Senior couple enjoying affordable life insurance

Affordable Life Insurance Options for Seniors

Published September 1, 2023

Are you a senior citizen, planning for the future and seeking to unload financial burdens from your family’s shoulders after your time? Then you probably want something affordable and straightforward out of your life insurance. We've got the affordable life insurance options for seniors you're looking for: Final Expense plans.

In this blog post, we’ll cover Final Expense plans, showing you how they’re the perfect, affordable option for seniors in Canada. We’ll also offer an alternative in case Final Expense plans aren’t what you’re looking for. 

Let's dive in!

Old couple looking at affordable life insurance options

Exploring Life Insurance Options for Seniors: The Affordable Final Expense Plan

As seniors, it's not unusual to think your age might deter insurance companies. However, there exist options tailored to your unique needs, and one such product is the Final Expense Plan.

These guaranteed-issue policies, also known as burial or funeral insurance, are designed to cover funeral expenses and other end-of-life costs upon one's passing. They are typically easier to get approved for, with no medical check required!

With average funeral fees in Canada soaring over $9000, Final Expense Plans can offer substantial financial relief to your loved ones in a difficult time. Additionally, these plans are generally more accessible and affordable than traditional life insurance plans, primarily due to lower coverage amounts.

The Value of Final Expense Plans

 

Flexibility in choice:

Final Expense Plans can be customized to cover more than just burial expenses. For example, they can also cover outstanding debts, medical bills or even act as a simple inheritance. These extra advantages mean you can help your family even after you're gone.

Guaranteed-issue:

The biggest draw of Final Expense plans for people who are over the age of 50 is that acceptance is guaranteed. There are no medical exams or in-depth questionnaires to fill out that might result in your disqualification. As long as you’re a Canadian resident between the ages of 18 and 75, you WILL qualify for a Final Expense plan.It’s that simple!

Affordability: 

Final Expense plans are smaller plans in general, which means that they will be much more affordable than large scope term life or whole life plans. You won’t need to worry about being on a fixed income, Final Expense premiums won’t break the bank.

Tax Free:

Not many things are exempt from taxes, but luckily, payouts from life insurance are one of them! In contrast to leaving behind an estate, which can be privy to complicated inheritance and estate and land transfer taxes.

Senior couple with peace of mind

To Consider: Term Life Insurance

While we highly recommend the Final Expense Plan for seniors, it's worth briefly understanding Term Life Insurance.

In essence, Term Life Insurance offers coverage for a specific period (called “term”), going from 5 to 30 years. If the policyholder dies within the term, a death benefit is paid to their beneficiaries. ISI offers simplified, no-medical exam term life policies available for applicants up to 80 years old, which makes getting coverage easier than other insurers.

However, it's important to note that Term Life plans are NOT typically guaranteed-issue-, so it is possible to be refused coverage or quoted higher premiums based on pre-existing health conditions.

Conclusion

Securing life insurance at an older age should not be a daunting task. Certainly, there are affordable life insurance options for seniors, with products like Final Expense Plans offering low premiums, easy approval, and flexibility.

While term insurance can also be a suitable option for some, it's crucial to consider your specific needs, health condition, and, vitally, budget.

Final Expense Plans were created with you in mind, consisting of easy acceptance, no-frills, and reasonable assurance, aiding your family's financial future.

Embrace the Future with Confidence

Are you ready to secure your tomorrow and protect your loved ones from future financial stress? Let's pave the way with plans tailored to your needs.

Ensure a smooth transition and a safe future for you and your family. Start today — explore Final Expense plans with us!

Your Journey Towards a Secure Tomorrow Starts Here

Your journey to a protected future is just a click away. Be sure to explore your options and choose the best life insurance policy for you.

We're here to help along each step of the way. Let’s make future worries a thing of the past! Get a free quote by clicking the button below.

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