Affordable Life Insurance Over 60

You absolutely can get affordable life insurance over 60!

In fact, I think you’ll be surprised to see just how reasonable premiums are. So, for this post, I’m going to review life insurance throughout the decades. 

Every birthday represents a milestone when it comes to how underwriters view the risk you represent. At the end of the day, this is what governs how much you’ll pay. The healthier you are the cheaper your premiums…

…that’s because the life insurance company thinks there’s a good chance you’ll live ’til the end of your term. 

I want to be clear here. Life insurance is an invaluable tool to protect your family from a tragedy – but it’s also a business. At the end of the day they want to make money and that won’t happen if they insure people who are high risk for low premiums.

This means that life insurance companies are constantly reviewing their underwriting approach to reflect medical innovation. Unless you have your finger on the pulse of these ever-changing guidelines you need the support of an independent life insurance agent, like those at Policy Architects. 

So let’s check out affordable life insurance over 60 & through the decades. 

Affordable Life Insurance Over 60 Birthdays

A Word Or Two About Policy Architects 

So who am I and why do I care? My name is James Heidebrecht and in a world that is steadily moving toward technology, I’d like to think we provide an oasis of HUMAN service. Sure people are fallible, but there’s no replacement. Don’t get me wrong, algorithms and technology are terrific. The internet makes it possible for me to reach people like YOU. Where it misses the mark is its inability to see you as the unique person you are. 

My goal with Policy Architects is to develop a platform that offers boutique service online. If I can save you $10, $20 or $30 per month I will walk the extra mile to do just that. It may not seem like a huge amount of money but it all builds up. Over the course of 30 years – a $10 savings per month turns into $3600 you can spend elsewhere. I don’t know about you – but for me, that’s a lot of dough. 

Policy Architects is an independent agency and as such we aren’t tied to any particular life insurance company. This means we work for you! 

Life Insurance By The Decade 

So let’s get started! I can’t wait to share some seriously interesting information about life insurance throughout your lifetime. The truth is, life insurance is a very good deal. It’s a win-win. If you die during your term, your family is protected from a financial crisis and if you live until the end of the term – well I would say that’s the real icing on the cake.

You have no idea how much it means to me to help families throughout Canada rest well knowing that if something tragic happens their families won’t fall through the cracks. 

Affordable Life Insurance Over 60! Yes, We've Got You Covered 

Affordable Life Insurance Over 60 Seniors

OK! So you’ve hit the big 60! It’s official! You’re headed into old age security territory. In Canada, on your 65th birthday, you’re entitled to your full CPP retirement pension if you meet all the requirements. Or, you can receive it as early as age 60 with a reduction. If you’re fortunate enough to not need it right away, you can wait until age 70 and receive your pension with an increase or bonus.

Twenty years ago, this would be the point in your life when you’d consider retiring to enjoy the fruits of your labour. Not so much now. People are living longer and working longer. Everybody knows, 60 is the new 50, 70 is the new 60 and so on…

Sure the world has changed radically, but sadly people’s perception of life insurance seems to be stuck in cement. They believe life insurance is unaffordable and sales agents are shifty. Nothing could be further from the truth. Life insurance companies recognize the changing demographics and are creating and modifying their products to meet the demands of a more active, aging population.

Most of the clients who come into my office looking for affordable life insurance over 60 are excited to find out just how inexpensive their premiums can be. 

Ok so what’s the deal? How can you make sure the rate you’re quoted is the best on the market? Let’s take a look at how the underwriters view you right now. 

Your Personal Circumstances & Affordable Life Insurance Over 60

If you take nothing else away from my blog it’s this…

…the rates you’re quoted are linked to your personal circumstances. BUT that’s not all. Each life insurance company approaches underwriting differently. 

So what does that mean? Well, friends, let’s start with an example. There are insurers that are tougher on Seniors and others that are more lenient. So if you know this information obviously you’ll choose the insurer that works best for your personal situation. 

THIS is why you need to speak with a knowledgeable independent agent. They will do a financial analysis and go through your medical background with a fine tooth comb to find the insurance company that is a perfect fit…

…and if they are in any doubt they should reach out to insurers to shop your case BEFORE you apply. This is how I have helped clients save a ton of cash. It really does pay off to have someone in your corner that’s looking after your bottom line. 

