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Over 50s Life Insurance

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What is Over 50s Life Insurance?

Over 50s Life Insurance is a type of protection that provides financial support to your loved ones in the event of your death. It’s designed for Canadian residents aged 50 to 80. How it works is that you choose a benefit amount that you’re happy with, with a monthly premium that you can afford.

If you pass away during the agreed time that your policy is in place for, your loved ones will receive your chosen benefit amount. They can use this to help with bills, loan repayments, retirement savings or it might simply be a gift to be spent as they wish. 

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How much does Over 50s Life Insurance cost?

One of the key things to look for when securing coverage is a monthly premium that you can afford now and into the future. That way you can have peace of mind that when you’re gone, your loved ones will have a financial safety cushion there to support them.  

How much your Over 50s life Insurance could cost depends on a few factors and is different for every person. Here are some of the things that could affect how much your policy costs: 

  • Your age at the time of applying
  • Your gender
  • Your smoker status
  • Your chosen benefit amount
  • Your response to health, lifestyle, and occupational underwriting questions
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Frequently Asked Questions

What is Over 50s Life Insurance?

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.

How does Over 50s life insurance work?

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.

Why would you need Over 50 Life Insurance?

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.

How do I know what type of cover is right for me?

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.

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