As you get older, you're probably going to take pride in all you've built in your life. But, as the years roll on, it's also time to think about the day when you won't be around anymore. You want to make it easier for your loved one to pick up the pieces after your passing. One way to ensure their continued comfort is with a life insurance policy.
However, getting life insurance after the age of 65 might come with hurdles. Your age, health and other factors might limit how you have to enroll in coverage. If you wait until after retirement to get coverage, you might have to take a few extra steps.
Risks For Older Canadians Applying For Life Insurance
Life insurers want to know the risk they take on by offering coverage to specific customers. Your eligibility for a policy, and the price you will pay for it, will likely vary based on your risk profile. Often, older Canadians represent a higher risk to life insurance companies.
Give it some thought. Life insurance usually only pays when you die. If you are older, then that signals that you might have a higher risk of dying soon as opposed to a young individual. Getting older might also signal that you have more health problems than someone else. This also increases the chances that of mortality.
As your life expectancy decreases, life insurers might charge you more for coverage. Some might even refuse to insure older Canadians. Enrolling in life insurance while you are younger or healthier often helps you get the best coverage and premiums. Nevertheless, older and retired individuals can still qualify for coverage. It just might take some extra work.
Finding The Right Coverage
When you enroll in life insurance after age 65, you likely want it to go to a certain use. It might help your survivors supplement an income you can no longer provide for them after your death.
The good news is older Canadians can usually still qualify for both term- and whole-life policies. However, they might face certain limitations on the coverage they can get. For example, some term-life policies have cut-off dates at age 75. A 65-year-old might therefore only qualify for a 10-year policy.
Other policies might require medical exams. An older person with medical issues might not pass this test. A person who doesn't pass the exam might have to get a no-exam policy. No-exam policies often cost more money or offer more limited coverage.
Getting the right coverage will take coordination with your insurance agent. Here at Heritage Insurance, we can help you get the most quality, affordable policies available for your age bracket. Contact one of our agents today for more information.