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Seniors Life Insurance: Six Factors to Consider
Insurance options out there for seniors.
The Canadian marketplace has changed dramatically for seniors looking for life insurance. Premiums have gone down in most instances, but at the same time, insurance companies are looking more closely at certain risk factors such as lifestyle and travel.
The following are six factors to look into when considering life insurance as a senior:
Many insurance companies now offer life insurance to individuals up to age 85. However, the rates vary significantly between ages 65, 75 and 85. The best time to look into life insurance is at your current age because you'll be looking at today's rate. Face amounts can be as low as $5,000 and premiums can be as low as $20/month. You can get an instant quote for traditional life insurance at our Instant Quote Page . Many creditor insurance plans end at age 69. Individuals who are approaching retirement or are currently retired and in good health should consider individual life insurance options instead of creditor insurance. More information can be found at our Facts on Mortgage Insurance article. Preferred rates are available to those in excellent health and with an excellent family health history. For more information see Understanding Preferred vs. Standard Rates. Many insurance companies now offer last-to-die coverage at a lower rate than traditional life insurance. This form of insurance is used primarily for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse. It's because the the insurance proceeds are paid out further in the future that the cost is substantially less. Simplified Issue policies are available for those with health issues. These policies do not have medical tests, but they do have health questions. The applicant should make sure that they select a plan that carries the greatest number of health questions they can say no to. Plans with no health questions carry the highest premiums (since it groups together...