Why is life insurance a good idea for seniors in Ontario?
The cost of living in Ontario is about 30%1 higher than the Canadian average. For many seniors, that leaves less room to save. A life insurance plan can ease the burden by helping your family with:
- Covering funeral expenses and other final costs
- Payout any debt and estate taxes
- Providing financial support to your partner, especially if they are relying on your CPP/OAS
- Leaving a tax-free benefit to your loved ones for any needs such as grandchildren education.
Hear From Seniors Who Chose Specialty Life
What type of life insurance are available for seniors in Ontario
There are two general types of life insurance available:1. Term Life Insurance
This option covers you for a set period of time, usually 10, 20, or 30 years. For seniors, it’s important to know that term coverage generally ends at age 80. For example, a 65-year-old could qualify for a 10-year term plan, but not a 20-year one.
2. Permanent Life Insurance
This provides lifetime protection that never expires. While it usually costs more than term insurance, it gives Ontario seniors lasting peace of mind knowing the coverage will always be there.
Choosing the right life insurance policy for seniors in Ontario
Choosing the right policy largely depends on what the benefit will be used for. This table provides a common list of uses for the life insurance benefit and the best policy for it.
Need
Type of life insurance
Funeral cost coverage
Permanent life insurance
Estate tax coverage
Permanent life insurance
Income replacement to support partner
Permanent life insurance
Covering mortgage balance
Term life insurance
Debt payments due in immediate future
Term life insurance
It also makes sense to talk to a licensed advisor to ensure the policy aligns with your needs.
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What does Specialty Life offer Ontario seniors?
Flexible options: both term and permanent life insurance plans
Guaranteed fixed rates that never go up
No medical exams required to apply
Life insurance options even if you have health issues
Instant approval, with most policies issued within 24 hours