Life Insurance for Old People
In recent years, insurance companies have developed products to offer to niche markets, most notably targeting the senior market to address needs of an aging population. Many companies offer policies tailored to the needs of senior applicants. These are often low to moderate face value whole life insurance policies, to allow a senior citizen purchasing insurance at an older issue age an opportunity to buy affordable insurance.
No Medical Exam Life Insurance
No medical exam life insurance allows getting coverage without any medical examinations and tests. Your acceptance is guaranteed – regardless of your health or medical history. No medical reports will be requested. You can get covered even if you have been turned down before, or you are a smoker, or overweight, or just afraid of needles.
Your coverage can be from $5,000 to $25,000. It doesn’t matter what your current health is or if you have a medical condition. There are no health questions and no medical tests when you apply. You can get covered even if:
- You have been turned down before
- You are a smoker
- You are overweight
What some top insurance companies can offer you:
- Your premiums will not go up and your coverage will not go down.
- Your coverage can never be cancelled as long as your premiums are paid.
- There are significant savings for non-smokers – up to 20% on their premiums compared to smokers.
- If you die accidentally before age 85 your benefits will increase 5X. That means your beneficiary could receive up to $125,000.
- It is protection for a lifetime.
- Your beneficiary will get the money tax free.
- Moreover, your beneficiary can use the lump-sum payment towards funeral costs, outstanding debts and loans, living expenses… The choice will be theirs.
Canadian Final Expense Plan
What are final expenses? Funeral expenses. Which in Canada are costly and rising rapidly. The Canadian Pension Plan provides up to $2,500 of death benefit. But actual funeral and burial costs can easily exceed $10,000. Where will the remainder come from? Why not spare your family the burden of these expenses at a difficult and emotional time?
In fact, burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. The Greeks and Romans introduced burial insurance circa 600 CE when they organized guilds called “benevolent societies” which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times.
Preneed life insurance policies are limited premium payment whole life policies that, although available at almost any age, are usually purchased by older applicants. This type of insurance is designed to cover specific funeral expenses when the insured person dies, which the applicant has designated in a preneed funeral goods and services contract with a funeral home.
The policy’s death benefit is initially based on the total funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner’s designation of the funeral home as the primary beneficiary, the funeral home will typically guarantee that the death benefit proceeds will cover the future cost of the selected goods and services no matter when death occurs.
All residents of Canada, no matter their age or health conditions, can purchase a Canadian Final Expense that:
- Provides money for the burial and final expense costs
- Recognizes dignity of the deceased
- Helps to prevent existing assets from being sold or borrowed against to pay funeral and burial costs
- Can relief the financial burden from your loved ones
- Can be used to pay outstanding debts and other expenses
- Plans increase 5% simple interest annually.
It is our responsibility not to financially burden our loved ones with our final expenses during the emotional time of hardship.