Senior Citizen and Life Insurance – Items to Think about
For those of you looking for life insurance but are a senior, the Canadian marketplace has now changed. Costs have gone down in most instances, but at the same time, insurance companies are looking more intently at certain risk factors such as lifestyle and travel.
For the mature generation taking out life insurance, there are six facts to think about.
1. Life insurance up to the age of 85 is now quite commonplace. There is a multitude of different rate available as well as noticeable differences in prices when you are 65, 75 or even 85. What a lot of the population fail to consider is the best time to purchase life insurance is now, that’s because you are looking at today’s rate.
2. Face amounts can be as low as $5,000 and charges can be as low as $20/month. We can give a quick life insurance quote for traditional life insurance immediately.
3. At the age of 69 you will find that alot of creditor insurance plans have come to an end. For those of you approaching retirement age or have in fact retired already, rather than looking at creditor insurance you should think about individual life insurance, especially if you are in good health.
4. Preferred rates are accessible to those in good health and with an exceptional family health history.
5. Another option to think about, which usually comes with cheaper premiums, is last-to-die coverage which is provided at most insurance companies. Insurance like this pays the money out when the last surviving spouse dies and it pays out a tax-free death benefit to the estate. As the charges are paid longer and the proceeds do not usually have to be paid until further into the future allows the premiums to be kept down.
6. Simplified Issue policies are on offer for individuals with health issues. With no medical tests this could be the scheme for you, but be aware that you will still have to complete the medical questions on the application. The applicant should make sure that they select a scheme that carries the largest number of health questions they can say no to. Schemes with no health questions carry the highest charges (since it groups together the insured people with the poorest health) and these plans have a two-year waiting period for the death benefit.
