• Life Insurance when you’re over 60: secure your financial heritage
• Whole life insurance and its advantages from age 60 onwards
• Is term life insurance worth it when you’re over 60?
• Life insurance for personal disability when you’re over 60, is it necessary?
• Life insurance for serious illnesses can help you manage when you’re over 60
• From age 60 onwards, there are hospital fees to consider: long-term care insurance
• 60 years old and up: guaranteed issue life insurance without medical examination
• Inherent risks you face when you’re over 60
• Many dangers await you in your 60s
• Life expectancy from age 65 onwards: life insurance becomes important
• Life expectancy throughout time, where were you 60 years ago?
• Costs that can ruin you when you’re over 60
• Hospital bills can sap your assets, from age 60 onwards, how to prepare for it
• From age 60 onwards, do you need to spare money for a retirement residence?
• Manage your own funeral when you’re over 60 to spare your family your passing’s fees
• How much money will remain for your family? : Life insurance to the rescue when you’re over 60
• Check out your life insurance options if you are 60 years old or up
• The importance of comparing when you’re over 60: our comparison tool does it for you

Often we hear the elderly say that family values are being lost: that young people no longer respect their parents. Politeness and etiquette are relics of the past and are replaced by social networks and gadgets. As parents or grandparents, we aim to convey those values which shape our society and define us as a nation.

This new age of technology has transformed the very core of our upbringing but we all know that true values are shared among people. By spending time together, we help improve personal relationships and foster the growth of the youth who live in an era far different from ours.

It is always our utmost desire to improve our family’s way of life, even after our death. We love them and dare to hope that making their lives easier will help them prosper and bloom. We assuredly don’t want to become a financial burden when the time comes.  Although a significant part of our existence has come and gone, we want to give them a final little nudge for the future.

Getting life insurance in your sixties guarantees an inheritance or, at least, the absence of debts for our loved ones. It is a very legitimate idea to think about our legacy and how to pass on our financial heritage to future generations.

Invest some minutes of your time in filling out the form at the top of this page to receive assistance from one of our partners (which are all insurers and insurance brokers) in the field of life insurance, free of charge! Fill out this form with your questions and expectations about your legacy. Our partner will provide you with a life insurance proposal based on your needs.

You’re 60 years old or more: find life insurance at a fair price!

It’s possible you’ve been refused life insurance coverage by insurers if you’re 60 or older because of declining health. If that is the case, we present you with some options and the way to find an ideal substitute. Take a few minutes of your time to read this article. It can help you to save a lot of money or find other options out there.

Several reasons can lead you to subscribe to a life insurance policy from age 60 onwards (these reasons are more than normal). At this point in your life, you mostly wish to :

• ❖ Guarantee your loved one’s financial security (children, grandchildren)
• ❖ Secure your investments (properties, liquidity and family property)
• ❖ Inject capital into safe investments (RRIF, TFSA, LIF)

There are numerous options in life insurance that meet your financial goals. Either by using a new investment method, by securing your assets, or by shielding you from the unthinkable with a sufficient coverage to leave a worthy legacy, life insurance covers all those needs when you’re over 60.

Life Insurance when you’re over 60: secure your financial heritage

An unfortunate incident can sometimes ruin the efforts of a lifetime. From age 60 onwards, we’ve all heard horror stories about someone we know who spent all his savings on hospital bills for long-term care. One must protect himself from the financial disaster a serious illness could bring. If not for you, do it for your family.

By protecting the value of your assets, you preserve the fruits of your labour. Why let chance determine the fate of your assets? Life insurance from age 60 onwards takes care of your savings and more. Doing this will spare your family from taking drastic measures to pay for your funeral expenses. If you subscribed to a life insurance from age 60 onwards, your heirs will avoid taxation and probably save several thousands of dollars on taxes after your death.

Plan your financial heritage by subscribing to life insurance from age 60 onwards. How will you divide the inheritance? How much will you leave to:

• Your spouse
• Your children
• Your siblings
• Charities
• Long-time friends

Here’s a list of the types of life insurance we’ll address in this article. Each has its pros and cons. One of them saves you money and even allows you to buy out part of your contribution if you require liquidity. Another offers superior coverage at low prices and the last one can’t refuse you, but its premiums are substantial.

