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As we age, it becomes increasingly important to consider our financial security and the well-being of our loved ones. Life insurance for seniors in Canada can provide a much-needed safety net and peace of mind during a time of life that can be stressful and uncertain.

In this article, we will discuss the importance of life insurance for seniors in Canada, what options are available, and how to choose the best policy for your needs.

Why is life insurance important for seniors in Canada?

Many seniors in Canada are living on a fixed income and may have limited financial resources. Life insurance can provide a financial cushion to help cover the costs of funeral expenses, outstanding debts, and other end-of-life expenses.

In addition to financial support, life insurance can also provide emotional support to loved ones. Knowing that there is a plan in place can ease the burden of decision-making during a difficult time and allow family members to focus on grieving and healing.

What are the options for life insurance for seniors in Canada?

There are several types of life insurance policies available for seniors in Canada, including term life, whole life, and universal life insurance.

Term life insurance provides coverage for a specific period of time, typically 10-30 years. This type of policy is often the most affordable and is a good option for seniors who only need coverage for a limited amount of time.

Whole life insurance provides coverage for the remainder of the policyholder’s life, as long as premiums are paid. This type of policy is often more expensive but can provide greater peace of mind for seniors who want permanent coverage.

Universal life insurance is a flexible policy that combines the benefits of term and whole life insurance. This type of policy allows the policyholder to adjust the death benefit and premium payments to fit their changing needs.

How to choose the best life insurance policy for seniors in Canada?

Choosing the best life insurance policy for seniors in Canada depends on a variety of factors, including age, health, budget, and financial goals.

It is important to work with a licensed insurance agent or financial advisor who specializes in senior life insurance. They can help you compare policies and provide guidance on which type of policy is best for your individual needs.

In addition to working with a professional, it is also important to research and compare policies online. Look for policies that offer competitive premiums and a high level of customer service and support.

Conclusion:

Life insurance for seniors in Canada is an important investment that can provide financial and emotional support during a difficult time. With a variety of policy options available, it is important to do your research and work with a licensed professional to choose the best policy for your individual needs.

Life insurance is an important financial planning tool that provides peace of mind to individuals and their loved ones. While many people associate life insurance with younger individuals, seniors can also benefit greatly from life insurance coverage. In this blog article, we’ll discuss the importance of life insurance for seniors in Canada.

Why Life Insurance is Important for Seniors

1. Final Expenses

One of the primary reasons seniors need life insurance is to cover final expenses such as funeral costs. The cost of funerals in Canada can be expensive, with the average cost ranging from $5,000 to $15,000. Having life insurance coverage can help ease the financial burden on family members and ensure that final expenses are covered.

2. Debts and Expenses

Seniors may also have outstanding debts such as mortgages, credit cards, or other loans that need to be paid off. Life insurance coverage can provide the funds needed to pay off these debts and expenses, so family members are not left with the burden of paying them off.

3. Inheritance

Seniors may also want to leave an inheritance to their children or grandchildren. Life insurance coverage can provide a tax-free lump sum payment to beneficiaries, which can be used as an inheritance or to provide financial support to loved ones.

4. Estate Planning

Seniors may also want to use life insurance coverage as part of their estate planning. Life insurance proceeds can be used to pay off taxes or other expenses associated with settling an estate.

5. Supplement Retirement Income

Seniors who have retired may also benefit from life insurance coverage as a means to supplement their retirement income. Life insurance policies with cash value can provide additional income to help cover living expenses.

Types of Life Insurance for Seniors in Canada

Seniors in Canada have several options when it comes to life insurance coverage. The two most common types of life insurance policies for seniors are term life insurance and permanent life insurance.

1. Term Life Insurance

Term life insurance policies provide coverage for a fixed period, typically 10, 20, or 30 years. These policies are often the most affordable option and can provide coverage for a specific period when it is needed most.

2. Permanent Life Insurance

Permanent life insurance policies provide coverage for life and often come with a cash value component that can be used to supplement retirement income or pay for other expenses. These policies tend to be more expensive but can provide more comprehensive coverage.

Conclusion

Life insurance is an important financial planning tool for seniors in Canada. It can help cover final expenses, pay off debts and expenses, provide an inheritance, supplement retirement income, and assist with estate planning. Seniors have several options when it comes to life insurance coverage, and it’s essential to compare policies, premiums, and coverage options before purchasing a policy. Consult with a licensed insurance agent to discuss your options and choose the best policy that fits your unique needs.

Life insurance is an important financial tool that can provide protection to your loved ones in case of an unfortunate event. There are different types of life insurance policies available, and one such type is the Yearly Renewable Term (YRT) policy. In this blog article, we’ll discuss the benefits of a YRT policy and why it might be a good fit for you.

What is a Yearly Renewable Term Policy?

A Yearly Renewable Term policy is a type of life insurance that offers coverage for a set period, typically one year. Unlike other types of life insurance policies that offer coverage for a fixed term, YRT policies are renewed annually, and the premiums increase each year.

Benefits of a Yearly Renewable Term Policy

1. Flexibility

One of the significant benefits of a YRT policy is its flexibility. This type of policy allows you to change the coverage amount and term as per your changing needs. For instance, if you have a mortgage, you can increase the coverage amount to ensure that your family can pay off the mortgage in case of your untimely demise.

