A survey commissioned and released in April 2013 by The Canadian Life and Health Insurance Association (CLHIA) and conducted by Leger Marketing, found that a large majority of older Canadians would not be able to afford the high costs of long-term care. Most notably, the study revealed that few older Canadians are using insurance to prepare for potential long-term care costs. The lack of preparedness could have a serious financial impact on many seniors and their families. Life insurance has now become essential to senior preparedness.
Purchasing Life Insurance Is Smart Financial Planning
Proper financial planning is important to ensuring that loved ones are not burdened in the event of a senior’s death, and to make sure a senior’s lifestyle is not negatively impacted by overwhelming debt. Life insurance should be a high priority for all seniors in Canada. One never knows when there may be a sudden serious health problem that results in enormously high medical costs, or an unexpected death that could leave a spouse or family in debt.
No medical life insurance for seniors in Canada is an investment in health and an excellent way of providing your family with replacement income in the event of death. Life insurance for seniors ensures that when faced with a health issue or unexpected death, there is financial protection.
Life Insurance Provides Peace Of Mind
For a senior, it is very comforting to have life insurance so that when one spouse dies, the other one will have the funds to take care of final expenses. The money can also be used to top up a pension plan. As well, when one partner passes, government benefits are reduced and it is helpful to have additional money to supplement the loss.
Senior Life insurance will help keep your family from dealing with overwhelming expenses and added financial stress. Your family will be able to use your life insurance policy to pay off any additional debt. For instance, any outstanding mortgages or loans can be settled by an insurance pay-out in the event of death.
Life Insurance Is Possible Even With Health Issues
If you have health issues, it is possible to get life insurance coverage through a guaranteed issue or simplified issue plan. No Medical Life Insurance is an option more seniors are now acquiring. No medical life insurance is a type of life insurance that does not require a medical exam and report. And with more insurance companies on the market competing for business, it is possible to find an appropriate life insurance plan for you and a price tat meets your budget.
It is important to purchase your insurance policy from an independent insurance broker, rather than directly from the insurance company. If you buy direct from an insurance company you will often pay a higher premium. An independent insurance broker will shop around to get you the best rate
A Sound Financial Investment
Seniors are fast becoming the largest segment of the Canadian population, and they are living longer lives.Life insurance over 60 and 70 is more affordable than in the past because improved medical care is making longevity a reality. With the purchase of life insurance, seniors can ensure their finances are not depleted, leaving nothing for final expenses and loved ones.
If you are a senior in the market for life insurance, it is important to be aware of the benefits life insurance offers seniors in Canada. Life insurance is an affordable way to provide you, your spouse, and children with financial security and peace of mind.