Life Insurance for Seniors Over 70 in Canada
As you age, your life insurance needs may change, and it’s important to consider options that are tailored to your specific stage of life. If you or a loved one is 70 years old or older, there are insurance options available specifically designed for seniors.
Kinds of life insurance over 70
Different types of life insurance policies are available for seniors to choose from, depending on their needs and preferences. Term life insurance is a cost-effective plan that provides coverage for a specific period. You can select the desired amount of coverage, and if you pass away within the policy term, your beneficiaries receive death benefits. You have the option of keeping the payout constant or decreasing it over time. However, for those aged 70 and above, Whole Life Insurance may be more suitable since it provides lifelong coverage. Some seniors’ life insurance policies offer guaranteed coverage without requiring a medical exam.
Benefit of Life Options for Seniors Over 70
Giving Your beneficiary an Inheritance
Leaving an inheritance for loved ones is an important consideration for many Canadians. As you age, it becomes even more important to ensure that your beneficiaries are taken care of when you pass away. If you are over the age of 70 and wish to leave a legacy, one way to achieve this is by purchasing life insurance coverage. This can provide peace of mind knowing that your loved ones will be financially secure after you’re gone. Alternatively, you may also choose to leave a portion of your life insurance policy to a charity close to your heart.
Providing Funeral Expenses
In addition to leaving an inheritance, some older adults may be seeking lower-cost life insurance options to cover final expenses such as burial costs or remaining debt. For those in this situation, Guaranteed Issue Life Insurance, also known as Life Insurance for Seniors, may be a suitable option. Regardless of pre-existing health conditions like high blood pressure, diabetes, or cancer, Guaranteed Issue policies offer coverage amounts ranging from $5,000 to $50,000 without the need for a medical exam or answering medical questions.
Why Experior Financial Group?
Finding reliable insurance advisors who can help you find the most suitable life insurance rates has never been easier! At Experior Financial Group, our associates are knowledgeable about life insurance for seniors over 70 and can guide you in choosing the policies that best suit your needs. With so many terms and unique features to consider for each policy, it can be confusing for many people.
Our life insurance professionals make it easy for buyers to understand exactly what they need and how much they’re willing to spend. We work with top life insurance providers to ensure that our policyholders have a satisfying experience and peace of mind.
Frequently Asked Questions
What are the life insurance policies for seniors over 70?
As you age, the status of your health becomes a critical factor that influences your life insurance rates. At Experior Financial Group, we recognize that individuals over 70 have specific needs when it comes to life insurance policies. We collaborate with top life insurance providers in Canada to offer our clients the best quotes that align with their unique requirements.
How much should you expect to pay for life insurance at 70?
The cost of life insurance for seniors over 70 varies, depending on several factors, such as health status, gender, age, smoking status, and the desired coverage amount. Our experienced advisors conduct an Expert Financial Analysis to provide personalized insurance quotes. In some cases, a pre-need funeral plan may be the most affordable option.
Is permanent life insurance suitable for seniors over 70?
Seniors over 70 can access a range of life insurance policies, including permanent life insurance. This policy option provides coverage that you can depend on, with costs that remain unchanged over time. At Experior Financial Group, our goal is to ensure that you make informed decisions when choosing a policy that will give you peace of mind and protect your legacy.