If you have retired, you may wonder if you still need life insurance after 65. Life insurance can have many benefits and provide financial security at any age, but you need to make your coverage work for you in this new stage of life.
It’s easy to see the benefits of life insurance when you have student loans or a hefty mortgage, but even if your mortgage is finished, it still provides a valuable safety net for you and your family. It brings security and peace of mind to you, as well, as you can be safe in the knowledge that your family will be taken care of when you’re not around to help them.
Mortgage costs
Sadly, clearing your mortgage is no longer a guaranteed step by the time you hit retirement. Many people delay their retirement for this single reason. Pensions are unlikely to cover your monthly expenses. If you still have an outstanding mortgage, no matter how small, life insurance can make sure your family is left an asset, not an obligation.
Other debts
You can use life insurance to clear other debts as well, whether this is a car loan, secured loan, or outstanding credit card balance. Life insurance after 65 doesn’t need to be about big-ticket purchases. It’s about making it work for your circumstances and those you leave behind.
A younger partner
If your partner or spouse is younger or in better health, your life insurance policy can help bridge the gap if your pension is no longer available. By leaving a lump sum, your partner or spouse can maintain their current standard of living long after you are gone.
Helping your children, however grown-up they may be
Whether you have young children still at home or a grown-up family with children of their own, we know you still want the best for your kids. You can use your life insurance policy to give a lump sum to your children as a parting gift or extra financial support.
Estate taxes
If you have sizeable assets to pass on to your loved ones, you can estimate the estate taxes that will become due and use your life insurance coverage to ensure your assets get passed on in full. Not only will this increase the value of what you pass on, but it will also remove additional stress from the estate arrangements and give clarity to your beneficiaries.
Can you get life insurance over 65?
Many Canadians have a life insurance policy in place throughout their adult life, but if you are now over 65 and don’t have an existing policy, you can still get one. Standard life insurance policies may be off the cards if you have health conditions; products such as no-medical life insurance give you a fixed rate throughout your policy with no medical exam needed. These policies usually involve one quick and easy phone call.
Read more about the benefits of no medical life insurance.
It Only Takes a Call
Talk to our team about no-medical life insurance or our other products. We are here to help you get the right policy at the best price to suit your circumstances.
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