• ➢ Whole life insurance from age 60 onwards
• ➢ Term life insurance from age 60 onwards
• ➢ Disability insurance from age 60 onwards
• ➢ Critical Illness Insurance from age 60 onwards
• ➢ Long-term care Insurance from age 60 onwards
• ➢ Guaranteed issue life insurance from age 60 onwards

As you can see, life insurance comes in various forms and can help to cope with several aspects of your life. A lot of people accumulate life insurance policies to cover different needs. What should you do? In Quebec, the average household’s life insurance amount paid is $316,000.

Whole life insurance and its advantages from age 60 onwards

​​​The first (and certainly not the last) option in life insurance, whole life insurance from age 60 onwards meets all expectations. It provides coverage against all odds, without increasing premiums, regardless of changes to your health status. Whole life insurance is non-taxable and can cover all of your debts (including funeral expenses), leaving sufficient funds for an inheritance to be divided among your beneficiaries or given in part or in full to charities. You alone get to decide on who your beneficiary or beneficiaries are.

There are numerous choices before you that can tailor whole life insurance to meet your needs such as:

• The payment period (10 years, 15 years, 20 years, up to 100 years)
• The amount ($1000, $100,000, $1,000,000, or more)
• The savings contribution (like an investment, is non-taxable, up to a point)
• Modify your coverage without the need for a medical examination.
• Cash values can be obtained to recover a portion of the amount if you require cash.
• In case of a disability, a possibility of cessation of payments to help you financially.

Furthermore, your premiums won’t rise as long as you make the payments. No nasty surprises! Here are the criteria that will determine the cost of your premiums :

• Your sex (more expensive for a man)
• Your age (it’s more expensive if you’re older)
• Your tobacco consumption (a smoker pays approximately 20% more than a non-smoker)
• Your general state of health (a form must be filled out)
• If you already own a policy with your life insurance company (if so, you get a rebate)

Here are concrete examples of premiums based on a sum insured of 100 000$ with cash values. Please note that prices vary from one company to another, from one year to the next and based on the factors noted above.

CONCRETE EXAMPLES OF PREMIUMS FOR WHOLE LIFE INSURANCE AT 60 YEARS OLD

Whole life insurance offers many options you won’t find anywhere else. If you’re healthy, request for life insurance from age 60 onwards. However, since premiums can be quite expensive, don’t let it become a burden. Term life insurance is far more affordable. Find out more about it below.

Is term life insurance worth it when you’re over 60?

Term life insurance is the best way to obtain good coverage at affordable prices. It’s ideal for ensuring the payment of your debts and leaving a useful legacy to your loved ones. Term life insurance from age 60 onwards, it’s so simple! It helps people who can’t afford whole life insurance for short or longer terms.  The length of each term varies, depending on your contract. Go for a longer duration because each renewal requires a medical exam which could make your premiums go up.

It’s renewable at the end of each term. Several companies offer terms like:

• 5 years term life insurance
• 10 years term life insurance
• 15 years term life insurance
• 20 years term life insurance
• 100 years term life insurance

If you wish to save up enough cash to cover your debts and leave behind an inheritance to your family, term life insurance from age 60 onwards will take care of your needs. You can obtain a non-taxable payout at an advantageous rate!

Some insurers do not allow a subscription to this life insurance from age 65 or 70 onwards. If you sign up before that time, you’ll be given the opportunity to turn it into whole life insurance coverage, without a medical examination.

Just like in whole life insurance from age 60 onwards, term life insurance gives you a break in your payments in case of disability. Make sure to read all your options when you sign your contract.

Here are some examples of term life insurance prices in the market. All prices vary from one company to another. In this chart, the amount of insurance is fixed at $100,000.

CONCRETE EXAMPLES OF PREMIUMS FOR TERM LIFE INSURANCE FROM AGE 60 ONWARDS

When comparing these prices to whole life insurance, you will notice that the costs are much lower for term life insurance from age 60 onwards. It may be in your best interest to consider if personal disability insurance could be beneficial for you.

Life insurance for personal disability when you’re over 60, is it necessary?