2. Low Premiums

YRT policies have lower premiums than other types of life insurance policies, such as Whole Life or Universal Life. This is because the premiums are recalculated each year based on the insured person’s age and health status at the time of renewal. As a result, the premiums are generally lower when you first purchase the policy, making it a good option for young and healthy individuals.

3. Renewability

A YRT policy is renewable each year, meaning you don’t have to worry about losing your coverage if your health deteriorates. As long as you pay the premiums, you can renew the policy each year until the end of the term. This feature makes it a good option for individuals who may have a history of health issues or are unsure about their long-term health status.

4. Convertibility

Most YRT policies come with the option to convert to a permanent life insurance policy, such as Whole Life or Universal Life, without undergoing a medical exam. This can be useful if your health status changes, and you want to lock in your coverage for a longer-term without having to requalify for coverage.

5. Affordable Short-Term Coverage

If you only need coverage for a short period, such as a few years, a YRT policy can be an affordable option. The low premiums make it accessible to individuals who may not be able to afford higher premiums for permanent life insurance policies.

Conclusion

A Yearly Renewable Term policy is a flexible and affordable life insurance option that offers low premiums, renewability, and convertibility to permanent life insurance policies such as our Permanent Life Insurance (Whole Life) and Universal Life Insurance products – check them out . It is an excellent choice for individuals who want short-term coverage or are unsure about their long-term insurance needs. As with any life insurance policy, it’s essential to compare policies, premiums, and coverage options before purchasing a YRT policy. Consult with a licensed insurance agent to discuss your options and choose the best policy that fits your unique needs.

I am excited to let you know that I have joined Experior Financial Group Inc. for the insurance side of my business and Carte Wealth Management for the investment side of my business.

Experior Financial is one of the fastest-growing companies in Canada and Carte Wealth Management is ranked as the #1 Investment dealer in Canada.

I will be able to offer more services to my clients and I will share this with you in the coming months.

“Building financial foundations for families to empower them today and leave a legacy for tomorrow”

Jacob Delange | Financial Planner
Carte Financial Group | cartefinancial.com
207A – 307 Banks Rd, Kelowna BC V1X 6A1
Tel: (250)860-6067 | C: (250)859-5250 | F: (250)860-7576
Email: Jacob@Delange.ca

Elder Plan Kelowna

Jacob is out of the hospital and feeling great! His doctor gave him a clean bill of health. Jacob is back in Holland and doing well. He is hoping to extend his trip by another week or so to give him a chance to visit those he could not when he was in the hospital. Jacob and Dianna are scheduled to be back on Monday but hopefully he gets an extension to his departure.

Man of Titanium – no more – check out the hardware – ouch.

Jacob – a new man – with a bright future

Jacob hopes to leave Germany without any more pain in his back and without the steel rods that were implanted in Vancouver. In Canada they just tell you keep the steel in place for life and put up with the pain. In Germany they have been doing operations like this for 30 years and feel that is normal, low risk surgery and has a 99% chance for success to remove the steel and find the pinched nerve point and remove the pinch item (bone fragment or splinter) that is pushing on his nerve in the spinal column which created the excruciating pain that he has suffered from for so long.

Recovery time is 5-7 days in Germany and if nothing shows up as a complication in that time then he can go home to continue healing without any pain. Again, infection is his only real risk from their point of view.

Jacob has asked me to share this detail so that you don’t need to call him or bug him for details while he goes through this ordeal. Please use this blog to post your comments and encouragement to him over the next few weeks.

Let us hope and pray for a successful operation and no more back pain and a successful, no infection recovery process.

Gerry Bakker

Hello everyone. Jacob Delange had a stupid accident on Thursday morning while mountain biking with his son in law Dave. No fault is due to Dave but Jacob tried a “Teeter Totter” obstacle for the first time without walking over it first and his front wheel went off the side and flipped the bike under the bridge while Jacob flipped over on his neck 5 feet below and broke his neck and back vertebrae. Luckily Jacob was wearing a proper helmet which saved his life but the fall has damaged much more that anyone can imagine.

He had a full MRI which revealed more damage than we knew of this morning.

This is what I understand. Jacob broke more of his back than first thought. He has broke his Cervical #2 and #3 Anterior and has to have a separate operation on that from the front towards the back. He has broke his C4,C5,C6,C7 vertebrae. The 6^th exploded and does not exist in any usable form. He has broke his Sternum and his organs are more bruised than initially thought. He has now got 2 chest tube drains in his back to relieve pressure on his lungs. He is intubated to help him breath as his lungs continue to fill up with blood – making breathing very difficult. He is now heavily sedated and in a full neck and body brace to prevent any accidental damage to the 2 damaged sections of spine. His spinal cord is still OK.

Jacob was flown to Vancouver General Hospital and is scheduled for a 4-5 hour surgery Saturday Morning.

Diana is holding up like a rock but Jan and I both guess she’ll collapse on day 3 or 4. At least Eric and Jan are there to support her – long time friends.

Jacob’s brother is flying in from Holland for tomorrow.

Jacob will be in that hospital for several weeks or more. We need to start thinking of how we can support Jacob and his family long term (emotionally, spiritually). Diana, Sabrina, Melissa and Michelle. Jacob will have enough on his plate without any unnecessary distractions.