It’s so worth it. The savings can be in the 10’s of thousands of dollars over the term of your coverage. I’m going to run through a couple of numbers to give you a better idea of what you’re looking at. 

Picking the Right Company for YOU! The Dollars and Cents...

So let’s take a look at a gentleman who is 61 years old. He’s a non-smoker but he’s not in the best shape in the world. Understandably he’s a little nervous about applying for life insurance. He started his family late in life and as a result still has children and a wife that depend on his paycheck to maintain their lifestyles. He estimates he’ll need about $250K coverage for 20 years to protect them. 

This client has a friend who used Foresters and wants me to help him apply. 

Hmmmmm well, hold on there partner! My guess is we can get a better deal than the one Foresters has to offer. Sure they are a great insurer BUT are they the right fit for his circumstances. 

We’ll review the numbers to see: 

Affordable Life Insurance Over 60 Man

Foresters Life Insurance Term 20, $250K 

$348.53
Per Month 
Affordable Life Insurance Over 60 Man

Industrial Alliance Term 20, $250K

$297.23
Per Month 

$12,313.00 Savings

Yowza! As you can see Foresters offered substantially higher premiums than Industrial Alliance.

Over $12K in savings over the course of your policy.

Now that’s a lot of money and all of that savings is simply based on picking the right company for you. BUT there’s a catch. The thing is you can look at all the quotes you want online, but that doesn’t mean you’ll get the rate you see. 

Why? 

Because you need to go through a medical exam and the full underwriting process to qualify. If you’re healthier than you think, well the rates will be better. If you have a condition you don’t know about you may be rated. 

…the thing is even this doesn’t tell the whole story. If the company you pick is tough on Type 2 diabetes and you have that you may get dinged for that too…

…not to mention the different products! Ahhh there’s a lot to think about. 

That’s why you need an independent agent to help you navigate that process. It’s our job to know all the ins and outs of the company’s: 

  • Underwriting Approach 
  • Products 
  • Strengths & Weaknesses 

There really is a lot to think about. 

So Let's Check Out Some Rates: Affordable Life Insurance Over 60

I bet you want to get down to the REALLY important stuff, like how much is life insurance really going to cost you after the age of 60…

…remember as I mentioned above, these figures should only be used for reference.

Your guess about what rate the company gives you is just that –  a GUESS. There is no way to ascertain that until your medical exam is complete and the decision issued. 

That being said I can give you an idea in broad strokes of the kind of rates you may get. For the purposes of this section, I’m going to use Empire Life because I think they are a really good insurer. That doesn’t necessarily mean they are the right carrier for you though. 

As an aside, I use standard rates throughout because they’re realistic. I don’t like to post preferred rates because it gives people a false sense of security when they apply. Hey if you get one of the best ratings AWESOME! But most people come in at standard. 

NOTE* many carriers only offer preferred rates on face amounts of $250,000 or more.

EMPIRE LIFE RATES
*Standard Rating* 20 Year Term

Age$250,000$500,000
60 Year Old Male$249.98$469.80
60 Year Old Female$167.18$320.85
61 Year Old Male$273.60$519.75
61 Year Old Female$182.70$350.55
62 Year Old Male$298.58$566.55
62 Year Old Female$199.58$382.50
63 Year Old Male$324.45$616.95
63 Year Old Female$217.35$418.05
64 Year Old Male$352.35$672.75
64 Year Old Female$236.70$456.30
65 Year Old Male$383.18$732.15
65 Year Old Female$257.85$498.60
66 Year Old MaleNOT AVAILABLENOT AVAILABLE

*Quotes above are for Empire Life’s Solution 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

Affordable Life Insurance Over 60 Takeaways

As you can see life insurance is still available and affordable. The good news is standard rates are available to people who have a history of elevated cholesterol and blood pressure that well controlled. So don’t think medical issues will push you out of these premiums. 

After reviewing these numbers is there anything you noticed?  Let’s check out a few takeaways: 

  • First of all, you can see that the rates quoted for women are substantially cheaper than for men. Yep, this is because men have shorter lifespans so you’ll see this across the board with insurance companies.
  • Secondly, your rates leap up every birthday. This is not so radical in your younger years. So if you’re a 60-year-old female you’ll pay about $167.00 per month for $250K of coverage. By the time you’re 64, you’ll be shelling out about $217.00. The escalation is even steeper for men. The basic rule of thumb is, once you’re in your 60’s premiums go up about 9% every year. OUCH. 
  • Empire no longer offers 20-year term past your 65th birthday. If you’re 66 you’ll have to consider a policy from Industrial Alliance or Western Life Assurance Company if you want term. Assumption also has a no medical term 20. 

