Hi I’m Mark spokesperson for LSM Insurance The Canadian marketplace has changed dramatically
for seniors looking for life insurance. Premiums have gone down in most instances, but at the
same time, insurance companies are looking more closely at certain risk factors such
as lifestyle and travel. The following are six factors to look into
when considering life insurance as a senior: Many insurance companies now offer life insurance
to individuals up to age 85. However, the rates vary significantly between ages 65,
75 and 85. The best time to look into life insurance is at your current age because you’ll
be looking at today’s rate. Face amounts can be as low as $5,000 and premiums
can be as low as $20/month. You can get an instant quote for traditional life insurance
at our Instant Quote Page. Many creditor insurance plans end at age 69.
Individuals who are approaching retirement or are currently retired and in good health
should consider individual life insurance options instead of creditor insurance. More
information can be found at our Facts on Mortgage Insurance article.
Preferred rates are available to those in excellent health and with an excellent family
health history. For more information see Understanding Preferred vs. Standard Rates.
Many insurance companies now offer last-to-die coverage at a lower rate than traditional
life insurance. This form of insurance is used primarily 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 proceeds are paid out further in the future that the cost is substantially
less. Simplified Issue policies are available for
those with health issues. These policies do not have medical tests, but they do have health
questions. The applicant should make sure that they select a plan that carries the greatest
number of health questions they can say no to. Plans with no health questions carry the
highest premiums (since it groups together the insured people with the poorest health)
and these plans have a two-year waiting period for the death benefit.
Term and conditions can vary dramatically from company to company. For more details
contact us at 1.866.899.4849.