SPOILER ALERT!
If you are over the age of 50, should you buy guaranteed life insurance?
With more and more people looking into guaranteed life insurance or no medical life insurance its time we take a deeper look in to the pros and cons of this life insurance. Hopefully we can answer for you, should you buy guaranteed life insurance.
First let’s look at the 3 main reason why people over the age of 50 buy guaranteed life insurance. The main reason is to cover final expense. Unfortunately we all leave final expenses, funeral cost, unexpected medical bills, other debts you haven’t managed to pay off. For anyone who truly loves the people in their life, they do not want their last memory to be the unwanted bill they were left with. So many Canadians purchase guaranteed life insurance to help cover these final costs.
Second, would be to help offset costs that more and more Canadians take on later in life, that maybe they weren’t suspecting. You see, many Canadians over the age of 50 are helping their adult children financially. Either offsetting their costs, or helping with a down payment on their first property. The problem is when mom or dad passageway, the “bank of dad” closes their doors. More and more Canadians use life insurance to help leave those children with enough that they can bridge the gap need to live.
Lastly, the reason people over the age of 50 purchase guaranteed life insurance is because they can purchase traditional life insurance. Maybe they have waited too long and the cost to own would be drastically higher than they could afford. Or Maybe they have health conditions preventing them from purchasing standard life insurance.
online insurance quote ontario are the three main reason to consider guaranteed life insurance, however, it’s not for everyone.
Now let’s look at who should buy guaranteed life insurance? The overall idea behind “guaranteed life insurance” is it should be there for people who do not have other options. Typically:
• These are people who have medical conditions that would make it impossible to purchase medically underwritten life insurance
• Due to their medical conditions or age medically underwritten life insurance would be unaffordable
• Were recently declined from traditional life insurance
If that sounds like you, guaranteed life insurance will likely be your best bet, although you may still have more options. This is one case, where you will want to consider working with a highly trusted broker. You see a broker has access to multiple companies, all of which look at the qualification process slightly different. Company A might deem you to be uninsurable, where company B might insure you. Having a good broker should put the advantage in your court and allow you to get the best coverage based on your specific needs. More on this to come.
What are the rates?
This is highly dependant on your needs. But there are a few factors you should know ahead of time. The first being that medically underwritten life insurance will normally be less expensive given everything else (the length you need the coverage for and the amount of coverage) equal. This is because you give the insurance company a better picture of who they are insuring. Because of this you receive a policy at a better rate.
The best life insurance is always the right policy based on your needs, with a reputable company at a price you deem to be affordable. Whether that is guaranteed issue life insurance or traditionally medical underwritten insurance depends on your situation as both policy have their place.
Mistakes people make when purchasing guaranteed life insurance
One advantage of guaranteed issue life insurance is that it can be applied for over the phone in just a few minutes. For many Canadians they do not want to take a long period of time to make a decision on life insurance, so this becomes attractive to them. However, if you are choosing this option because it is quick understand you are normally paying a premium when you don’t necessarily have too.
Pro TIP - Get professional advice
Get professional advice. It’s no shock that there are many different options for you. To find the right one in your specific situation can be challenging. But it doesn’t have to be, when you find a good company that has a good process your journey to find the right coverage doesn’t have to be a hard process. Its a good start to find a company that has been in business for many years, that the advisor you work with has been in business for many year (5+ is a fair start) and find someone who works on this full time. Anytime you work with someone who has a main job but does life insurance part time is a clear sign you likely are not getting the best service or product.
First let’s look at the 3 main reason why people over the age of 50 buy guaranteed life insurance. The main reason is to cover final expense. Unfortunately we all leave final expenses, funeral cost, unexpected medical bills, other debts you haven’t managed to pay off. For anyone who truly loves the people in their life, they do not want their last memory to be the unwanted bill they were left with. So many Canadians purchase guaranteed life insurance to help cover these final costs.
Second, would be to help offset costs that more and more Canadians take on later in life, that maybe they weren’t suspecting. You see, many Canadians over the age of 50 are helping their adult children financially. Either offsetting their costs, or helping with a down payment on their first property. The problem is when mom or dad passageway, the “bank of dad” closes their doors. More and more Canadians use life insurance to help leave those children with enough that they can bridge the gap need to live.
Lastly, the reason people over the age of 50 purchase guaranteed life insurance is because they can purchase traditional life insurance. Maybe they have waited too long and the cost to own would be drastically higher than they could afford. Or Maybe they have health conditions preventing them from purchasing standard life insurance.
online insurance quote ontario are the three main reason to consider guaranteed life insurance, however, it’s not for everyone.
