It doesn’t matter if you are 50, 55, 60 or 65 years of age or older, the right life insurance for your situation could prevent your family or loved ones from having to pay your debts if you die. Remember: you can take out life insurance up to age 85.

The benefits and different types of life insurance for seniors

The market offers more and more life insurance products. Certainly, some of them will be useful to your loved ones in order to repay your due, but life insurance can also:

  • Help a loved one maintain a comfortable standard of living,
  • Ensure an inheritance for your successors,
  • Become a tax-sheltered investment.

What life insurance should you take out after 50 years?

Step one: draw up a financial statement

The first step in knowing your real need for over 50s life insurance is to define the reasons why you want to take out insurance that will cover you financially in the event of your inability to pay your premiums and to determine your current and future financial obligations.

To do this, you need to consider your current and future needs, taking into account your financial capacity and your income. This exercise is called “drawing up a financial statement”.

To draw up your financial statement, start by listing and adding up the value of all your tangible and intangible assets that are not insured: leisure vehicles (RVs, 4-wheels, etc.), cars, real estate, investments, etc. These are your assets.

Secondly, determine your liabilities, that is to say the expenses that you want to avoid for your heirs: the taxes for the current year, your debts, the cost of your funeral, the expenses incurred by the sale of your possessions not protected by life insurance, etc.

Do not forget to add to this sum the amount of the inheritance that you wish to leave to each of your successors.

The difference between the sum of your assets and the total of your liabilities is the exact amount you need for your life insurance.

You can contact experts by completing the free online quote request form on this page. One of these partners will contact you shortly.

Step two: Define your goal and learn about the products

There is a wide range of life insurance products specially adapted for people aged 50 and over, 55 and over, 65 and over, etc.

Leave it to one of our partners to present one to you so that you can see what suits you best, according to your objectives and your budget.

An insurance product that is useful to you, as a lit senior!

More and more people aged 65 and over are finally realizing their dream of buying a waterfront cottage, recreational vehicle (RV) or boat by taking out a new mortgage on their home (often fully paid).

Gone are the days when people aged 65 or 70 and over daydreamed in front of their television, letting their money earn interest (at 1.5 or 2%) in the cashier or the bank in order to leave an inheritance consistent with their heirs.

Seniors no longer prevent themselves from living their life to the fullest, knowing that their life insurance can be used to repay their new loan.

How to get the best price?

To get the lowest price, you need to compare the prices offered by different life insurance companies. Then you can compare, with the advisor, the prices of life insurance and find the protection that suits you best.