It’s true that it’s best to purchase life insurance while you’re still young and in good health. However, if you’ve waited until middle age, or even your golden years, it’s not impossible to find affordable life insurance coverage. In fact, Canada Protection Plan specializes in providing no medical life insurance for hard to insure individuals aged 20 to 80. The majority of our plans don’t require a medical exam, meaning that policies can begin in days or weeks, rather than months.
Do I Even Need Life Insurance At My Age?
That depends. Think of a life insurance policy as peace of mind. Investing in a whole life insurance policy guarantees that you’ll have enough money to cover your funeral expenses, or provide for your dependents after you pass on.
The average cost of a funeral in Canada is $6,583, with rates being the highest in Ontario. After paying your debt, if you’ll have enough money to cover your funeral costs, and take care of your dependents the way you’ve always hoped, then you probably don’t need life insurance. However, if you’re like most Canadians, a life insurance policy is needed in order to ensure that their family is cared for financially after they pass on. Investing in life insurance also gives you the freedom to enjoy other financial assets during your lifetime, as you can rest assured that your life insurance policy will provide for your dependents in the event of your death.
Age and Life Insurance Rates
The older we get, our risk for mortality increases. Since a life insurance policy is paid out upon the death of the policyholder, the insurance company assumes greater risk when they take on an older applicant. Therefore, age is one of the key factors considered by insurance companies when a person applies for a policy.
However, it’s not the only factor that has an influence on your premiums. Your overall health, and how well you take care of your health (whether or not you smoke, for example) also plays a part in determining whether or not you will be eligible for life insurance. Canada Protection Plan offers no-medical life insurance coverage for Canadians aged 20 – 80, including plans for individuals that are hard to insure or who have been previously turned down for life insurance.
Learn More About Life Insurance
Don’t wait. Call Canada Protection plan 1-877-851-9090 to find the affordable life insurance plan that’s right for you.