In the event of a regrettable accident or disease, personal disability insurance compensates for your loss of wages. This protection allows you to receive regular payments during your period of recovery so that you don’t have to rely on your savings. You’ll receive 5 times of your monthly annuity upon the diagnosis of a heart attack, cancer, or severe illness that is included in a list of over 25 illnesses covered. Even if you don’t return to work, you will still receive this non-taxable amount.

Depending on your financial obligations, the personal disability insurance from age 60 onwards will continue paying for your mortgage and your investment contributions (TFSA, RRSP, RRIF, etc.). Select the waiting period (between 14 days and 2 years), the monthly annuity (from $400 to $8,000), and the payment period (between 2 years, 5 years, or until age 65.)

Personal disability insurance from age 60 onwards is perfect for:

• Self-employed persons or contractual workers
• Individuals without a group insurance
• Entrepreneurs or specialists
• Individuals with several dependents

Increase your annuity according to your income without a medical examination. A part of the indemnity can support you if you go back to work part-time. In the event of a full disability for over a year, your annuity will be re-evaluated.

Life insurance for critical illness can help you manage when you’re over 60

This affordable insurance helps you get through financial difficulties after a serious illness such as an infectious disease or cancer. As soon as you get diagnosed, a serious illness (part of the list in your contract), the life insurance for serious illnesses deposits a non-taxable sum in your bank account. Premiums for this life insurance are very low, starting around 8$ for singles. It works really well with another life insurance from age 60 onwards.

• ➢ A sum of $12,500 is remitted to you if you are between 55 and 74 years old
  ➢ A sum of $25,000 is remitted to you if you are 54 years old or less
  ➢ If the diagnosis reveals an infectious disease, you receive 50% of the amount
  ➢ In case of death, paid premiums are reimbursed

Here’s the list of infectious diseases covered by most of the insurance companies:

• E coli. infections
• Lyme disease
• West Nile virus infection
• Bacterial meningitis
• Flesh-eating disease

Adding this insurance will definitely enhance your protection. Furthermore, a family discount is usually offered by insurers to help you save on premiums.

From age 60 onwards, there are hospital fees to consider: long-term care insurance

Nowadays, hospital corridors are filled with beds and rooms are crowded with patients. There is an extensive list of people waiting for surgery. Staying in the hospital increases your life expectancy but at the same time, it also rapidly eats up your savings. You may prefer to receive quality medical treatment from home or stay in a private long-term care clinic. Long-term life insurance will assist you when you need care after a serious illness or accident by paying you a non-taxable monthly annuity.

Why choose this insurance from age 60 onwards:

• To avoid losing your savings due to medical expenses
• The annuities are non-taxable and can be used as you like
• To avoid becoming a financial burden to your loved ones or obligating the people you love to take care of you

Usually, insurance companies won’t demand invoices and will let you determine your coverage as well as the annuity’s length and waiting period. If there’s a significant increase in the cost of living, contact your insurer or insurance broker to increase your annuity.

60 years old and above: guaranteed issue life insurance without medical examination

Let’s say that all the previous options mentioned above are no longer possible. If that is the case, please note that guaranteed life insurance from age 60 onwards only offers modest coverage and its costs are higher than other types of life insurance. If guaranteed issue life insurance is the only option, then you don’t have much choice. Consult an insurer or a life insurance broker through the online form on this page to confirm.

As the name implies, your admission is guaranteed without having to fill out a long document. Your medical history is of no interest to the insurer. Your premiums will more than cover any risks associated with the state of your health.

The following are the requirements:

• To be between 40 and 75 years of age
• To be a Canadian resident

A lot of people are tempted by the fact that they will never be refused coverage. Life insurance companies reinforce this idea with publicity at every turn. They do that for a reason; it can be very profitable for them.

Verify your eligibility to term life insurance again before you consider guaranteed issue life insurance.

If it is really impossible for you to get term life, then let’s discuss guaranteed issue life insurance.

