As a retiree living on a fixed income, preparing for your family's future can be overwhelming. You may have come up against industry jargon while trying to decipher hundreds of different policies. Or have heard horror stories from people who have had poor experiences with insurance companies. But don't give up on insurance just yet; if you know where to look and who to ask (this article is a great start), life insurance CAN be easy to understand and straightforward to apply for, AND fit into your budget.
In this article, we'll discuss why life insurance is an essential investment for end-of-life planning, the major considerations to keep in mind when selecting a life insurance policy, and how to take full advantage of the available resources.
We'll also explain why our simplified approach to insurance can help make life decisions easier, relieve financial burden on your next-of-kin, and provide your family with the financial security they need once you pass away.
As a retiree living on a fixed income, you may be tempted to bypass life insurance altogether, but there are many benefits to investing in it—especially when it comes to end-of-life or estate planning.
Life insurance is a critical asset that helps secure both your and your loved ones’ financial future. It not only provides a financial safety net in case of an unexpected death, but can also be used as an investment tool to support your retirement and secure your legacy.
Life insurance gives you the peace of mind of knowing that your family will be taken care of, even when you pass away. It can cover any financial obligations you leave behind, such as outstanding debts, funeral costs, taxes, and other end-of-life expenses. You can also use it to supplement an inheritance for your heirs or for charitable giving.
But it’s not just about money. Life insurance can also help protect your family from the emotional burden of financial stress. It can give them the support they need as they navigate the difficult process of adjusting to life without you.
Many insurance applicants’ eligibility is determined based on three factors: age, health, and income level. As a retiree, you’re probably not the youngest, healthiest, or wealthiest you’ve ever been, which can make you ineligible for a lot of insurance plans.
Luckily, there are still policies that are designed for retirees that are on a fixed income: Final Expense plans.
Final Expense plans cover various end-of-life expenses such as funeral and burial costs, medical bills, or outstanding debt. It’s a way to ensure that your family doesn’t have to suddenly spend thousands of dollars following your death. A Final Expense plan can range from $2,000 to $50,000, making it quite adaptable to your individual situation, all while remaining quite affordable.
But the biggest advantage of Final Expense plans is that they are the easiest to apply for. They have many fewer requirements when compared to other plans. You won’t need to complete a medical exam, and at most you’ll need to answer a few basic questions such as your age and place of residency – it’s that simple.
If you’re looking to plan for your end-of-life expenses, a Final Expense plan is designed specifically for that purpose.
Whether you go for a Final Expense plan or not, research is an essential part of finding the right policy for you. Start by learning about the different types of policies available. Then, compare different policies and companies to find one that best suits your needs.
Look for a policy with a premium you can afford and coverage that’s sufficient. Pay particular attention to the financial ratings of the company you’re considering; the higher the ratings, the more financially secure the company is. Of course, customer ratings are equally as important. Look at online reviews left by others; you want to make sure you’re dealing with a company that others have positive experiences with and good customer service.
And don’t worry about the underwriting process. Anyone between the ages of 18-74 with a Canadian address can qualify for a Final Expense plan!
Insurance Supermarket takes a different approach to insurance—one that’s simple and straightforward. Our simplified products make insurance easy for the everyday Canadian, with no industry jargon or confusing fine print. We also have a quick, easy online application process that takes away any intimidation of traditional insurance applications.
We know how important it is to provide accessible information to our clients, so they can do their own research when looking for a policy. Our digestible website content helps make insurance easy to understand and offers a refresher on the basics.
On top of that, we have a team of knowledgeable advisors that are always on hand to answer any questions you may have and guide you through the process. Our focus is to make sure that you’re never in the dark when it comes to your insurance policy.
One of our biggest focuses is providing great Final Expense plans, because we know how important they are. What makes our Final Expense policies unique is that:
All you need to do is to complete our quick online quote request form, and answer a few questions with our advisors over the phone. You could finish the whole process within 48 hours! Final Expense has never been easier than with Insurance Supermarket!
You don’t have to be a professional to understand and benefit from insurance.
With our simplified approach, we prove that life insurance can be easy. Don't let insurance seem like a complex dilemma. An informed and simplified approach can lead to peace of mind and a secure future for you and your family.
At Insurance Supermarket, we understand it can be difficult to make sense of all the complicated insurance jargon and processes. That's why we make insurance simple and straightforward, so you don't have to be overwhelmed by figuring it all out.
Our simplified approach ensures you get the protection you need without stress or hassle. Get started today with easy-to-understand coverage that fits your lifestyle and budget.