8 Basic Question for Canadians over 60
Life insurance is a common curiosity for Canadian seniors in their sixties and seventies. While many believe they need some form of life insurance, it’s hard to be sure about how much to purchase and where to go.
To make things easy, answer the questions below. If you answer “no” to all, you likely don’t need life insurance. If you answer “yes,” you do need life insurance. The kind you need depends on the section you answered “yes” in – i) Term life insurance or ii) Permanent life insurance. At any measure, it’s a good idea to start a discussion with an experienced life insurance broker.
Life Insurance Questions For Seniors
Term Insurance Qualifiers:
- Do you have a mortgage? Y/N
What is the balance_______?
How many years before it is paid off_______?
- Do you have enough assets to ensure that your spouse will have enough money to pay for retirement if you pass early? Y/N
What is the minimum that he/she will need monthly_______?
Permanent Insurance Qualifiers:
- Do you have funds to cover the final expenses for you and your spouse? Y/N
How much will you need_______?
- Can you think of anything else that your spouse will require money for that will not be available if you pass early? Y/N
What is it and how much?
- Do you have other dependents such as a disabled child? Y/N
How much will you need beyond your estate to ensure they are cared for when you pass_______?
- Do you want to ensure that there is money to leave to your children, grandchildren, or a charity? Y/N
How much do you want to leave_______?
- Do you have properties other than your principal residence or other assets that will have significant capital gains taxes to pay? Y/N
- Have you maxed out your TSFA and really do not require all the money that you are getting in retirement? Y/N
Did you answer yes to any of the above questions? If so, notice which section it was in and that is the type of insurance you likely need. Now that you know what type of insurance you require, it’s time to think about your budget. Get an instant insurance quote below and start your journey to financial security.