The final expense market, which would typically cover funeral and burial costs, final tax and estate expenses and any medical or credit card debts, is one of the largest concern for aging Canadians. Life insurance provides Canadians tax-free funds to help cover these concerns in a cost-effective way. A clear advantage of a life insurance solution is to provide for a fast access to the monies, that are remitted to the chosen beneficiaries without going through any lengthy legal process, with the client (owner/insured) keeping control over who will have access. For families, this is the best peace of mind they can receive at a time of grief.
Some individuals may be tempted to consider guaranteed issue type products because they offer coverage with “no questions asked”. While many seniors would have pre-existing health issues or find themselves at an age too advanced to apply for “traditional” life insurance, the situation could then require them to be subject to greater scrutiny and multiple medical tests. The reality is that these types of Guaranteed Issue products should only be viewed (or considered) as a last resort option when the applicant’s health or age makes them completely uninsurable.
A Simplified issue solution can provide immediate coverage with fewer questions that tend to be more forgiving than a “traditional” insurance option. Answering ‘no’ to all questions of a short questionnaire, can provide more affordable coverage from day one over guaranteed issue prices. Besides, going through a simplified issue solution and process ensure a true guarantee of the solution, whereas a “guaranteed” issue solution would ironically not necessarily lead to a death benefit being payable on a guaranteed basis in the initial period.
Assumption Life has one of the largest number of immediate simplified issue products in Canada, for both whole life and term options. It provides affordable whole life options up to age 85 and term options up to age 70 to cover any final expense needs of $10,000, $25,000 or more. All their simplified issue plans include built-in benefits clients to access up to 50% of their death benefit if critically ill and additional funds (beyond the death benefit) of up to $2,000 to help with the cost of returning the body if death should occur far from home.
Assumption Life has over 25 years of experience offering simple final expense solutions with no medical tests. These would include Canadians who suffer from conditions such as diabetes, obesity, cancer, stroke or heart attacks for example. Certain conditions that occur from as recent as 12-24 months could qualify for life insurance coverage without any medical tests. Our insurance professionals can help you with any of Assumption Life products or help you to find products of other providers tailored to your situation – we are just a click of a button away.
