For those of you looking for life insurance but are a senior, the Canadian marketplace has now moved on. Even though insurance companies look more carefully at applications the actual costs, in most cases, are a lot lower.

For the mature generation taking out life insurance, there are six facts to look at.

1. Insurance no longer stops being only on offer to the younger generation, it can presently be purchased up to the age of 85. What you need to be conscious of, is there can be a big difference in the premiums available the older you get. The perfect time to look into life insurance is at your current age because you’ll be looking at today’s fees.

2. The premiums payable can be any amount from $20 per month with a face value of $5,000. You can receive a quick quote for traditional life insurance at our quick life insurance quote page.

3. At the age of 69 you will find that most creditor insurance policies have come to an end. The public who are coming near retirement or are currently retired and in good health should think about individual life insurance options instead of creditor insurance.

4. An excellent family health history as well as excellent personal health gives you the opportunity to receive the preferred rates.

5. Most insurance companies now provide last-to-die coverage at a cheaper rate than traditional life insurance. Insurance like this pays the policy out when the other surviving spouse dies and it pays out a tax-free death benefit to the estate. As the charges are paid longer and the monies do not normally have to be paid until further into the future allows the premiums to be kept low.

6. If you do have a few health problems then think about Simplified Issue policies. With no medical examinations this could be the plan for you, but be aware that you will still have to answer the medical questions on the application. Look through the health questions and see how many you can say no to; go through a number of insurance companies until you find the one that you can answer the most number of no’s. If you are wanting a plan that lists no medical questions then you will be paying out a lot of money; they also specifies that the death benefit can’t be claimed for two years.