To understand what is guaranteed issue life insurance from age 60 onwards, let’s establish its advantages:

• Coverage (it’s up to you) between $5,000 and $25,000 (maximum of $20,000 for some insurers).
• As with most life insurance, the benefit is non-taxable.
• Free premiums past your 95^th birthday
• Fixed premiums so you know what to expect.
• No termination of contracts once signed. Make sure to read the fine print; some contracts take 2 years before giving you access to the benefits.
• Accidental death multiplies your benefit by 5 (ex. $5,000 coverage becomes $25,000).
• If you die before you reach 85 years old and your contract has been signed for at least 2 years, the amount paid will be multiplied by 5.
• If a doctor diagnoses you with an illness (terminal) with less than a year to live, you obtain a cash advance worth 50% of your coverage.

You’ll save approximately 20% on your premiums if you are a non-smoker. To simplify your task, insurance companies let you decide how to pay your premiums: MasterCard, American Express, Visa, or direct payment from your financial institution. Accumulate bonus AIR MILES ™ while paying your premiums.

Your first thought before subscribing to this life insurance from age 60 onwards should be to get enough money to cover your funeral expenses. The rest will serve to pay off your debts and leave an inheritance to your beneficiary.

Let’s now compare the premium costs for each type of life insurance from age 60 onwards. We’ll use the average cost on the market for both sexes.

COMPARATIVE TABLE FOR PREMIUM COSTS BETWEEN THE DIFFERENT INSURANCE TYPES

It is easy to see that premiums become really expensive when you’re over 60. If you don’t have a lot of money to spend on insurance premiums, choose guaranteed issue life insurance from age 60 onwards to defray your funeral expenses.

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Inherent risks you face when you’re over 60

At a certain age, we all experience this sword of Damocles hanging over our heads; the fear that the end is near. We’ve all been told to practice good nutrition, personal hygiene, to exercise, to keep good company and be happy but the finish line is coming one way or another, whether we like it or not. Our loved ones won’t mention the prospect of our own mortality out of the goodness of their heart but from time to time, we wonder how we’ll leave this world. Life insurance from age 60 onwards provides some reassurance regarding this reality.

Fortunately, we can prevent most of the dangers awaiting us with in-depth statistics on the subject. Let’s look at the principal risks for people in their sixties.

Many dangers await you in your 60s

The 10 main causes of deaths in Canada

as compiled by Statistics Canada according to gender in 2013) are those illnesses which have been ravaging the Quebec population for a long time now.  Below are comparative tables:

10 MAIN CAUSES OF DEATH (MEN)

Statistics Canada compiled that data and also included details linked to age. To better understand where those dangers come from, let’s see what they prepared.

DEATHS PER AGE GROUP (MEN AND WOMEN ALIKE)

By analyzing this data, we find that cancer remains the worst danger we’ll face.

40% of tumors that appear depend on our lifestyle and behaviors. If we could get rid of the risk of developing cancer by as much as 40% by following some simple steps, shouldn’t we grab the chance?

Some useful tips from the French National Cancer Institute can help avoid the risk of developing this treacherous disease: 

• ✓ Do not drink alcohol (it’s a known carcinogen)
• ✓ Do not smoke (biggest cause of death)
• ✓ Eat well (avoid red meat, deli meats and salty food)
• ✓ Protect yourself against UV radiation (cover yourself, use sunscreen, wear a hat)
• ✓ Exercise regularly ( at least 30 minutes of physical activity per day)

Prevent the unthinkable by taking care of yourself. From age 60 onwards, sensible choices about your health often determine your medical condition. Avoiding some bad habits and following good resolutions can sometimes extend your life expectancy by 20 years.

Life expectancy from age 65 onwards: life insurance becomes important

Statistic Canada published a study in 2012 titled “Life and death expectancy” which illustrates several important factors. Do you know the life expectancy of a newborn or that of a woman 65 years old? Let’s contemplate the results in this table:

We learn many things, notably, that with the passage of time, life expectancy is extended due to medical advancements such as new drugs being discovered each year and the adoption of healthier lifestyles by many Canadians.

Life expectancy throughout time, where were you 60 years ago?

Some time ago, modern medicine couldn’t easily cure certain dreaded diseases like it can today. Times were harder and accidents were more dangerous. In 2012, Statistics Canada produced information about life expectancy from birth according to sex and by province.  There is clearly a significant progression due to advancements in medical research and the evolution of methods for disease prevention.