Now let’s look at who should buy guaranteed life insurance? The overall idea behind “guaranteed life insurance” is it should be there for people who do not have other options. Typically:
• These are people who have medical conditions that would make it impossible to purchase medically underwritten life insurance
• Due to their medical conditions or age medically underwritten life insurance would be unaffordable
• Were recently declined from traditional life insurance
If that sounds like you, guaranteed life insurance will likely be your best bet, although you may still have more options. This is one case, where you will want to consider working with a highly trusted broker. You see a broker has access to multiple companies, all of which look at the qualification process slightly different. Company A might deem you to be uninsurable, where company B might insure you. Having a good broker should put the advantage in your court and allow you to get the best coverage based on your specific needs. More on this to come.
What are the rates?
This is highly dependant on your needs. But there are a few factors you should know ahead of time. The first being that medically underwritten life insurance will normally be less expensive given everything else (the length you need the coverage for and the amount of coverage) equal. This is because you give the insurance company a better picture of who they are insuring. Because of this you receive a policy at a better rate.
The best life insurance is always the right policy based on your needs, with a reputable company at a price you deem to be affordable. Whether that is guaranteed issue life insurance or traditionally medical underwritten insurance depends on your situation as both policy have their place.
Mistakes people make when purchasing guaranteed life insurance
One advantage of guaranteed issue life insurance is that it can be applied for over the phone in just a few minutes. For many Canadians they do not want to take a long period of time to make a decision on life insurance, so this becomes attractive to them. However, if you are choosing this option because it is quick understand you are normally paying a premium when you don’t necessarily have too.
Pro TIP - Get professional advice
Get professional advice. It’s no shock that there are many different options for you. To find the right one in your specific situation can be challenging. But it doesn’t have to be, when you find a good company that has a good process your journey to find the right coverage doesn’t have to be a hard process. Its a good start to find a company that has been in business for many years, that the advisor you work with has been in business for many year (5+ is a fair start) and find someone who works on this full time. Anytime you work with someone who has a main job but does life insurance part time is a clear sign you likely are not getting the best service or product.
If you are over the age of 50, should you buy guaranteed life insurance?
With more and more people looking into guaranteed life insurance or no medical life insurance its time we take a deeper look in to the pros and cons of this life insurance. Hopefully we can answer for you, should you buy guaranteed life insurance.
First let’s look at the 3 main reason why people over the age of 50 buy guaranteed life insurance. The main reason is to cover final expense. Unfortunately we all leave final expenses, funeral cost, unexpected medical bills, other debts you haven’t managed to pay off. For anyone who truly loves the people in their life, they do not want their last memory to be the unwanted bill they were left with. So many Canadians purchase guaranteed life insurance to help cover these final costs.
Second, would be to help offset costs that more and more Canadians take on later in life, that maybe they weren’t suspecting. life insurance quote canada see, many Canadians over the age of 50 are helping their adult children financially. Either offsetting their costs, or helping with a down payment on their first property. The problem is when mom or dad passageway, the “bank of dad” closes their doors. More and more Canadians use life insurance to help leave those children with enough that they can bridge the gap need to live.
Lastly, the reason people over the age of 50 purchase guaranteed life insurance is because they can purchase traditional life insurance. Maybe they have waited too long and the cost to own would be drastically higher than they could afford. Or Maybe they have health conditions preventing them from purchasing standard life insurance.
These are the three main reason to consider guaranteed life insurance, however, it’s not for everyone.
Now let’s look at who should buy guaranteed life insurance? The overall idea behind “guaranteed life insurance” is it should be there for people who do not have other options. Typically:
• These are people who have medical conditions that would make it impossible to purchase medically underwritten life insurance
• Due to their medical conditions or age medically underwritten life insurance would be unaffordable
• Were recently declined from traditional life insurance
If that sounds like you, guaranteed life insurance will likely be your best bet, although you may still have more options. This is one case, where you will want to consider working with a highly trusted broker. You see a broker has access to multiple companies, all of which look at the qualification process slightly different. Company A might deem you to be uninsurable, where company B might insure you. Having a good broker should put the advantage in your court and allow you to get the best coverage based on your specific needs. More on this to come.
What are the rates?
