Finding an affordable Life insurance plan for a Canadian Senior can be a challenge but we at Protect your Wealth are at your service.
Our experience in assisting those over the age of 50 is unmatched and there are several advantages to the addition of a life insurance policy to your financial plan.
Avoid your outstanding debt (your mortgage, rent, credit cards, or outstanding loans) from being passed on to loved ones.
Funeral costs can be expensive. Safeguard your loved ones from this burden in their time of grief.
Even if your loved ones are not dependent on your income, you can still aid their financial pressures, such as providing school tuition to your grandchildren.
Assign funds to a charitable cause so that your personal impact can endure.
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The three most common types of insurance for seniors are fully underwritten, simplified issue, and guaranteed issue insurance. Here’s a simplified breakdown of the three:
Cost of Premiums
Full medical history disclosed.
Limited medical questions. May differ by insurance company.
No medical questions asked.
Visit from nurse or paramedical company
Most often yes.
Sometimes substitued with physicians report.
No vist from nurse or paramedical company.
Speed of approval process
Longest process, may take few days to several weeks.
Typically within a few hours to a few days.
Typically within a couple hours to a couple of days.
Maximum amount of coverage
No specified maximum.
Depends on company, age and health history. Can be up to 1M in coverage.
Depends on company and age. Most often between 25K and 50K maximum.
Speak to one of our insurance specialists to understand if insurance should be part of your financial plan. Call us directly at: 1-877-654-6119 or click below to get started!