Why Life Insurance for Senior Canadians Matters
Summary: Life insurance is a great way for senior Canadians to protect their families from financial hardship and end-of-life expenses. Fortunately, there are some great life insurance policy options for senior Canadians.
Why Should a Senior Opt for Life Insurance?
Bereavement is hard, and it’s even harder when families become financially burdened with end-of-life expenses with the passing of their loved one. A life insurance policy can protect the families of senior Canadians from funeral and death expenses, medical bills, and other outstanding debts, such as credit card bills, personal or business loans, and mortgage payments. Learn more about funeral insurance for seniors.
It can be difficult, however, for senior Canadians to get life insurance policies, especially without submitting to a medical exam. Fortunately, if a senior applicant is declined for traditional life insurance, there is always the option of getting a life insurance policy that doesn’t require medical exam.
The Two Types of No Medical Life Insurance
There are two types of life insurance policies that don’t require a medical exam: simplified issue life insurance and guaranteed issue life insurance.
Simplified Issue Life Insurance
While there is no medical exam for a simplified issue life insurance Policy, applicants are asked to answer health-related questions. There are many advantages to this policy.
The first, of course, is that it doesn’t require a medical exam. Secondly, coverage can take effect within days or weeks, which differs from more traditional life insurance for senior Canadians, which can take months to take effect. Simplified issue life insurance is also less expensive than guaranteed life insurance, and the full face-value or “death benefit” is immediately available upon policy issuance.
The primary disadvantage of a simplified issue life insurance policy is that the premiums are typically higher than traditional life insurance policies, sometimes 2-4 times higher.
Anyone over the age of 50 who is looking for life insurance for senior Canadians should talk to a life insurance expert to ensure they are getting the policy that is right for them.
Guaranteed Issue Life Insurance
Like simplified issue life insurance, a guaranteed issue life insurance policy requires no medical exam and, as its name suggests, is guaranteed so there are no medical questions to answer.
The major drawbacks of the guaranteed issue life insurance policy is that the full death benefit is not available until after the policy has been in effect for a specified amount of time, usually between one or two years, and this policy tends to be one of the most expensive a person can buy.
Get Help From An Expert
The quickest and most reliable way to find out the best life insurance for senior Canadians is to compare policies and prices online. Get multiple quotes from an online rate comparison service like https://
The experts at No Medical Life Insurance will help guide anyone interested in life insurance for senior Canadians to the best policies for you and your loved ones.
Alex Saltykov has a broad experience in advising insurance clients both in North America and Europe while he was working for one of the leading management consulting companies. His areas of expertise are insurance, innovation, IT, and operations.