There’re a lot of ins-and-outs of buying life insurance that go overlooked. In particular, the somewhat arduous and time-consuming upkeep of your life insurance policy.
That’s a job your broker can help you navigate, but how do you know when to call for a review? What qualifies as a significant enough event that you should go over a policy. Most experts recommend an annual review, but those can overlook some events that need immediate addressing.
A penny saved is a penny earned, so said American founding father Benjamin Franklin. But what the late politician didn’t bet on is that we’d be phasing out the penny — and just about everything else we used to know about finances.
Earlier this year, the Broadbent Institute published an analysis of the state of Canadian Seniors finance, called (rather benignly) An Analysis of the Economic Circumstances of Canadian Seniors. Naturally, it’s doesn’t paint a healthy or sustainable picture of Canadian Seniors’ retirement ambitions — rather it seems to suggest that retirees have put their finances on life support.
And that’s more the tip of the iceberg. It gets troublesome as we go deeper.
One of the biggest hurdles to finding life insurance always has and always will be the barrier of good health. To insurance providers, a clean bill of health is a necessity to qualify for many so-called “traditional” life insurance plans – the plans that often demand full underwriting with a doctor’s visit and blood test.
You can’t control your health, but you can control how you approach life insurance – specifically by considering No Medical Life Insurance, which can offer coverage even if you suffer from these below conditions.
They call it “nickel and diming” for a reason. A little bit of money lost here and there seems innocuous enough, but then it starts adding up over time and you’re left with a hole where your savings used to be.
Make no mistake, life insurance is a valuable financial tool in almost any context. But there’s a number of ways your life insurance could be eating into your wallet – and the problem is completely fixable.
It’s not a decision most people readily think about, which is surprising given that it’s the primary reason people presumably buy their life insurance. Your beneficiary listed on your life insurance policy may just be a name, but what’s in a name?
Your beneficiary should be the most important factor in your decision to buy life insurance. There’s a number of things you shouldn’t do when selecting one, and a few things you should consider before you do.
Life insurance, at least most forms of it, tend to be needed less and less as you age. Everyday people let their life insurance policy lapse. Either they don’t need what they needed before or it’s too difficult to pay for, there’s a number of very understandable reasons people would leave their life insurance policy and let it expire.
There’s also a number of reasons you shouldn’t do this, and quite a few ways you can do it better if you no longer need life insurance.
The Canadian Association of Accredited Mortgage Professionals reported that of seniors over the age of 65, approximately 35% still have a mortgage. While the 25 year amortization limit has stemmed the trend of homeowners taking on mortgage debt for life, a more interesting trend has come into play – seniors are now taking on mortgages on behalf of their children. Like it or not, senior debt is here to stay, and they’ll need more than just refinancing strategies to combat increasing debt problems.
Daytime TV is notable for three things: bad soaps, talk shows, and life insurance ads. We could argue all day which is the more annoying to come across, but soaps and talk shows don’t try to sell you something without first giving you all the details.
Canadian seniors are the big target: be it a smiling suit telling you about final expense coverage, or a happy family acting oddly fulfilled that they just bought insurance. Advertisers will go on and on about the benefits of their particular life insurance plan, but they gloss over the truth of seniors and life insurance:
Namely, you have far more options than you think – and buying from an ad you saw on TV will pass up the best deals you can get.
Let’s face it: we’re always on the hunt for the best deal. And who can blame us? Especially for seniors, getting a low rate on your life insurance can mean the difference between an effective financial plan and a money-sink that will cost more than it provides. To make sure you don’t get a policy that burns a hole in your pocket, follow the below advice to work with your life insurance broker on getting you what you deserve.
Life insurance is largely defined by risk: the risk of being uninsured and the risk that insurers undertake to cover you. Covering that risk is loads of what many feel are excessive and intrusive medical and lifestyle “underwriting”, designed that way so what you pay for insurance adequately reflects the risk an insurer perceives of you.
And then there’s the unfortunate by the wayside, those who have been deemed “uninsurable” due to a variety of reasons – be they health, lifestyle, or other factors.
So if you’ve been declined coverage before, are worried you’re going to be declined coverage, or if you simply want to know more about what to expect when buying life insurance – read on. We’ll tell you how you can figure out why you’ve been declined and how to still get coverage anyway.