Getting health insurance at 90 is hard enough. If you want to add life insurance to the package, it can seem even harder -- but it's not impossible.
Studies show that most Canadians don't have enough insurance for their needs. There are countless reasons why people might forgo life insurance. However, if you're around 90 or older, you might not have any life insurance because you don't think you can qualify.
While it's harder to qualify for life and health insurance at 90, it's not impossible. In this guide, we'll show you how to get the life insurance you need at any age. Keep reading to learn how to keep your family protected with life insurance!
The Right Insurance Policies for Seniors
As people age, their insurance needs differ. The kind of life and health insurance you'll need at 90 isn't the same as what you would need at age 30 or 60.
This means you'll need to look for the right kinds of policies that fit your needs. Your life insurance policy will likely only need to cover some basic end-of-life costs, such as the cost of a funeral.
This means that your family won't have to pay for these essentials, but also makes it easier to find a policy, since the value will be low.
Types of Insurance Policies
To help you understand which types of life insurance work best for seniors, let's take a quick look at the most commonly available types of insurance policies.
Term
Term life insurance is the most common policy for younger people. However, it can be the hardest for seniors to get.
With term life insurance, the person who takes out the policy decides on the length of the policy, as well as the amount. For many people, it comes with the risk of outliving the policy.
But for seniors, it's easier to guess a term that will cover their remaining lifespan. However, this means that few companies offer affordable term life insurance to seniors.
Universal
With universal life insurance, there's a set death benefit and payment amount. The policy doesn't have a cash value if it's forfeited, and companies take missed payments very seriously. If you miss a payment, you might forfeit the policy and get nothing for it.
Whole
Whole life insurance is the life insurance with no expiration date. The payments always remain the same, but the policy also has a cash value, as well as a set death benefit.
This life insurance offers the most in terms of the guarantee. However, it's also more expensive than other types of life insurance, and for seniors, this can become prohibitive.
Can You Find Term Life Insurance at 90?
While there are a few other types of life insurance, those are the major ones that people at 90 will need to consider. However, some types of life insurance are easier to get than others as you age.
For example, term life insurance becomes more difficult to get for someone who can easily guess how many years they have left. Insurers tie the cost of their policies to the chances that the holder will die before the term is up.
For a senior, those chances are much higher, so the costs are often much higher too.
Some insurers won't give term life insurance, or any life insurance, to seniors. But other companies do work with seniors -- it's all about knowing where to look.
Also, keep in mind that term and other life insurance policies for seniors will offer smaller death benefits, and be more costly than policies for younger people.
Do You Need a Medical Exam for Life Insurance?
Another thing that often holds seniors back from getting life insurance is the need for a medical exam. If you know you won't pass the exam, you might decide that life insurance isn't for you.
However, it is possible to find a policy that you can get without passing an exam. Again, these policies tend to cost more, but they do exist.
How to Find Life and Health Insurance at 90
Now that you know it's possible to get the insurance that seniors need, where should you start looking for it?
The goal is to find a few companies that offer life insurance at 90 or older. Don't just go with the first company you find -- you'll want to weigh the options and compare prices.
You won't find insurance policies for seniors in advertisements since they aren't big money-makers. If you do see an advertisement for these insurance companies, it's probably impractically expensive.
You can try talking to a local insurance office to get started. They might be able to recommend some providers who offer life insurance for seniors.
However, in some areas, your local options are limited. That's when it's a good idea to go online, where you can find a larger pool of options. Some online insurance aggregators put together information about insurance quotes so you can easily find what you need and compare the options.
You'll just plug in your information, and then work with the results you find.
With online aggregators, you can compare multiple quotes at once without spending the time to call lots of different providers. This is the quickest and easiest way to find life or health insurance at 90.
Finding the Best Life Insurance Companies in Canada
With life and health insurance at 90, seniors can have more peace of mind knowing that the future is accounted for. The best policies offer financial protection to the rest of the family at an affordable cost.
To choose the best insurance companies, you'll want to consider not just cost, but the reputation of the company. Do your research and take the time to pick the best plan.
The more information you have, the easier it becomes to make the right decision. Check out our guide to understanding life insurance before you make your final choice!
