Canadians over 50 have more options than ever when it comes to getting insured, the secret is looking in the right places.
As we approach retirement, it’s normal to want to make sure that we have enough coverage for the people who matter most to us. But for many, age brings the fear of being rejected for a policy or paying too much for the insurance you are looking for.
Today, there are many life insurance products available that do away with traditional underwriting practices like medical exams and questionnaires. This makes it much easier for people approaching their retirement years to get the coverage they need to protect their families.
What About Medical Exams?
Medical exams are easily the most hindering aspect of traditional life insurance plans for people over 50. These barriers either completely block people from the coverage they want or make it almost financially impossible for them to get insured.
Now, there is a growing spike in popularity for no medical life insurance plans. These options highlight the fact that health issues or history have no effect on rates or eligibility. The typical requirements are simply to be within the age range and to have a home address in Canada; that is all that is needed to get covered.
Ok, But Do I Have to Wait?
The short answer is no! To make it even easier on Canadians, these life insurance policies are totally available online and at your fingertips. Application processes are fast and simple and do not require you to have to wait to meet with an agent. Everything from searching for quotes to receiving your policy is done at your convenience all in the comfort of your own home.
How Much Coverage Can I Get?
Insurers are offering coverage amounts of up to $50,000 for these types of no medical life insurance plans. This makes these options very appealing to people looking to provide loved ones with protection from funeral expenses or any other final bills and costs.
The Key is Looking in the Right Place
Sites like Specialtylife.ca make getting insured over 50 much easier with plans that are simple and accessible for Canadians. Getting coverage later in life should be straightforward and fast because you need to get back to the people who matter most without worrying about your insurance.
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Isn’t it Difficult for Seniors to Get Insured?
Many traditional life insurance plans can be out of reach for Canadians over the age of 50 because of the various health exams and medical questionnaires. Applying for these insurance plans can be daunting as many seniors carry the fear of being rejected for coverage.
Being denied coverage labels you as hard-to-insure and makes it very difficult to apply and be accepted for other whole life and universal plans. It’s true that it can be difficult for seniors to get insured, but there is an option still available that many have taken advantage of.
Managing Debt is a Reality Many Seniors Face
Today, seniors are accumulating a large amount of personal debt, with a majority of this coming from trying to fund retirement and planning for their future. The fear of being denied life insurance often leaves older Canadians with fewer debt managing options and puts a strain on their own personal financial deadlines.
This pressure to find ways of controlling debt forces many seniors to pass on unpayable loans or credit debt to their families. Since traditional plans are not an option for most Canadian seniors, trying to cover their debt on their own often leads to it being passed on to loved ones.
The Plan that Guarantees Coverage and Debt Control
Since getting covered with a traditional plan is often too much of a hassle for many older Canadians, there has been a growing popularity for Guaranteed Issue Life Insurance. A Guaranteed Issue Life Insurance plan requires no medical exams or health questionnaires to be eligible for coverage.
The ease of eligibility and straightforwardness of the application makes a Guaranteed Life product very appealing for most Canadians over the age of 50. But perhaps the convincing selling point of the plan is the fact that it prevents debt from being inherited by family members.
Covering Your Debts
Sure, life insurance is another cost on top of a senior already facing too many debts, but the assurance that life insurance brings far outweighs the short-term immediate costs. You can plan for your retirement, but making sure your family is taken care of after you pass is the best way to cover any outstanding debts so your children and grandchildren do have to.