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Life Insurance For Senior Citizens
Author: Lorne S. Marr
Life insurance for the mature generation has changed significantly in Canada. Despite insurance companies look more intently at applications the actual costs, in most cases, are a lot lower.
When acquiring this type of insurance as a senior citizen there are six predominant factors to think about.
1. Life insurance up to the age of 85 is at the present time quite normal. There is a multitude of different rate available as well as noticeable differences in prices when you are 65, 75 or even 85. What a lot of individuals fail to consider is the best time to buy life insurance is now, that's because you are looking at today's rate.
2. The premiums due can be anywhere from $20 per month with a face value of $5,000.
3. Many creditor insurance schemes end at age 69. The public who are coming up to retirement or are currently retired and in good health should consider individual life insurance options instead of creditor insurance.
4. An excellent family health history as well as tip top personal health gives you the chance to qualify for the preferred rates.
5. A last-to-die policy often has a smaller rate than the normal life insurance policies, this is on offer at most insurance companies [out]. Insurance like this pays the policy out when the final surviving spouse passes away and it pays out a tax-free death benefit to the estate. It's because the the insurance proceeds are paid out further in the future that the premiums are substantially lower.
6. If you do have a lot of health issues then look at Simplified Issue policies. These schemes do not have medical tests, but they do have health questions. Look through the health questions and see how many you can say no to; go through a number of organizations until you discover the one that you can answer the most number of no's. If you are wanting a plan that requires no medical questions then you will be paying out a lot of money; they also state that the death benefit can't be paid out for two years.
Lorne S. Marr has been a very accomplished financial planner since 1993 and runs his own Toronto life insurance company LSM Insurance Services Ltd. He's recognized as an industry leader thanks to the commitment to providing clients with value-added services.
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