that covers you for a defined period of time. It covers the insured for their entire life and cash is distributed to the beneficiaries.
Universal Life Insurance
Premium payments, death payouts, and the savings component of universal policies are all customizable. This is different from term insurance that covers you for a defined period of time. It covers the insured for their entire life and cash is distributed to the beneficiaries. Universal Life also provides a variable premium plan that can increase the death benefit.
Why is Experior Financial Group the best?
Experior Financial experts are professionals in helping seniors with their insurance needs. We work with the best companies and insurers for the best rates and benefits. Canadians can count on us to bring seniors a quote they can trust for insurance they need.
Our agents can help you find insurance that covers your specific needs, including those for specific diagnoses such as diabetes or high blood pressure. There are some life insurance types that can be issued without a medical exam. The older you are, the less of a selection you will have to get coverage and the more of an investment your life insurance rates will be. An Experior associate will get you a life insurance quote for seniors from trusted companies. We can also provide quotes or referrals for medical life insurance, home insurance, and auto insurance.
Seniors can be apprehensive when buying coverage, especially if they do not know the insurance broker or agency. Our brokers will deliver appropriate life insurance quotes based on the information you provide.
We have specialists in your province who can help you with your life insurance options and make sure you have the proper life insurance.
Our brokers work with most of the major life insurance companies in Canada and can offer all the options for seniors life insurance. Our associates are licensed to shop for the best possible quotes and insurance policies for you and can assist with estate planning.
