Is life insurance still something you should consider when you’re in your 50s? Many Canadians have this thought and are still unsure of what to do. Here’s what to consider when looking into life insurance at 50.
Your 50s is a huge milestone in anyone’s life. There are many new possibilities in your life and more of an emphasis on creating memories with friends and family. It’s a time when you can truly enjoy everything you’ve accomplished in your career and start looking to the future with the people who matter most to you. Financial security is incredibly important during this stage of life, especially if you’ve got dependants to look after and protect. Is life insurance something you still need at this point? Does it work with your financial plan?
The older we get, the more expensive and difficult life insurance becomes. As we age, we pose more of a risk for insurers to take on, which leads to higher premiums. Many older Canadians share the fear of having to go through underwriting and lengthy application processes to be considered for more traditional life insurance plans. But there are options for people during this point in life. No medical life insurance plans are an excellent avenue to look into for people over the age of 50. There are no medical exams required to apply, which creates fewer barriers for people concerned over facing a denial of their application.
In the end, what pushes people to purchase a life insurance plan, are the people who directly depend on you. Life insurance isn’t for your best interest. It’s for your family’s benefit. So, if you’re in your 50s and have a spouse or children who still depend on you, buying life insurance is a smart move to make.
Ultimately, we’d all like to have enough funds saved up to enjoy retirement completely stress-free, but this isn’t always the case with everyone. Many Canadians are still not saving enough for retirement and find themselves struggling with balancing immediate needs and long-term savings goals. Findings are showing that this is especially true for Canadians 35-54. If you aren’t saving as much as you’d like to or you’ve always struggled with putting extra money aside for the future, a life insurance plan is a great option.
People often think that because their children are grown up and no longer directly dependent on them, there is no reason to keep their insurance coverage. Why do you need financial protection if your dependants no longer rely on you? This excuse is unfortunate reasoning that people use to justify getting rid of their coverage. But just because you no longer have dependants, it doesn’t mean you don’t need life insurance. Policies like our Final Expense Plan provide reliable, easy eligibility coverage for several needs, including the ones below.
Your plan can help cover your final expenses and take the burden away from your loved ones. The average costs of a funeral in Canada can range from $5000 – $10,000. This figure includes the price of the casket, funeral service, cemetery fees and more. A financial responsibility like this is a lot to put on your family and friends during a time when they will already be mourning and grief-stricken.
Protecting your retirement income is vital as you enter later stages in life. You won’t be working anymore and will, therefore, have to rely on the income from your pension to support you and your spouse solely. But once you pass away, that income stops, leaving your partner in a difficult position later in life. A life insurance plan can help supplement this income to help keep your surviving family members financially stable.
If you own your own business, a good life insurance plan can help keep it in the hands of your family members. The plan’s benefit can help keep the business running while one of your children or a sibling steps in and looks after the company when you pass away. Life insurance can also help keep the business operating while the search for a new buyer is ongoing.
No matter what your need is, a life insurance plan after 50 can be incredibly useful for you. We provide a life insurance solution explicitly designed with simplicity, accessibility and reliability in mind, so you can get the coverage you need faster and easier.