This is highly dependant on your needs. But there are a few factors you should know ahead of time. The first being that medically underwritten life insurance will normally be less expensive given everything else (the length you need the coverage for and the amount of coverage) equal. This is because you give the insurance company a better picture of who they are insuring. Because of this you receive a policy at a better rate.
The best life insurance is always the right policy based on your needs, with a reputable company at a price you deem to be affordable. Whether that is guaranteed issue life insurance or traditionally medical underwritten insurance depends on your situation as both policy have their place.
Mistakes people make when purchasing guaranteed life insurance
One advantage of guaranteed issue life insurance is that it can be applied for over the phone in just a few minutes. For many Canadians they do not want to take a long period of time to make a decision on life insurance, so this becomes attractive to them. However, if you are choosing this option because it is quick understand you are normally paying a premium when you don’t necessarily have too.
Pro TIP - Get professional advice
Get professional advice. It’s no shock that there are many different options for you. To find the right one in your specific situation can be challenging. But it doesn’t have to be, when you find a good company that has a good process your journey to find the right coverage doesn’t have to be a hard process. Its a good start to find a company that has been in business for many years, that the advisor you work with has been in business for many year (5+ is a fair start) and find someone who works on this full time. Anytime you work with someone who has a main job but does life insurance part time is a clear sign you likely are not getting the best service or product.
First let’s look at the 3 main reason why people over the age of 50 buy guaranteed life insurance. The main reason is to cover final expense. Unfortunately we all leave final expenses, funeral cost, unexpected medical bills, other debts you haven’t managed to pay off. For anyone who truly loves the people in their life, they do not want their last memory to be the unwanted bill they were left with. So many Canadians purchase guaranteed life insurance to help cover these final costs.
Second, would be to help offset costs that more and more Canadians take on later in life, that maybe they weren’t suspecting. life insurance quote canada see, many Canadians over the age of 50 are helping their adult children financially. Either offsetting their costs, or helping with a down payment on their first property. The problem is when mom or dad passageway, the “bank of dad” closes their doors. More and more Canadians use life insurance to help leave those children with enough that they can bridge the gap need to live.
Lastly, the reason people over the age of 50 purchase guaranteed life insurance is because they can purchase traditional life insurance. Maybe they have waited too long and the cost to own would be drastically higher than they could afford. Or Maybe they have health conditions preventing them from purchasing standard life insurance.
These are the three main reason to consider guaranteed life insurance, however, it’s not for everyone.
Now let’s look at who should buy guaranteed life insurance? The overall idea behind “guaranteed life insurance” is it should be there for people who do not have other options. Typically:
• These are people who have medical conditions that would make it impossible to purchase medically underwritten life insurance
• Due to their medical conditions or age medically underwritten life insurance would be unaffordable
• Were recently declined from traditional life insurance
If that sounds like you, guaranteed life insurance will likely be your best bet, although you may still have more options. This is one case, where you will want to consider working with a highly trusted broker. You see a broker has access to multiple companies, all of which look at the qualification process slightly different. Company A might deem you to be uninsurable, where company B might insure you. Having a good broker should put the advantage in your court and allow you to get the best coverage based on your specific needs. More on this to come.
What are the rates?
This is highly dependant on your needs. But there are a few factors you should know ahead of time. The first being that medically underwritten life insurance will normally be less expensive given everything else (the length you need the coverage for and the amount of coverage) equal. This is because you give the insurance company a better picture of who they are insuring. Because of this you receive a policy at a better rate.
The best life insurance is always the right policy based on your needs, with a reputable company at a price you deem to be affordable. Whether that is guaranteed issue life insurance or traditionally medical underwritten insurance depends on your situation as both policy have their place.
Mistakes people make when purchasing guaranteed life insurance
One advantage of guaranteed issue life insurance is that it can be applied for over the phone in just a few minutes. For many Canadians they do not want to take a long period of time to make a decision on life insurance, so this becomes attractive to them. However, if you are choosing this option because it is quick understand you are normally paying a premium when you don’t necessarily have too.
Pro TIP - Get professional advice
Get professional advice. It’s no shock that there are many different options for you. To find the right one in your specific situation can be challenging. But it doesn’t have to be, when you find a good company that has a good process your journey to find the right coverage doesn’t have to be a hard process. Its a good start to find a company that has been in business for many years, that the advisor you work with has been in business for many year (5+ is a fair start) and find someone who works on this full time. Anytime you work with someone who has a main job but does life insurance part time is a clear sign you likely are not getting the best service or product.
