Life insurance for seniors in Canada
Life insurance for seniors is an important consideration. As you get older, you start to think about ensuring your finances are in order before you pass. You want to make sure your family and dependants are taken care of financially. You don’t want them to have to worry about how they’ll pay for a funeral, the mortgage or take on other expenses. Senior life insurance is a product that can help you get things in order even if you are over 50. It is never too late to get insurance. Even though you may not have as many options as younger Canadians, you still have many options for buying life insurance when over 50.
Below we will explain life insurance for seniors, discuss how it works, premiums, when to consider it, and answer frequent questions.
What is senior life insurance?
Senior life insurance is a product specifically designed for older Canadians who are over 50 or approaching retirement. It offers similar types of coverage as normal life insurance. The caveat is you typically have fewer options and policies are more expensive.