The moral of the story? If you want Term life insurance don’t wait until it’s too late. There are lots of creative ways to get coverage. If you’re in your 60’s term insurance may or may not be for you. Call us today and Policy Architects will find you affordable life insurance over 60! 

When Does Permanent Life Insurance Become the Better Choice?

If you’re looking for affordable life insurance over 60, permanent life insurance may actually be a better choice. 

For most clients, I recommend term life insurance. This is because it’s cheap and covers a temporary need. It’s great for families who are concerned about losing a paycheck. 

When you get to your 60’s, term life insurance starts to get really expensive. Don’t get me wrong it’s still a good deal considering the years the life insurance company is covering – but maybe you want coverage until the day you die? If you buy 20 years of coverage at 62  – you’ll be uninsured by 82. 

Depending on your circumstances this may or may not be ideal. Also, a lot of people are looking for money to cover final expenses at this age and in that case, I would absolutely recommend permanent insurance. One strategy some people use is to buy a smaller base of permanent insurance (ie. $25,000 – 50,000) and then add some term insurance on top of that. When the term insurance expires at age 80 or 85, you still have an affordable amount of permanent insurance in force to take care of funeral costs and some final expenses. Worst case scenario if your health has taken a serious tumble you will still qualify for guaranteed issue life insurance

My best advice would be to speak with Policy Architects today to see what fits your lifestyle best. At this stage in your life, the price point for Permanent insurance is too close to term to ignore it. The cash value component is also another great feature. 

Affordable Life Insurance Over 50!  So What's the DEAL? 

Affordable Life Insurance Over 50

I think everyone’s 50th birthday is a big deal. It’s one of those HUGE markers where you acknowledge you’re getting a bit older.  It’s amazing how quickly time flies. One minute you’re 20 something and the next you’re heading into senior territory. 

…but I am please to tell you that if you’re looking for affordable life insurance over 50 you’re in luck! 

It’s so important to get the word out that life insurance coverage doesn’t have to break the bank – even as you get older. I think if more people realized how truly approachable it is they would decide to make the investment.  Life is temporary. I’m not into fear mongering to sell life insurance, but the facts speak for themselves. None of us get of here alive and there are responsibilities to be considered. Especially if you have kids. 

We all know someone who failed to plan and it’s not pretty. If tragedy hits – a safety net takes some of the sting out of the loss your family sustains. Sadly most families would be unable to continue living in their current circumstances if a source of income was suddenly cut off. When you put it this way life insurance is something many of us can’t afford to be without. 

Medical Conditions and Aging - What Impact Does It Have on Life Insurance?

It’s not something people want to talk about, but our health breaks down as we age. The 50’s are a notorious period for people to develop medical issues. Everything from elevated cholesterol and blood pressure to type 2 diabetes. Ugh! 

So what does this mean for your premiums? Well, I’m here to share some good news with you! Underwriters are primarily concerned about you kicking it before the end your term. Which means they will charge more money as that risk rises. 

The thing is, if you have a well-controlled condition it may have minimal impact on your premiums. Yes, you heard me right. If you were diagnosed with Diabetes Type 2 a couple of years ago and all is well you may even get standard rates! That’s because your prognosis is good. 

Please don’t let a pre-existing medical condition keep you from getting coverage. You may be surprised by just how healthy you really are. So let’s check out how much your health impacts your premiums right now. For this example, I am using a 53-year-old woman that has a young family. She wants  $500K in coverage for 30 years. 

