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Life insurance for the mature generation has changed significantly in Canada. There are now smaller premiums available for those of you contemplating taking out life insurance; but, the applications are being scrutinized more closely for risk factors.
The following are six factors to investigate into when contemplating life insurance as a senior:
1. Life insurance up to the age of 85 is presently quite usual. There is a multitude of different rate available as well as marked differences in prices when you are 65, 75 or even 85. If you look at the rate’s now you will see that this is the best time to search for and buy life insurance.
2. By searching the marketplace you can find low premiums (around $20) and low face amounts. (around $5,000). You can find a quick quote for traditional life insurance at our quick life insurance quote page.
3. Many creditor insurance schemes end at age 69. People who are approaching retirement or are currently retired and in good health should contemplate individual life insurance options instead of creditor insurance.
4. An excellent family health history as well as superb personal health gives you the opportunity to receive the preferred rates.
5. Another option to consider, which usually comes with lower premiums, is last-to-die coverage which is available at most insurance companies. This form of insurance is bought primarily for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse. As the costs are paid for a greater period of time and the monies do not typically have to be paid until further into the future allows the premiums to be kept low.
6. If your health isn’t the best then think about the Simplified Issue policies you can buy. With no medical examinations this could be the scheme for you, but be aware that you will still have to fill in the medical questions on the application. Check through the health questions and see how many you can say no to; go through a number of companies until you discover the one that you can answer the most number of no’s. With a two year waiting period for the death benefit and very high costs, think carefully before looking for schemes that require no medical details.
