Seniors Life Insurance in Canada - Why is it a must-have?

1. Seniors Life Insurance in Canada - Why is it a must-have? Most seniors aged 60 and above might not feel the need to get a Senior Life Insurance plan in Canada. This is so owing to their life time savings for meeting all their expected and unexpected expenses in the later life. However, stats have often suggested otherwise. Indicators have shown that most seniors regret this decision of not fetching a suitable Life Insurance for Citizens in Canada. Certain unforeseen situations in life, responsibility for debts and dependents make people realize the need for Life insurance for senior citizens in Canada. Here’s a list of 5 reasons why you cannot just ignore Senior Life Insurance in Canada: Reason 1: To cover for outstanding expenses • You need a Senior Life Insurance policy in Canada to prevent your various outstanding debts including mortgage, rent, unpaid loans (if they have been passed to you by family members) in addition to your credit card bills. Reason 2: To pay for your final expenses • Times of grief in addition to the significant cost of a funeral are extensive. You can protect your family from the same by choosing a competitive Senior Life Insurance plan. Reason 3: It provides for your family and loved ones • You always care for your family, and want to continue it even in your absence. Even the family members who are not dependent on your income, a Senior Life plan can help you lessen their financial burden. For instance, such a plan can help you make your contribution to your grandchild’s education fee. Reason 4: To make contributions to a great cause you are passionate about • If you want to do charity, or contribute to any cause that you are concerned with, the Senior Life insurance policy in Canada can help you do so. You can leave an amount as a gift to the charitable cause.