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Senior Life Insurance
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Best Life Insurance for Seniors over 70 in Canada
Senior life insurance Canada is a life insurance that is designed to enable seniors to leave some amount of money for their children and grandchildren to cover for various costs. Seniors have options to choose from underwritten life insurance products such as life insurance for seniors over 70 if they don’t have any serious medical or health conditions or choose an option that will provide them guaranteed life insurance coverage upon answering a simple health questionnaire.
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Remember that money does not buy life insurance, health does. The life insurance application involves either a verbal questionnaire or standard medical exam or both depending on the underwriting requirements of your desired policy and the insurance company. There are various factors that affect the outcome of the health check-up examination, the 4 most important factors are Medical conditions, age, sex, and smoker/non-smoker status. Based on the findings of the health check-up, you could be offered or denied life insurance. Remember, sometimes you could be healthier than you think or other way around.
Life insurance is a strategy to minimize the risk toward your financial well being in the event of your death. When considering life insurance, the financial checkup is critical because it will allow your advisor and you to understand your insurance needs and provides your advisor with an insight on how to effectively structure it for you. 6 Financial liabilities to consider when purchasing life insurance are Mortgage, Debt, Children, Estate Tax, Income Replacement, and Leaving a Legacy. Keep in mind that the maximum limit of the life insurance you could get qualified also depends on your assets and income.
The desired outcome of your life insurance policy is the most immediate influencer on how you intend to structure your policy. There are different products with different features and aspects, but almost universally, no matter which product or insurance company you are choosing, the structure of the policy has to be chosen properly. For example, consider temporary versus permanent life insurance Yearly renewed or level cost of insurance. The two mentioned are critical in the set up of your life insurance policy but there are many more depending on the nature of your desired policy.
Obtaining Life Insurance for Seniors
Traditionally, the process of obtaining life insurance is along with health and medical check-up of the proposed insured. The insurance company will investigate to understand all underlying serious and non-serious medical conditions to understand the risk associated with the client. Based on the results, the insurance companies decide if they will offer (standard or rated) or decline the proposed insured.
Individuals who are unable to purchase traditionally underwritten life insurance coverage can consider senior life insurance as a means to leave their loved one’s money that can be used for the final expenses, helping with the grandchildren’s schooling, leaving for charity, and so forth. In this case, the recommendation is to look into non-medical/guaranteed life insurance options
With non-medical life insurance, seniors skip the paperwork and exams related to obtaining the coverage and have the ability to get coverage, usually $25,000 even if they have some serious medical and health problems. The process of completing the non-medical life insurance application involves answering yes/no questions and your expert AplusWealth life insurance advisor will be able to tell you the total amount of coverage you are qualified for application.
Non-medical exam life insurance policies are similar to term life insurance policies, often with lower insurance coverage and higher premiums. Non-medical life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years. Non-medical exam policies often have lower face values, but can be purchased for larger amounts, such as $250,000 to $500,000 depending on the insurance provider.
Who should consider Senior Life Insurance?
Senior life insurance is designed for individuals who cannot get their insurance needs through traditional life insurance policies. Usually, individuals who have some medical and health conditions that might cause a decline in their life insurance can consider it to cover their needs. If you have any of the following, you may want to consider senior life insurance.
- If you don’t want to wait to go through the underwriting process and do not like needles and want to get a life insurance policy, then this policy is a good option for you.
- If you have a chronic health condition such as diabetes that is not in a stable condition, purchasing traditional life insurance can be expensive or impossible. You may be able to purchase guaranteed issue life insurance in these cases.
- If you are older or have a serious medical condition, you can use it to help your loved ones pay for your final expenses.
- If you have been diagnosed with cancer, the traditional life insurance coverage will not approve your policy, but you may be able to get some coverage.
- If you don’t want to wait to go through the underwriting process and do not like needles and want to get a life insurance policy, then non-medical life insurance policy is a good option for you.
- If you have a chronic health condition such as diabetes that is not in a stable condition, purchasing traditional life insurance can be expensive or impossible. You may be able to purchase guaranteed issue life insurance in these cases.
- If you are older or have a serious medical condition, you can use non-medical life insurance to help your loved ones pay for your final expenses.
- If you have been diagnosed with cancer, the traditional life insurance coverage will not approve your policy, but you may be able to get some coverage through non-medical life insurance.
Get tailored life insurance for the elderly over 70 in Canada.
What is the process of purchasing Senior Life Insurance?
Purchasing life insurance with Apluswealth advisors will take place through 3 important steps. First and foremost, we start with a needs analysis. Clients need to know how much coverage they need based on their current financial standing and purchase a senior life insurance policy that matches their needs. We ensure that our clients are not buying too much or less than the amount they truly need. This step involves reviewing the goal , going through the current financial standing of the family (income, liabilities, and so forth), and understanding how the needs of the client might change in the years to come. (e.g a beautiful newborn on the way or purchasing an apartment)
The second step is to review the health status of the proposed insured individuals. It is often overlooked that insurance is bought with the health condition of the client and not with money. We will go through a quick health questionnaire to understand the overall health condition of the proposed insured. This step is vital because once we know the health condition of the proposed individual, we will be able to determine the most efficient route to obtain senior life insurance coverage. While all insurance companies follow a close guideline regarding health and medical underwriting of the proposed insured individuals, there are some distinctions between how they look into some conditions versus others. We work with known and proven insurance providers and we keep ourselves up-to-date with the most current underwriting changes the providers make in their decision making. In addition, we are able to get in touch with the providers to examine how they would look at the application for the proposed insured and get a rough answer before even submitting the application. All because we care about the time of our clients and we ensure to make the process as quick and painless as possible.
The final step is to complete a policy that is designed specifically for you once we have the necessary financial and health information. Our expert advisors will simplify the process and create handpicked options that meet your needs to make your decision easy and quick. With access to the well-known insurance providers, you will be sure that your insurance will be the best policy and value that you could get.
Get tailored life insurance for the elderly over 70 in Canada.
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