Affordable Life Insurance Over 50 Standard

RBC Life Insurance Co. Term 30, $500K
"Preferred Plus"

So for this illustration, my female nonsmoking client runs marathons and has no family history of serious disease. She’s also in terrific shape and wants $500K of coverage for 30 years. RBC checked out her medical and offered the best possible rating “Preferred Plus”. This client is VERY happy as she’ll be covered until she is 81 years of age for: 

$156.96
Per Month 
Affordable Life Insurance Over 50 Standard

RBC Life Insurance Co. Term 30, $500K
"Standard"

OK, this same client came to my office, but unfortunately, she’s just in average shape. In fact, she had elevated blood pressure a few years ago that’s been in check ever since she was diagnosed and received treatment. She was worried about her medical – but was elated that  RBC wants to insure her with a standard rating. This client will pay: 

$203.76
Per Month 

Affordable Life Insurance Over 50: RBC Rates

It’s important for me to show people just how affordable life insurance really is. Even if you’re not in optimal health it’s still really inexpensive when you think about what you get. 

As an aside, I don’t use preferred quotes with clients. This is because most people aren’t in amazing condition. Let’s face it, we aren’t all athletic and burgers with a side of fried do taste awfully good. I want to make sure people take home quotes that are realistic and if you DO happen to be one of those people that gets a preferred plus rating, that’s icing on the CAKE! 

Did you know? Approximately 80% of people who apply for life insurance are approved at standard rates or higher. Of that 80% who are approved standard, only 10% will get a preferred rating. You can be a super healthy vegan marathoner who mainlines wheatgrass and meditates daily…BUT, if you have a family history of cancer, standard will be the best rate you get. 

Any advisor who tells you that you have a good chance of getting a better rate is doing you and the life insurance industry a big disservice. Only underwriters decide who gets preferred, NOT agents! 

Now, I’m going to share details for 30-year term because you’re still young enough to qualify – but there a twist!  Let’s take a look right now to see if you can spot the issue: 

RBC RATES **Standard** 30 Year Term

Age$250,000$500,000
50 Year Old Male$147.15$261.90 
50 Year Old Female$103.50$185.09
51 Year Old Male$161.89$288.59
51 Year Old Female$113.81$203.76 
52 Year Old Male$178.13 $318.06
52 Year Old Female$125.17$224.37
53 Year Old Male$196.04 $350.55
53 Year Old Female$137.70$247.10 
54 Year Old Male$215.80$386.42
54 Year Old Female$151.52$272.16
55 Year Old Male$235.13$426.02
55 Year Old Female$166.77$299.88
56 Year Old MaleNOT AVAILABLENOT AVAILABLE
56 Year Old FemaleNOT AVAILABLENOT AVAILABLE

*Quotes above are for RBC’s 30-year term, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

DING DING DING!
Life Insurance Birthdays: Age 55!

Affordable Life Insurance over 50 birthdays

I bet you caught it! 30-year term is not available past the age of 55. With some carriers, it’s not available past age 50! Fifty-five is a very important life insurance birthday. It’s so important for potential clients to know the facts. Don’t let coverage pass you by. I have a lot of clients that are very disappointed to have missed deadlines such as this by only a matter of months. Sure 20-year term is awesome, but it’s good to have longer coverage available if you need it.

The moral of the story? While medical issues do impact your rates, it’s often much less than you anticipate. I like to think most people are healthier than they think. It’s important to pick the right insurer for your particular condition. You also have to keep an eye out for important life insurance birthdays. 55 is one of them! If you want 30 year term be sure to contact Policy Architects BEFORE then. Also remember your actual birthday may not be the life insurance cut off you think it is…more on than soon. 

Affordable Life Insurance for Over 40!  Tell Me MORE! 

Affordable Life Insurance for Over 40

Many people in their 40’s have kids, a mortgage, debt and car payments. Of course, that’s not everyone, but if you fall into this category chances are people rely on your paycheck to pay the bills. 

This is a terrific time to buy life insurance coverage. Chances are you’re fairly healthy which means that premiums are super affordable and term 30 is available throughout this decade. In fact, a few carriers offer term 40 as well which is available up to your 45th birthday. 

People are living longer, having children later in life, divorcing and having second families and launching second careers. This translates into financial obligations extending into your later years. So that a longer period of coverage may come in handy. 

The thing is, bills don’t cease. I’m here to tell you that. They continue to come and if you don’t pay them you can lose your home – and everything you worked for. 

That’s why life insurance is so very important.

So Let's Check Out Some Rates: Affordable Life Insurance Over 40

I think it’s really important to see just how affordable term life insurance is! When you take into account what people spend on coffee and restaurants, these premiums pale in comparison. 

