seniors-life-insurance

seniors-life-insurance

We like to think that when we retire, we would be free of debt and financial obligations.  We should be able to spend our savings as we like.

Unfortunately, more Canadians today are still carrying a load of debt by the time they reach their 60s.  This poses a significant risk to surviving family members.

Males born in Canada in 1990 have a life expectancy of 74 while females on average live until 81, according to the World Health Organization.  Longer life expectancy makes it necessary for seniors to have life insurance.

If your term life insurance has expired and you’re wondering if you still need life insurance, it is best to check out your free life insurance quote now.

 

Why Seniors May Need Life Insurance Today

In their golden years, seniors are not sure if they still need life insurance. To find out, ask yourself the following questions:

Do you still have debts?

Will your spouse have sufficient income if you are no longer there?

Are you earning an income that will need to be replaced?

Do you want to leave something for your loved ones?

How will you pay for final expenses?

Your answers to these questions should help you decide.  Many seniors still obtain life insurance protection because of debts that would need to be covered.  They also want to make sure their loved ones will not have to worry about their final expenses.

 

Eliminate the burden on your loved ones

Death is something we cannot prevent and it does come with a lot of expenses.  These expenses can be as little as $20,000 or twice that amount.  Here are some costs that could be part of final expenses:

  • Funeral and burial fees
  • Legal and probate fees
  • Medical bills
  • Credit card balances, mortgage pay-off, and other loans

You wouldn’t want your family to worry about these expenses.  Thus, it is recommended that you ensure you have a life insurance policy in place for when the time comes.

Life insurance benefits can be used for convenience as they are generally available a week after a claim.  You can make sure funds are readily available fast so that your beneficiaries will not have to worry.

 

No medical exam insurance for seniors

Because of your unique age, you may have health conditions that would make it hard to obtain life insurance cover.  There are major life insurance companies that offer no medical life insurance for seniors.  There is also guaranteed acceptance insurance for seniors with medical conditions.

Guaranteed life insurance is offered by major insurers for individuals usually up to 75 with no medical questions asked.  For as long as you pay premiums, you are assured of insurance benefits for your loved ones.

However, no medical exam life insurance must only be used if you cannot qualify for a regular policy. They are more expensive and frequently provide limited benefits.

 

Bequeath Cash Benefits to Loved Ones

You can also plan to bequeath cash benefits to your loved ones. Your life insurance benefits can be inheritance left to your spouse or your children.  Because death benefits have tax advantages, this gift can be most welcome to family members after your passing.

Whatever your reasons for wanting life insurance for seniors, you can obtain a free life insurance quote to shop for the best rate.

 

Seniors who are still Working Need Life Insurance

While majority of people retire by age 65, there are those who continue to work during their retirement years.  There are still seniors who find it necessary to augment their savings with a business, a job, or an income in retirement.

Even with savings in the bank at 65, inflation may leave you with less money to spend than you bargained for.  Thus, a lot of people choose to continue working past the recommended age of retirement.

If you are still earning an income, you will need adequate insurance cover to replace lost income.

 

Affordable Senior Life Insurance Options

Seniors look for life insurance that can cover them throughout their lives.

Term life insurance may no longer be appropriate.  If a 65 year old man obtains 10 year life term, he may find it difficult to obtain new cover at 75. The premiums rise significantly after each renewal.

It may be advisable to obtain whole life insurance.  This can be more affordable than term life especially if you don’t focus on the cash value or investment components.

 

How much are Life Insurance Premiums for 60-69 Years Old?

Want to know how much life insurance costs at your age? Below are sample premiums for 20 year term for individuals aged 60 to 69.  Premiums for non-smokers are much lower than for those who smoke.

 

Age Male Non-Smoker Male Smoker Female
Non-Smoker
Female Smoker
60 $217 $255 $145 $255
61 $236 $278 $158 $278
62 $256 $305 $172 $304
63 $278 $335 $188 $335
64 $302 $362 $205 $364
65 $335 $399 $228 $397
66 $366 $428 $246 $425
67 $410 $459 $267 $457
68 $442 $490 $291 $491
69 $480 $527 $316 $580

** Amount of Cover for $200,000 for 20-year term
** Amounts will vary among insurers

 

5 Secrets to Saving Money from Life Insurance for Seniors

Life insurance for seniors does not have to cost an arm and a leg.  Here are some secrets to saving money on your life insurance premiums.

 

1. Don’t buy more than you need.

Your level of need for life insurance would have changed from the time you were younger to now.  You have a lower financial risk from obligations or debts. Don’t automatically renew your term life insurance. Consider getting a lower amount of cover to save on life insurance costs.

 

2. Shop around for the best life insurance rates.

Life insurance companies offer different rates. It all depends on underwriting.  Take advantage of lower costs by shopping around and obtaining free life insurance quotes online.

 

3. Join organizations for seniors.

There are various organizations that provide life insurance discounts.  But take the time to check that the insurance will be worthwhile.  No matter what type of insurance you buy, always read the fine print of the policy.

 

4. Speak to an experienced insurance broker.

It is important to know your life insurance options.  People who are over 60 should carefully balance the need for insurance protection with affordability.

 

5. Compare the wisdom of renewing term cover or obtaining whole life insurance.

If you are still healthy, consider converting your term life to whole life insurance.  Depending on your age and state of health, whole life may now be cheaper than term life.

We invite you to fill-out our request form so you can receive the best rates from top Canadian insurance companies.

 

Try to Get Cheaper Life Insurance with Compare Insurances Online

The best way to save money on life insurance is to compare offers from many insurers.

Our partners (all insurers and insurance brokers) have access to over 20 insurance companies.

Obtain your free life insurance quote by one of our partners by filling out our free online form.  Fast and easy, this service is obligation-free.

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