Do you know someone elderly who has no life insurance benefits planned?
That elderly person could be you yourself, your Mom or your Dad or a relative or a friend.
If answer is Yes, than we can help you or that individual to set up a simple life insurance plan that takes care of final expenses and other related cost such as hospital bills, other left over debt such as credit card bills, etc. when the time comes.....(Read More)
Tips for Seniors:
Senior Permanent insurance
Permanent insurance have higher initial premiums than term policies to begin with, however generally it provides a level cost or paid up options and lifetime financial protection.
For same example 40-year-old male non-smoker can get $100,000 of 20-pay whole life coverage with Empire Life for $77.10 a month. The premiums are obviously much higher, but rather than the plan renewing in 20 years it is then paid up.
Permanent senior life insurance never increases the premiums or requires renewal. They rarely even ask for medical information on their applications. It is easy to get the insurance and easy to keep it. Premiums stay low throughout the life and when death does come, the benefits are paid out immediately. Some beneficiaries have the benefits in their hands in weeks rather than in months, as is common in many traditional life insurance policies.
Uses of permanent Life Insurance: cover responsibilities like Funeral expenses, legacy to family, Probate taxes, Capital gain taxes and other Estate fees.
A permanent senior insurance plan will ensure that costs for funerals will be covered and there will not be concerns about whether the term will expire. It is a policy that will be there when death comes and can be counted upon to pay for those end of life costs. Many term insurance policies mature and are not renewed and the years of premiums paid go down the drain.
Affordable Permanent Life Insurance
Permanent life insurance is an excellent choice for seniors because they are guaranteed to have insurance for as long as they live, and as long as they continue to pay their premiums. Most seniors are on a fixed income, so permanent life insurance allows them to have a predictable insurance payment every month.Final expense life insurance is whole life insurance so the coverage is permanent, and the premiums will never increase. The face value typically ranges from $3,000 to $25,000, though some policies have face amounts as high as $50,000. The qualifying ages are normally between the ages of 50 and 85.
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If you have any further query, please feel free to contact Canada insurance Plan.
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