“A Starbucks freak’n latté is, like, $4,” says Liisa Tatem, a money coach in Toronto, who helps clients learn how to tackle their finances. “You know, if you get one of those a day, it really adds up.” No kidding. Tatem points to one client who used to spend $250 a month at Tim Hortons. “That’s about $3,000 a year. You could buy a couch with that. You could buy a TV. You could do so many things with that money,” she says. 

How Much Should You *Really* Spend On Coffee?, Chatelaine 

Let’s use a real-world example. If you buy that $4.00 latte at Starbucks (actually, it’s more like five dollars!) 5 days a week and 2 days a week you add a muffin which costs about $3.00 – over the course of a month, you’ll shell out about $104.00. This figure doesn’t count tips, sandwiches or any other extras. 

Now compare life insurance coverage. For $500K of coverage, a 40-year-old man in standard health will pay about $100.00 per month and a 40-year-old woman will shell out just over $70.00 per month. 

Wow! You can provide 30 years of protection for your family for the cost of some lattes and muffins. It really puts things into perspective. 

I’ll reiterate my point that all of these rates are standard which means if you are in better health they will be even cheaper! Let’s check look at rates for this decade in greater detail: 


RBC RATES **Standard** 30 Year Term

Age$250,000$500,000
40 Year Old Male$56.77$95.58
40 Year Old Female$40.57$71.15
41 Year Old Male$62.57$106.16
41 Year Old Female$44.62$78.30
42 Year Old Male$69.01$117.95
42 Year Old Female$49.12 $86.22
43 Year Old Male$76.14$131.09
43 Year Old Female$54.11$94.95
44 Year Old Male$84.06$145.71
44 Year Old Female$59.65$104.63
45 Year Old Male$92.86$161.96
45 Year Old Female$65.79$115.25
46 Year Old Male$101.75$178.25
46 Year Old Female$71.98$126.63
47 Year Old Male$111.53$196.20 
47 Year Old Female$78.77$139.19
48 Year Old Male$122.29 $216.00
48 Year Old Female$86.24$153.00
49 Year Old Male$134.12$237.83
49 Year Old Female$94.46$168.26

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

What About Smokers Over 40? 

I typically use nonsmokers for examples in my posts because smoking cigarettes is less and less common because people know what the end result of that is. Don’t get me wrong there are plenty of people smoking marijuana now and even puffing the occasional cigar. This is not what I am talking about for the purposes of this section. 

Does Vaping Count As Smoking For Insurance?

If you’re a casual marijuana smoker who doesn’t mix any tobacco products with your pot, you’re eligible for non-smoker rates. The same thing goes if you smoke one large cigar or less per month. However, at this point, all life insurance carriers in Canada lump vaping in with cigarette smoking. For more info, check out my post on life insurance and marijuana.

Let’s take a gander at what rates look like if you’re a smoker right now: 

Affordable Life Insurance Over 40 Smoker

RBC Life Insurance Co. Term 30, $500K
"Smoker"

Remember when I said life insurance underwriters are there to assess risk. Well, this is a great illustration. Smoking reduces your life expectancy. It’s a fact. This is why you’re dinged on your insurance for smoking. Sure there are some nuances when it comes to marijuana, vaping and cigars. BUT for the purposes of this section, I’m going to discuss traditional cigarettes. You will pay a LOT more for your life insurance if you smoke. For example, let’s take a peek at rates for a 43-year-old woman who is great health. She qualifies for a preferred rating – the thing is she smokes. For $500k of coverage for 30 years RBC quotes her: 

$207.54
Per Month 
Affordable Life Insurance Over 40

RBC Life Insurance Co. Term 30, $500K
"Smoker"

Ok so let’s use that same woman. As I mentioned above she’s in great shape. She doesn’t have any medical conditions AND she’s a non-smoker. 

43 is relatively young so let’s find out what RBC is going offer for the same exact coverage: 

$83.12
Per Month 

Whoa! If You Smoke You'll Pay:

$44,791.20
MORE

These numbers are incredible and show you just how much impact the life insurance companies think cigarettes have on your health. Sure you can look for an insurer that is a bit more lenient when it comes to their smoking rates but there’s no getting around it. Smoking costs a lot of cash! 

…all this DESPITE her being in good health. It really doesn’t matter because they believe her future health will be seriously impacted by life choices. 

Something to think about if you’re smoking. 

