The Facts about Term Insurance for Seniors
Understanding Term Insurance for Seniors
Canadians are continuing to live longer and are continuing to rank among the top nations for leading national average life expectancy. According to the World Bank, “Canada’s average life expectancy is stable at an impressive 81 years as of 2011, as compared with an average life expectancy of just 71 years in 1961.” This of course, is wonderful news; a larger percentage of Canadians are now living to become octogenarians and approaching centenarian status. According to the Canadian census, there were 5,825 documented Canadian centenarians as of 2011; this number is expected to continue to rise with an anticipated 17,000 Canadians living to be 100 years old or older by 2031. Keeping these astounding trends in mind, it is no wonder that people are beginning to think differently about traditional life insurance policies as we are also beginning to see the advent of term insurance for seniors who may potentially outlive their initial insurance terms.
So what is Term Insurance?
In essence, term life insurance (sometimes also known as term assurance) is a form of life insurance policy that offers fixed rate payments for a predetermined length of time. Term insurance for seniors is made available in a variety of different term lengths that range from as little as one year to as many as 30 years. Term insurance provides death benefit coverage that is paid to the insured party’s beneficiary in the event that the death of the insured party occurs at some point during the period of time covered by the insurance policy. In such an event, the coverage provided is principally apportioned to alleviate financial responsibilities left outstanding by the insured party; loans, credit debt, remaining long-term medical costs, and funeral arrangements are some of the examples of this variety of financial responsibility. Additionally, term insurance for seniors can be a reasonably priced and economical option of life insurance policy; however, does not replace or substitute the need for a substantial long-term life insurance policy.
How Does it Work? And Why is it Important?
While some forms of term insurance can provide coverage for as short a term as 1 year, the most popular form of term insurance is something called annual renewable term insurance, and for good reason. This variety of insurance policy ensures that the initial policy granted offers guaranteed annual reinsurability for a predetermined term. This type of renewable term insurance for seniors is especially important as it renews annually without requiring proof of insurability, which can be gravely affected with the development or onset of long-term illness and terminal disease, which may otherwise result in an individual becoming uninsurable. The period of time allotted for annual renewable term insurance policy can vary, and premiums increase with every renewal period. Typically, annual renewable term insurance is available in terms ranging from 10 years to 30 years.
Fortunately, there is no need to look any further than No Medical Life Insurance.ca for term insurance for seniors. We work with the best carriers in Canada to ensure that you will get the coverage that you need. Contact us today. We are happy to answer your questions and provide a no obligation quote.
Category: Life Insurance