Life expectancy, from birth according to sex and by province

It is noteworthy that in 1932, a woman had an average life expectancy of 62 years. Today,  improved healthcare has increased it to 86.5 years, at least 24 years more than before (based on the LIFE EXPECTANCY ACCORDING TO THE PERIOD OF LIFE). Excellent news for everyone!

Costs that can ruin you when you’re over 60

With longevity also come expenses: housing, food, clothing, etc. How can one cope with these expenses over time without an immediate source of income? There are, of course, the social security pensions and the Guaranteed Income Supplement but these sums don’t pay for everything. Rising housing costs and long-term care costs also don’t help the situation.

Here are the expenses you have to prepare for from age 60 onwards.

• ❖ Hospital costs, long-term care
• ❖ Costs of living in a retirement home
• ❖ Funeral expenses (cemetery or columbarium costs)
• ❖ Inheritance.

Let’s study them in detail.

Hospital bills can diminish your assets from age 60 onwards: How to prepare for healthcare costs

The first time you have to remain in the hospital for an extended period makes you realize that your comfort will necessitate spending a huge amount of money. Who wants to live in a constantly noisy environment?  Even though incidental expenses were supposedly abolished in hospitals effective January  2017, many people wake up from an operation with an enormous bill to pay. Read this article in La Presse.

A quick look on the internet will show that the cost for a private room as of January 2017 with a telephone and bathroom in Quebec City was $248.21 per day. It’s astronomical! Did you know that the cost for recovery time after a hip surgery can reach as much as $1,737.47?

Statistics Canada has addressed the issue in 2012 to find out “Average unreimbursed healthcare costs of households from 1997 to 2009.” The chart is divided according to the average Canadian household incomes of the first quintile (poorer) or fifth quintile (richer).

Average healthcare costs not reimbursed per Canadian households

From age 60 onwards, do you need to have money for a retirement residence?

Unfortunately, the answer is yes. A La Presse article published in April 2015 showed the dark side of retirement homes. It’s not enough that they cost an arm and a leg, they also eat up all of your savings. Here are the important details to remember:

• Standard housing in a private residence (for an autonomous person): $1,557 per month.
• Special housing for individuals with diminishing autonomy: $2,656 to $5,000 per month.
• Housing in CHSLD for a dependent person: $1,789 per month.

How can you make ends meet, pay off your debts and leave a substantial inheritance to your family? Good question. Fortunately, tax credits help out somewhat. If you’re already planning your stay in a retirement home, you are taking the right initiative.

The website vivreenrésidence disclosed in 2015 the SCHL numbers per metropolitan area. These statistics reveal the average monthly cost in a retirement home.

• Sherbrooke: $1,486
• Gatineau: $1,965
• Trois-Rivieres: $1,548
• Montreal: $1,675
• Saguenay: $1,389
• Quebec: $1,671

Plan your own funeral when you’re over 60 to avoid passing on the huge cost to your relatives

When the time comes to think about our eternal rest, we must undeniably contemplate the cost of funeral expenses. Can we, in good conscience, leave a bill this size to our family without thinking about the monetary burden we’ll inflict upon them? In Quebec, the average total cost for a funeral home with a religious service, cemetery and a coffin is estimated to reach around $10,000. If you choose a modern funeral, you’ll save close to $2,000. Choosing the simplest option (funeral with the urn present) will still cost you at least $6,500.  This does not include any announcement in the newspapers.

To present the cost of funeral expenses (individually), here’s a list of common services offered. Of course, when you do business with a funeral home or a funeral cooperative, these fees are not normally known because they’re part of a bundle.

