Life Insurance for Seniors
First things first. If we’re going to talk about life insurance for seniors, how exactly are we defining a senior? In Canada, the general age when people can start looking forward to things like cheaper movie tickets, discounted bus fares and reduced membership fees as a senior citizen is from age 65. But what about life insurance plans for seniors? Although life insurance is a little more flexible and less costly for younger people, there are still plans available for the elderly.
What kind of life insurance is available to seniors in Canada and should you be thinking about it before you turn 65? Here are a few options that are available from TD Insurance:
TD Guaranteed Acceptance Life Insurance
TD Guaranteed Acceptance Life Insurance is an insurance policy that could help your loved ones pay your final expenses, such as funeral costs, in the event of your death. This type of coverage offers financial protection for customers 50 to 75 years old, especially if there is a health condition or a medical history that would disqualify them from standard life insurance plans. There are no medical checks necessary and the coverage amount ranges from $5,000 to $25,000. All eligible applications are accepted, your premium will never go up, and as long as your policy stays active, you have coverage. Beneficiaries will receive a lump sum, tax-free benefit after you pass away. If you are interested in TD Guaranteed Acceptance Life Insurance you can learn more, get a quote and apply online today.
TD Term Life
With TD Term Life Insurance there are a few different options for seniors who are Canadian residents. If you have family members who depend on you financially, life insurance can help provide them future financial security. Your beneficiaries will receive a lump sum, tax-free benefit when you pass away. With this type of insurance the premiums remain the same for the term selected. TD Insurance offers three term life insurance plans, Term-10, Term-20 and Term-100.
For the Term-10 and Term-20 plan, the insurance policy automatically renews at the end of each term interval, and the premiums increase to reflect your age at that time. At renewal, you also have the option to either replace the policy with a new one or convert the plan to a permanent life insurance plan, if you do it before you turn 69 years old. The Term-10 and Term-20 plans expire when the insured person turns 80 years old.
The Term-100 is a permanent plan because it provides you coverage for as long as you live, whether you pass away tomorrow or live past age 100. The premiums never change.
You are eligible to apply for 10-Year Term Life and Term-100 up to six months before your seventieth birthday and for 20-Year Term Life, up to 6 months before your sixtieth birthday.
If you are interested in TD Term Life Insurance, you can get a term life insurance quote online today.
As you age and financial obligations change, some form of life insurance for seniors can be a good idea. Those you care about can benefit when you plan ahead to help provide them with future financial security and not funeral bills and other unpaid expenses. We’re here to help walk you through your options, make informed decisions, and ultimately, find a life insurance plan that fits your needs as a senior.
TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are individual life insurance plans underwritten by TD Life Insurance Company. TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are currently not available for customers in Quebec. See the Insurance Policy for coverage details, including limitations and exclusions.