Showing posts with label senior life insurance. Show all posts
Showing posts with label senior life insurance. Show all posts

Wednesday, September 11, 2013

It's Never too Late for Seniors’ Life Insurance

It's never too late to get the peace of mind that comes with knowing your loved ones will be taken care of when you are gone. However, the more life you have lived, the greater chance that you are not in the same condition you started out in. 

You may even be in a high-risk category and think you won't qualify for insurance at all. Or, you may be in great health and just want to leave your family with financial help. No matter what your situation is, know that there is a seniors’ life insurance policy that can cover you. Even if you have a pre-existing health issue, you have smoked your whole life, or you have procrastinated for far too long, there is a policy out there to get you the coverage you need. 

Of course, coverage is cheaper and has a higher benefit if you purchase it while young and healthy, but if you are in your golden years, there are still many great, affordable options. The right one for you depends on what you need to take care of your family when you are gone. The options include permanent life, term life, no medical whole life, preexisting condition, guaranteed issue, simplified issue, funeral insurance and more.

Here are some factors to consider. Are you and your partner on a fixed income? If you are, seniors’ life insurance can replace a lost income. Do you want to leave an inheritance to your future children or grandchildren? A life insurance policy is a tax free way to give them the financial help they need. It can also be a way to pay for the taxes on anything else you might leave them, like your family home. 

We never want to think about these things, but your final expenses can be devastating to a loved one if they are not prepared for it. Research notes, “with average funeral costs across Canada of $5000 — $10,000, even a short term plan can help your family when the time comes”. Lastly, if you have any large debts that you don't want to leave your family with, life insurance might be the answer that you are looking for.

We are fortunate to live in Canada where our government provides financial provisions for seniors that have worked and paid the applicable taxes, however, this pension amount is often far below the standard of living costs seniors currently enjoy. It is difficult – if not impossible – to live on this pension and save for final expenses. You may even find yourself dipping into your cash savings during your retirement years if costs are higher than you expect or you have an unexpected financial event. 

 Having seniors life insurance eases the stress of trying to save or plan for your family’s needs after you pass on. Seniors’ life insurance not only helps your loved ones, it gives you peace of mind.

You have just thought of all the reasons for why you need to get seniors’ life insurance. Now is the time to make sure your family’s future is covered. Look no further than No Medical Life for all your insurance needs, including seniors’ life insurance. We work with the best carriers in Canada to ensure you get the coverage you need. Contact us today to learn more about seniors’ life insurance. We are happy to answer your questions and provide a no-obligation quote.

Saturday, April 13, 2013

The Five Fold Benefits of Life Insurance for Seniors

Universal Life Insurance Company
Universal Life Insurance Company (Photo credit: Thomas Hawk)
The following are the few facts about life insurance for seniors.
  1. These insurance policies are the most popular policies for the seniors
  2. The rate of interests on policies is going down every day. Thus, this is the best time to purchase any kind of coverage.
  3. Most companies offer customized life insurance policies for the seniors, since they are an important target of the companies.
  4. A senior citizen obviously will not be eligible for a term life insurance and thus insurance for seniors are the only reliable option they are left with.

Benefits of Life Insurance for Seniors

1. Affordability

Life insurance for seniors come at a cheaper rate than any other coverage. The amount one is required to spend upon these investments are interestingly quite convenient.

2. Purchase Money

Most senior men and women have a strong self-esteem and do not wish to be a burden on anyone in their last days. This is mainly why, senior people wish to invest upon a life insurance policy. This kind of an investment is basically, a ‘money purchase,’ i.e. one can use this money to meet his own expenditures during and after his lifetime. When the policy matures, the amount one will be receiving shall take care of the entire medical expenditures and also expenses that arise post-death.

3. Property Planning

Senior citizens are benefitted from term life insurances, as they are available at cheap rates to them. a term life insurance can be purchased with the help of the income, like pensions. There are many reasons why a senior citizen would wish to purchase a life insurance. One of the more common reason is that he wishes to plan and hand over his property to the generation that follows him, without any hassle. By a term life insurance, one can ensure that no taxes levied on the property or estate after your death depletes its value.

5. Death Benefits

The death benefit period is decided at the very time one purchases the policy. However, the death benefit one would receive will be decided by the medical history and the age of the individual.

5. Caters to the Family

One would always want that his or her absence causes no problem for the rest of the family. Thus, the question of burdening the family with the post-death expenses haunts them. a life insurance policy for seniors would relieve the family of such burdens.

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