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Affordable Life Insurance for individuals Over 70

Obtaining a life insurance policy for someone over the age of 70 was troublesome in the past, but it's started to become easier for most of the elderly living in Canada, especially those who have not yet been in a position to save up in their younger years. Investing in a life insurance policy at this age is not the same as getting one in the age of 30. Although these policies are much more expensive and not easy to get, they aren't unheard of, as numerous insurance companies today have started to provide old persons coverages.

Why should seniors over 70 buy life insurance?

Aside from the most obvious reason that they want to acquire protection for their families, there can be many other reasons for acquiring a policy at that age. Some reasons for wanting a life insurance policy would be for a family business, to leave a legacy for their children and grandchildren, for estate settlements, and to give money to charity. Since insurance money is normally not taxed, some seniors also decide to pay off their debts, taxes, medical bills and funeral costs to prevent them being a burden to their families.

Types of life insurances

Seniors can select from several kinds of life insurances and should pick the one that would be the most effective for them. Again an agent can help you to select the most effective one for you.

Term insurance:

That is a common kind of coverage among young people. This is a short term insurance policy that will expire within a couple of years, depending on the duration length that the individual chooses. It might be harder and much more expensive for a senior to reapply for it, although it can be done, frequently before age 90. That is due to the fact that the premium payments of this policy contract are predicated on age and an individual's health status, (along with other requirements). A senior might have a hard time qualifying for this.

Guaranteed life insurance:

This policy is actually recommended for older seniors with health issues, as it doesn't take a person's age or health conditions under consideration. But these policies generally are more expensive, and do not pay out for the first 24 months after the policy was purchased. That said, it will refund the amount that is paid and terminate the policy if the policy holder dies within these 24 months.

Burial insurance:

This policy is a popular pick among seniors because of its many advantages and suitability to the demands of older people. A waiting period is not required by some insurance companies specialized in this type of insurance and spend off the coverage immediately upon departure. This type of coverage is only enough to cover funeral expenses and some other. It is not enough to support your loved ones or to pay off other obligations.

© Greg Pullman Insurance 2015.
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