Over 50s Life Insurance for Canadians

When you are applying for Over 50s life insurance you choose the lump sum that will be paid to your loved ones if you pass away. This amount depends on both your age and how much you can reasonably afford to pay. If you are younger than the amounts you have access to will be higher. You will then agree to a monthly premium. As long as you continue to pay this monthly premium will be covered for the rest of your life.

While no one likes to speak about death it is important to consider at some point. There are certain costs to consider such as the price of a funeral. As it stands in Canada at the moment, the price of a basic funeral and burial is increasing. Do you think your loved ones would be able to bear this cost at short notice? Over 50s life insurance can provide a certain amount of certainty in knowing that there is something there to help out with these costs. It’s not just funeral costs either, some people can use it for things like paying outstanding debts and even leaving a gift behind.

The type of life insurance cover you need will depend on your personal circumstances.

Homeowners – taking out life insurance while you have a mortgage can help you to protect your loved ones from outstanding mortgage repayments should you pass away unexpectedly. Once your claim has been approved the payout can be used towards your mortgage.

Protecting your dependents – if you’re married, you have children or you’re financially responsible for other individuals, you may need life insurance. If you pass away, this kind of cover can provide financial support for your dependents and retirement support for your partner.

Protecting against funeral costs – you could use an Over 50s Life Insurance policy to help cover costs associated with your funeral or other end of life expenses.