Term Life Insurance for Seniors
If you are a senior looking for Term life insurance, consider the following: Term life insurance policies for seniors are generally broken down into two categories.
1. Traditional life insurance policies, which ask a series of health questions and require medical tests. This usually includes a blood test, urine sample and/or ECG test.
2. Simplified issue term policies have a series of health questions, but no medical tests. Simplified issue term life policies for seniors can be further broken down into Deferred Life policies and policies which pay out an immediate death benefit. Deferred Life term policies have a fewer number of questions. In most instances, ten questions and the face amounts on these plans are generally limited to $100,000. Simplified Issue term policies have an immediate death benefit, but a larger number of questions -- usually 30. Still, the coverage takes effect from day one.
The following is a snapshot on the pricing of a traditional $100,000: A Term 10 policy for a 65-year-old, male non-smoker versus a Simplified Issue Term 10 policy.
Traditional $100,000 Term 10 is $86.31/month – BMO Insurance
Simplified Issue Term $148.59/ month – Canada Protection Plan*
Simplified Issue Deferred Term 10 is $232.29/month - Canada Protection Plan**
*The Simplified Issue Term 10 policy with Canada Protection Plan has 31 health questions and the coverage takes effect from day one.
**The Simplified Issue Deferred Term 10 policy with Canada Protection Plan has ten health questions and the death benefit for non-accidental deaths is limited to a return-of-premium plus interest in the first two years
For more details, you can contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.