Whole Life Insurance for Seniors

Whole Life policies for seniors can generally be broken down into three categories:

1. Traditional Whole Life policies, which ask a series of health questions and require a medical test.

2. Simplified Issue Whole Life policies, which ask a shorter number of health questions and have no medical tests.

3. Guaranteed Issue Whole Life policies, which have no health questions and no medical tests.

Traditional life insurance policies will offer the highest face amounts and lower premiums, whereas Simplified Issue Whole Life policies are geared towards people who have health issues, but are able to answer no to the series of health questions. Generally, they range from three to 12 questions.

Guaranteed Issue life insurance is only a good fit if the insured would not qualify for traditional or simplified issue plans and is geared toward individuals with the highest level of health issues.

The following is pricing for a 65-year-old, male non-smoker on the three types of coverage.

1. Traditional life insurance: a $10,000 Whole Life policy with AXA would be $42.81 a month.

2. Simplified Issue policy: $10,000.00 of coverage with Canada Protection Plan would be $56.80 a month.

3. Guaranteed Issue policy: $7,600 of coverage of BMO Insurance’s guaranteed Life Plus Plan is $75.00 a month.*

*The BMO Insurance plan has a death benefit that is limited to a return-of-premium if the insured passes away by a non-accident in the first two policy years. The BMO policy also pays out an additional $38,000 if the insured dies by accident.

For more details, you can contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

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  • Mullin
    January 14, 2011 at 11:11 am

    My husband is age 82, What I would like to know does he pay the insurance monthly until he dies or is there a cut off date
    Thank you