The moral of the story? Get life insurance while your young and fit. You’ll pay a lot less…

oh and if you smoke be prepared to more than double your premiums even if you’re healthy. 

Affordable Life Insurance for Over 30!  Tell Me MORE! 

Affordable Life Insurance over 60 families

So how about life insurance in your 30’s? In my opinion, this is one of the best times to get coverage. This is the point when a lot of people settle down to have a family. Taking on new responsibilities costs you money. Mortgages, loans, debt – the cycle begins.

Sure maybe you have a great paying job, but chances are you need that paycheck to keep rolling in if you want to maintain your lifestyle. 

The good thing is you’re young, fit and healthy so life insurance is uber cheap and if you get a long term it will cover you through your most vulnerable periods. 

I’ve had many clients come to speak to me about life insurance at this juncture and typically I suggest they opt for a 30 year term so they can take advantage of the terrific rates available to them.

So Let's Check Out Some Rates: Affordable Life Insurance Over 30

As you can see for all my rate charts I am using $250K of coverage and $500K. 

This is because these are the most common coverage values I come across. Sure you can get more and you can get less, so don’t let these figures confuse you. 

The amount of coverage you select is a very important part of your decision and the reason I always do a needs analysis with my clients. More on that soon. Let’s check out the rates: 

 

RBC RATES
 **Standard** 30 Year Term

Age$250,000$500,000
30 Year Old Male$29.32$50.72
30 Year Old Female$22.50$37.94 
31 Year Old Male$30.74 $52.65
31 Year Old Female$23.33$39.47
32 Year Old Male$32.24$54.63
32 Year Old Female$24.21$41.04
33 Year Old Male$33.84 $56.70
33 Year Old Female$25.13$42.71
34 Year Old Male$35.53$58.86
34 Year Old Female$26.10$44.46
35 Year Old Male$37.28$61.11
35 Year Old Female$27.11$46.26
36 Year Old Male$40.50$66.78
36 Year Old Female$29.34$50.36
37 Year Old Male$44.03$72.99
37 Year Old Female$31.77$54.86
38 Year Old Male$47.90$79.83
38 Year Old Female$34.45$59.81
39 Year Old Male$52.13$87.35
39 Year Old Female$37.37$65.21

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

Always Remember Your Circumstances Change 

Whoa! Now those are so inexpensive premiums. If you’re a 39-year-old woman you can get $250K of coverage for 30 years and it will cost about as much as going out for a meal once per month. 

That being said, there’s a catch! For this age group, one of the biggest issues I face is people failing to look at the reality of their financial situation. There’s a certain denial about how much money it takes to keep a home running. So many of us are burdened with huge mortgages – so what happens if the main breadwinner just STOPS contributing one day. 

$250K sure sounds like a boatload of money when you’re first starting out. I mean seriously most of us only dream of this sort of cash. 

Even after a needs analysis it still may seem sufficient to cover your costs…

….but life changes and so do your circumstances. If you’re going to get a 30-year term you need to factor that in. Let me show you what I mean. 

Affordable Life Insurance Quotes Online

Let's say you get married...

& spend more for the wedding than you planned

Affordable Life Insurance Quote Online Family

Buy a new (expensive) house...

the old one was too small

Affordable Term Life Insurance Policy

Rack up some debt...

because you got that raise & you wanted a new car

Affordable Life Insurance Quotes Online Children

Have some kids...

hmmm they cost more than you ever thought possible

Affordable Life Insurance Company Business

Start a new business...

& take on some more debt! 

Affordable Life Insurance Company

You're future sure looks bright

But Now $250K of Coverage Leaves You

Underinsured!

This is Why Getting Real During Your Needs Analysis is of Paramount Importance

This is especially true in your 30’s. When you’re just starting out it’s tough to imagine just how much your life can change and how much more money it takes to run it. 

That’s why a good independent agent will not only review how much coverage you need to protect your family and loved ones TODAY – they will also take into consideration what your goals are. 

For example, if you’re a medical resident you’ll make about $50K per year. Years later you may opt to specialise in cardiology which means you may be making up to $350K if you’re well seasoned. The needs of the resident are far different from those of the cardiologist. This, of course, is an extreme example but you get what I mean. 

It’s important to grab good rates when you can. If you need to downsize it’s easy to do with term as you have no obligations – but once you get older you can’t turn back the hands of time. 

