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Making sure that your loved ones have some financial support when you pass away might be one of the most important things you can do in life. With the right protection, you can ensure that your family have some help with final expenses, funeral costs, or other debts and bills that could be left behind when you’re gone.
A cash lump sum payment could also be used as a gift for the ones you love so that they can carry on living life as you would want them to.
We make it easy to get Over 50s Life Insurance from leading providers in Canada.
At Canadian Seniors, it’s our mission to help you find the right coverage for your family. We help you to make a confident and informed decision about your Over 50s Life Insurance. It can seem difficult to find coverage that suits you but we’re here to help.
You can get your no-obligation, free quick quote today. It’s simple and straightforward to take out a policy. Once you have it, you can relax knowing your loved ones will be financially supported when you pass away.
Over 50s life insurance is a type of life insurance that will pay a lump sum to your loved ones when you pass away. If you are aged 50-80 and a Canadian resident you are eligible to apply. It offers guaranteed acceptance which means that you won’t have to provide a medical when you are applying. This coverage is not yet available in Quebec.
When you are applying for Over 50s life insurance you choose the lump sum that will be paid to your loved ones if you pass away. What this amount depends on both your age and how much you can reasonably afford to pay. If you are younger then the amounts you have access to will be higher. You will then agree to a monthly premium. As long as you continue to pay this monthly premium will be covered for the rest of your life.
While no one likes to speak about death it is important to consider at some point. There are certain costs to consider such as the price of a funeral. As it stands in Canada at the moment, the price of a basic funeral and burial is increasing. Do you think your loved ones would be able to bear this cost at short notice? Over 50s life insurance can provide a certain amount of certainty in knowing that there is something there to help out with these costs. It’s not just funeral costs either, some people can use it for things like paying outstanding debts and even leaving a gift behind.
The type of life insurance cover you need will depend on your personal circumstances.
Homeowners – taking out life insurance while you have a mortgage can help you to protect your loved ones from outstanding mortgage repayments should you pass away unexpectedly. Once your claim has been approved the payout can be used towards your mortgage.
Protecting your dependents – if you’re married, you have children or you’re financially responsible for other individuals, you may need life insurance. If you pass away, this kind of cover can provide financial support for your dependents and retirement support for your partner.
Protecting against funeral costs – you could use an Over 50s Life Insurance policy to help cover costs associated with your funeral or other end of life expenses.
