Thursday, November 26, 2009
Life Insurance for the Older Generation
Life insurance for the senior generation has altered substantially in Canada. Although insurance companies look more closely at applications the actual charges, in most cases, are a lot lower.
The following are six factors to keep in mind when looking into when thinking about life insurance as a senior:
1. Life insurance up to the age of 85 is now quite normal. Nonetheless, the premiums vary significantly between ages 65, 75 and 85. What a lot of people fail to contemplate is the best time to buy life insurance is now, that's because you are looking at today's rate.
2. The premiums payable can be anywhere from $20 per month with a face value of $5,000. If you are searching for traditional life insurance and want an instant life insurance quote, hunt no further.
3. Many creditor insurance plans end at age 69. Individual life insurance is certainly the better option if you are in good health and coming up to or have already retired.
4. If you fortunate enough to be in excellent health with an excellent family health history you could probably qualify for the preferred rates.
5. A last-to-die policy often has a smaller rate than the normal life insurance policies, this is on offer at a lot of insurance companies. This type of insurance is used largely for estate planning and pays out a tax-free death benefit upon the passing of the last surviving spouse. It's because the the insurance monies are paid out further in the future that the price are substantially smaller.
6. If you do have a few health problems then look at Simplified Issue policies. These policies do not have medical examinations, but they do have health questions. When picking which company you should go with, have a look at the medical questions; select the one you can answer no to the most. If you are wanting a scheme that has no medical questions then you will be paying out a lot of money; they also state that the death benefit can't be claimed for two years.
Photo: Seniors by Grant Talbot.