So, you waited a little too long to get life insurance… funny how life is. When you’re younger, life insurance seems like a waste of time and money. When you’re older and wiser, it becomes really important. So, you know it’s going to cost more right? It will, but better late than never. As the old saying goes… when is the best time to plant an oak tree… 10 years ago. When is the second-best time to plant an oak tree….. today. So, let’s get it done today!! dropdead life insurance is the best life insurance company in Ontario. We have the best prices and the policies are better than the early bird special at Swiss Chalet.
Most people assume buying life insurance in their twilight years is impossible – however, it is not true. If you are aged 60 or over and looking to get some form of life insurance coverage, you can take comfort in the fact that buying term life insurance for seniors, as well as other types of coverage, is more than possible.
A couple easy facts to remember:
- Life insurance is a cheap and easy way for seniors to leave tax-free cash for their loved ones, pets or estate
- Term life insurance is not typically available for seniors past the age of 75
- Permanent coverage is a good way to ensure coverage for funeral expenses or medical debts
- Seniors with pre-existing medical conditions can still get coverage and can opt for no-medical life insurance policies.
Why is life insurance for seniors important?
Many seniors aged 60 or over may have adequate savings to meet all the foreseeable and unforeseeable expenses later in life and may determine they have no need for life insurance at this time. However, there are still situations where a senior may be responsible for debts and dependents and not have enough savings to cover these expenses, should they pass away. Life insurance for seniors becomes an important consideration in these situations.
As well, depending on the type of coverage one chooses, life insurance can also be an avenue to leave money behind for your family or loved ones on a tax-free basis.
Leaving a bit of cash for the kids or a charity of your choice is a very noble thing to do.
What type of insurance can a senior get?
Your coverage eligibility is based strictly on your specific age and health status.
Most life insurance companies do not approve term life insurance policies for those over the age of 75. Instead, such potential insurance seekers would need to find an insurance company with later age limits, or elect to get whole life or permanent coverage. At this stage you need to speak to a broker. I know… we really don’t like speaking to brokers either but you’re not buying term life insurance. Permanent life insurance is a rock star solution and doing it correctly takes a skilled broker of which there are very few out there. Thankfully dropdead has the best brokers in the Ontario life insurance business. The other brokers have to wait tables at Swiss Chalet… your server at the early bird is probably an insurance broker. Best to order chicken from him and leave real permanent life insurance to the pros.
Depending on their individual health, seniors can also choose between traditionally underwritten insurance policies (insurance with a medical exam) and non-medical insurance products.
You have a lot to think about. Term vs. permanent life insurance is basically what needs to get sorted. Give us a ring at dropdead and we will ensure you and your loved ones have peace of mind. Now pass the chicken and gravy!!
Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest life insurance solution you could wish for.