Why is Life Insurance for Seniors Important?

When it comes to life insurance, it can be a good idea to get a policy sooner rather than later. If you’re a senior citizen or nearing that age, you should consider getting a policy to leave behind a legacy for loved ones or a donation for a charity.

As we grow older, we may not be as healthy as we once were, but that shouldn’t stop us from protecting our family's financial future. You could get yourself an insurance policy that might be beneficial for those you care about.

Benefits of life insurance for seniors and their beneficiaries

A life insurance policy in the later stages of life can help provide financial support for your family should you pass away.

A death benefit could help alleviate financial expenses during a stressful time. A life insurance policy's death benefit could:

  • Support your spouse or partner as they age or help with their medical expenses.
  • Help cover bills like funeral expenses, education, and medical bills.
  • Provide a legacy for your loved ones.

What factors determine the cost of life insurance premiums?

Various features differentiate one insurance policy from another. However, the premium a person pays towards their life insurance policy depends on several critical factors.

Here are some of the factors considered:

  • Tobacco use
  • Overall health
  • Family health history
  • Age
  • Sex

Life insurance with TD Insurance

At TD Insurance, we help provide customers with coverage to best suit their life insurance needs.

There's never a one-size-fits-all approach to buying a life insurance policy. Different people have different life insurance needs at different stages of life. As mentioned earlier, while it can be good to think of getting life insurance at a younger age, you can still consider your current and future needs even if you aren't in your youth. We understand that health concerns do increase with age, so we'll be taking a look at options that require a medical questionnaire and also those that don't.

Life Insurance in your 50s

If you're in your 50s, although you are not a senior yet, it can be a good time to start planning financially if you have not already started. While this life stage is considered an exciting one for activities like taking a dream vacation with your partner or learning a new skill, it is also a good time to ensure you're on the right track for retirement. And a crucial aspect of that—you guessed it—is assembling the right financial plan and evaluating your life insurance needs.

TD Insurance offers three term life insurance products. One of the options is 10-Year Term Life Insurance, which renews automatically at the end of each 10-year term. You're eligible to apply for this plan until 6 months after your 70th birthday, although this policy might include a medical examination.

Another option is 20-year Term Life Insurance, which renews every 20 years. You can apply for this plan up until 6 months after your 60th birthday. You could even convert both these life insurance plans, the 10-Year Life and the 20-Year Term Life, to a Term 100 Lifetime Coverage before the age of 69. A new Term 100 policy can be applied for until 6 months after your 70th birthday and it lasts for your lifetime.

For each of the above term life plans, beneficiaries will receive a lump-sum, tax-free benefit after you pass away.

Life insurance in your 60s

Up to 6 months after your 60th birthday, you can choose the 10-Year Term plan, where the premium remains unchanged for each term. While the coverage ends once you turn 80, you can leave behind a tax-free, lump-sum benefit for your family if you were to pass away before your 80th birthday. This option may be good if you have grandchildren to support. You also have the option to convert this plan to a permanent plan, that lasts your lifetime.

Life insurance in your 70s

If you’re about to turn 70, you too can apply for the 10-year Term Life policy up to 6 months after your 70th birthday. When you’ve still got a family that depends on you to thrive, this option may help them financially after you pass away. Like our other term plans, the premium remains unchanged throughout the term. Coverage ends at age 80.

TD Guaranteed Acceptance Life Insurance

TD Guaranteed Acceptance Life Insurance is a plan that helps cover your final expenses, such as funeral costs, in the event of your death. This type of coverage offers life insurance protection for Canadian residents 50 to 75 years old and can be an option for those who have a health condition or medical history that would disqualify them from other life insurance plans. No health questions or medical exams are necessary for this plan, with instant approval for coverage up to $25,000. All eligible applications are accepted, and your premium remains unchanged. 

Ready to apply for your life insurance?

Visit the TD Life Insurance website to learn more. On our website, you can access our products and choose the plan that's right for you. Are you unsure about the amount of life insurance coverage you may need? Visit our Life Insurance Calculator to see how much coverage you may need before applying.

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TD Term Life Insurance and TD Guaranteed Acceptance Life Insurance are individual life insurance plans underwritten by TD Life Insurance Company. See Insurance Policy for coverage details, including limitations and exclusions.

The content on this page is for general information purposes only and does not constitute legal, financial, or insurance advice. Speak to a life licensed professional advisor regarding your specific situation. The information contained herein is subject to change without notice.