Life
What Is Life Insurance And How Does It Work
What Is Life Insurance And How Does It Work Ever wonder what’d happen to your loved ones if life throws
July 25, 2023
Life insurance for seniors is an opportunity for older individuals to find coverage even with pre-existing medical issues. It’s a way for people to make sure that debts and final expenses and incomes are taken care of.
We’ll take a closer look at some of the various kinds of life insurance that are available to seniors.
For instance, there are policies that are specifically tailored to seniors. These policies provide coverage to cover medical debts and other costs that may arise when someone passes away.
At the same time, there are also policies that provide larger coverage amounts. This is ideal for seniors who want to leave behind a legacy or provide financial support for their family members.
Life insurance can provide peace of mind and allow seniors to live out their days in comfort and security, knowing that their family and loved ones are taken care of.
“Seniors are needing life insurance more than ever and in Canada there is an increase in an amount of debt that a lot of seniors have and more people are carrying a mortgage into their later years so that puts a stronger emphasis on life insurance for seniors.
Now, if seniors are looking into life insurance, they gonna wanna decide if they want a traditional life insurance policy where it is fully underwritten or a simplified issue type policy where there are no medical tests and series of health questions. They also gonna wanna decide if they want Term Insurance where the rates start off lower and go up as you get older or if they want a permanent policy where they start off a bit higher but never get up as you get older.
When you looking into your life insurance, you gonna wanna work with an independent broker who can find you the best deal and the best plan for your particular situation.”
Seniors’ life insurance, if you are not looking for huge coverage, is quite affordable, especially if you can qualify for more cost efficient insurance types.
Your age matters though – while you are 60 or 65 you can easily qualify for much cheaper insurance policies which will not be available to you if you are 80 ore 85.
Female, 65 years old, Standard Life insurance, Term 10 Coverage of $75,000
Best quote
Standard: $55 / month
Female, 60 years old, Simplified Issue life insurance Coverage of $75,000
Best quote
Standard: $138 / month
Male, 65 years old, Standard Life insurance Coverage of $50,000
Best quote
Standard: $52 / month
Female, 80 years old, Simplified Issue Life insurance Coverage of $8,000
Best quote
Standard: $75 / month
Life insurance for seniors comes in three major shapes and forms: Standard (also called Traditional Life Insurance), Simplified Issue Life Insurance, and Guaranteed Issue Life Insurance.
“Young” seniors aged 60-65 can easily qualify for standard life insurance for seniors, whereas if you are in your 70’s or 80’s you might need to go for a Simplified Issue Life Insurance for Seniors, or Guaranteed Issue Life Insurance.
There are two major types of life insurance for seniors with no medical exam:
Guaranteed Issue Life Insurance (also called Guaranteed Life Insurance) has nearly zero hurdles to get a policy but it would cost you more for the same amount of coverage as Simplified Issue Life Insurance.
If you are over 80 years old, insurance companies typically treat you a bit differently than younger seniors. As a rule, some life insurance policies such as traditional term life insurance policies will not be available to you.
At the same time, there are several avenues that are open to you in the form of no medical life insurance. You are often able to qualify for guaranteed issue life insurance (also called guaranteed life insurance) policies and, in some cases can also qualify for a simplified issue life insurance policy. Our insurance specialists can find you a tailored life insurance plan for seniors.
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