BURIAL CONTAINERS

• The coffin itself (burial and cremation): approximately $2,500
• A funeral urn: approximately $450
• A reliquary urn: approximately $70

THANATOLOGY AND BODY AESTHETICS

• Embalming: approximately $500
• Hairdressing for the deceased: approximately $100
• Grooming the deceased: approximately $150
• Putting make-up and clothes on the deceased: $150

SEPULTURE

• Excavation of an adult’s tomb: approximately $600
• Excavation of an urn alcove: approximately $200
• Excavation of a child’s tomb: approximately $200
• Recess in a columbarium (for the urn): approximately $1,200
• Deposit of an urn in a columbarium: approximately $40
• Plot in a cemetery (coffin-sized): approximately $2,500
• Headstone: approximately $1,000
• Engraving of stone for the headstone: approximately $100
• Crypt or funeral recesses in a mausoleum: approximately $10,000
• Urn Alcove (location for the cremated remains): approximately $1,500
• Burial Urn : approximately $200
• Casket burial: approximately $500
• Burial container: approximately $1,000

CREMATION

• Cremation: approximately $650
• Casket’s rental: approximately $750
• Cremation box: approximately $100

TRIBUTE TO THE DEPARTED SERVICE

• Rental of a room for 4 hours at the funeral home with a welcoming service: approximately $500
• Funerary card: approximately $8
• Video tribute montage: approximately $50 when static and $1,000 with video transitions
• Flower decorations: approximately $200
• Bookmark making: approximately $200 for 50 bookmarks
• Doves release: approximately $200
• Colored picture: approximately $35
• Hiring musicians (paid by the hour): approximately $100/hour
• Lanterns (at the deceased’s effigy): approximately $20 each
• Food for the guests (water bottles, coffee, snacks…): approximately $5/person
• Memorial jewel: approximately $200

CHURCH FEES

• Choir and organist: approximately $200
• Complete funeral service at the church: approximately $400

CARRYING FEES

• Each person carrying the remains: approximately $200
• Repatriation of the remains: approximately  $10,000
• Repatriation of the ashes: approximately $4,000
• Limousine rental: approximately $500
• Hearse and carriers: approximately $1,000

DOCUMENTATION AND ALL LEGAL PROCESSING FEES

• Death certificate: approximately $30
• Copy of the death record: approximately $70
• Search for a will: approximately $23

RELATED COSTS

• Obituary placed in a weekly paper: approximately $200
• Notary fees for the estate: approximately 2% of the first $300,000

Adding each step and each item in this list shows that it is a complex and expensive undertaking. Furthermore, when confronted by funeral counselors or aides, your loved ones can often feel distraught. Most of them will agree to fees that they would never approve in their right mind. Address the issue with them to determine your true needs. Talk to them about the financial measures you desire to cope with these hefty expenses. Life insurance from age 60 onwards will relieve your family of this burden.

How much money will be left for your family? Life insurance to the rescue when you’re over 60

What is the amount that is truly required for your life insurance from age 60 onwards? Is it $100,000, $300,000, or higher? The easiest method is to consult with a financial advisor to plan the whole process. The other technique is more of a personal nature: establishing your personal financial statement. Follow these steps to plan your budget and you’ll discover your life insurance needs.

Follow these steps very carefully:

1. Write down the date to actualize the document.
2. Gather all data concerning your debts, your assets, cash, your mortgage, all insurance of any kind, your investments, etc.
3. Start by listing the financial demands of the life insurance you wish to contract (ex. $30,000 for your daughter, $5,000 for your grandson, $8,500 for your funerals, etc.) Name this data “goal.”
4. List your assets (property, cash, investments, existing insurance, etc.).
5. List your liabilities (debts, planned future expenses, etc.).
6. Add up your assets to your liabilities.

The difference between that amount and the goal will give you the sum you need for your life insurance from age 60 onwards.

Make sure to also calculate your monthly premiums in your expenses.

Establishing a financial statement to determine how much you’ll pass on to your children and grandchildren means accomplishing your duty. It shows great responsibility when everything is covered, even your funeral expenses.

Check out your life insurance options if you are 60 years or older

Here’s a little reminder of the types of life insurance from age 60 onwards:

• ➢ Whole life insurance: higher premiums but with investment options and cash values.
• ➢ Term life insurance: cheaper premiums but each renewal means a new medical exam.
• ➢ Personal disability insurance: in case of accidents, you replace your income until 65 years of age.
• ➢ Critical illness insurance: if you become gravely ill, annuities will be deposited on a monthly basis to help you with expenses.
• ➢ Long-term care insurance: if you need medical care, you can choose a private clinic of your choice or a healthcare professional can come to your house.
• ➢ Guaranteed issue life insurance: very high premiums but guaranteed from age 60 onwards.