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Types of Life Insurance For Seniors

Most people often assume that Assurance Vie or life insurance for seniors is impossible to get. However, this is further from the truth as seniors aged 60 years and above can get life insurance as easily as everybody else. Obviously, this group of citizens requires more coverage as they are most at risk of adverse health issues. Life insurance in this case would give them some form of comfort knowing that they are covered in case of any eventuality.

Importance Of Life Insurance For Seniors

Although most seniors may have enough savings and resources to meet their needs during their senior life, there are situations where seniors lack the financial ability to take care of themselves. This may be worse for seniors with debts and dependents to take care of. For this reason, life insurance is important as it enables seniors to live a quality life and leave something behind for family and loved ones.

Types Of Insurance For Seniors

While seniors are not categorized into individual classes, some life insurance coverages have age limits. For instance, your local pharmacy may offer you a senior discount once you hit 55 years old. However, some institutions such as the Canadian Pension Plan may not offer some services to seniors unless they’re in their 60s. Luckily, most insurance providers determine eligibility based on specific ages rather than age groups. With this consideration, most agencies don’t provide term life coverage for seniors above 75 years. Such applicants will have to find providers with no age limit. Alternatively, they can purchase permanent coverage. Depending on individual health, seniors are also able to choose between insurance with a medical examination and non-medical insurance products.

The Best Policy For Seniors

There’s no specific life insurance policy that’s best for all seniors because each person has individual needs. Healthy seniors in their 60s can benefit from a fully underwritten term life insurance that they can convert to cover expenses during their old age. In some cases, the insurance funds may be used to take care of the family including children and grandchildren after the beneficiary passes on. in such cases, permanent insurance, such as whole life insurance is the best. However, whole life insurance can be very expensive since you’re covered for your entire lifetime and you may have access to its cash value component in which you can either withdraw funds or borrow against it. Comparatively, if you’re a senior in your 70s, with an underlying condition, you can best benefit from non-medical life insurance coverage as it can cover medical and funeral expenses after you pass on.

Finding the best life insurance for you can be a challenging task especially during your old age. However, reaching out to the right insurance agency is the first step towards ensuring you’re fully covered even in your old age. In addition, proper coverage as a senior will guarantee financial security to your family even after your death.

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