Term 20 Life Insurance for Seniors

Term insurance is
an effective way to manage debt.
Photo by Luciano Meirelles Vov e Vov

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

An increasing number of Canadians are struggling under higher debt loads. In fact, a recent article in The Globe and Mail revealed that 44% of Canadians are carrying debt into their retirement. This debt comes in the form of mortgages and other miscellaneous debts that need to be insured.

Term 20 life insurance can be an effective and economical form of managing debt. Term 20 policies
provide level premiums for 20
years and the death benefit is paid out tax-free. Most plans offer a level premium, but some carriers offer a decreasing death benefit at a reduced cost.

It should be noted that most life insurance carriers in Canada have maximum issue ages on their Term 20 life insurance plans that range from 55 to 65.

The following is a premium snapshot of the leading Term 20 life insurance providers for a 65-year-old, male non-smoker with $200,000 of coverage:

1. Industrial Alliance - $330.84 a month

2. Western Life - $359.44 a month

3. AXA insurance - $360.63 a month

4. Unity Life - $373.77 a month

5. BMO Insurance - $383.85 a month

For more details on Seniors Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Term Life Insurance Instant Quote Page.

Posted by Chantal Marr.