Life Insurance for Seniors

Posted on July 19, 2011 and updated July 28, 2011 in Insurance Types, Life Insurance Canada News, Non-medical, Permanent Insurance, Term Insurance 2 min read

Seniors have a wide variety of life insurance options in Canada, so it’s crucial that you work with a broker who specializes in life insurance solutions for senior citizens.

Seniors who are in good health should always look at traditional life insurance first, which asks a series of health questions and generally requires the insured to complete a medical test, such as a urine sample, blood sample, or ECG test.

Traditional life insurance policies are available in two policy varieties: term policies, which start off at a lower cost but increase as the insured ages, or permanent life insurance policies, which start off higher in cost but do not increase as the insured ages and provide lifetime protection.

Seniors who have health issues may want to consider a Simplified Issue or Guaranteed Issue life insurance policy.

Simplified Issue Life Insurance Policies have no medical tests, but about three to 12 health questions. These policies can provide immediate life insurance protection, and many of the policies are available on a deferred basis. This means that the life insurance takes effect after a pre-determined waiting-period (most often, two years) has elapsed.

Guaranteed issue life insurance policies have no health questions and ask for no medical tests, but all of these policies come with a two-year waiting period for the death benefit.

For more details on life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.