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Best Life Insurance For Seniors Over 60

Admittedly, aging can be a scary process, particularly if you are unprepared for purchasing an insurance policy. The good news is that there are some great options available for people over the age of 60. Although it’s true that life insurance policies get more expensive as you age, many Canadian life insurance providers will work with seniors even if you have health problems or have a preference of opting out of a medical exam.

Why do seniors over 60 years old need life insurance?

Fear of retirement can be overwhelming for seniors who are getting older and closer to retiring. They may not always feel secure about their future and not having life insurance coverage can add to that worry. A variety of needs can arise as you age, in fact, people over the age of 60 have the same chance of needing life insurance as younger people so it is essential that they have life insurance coverage.

Planning ahead ensures you have life coverage for things such as providing for funeral and final expenses, funds to pay taxes, provisions to leave a legacy for future generations, and funds to replace lost income. At Experior, we care about our clients and will work with you to ensure you have the best coverage possible for your stage of life.

Life insurance for seniors in Canada

If you leave a large part of your estate as cash, your family and loved ones will not have to struggle or worry about final expenses and burial costs. However, as is the case for the vast majority of Canadians, preparing for end-of-life expenses can be scary and daunting, and depending on your culture, and religious belief, funerals can be expensive. In addition to the burial or cremation expenses, funeral costs can include things such as food, flowers, clergy, transportation of loved ones so the funeral expenses can add up quickly. When you pass away, your spouse or other beneficiaries will receive the death benefit proceeds from life insurance policies and that money can be used to pay for final expenses, credit card debts, property taxes, and funeral costs. Other plans may include pre-planning arrangements that cover all costs if arranged prior to the passing of a loved one.

A couple of happy insured retirees

Many families in Canada have a family member who remains the primary income earner until they reach retirement age as retirement would bring an end to the inflow of funds in such households. If the family’s primary income earner passes away unexpectedly, this would leave the spouse and children with no savings to handle financial matters. In such cases, a life insurance policy would serve as an investment vehicle as well as a source of income at the end of the policy period.

Just like Experior’s mission, many Canadians want to leave a legacy behind for future generations. The death benefit can be used to pay for a grandchild’s education or a house down payment; however, it may make sense if the client has a high net worth to provide sufficient life insurance and estate planning to cover estate probate and capital gains tax. Life insurance purchased for the purpose of charitable giving is not only the most unselfish gift but it also provides tax relief while the insured is alive or a lump sum deduction on death.

Finding the right life insurance policy can provide peace of mind and help seniors feel more comfortable as they start this next chapter in their lives. Some believe that only young people with dependents or those with large debts are thought to need life insurance. However, insurance for seniors is also needed. Life insurance benefits seniors as well as their loved ones in a variety of ways. Insurance provides protection and financial security for people with few liquid assets by eliminating the financial pressures on surviving family members.

Recent LIRMA Study

The Life Insurance Marketing Research Association, a worldwide organization, found that the number 1 reason consumers purchase Life Insurance is for Burial and Final Expenses. No one wants to burden their family with the costs of final expenses.

How much does life insurance for seniors cost?

There are many factors that determine the cost of insurance policies. The primary factors include your sex, age, smoking status, health issues, and type of life insurance you are applying for. When it comes to choosing the right type of policy, clients have the option to choose between policies with an investment portion or non-investment portion. Understandably, plans with an investment portion typically cost more than non-investment policies. Experior Financial Group offers an expert financial analysis to help determine the best life insurance policy to meet your needs. 

What are the main types of life insurance for seniors?

The types of life insurance for seniors depend on an individual’s situation. In particular, the end result of the insurance recommendation for seniors is generally permanent insurance. This insurance coverage provides for a permanent solution and prevents debt burden, burial costs, and funeral expenses on the family of the senior. The life insurance policies leave money behind for the loved ones. There are also pre-need policies that will pay directly for the funeral home and burial place; if covered, the family would not have to pay a penny out of their pockets. The best type of insurance for seniors depends on the situation of the insured and their needs


Almost every life insurance company offers whole life insurance plans to retirees, which include coverage investment components that can help to offset inflation. Seniors’ Whole Life insurance is a policy that covers the insured for the remainder of their lives. Plans are available up to age 85, and death benefits range upwards of $5,000. The majority of Whole Life insurance burial expenses have a fixed premium that will not change as long as the policy is active. Whole Life insurance offers a death benefit for the rest of the insured’s life. In addition to paying a death benefit, Whole Life has a guaranteed feature where cash values will accumulate tax-deferred, and in the case of PAR policies,  the amount of the death benefit increases. In contrast to limited Term Life insurance, Whole Life insurance lasts for the entire life of the senior. 

Happy insured senior.

Unlike permanent insurance, Term Life is a form of coverage that provides protection only for a specified period of time. If the insured senior dies within that term period the death benefit is paid to the senior’s beneficiaries. These policies only guarantee the death benefit and lack investment features like Whole Life insurance. Premiums for the coverage are determined by a person’s age, medical exam, size of term, and life expectancy information.

The term of your insurance policy and your death benefit will vary by length of the term, 10, 15, 20, 25, 30, 35 year or to Age 100, and face coverage amounts from $25,000. When the Term Life insurance policy expires and the policy provides for renewability, the senior has the option of renewing it for another term, or converting the policy to permanent coverage. 

If a senior assumes he or she is going to outlive their term policy, but wants to be covered in the future, they may want to convert their term policy into a Whole Life insurance policy. Converting the policy may be the best option, as it is very common for premiums to increase alongside age. The expert associates at Experior Financial Group find you the best life insurance rates to ensure your family is protected for years to come.

How can Experior Financial Group provide the best life insurance for seniors?

There are many benefits of working with an Experior associate when considering purchasing insurance for seniors in Canada. Unlike other life insurance agents, Experior Financial Group associates take a holistic approach into helping families find the right life insurance policy and coverage to fit their needs. We assist seniors in making vital decisions concerning life insurance rates, and planning for final expenses such as burial insurance. Experior Financial Group associates take the time to meet with families and thoroughly explore the best type of life insurance for seniors and living benefits. Not only do our associates assist with life insurance options, we are also able to help with retirement planning, investments and more.

These are the attributes that distinguish us from the other agents in the market. Our financial professionals ask health questions, deliberate and search the markets for life insurance coverage that fits the client’s insurance needs.

Most importantly, Experior Financial Group helps clients to save money and spend less on the right insurance coverage. Our associates are skilled at saving money, reducing taxes, and making sure that the beneficiaries are properly protected when seniors retire. Our assessment is free and we offer the best quotes and options for coverage such as expense insurance to fit your exact needs. Our professionals can help you find the best insurance option at the lowest expense and provide you with the most complete coverage.

Our financial associates help clients with expense reduction and how to stay motivated through financial hardship.

Experior Financial Group provide the best life insurance for seniors

In order to support the clients, the associates visit them in the comfort of their house (or online if preferred during times of COVID-19) and discuss the policies and life insurance options. Our associates will help assist with insurance claims and with any questions you may have. Experior Financial Group works with the best insurance providers in Canada and delivers living benefits and coverage options that can be combined with medical life insurance. We provide senior life insurance quotes and information. 

Contact us for insurance quotes today! In most cases, regardless of your age or medical conditions we can get you a no medical exam policy. Provide us with your information in the contact form on this page and we will put you in touch with one of our experienced associates!

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