LIFE INSURANCE FOR SENIORS: QUOTE AND EXPERT TIPS

Why Choose LSM Insurance for seniors life insurance?

  • Serving Canadians across the country for over 25 years
  • One of the largest Canadian life insurance brokerages
  • Customized insurance solutions for seniors
  • Working with more life insurance companies than the majority of brokers (20+ insurers)

 

LSM Insurance is accredited by:

 

 

 

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What is Life Insurance for Seniors?

Life insurance for seniors are life insurance policies that allow people of senior age, who often have a number of pre-existing medical conditions, to still qualify.

In most situations the coverage required by seniors is not very extensive since it serves the purpose of covering outstanding debts and covering final expenses rather than supporting others.

There are several types of life insurance for seniors that we will review below in more detail.

How much is Seniors Life Insurance?

Seniors’ life insurance, if you are not looking for huge coverage, is quite affordable, especially if you can qualify for more cost efficient insurance types.

Your age matters though – while you are 60 or 65 you can easily qualify for much cheaper insurance policies which will not be available to you if you are 80 ore 85.

Female, 65 years old,
Standard Life insurance, Term 10
Coverage of $75,000

Best quote: $55/month

Female, 60 years old,
Simplified Issue life insurance
Coverage of $75,000

Best quote: $138/month

Male, 65 years old,
Standard Life insurance
Coverage of $50,000

Best quote: $52/month

Female, 80 years old,
Simplified Issue Life insurance
Coverage of $8,000

Best quote: $75/month

Interested in life insurance for seniors or have questions?
Please complete the form above.

What are the different types of life insurance for seniors?

Life insurance for seniors comes in three major shapes and forms: Standard (also called Traditional Life Insurance), Simplified Issue Life Insurance, and Guaranteed Issue Life Insurance.

“Young” seniors aged 60-65 can easily qualify for standard life insurance for seniors, whereas if you are in your 70’s or 80’s you might need to go for a Simplified Issue Life Insurance for Seniors, or Guaranteed Issue Life Insurance.

Interested in life insurance for seniors or have questions?
Please complete the form above.

Life Insurance for Seniors with No Medical Exam

There are two major types of life insurance for seniors with no medical exam:

  1. Simplified Issue Life Insurance: Comes with no medical exam but you still will need to complete a short medical questionnaire. It offers coverage amounts of up to $300,000 and can have a waiting period (no claim can be made during this time to avoid insurance fraud) of 1 to 2 years.
  2. Guaranteed Issue Life Insurance: Comes with no medical exam and without any medical questionnaires. It offers coverage amounts of up to $25,000 and will typically have a waiting period of 2 years.

Guaranteed Issue Life Insurance (also called Guaranteed Life Insurance) has nearly zero hurdles to get a policy but it would cost you more for the same amount of coverage as Simplified Issue Life Insurance.

Interested in life insurance for seniors or have questions?
Please complete the form above.

Life insurance for seniors over 80 in Canada

If you are over 80 years old, insurance companies typically treat you a bit differently than younger seniors. As a rule, some life insurance policies such as traditional term life insurance policies will not be available to you.

At the same time, there are several avenues that are open to you in the form of no medical life insurance. You are often able to qualify for guaranteed issue life insurance (also called guaranteed life insurance) policies and, in some cases can also qualify for a simplified issue life insurance policy. Our insurance specialists can find you a tailored life insurance plan for seniors.

Interested in life insurance for seniors or have questions?
Please complete the form above.