Straightforward Over 50s Life Insurance for Canadians

You choose a benefit amount that suits the needs of your loved ones when you apply for Over 50s coverage. 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’ll pay a monthly premium to keep your policy active. Depending on your policy type, your premium may increase based on your age. As long as you continue to pay this monthly premium you will be covered for the rest of your life, and the lump sum will be paid to your loved ones when you pass away.

We understand talking about death can be hard, but it’s important to do so to avoid your loved ones shouldering the costs alone. Right now in Canada, 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 some certainty in knowing that there is financial support 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. Here are some of the reasons you may consider taking out a policy:

To help protect 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.

If you’re a 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.

To help protect 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.