Having a life insurance plan in place can give you peace of mind unless you have built up substantial financial assets. It is possible to buy life insurance in later year of life, but it can be costly depending on your health. If you are in a relatively good health, you may be lucky to get the regular policy. if not you may have to get the guaranteed issue or a non-medical insurance policies. Those can be more expensive than the regular policies.

If you have been declined for life insurance previously, you may be able to get the simplified issue policy. Simplified issue also known as non-medical policy requires no medical checkups by a nurse. So there are no blood or urine tests. You simply have to answer yes or no to questions about your medical history. Depending on your age and your budget, you can have several choices for amount and type of insurance.

If you had a serious illness like cancer or heart attack, you may have to get a guaranteed issue or a deferred coverage life insurance.

Why would you need to buy life insurance in your old age:

Funeral and final expenses: Average cost for funeral in Canada can be as high as $10,000.

Medical expenses: unless you die suddenly due to an illness or accident you are likely to have accumulated some medical expenses for your children or grandchildren. Do you really want to leave them with that burden?

Pension replacement: if your spouse depends on your pension income for the regular living expenses, you may want to have some life insurance to replace some of that income.

Estate taxes: depending on the value of the assets or investments being passed on to your survivors, they may need some help to pay for the tax liability created by your death. Otherwise they may end up having to sell the long held property on fire sale prices just to pay the estate taxes.

Long term care insurance:

Another type of insurance for seniors to consider is long term care insurance. Long term care insurance can provide a daily cash benefit if you are not able to care for yourself and need help to manage your activities of daily living. To qualify for benefits under the long term care plan you have to meet the specific definition written in the insurance contract. Typically It may provide you a long-term care benefit if you are not able to perform two activities of daily living like bathing, dressing, eating, transferring or toileting etc.

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