Term 10 Exchange Option - Ideal for Early 30's

There’s one strategy I recommend to clients in their early 30’s who aren’t sure what life has in store but want to make sure they’re insurable moving forward. It’s the term 10 exchange option. Many carriers have a term 10 exchange feature which means you’re eligible to swap out your term 10 for a term 20 or term 30 within the first 5 policy years. The best part? You can do so without providing any medical evidence or being tested again.

So when money’s really tight and you anticipate your insurance needs growing in the coming years, consider buying a cheaper $1 million term 10 policy now. Knowing it can be exchanged for term 20 or 30 within 5 years, you have the flexibility of lengthening your coverage without paying higher costs in the short term.  When you exchange it, just keep in mind you’ll pay whatever the going rate is based on your current age. Given you’re in your early 30’s, your rates don’t increase dramatically year over year, the way they do in your 50’s and 60’s.

The moral of the story. Purchase enough insurance for a long enough term. Circumstances change and you may kick yourself later in life if you don’t take advantage of cheap rates when you can. 

Affordable Life Insurance for Over 20!  Tell Me MORE! 

Affordable Life Insurance Over 60 Grandchildren

Maybe you’re reading through this section and wondering why the heck I’m suggesting life insurance for people in their 20’s. To be quite candid, it’s not for everyone. BUT there are circumstances where it’s a very good tool, however. 

Your 20’s are usually a time for educating yourself and launching your career. A period when a lot of people take on serious debt. 

Maybe you’re lucky and your parents scrimped and saved to gather enough money so your education is paid for…

…or maybe they didn’t have that sort of cash but are cosigning your loan. In a case such as this life insurance can provide them with some protection in case something unforeseen happens. 

If you take out a life insurance policy your parents will be protected in case you aren’t around to help repay the loan. 

Everyone's Life Path Is Different

This isn’t the only situation where life insurance for someone in their 20’s is appropriate. There are people who get married young and in that case, the same reasoning applies to those families I talked about above. 

Hey, there are also people who plan ahead and know just how incredibly cheap protection is in their 20’s and take advantage of the phenomenal rates in preparation for having their family. 

Any way you look at it, life insurance in your 20’s may make sense. 

So Let's Check Out Some Rates: Affordable Life Insurance Over 20

As I mentioned life insurance is incredibly affordable in your 20’s. One might even say the cost is negligible. This, of course, has to do with the fact that you’re not likely to die during your term, but accidents and tragedies do occur. Remember if you are 25 and buy life insurance, you will be covered until you are 55! 

This means if you have kids in your 30’s that whole period will be protected for a very affordable rate. I wish I had the foresight during my 20’s & 30’s to think down the line. Sadly I purchased my first policy in my 40’s and now pay a lot more to protect my loved ones. 

RBC RATES
 **Standard** 30 Year Term

Age$250,000$500,000
20 Year Old Male$23.02 $39.11
20 Year Old Female$18.52$29.97
21 Year Old Male$23.51$39.96
21 Year Old Female$18.52$29.97
22 Year Old Male$24.01$40.86
22 Year Old Female$18.52$29.97
23 Year Old Male$24.53$41.76 
23 Year Old Female$18.52$29.97
24 Year Old Male$25.07$42.71
24 Year Old Female$18.52$29.97
25 Year Old Male$25.61$43.65
25 Year Old Female$18.52 $29.97
26 Year Old Male$26.30$44.96
26 Year Old Female$19.24$31.41
27 Year Old Male$27.02$46.31
27 Year Old Female$20.00$32.90
28 Year Old Male$27.77$47.70
28 Year Old Female$20.79$34.47
29 Year Old Male$28.53$49.14
29 Year Old Female$21.62$36.14

*Quotes above are for RBC 30 Year Term, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. February 2019.

The moral of the story? Life insurance is CHEAP when you are young and healthy. A little bit of planning goes a long way to save you some serious cash. 

Life Insurance at Birth?

Is it creepy to think about buying life insurance for children? 

Frankly, this is a deeply personal subject that deserves an entire post but I’m going to touch on it briefly. Despite whether some people think it’s weird or not, there are definitely valid reasons to consider insurance for children.

Cost of an unexpected funeral and to have the necessary time to grieve

Personally, I can’t begin to imagine what it would feel like to lose a child. I’ve been told by those who have seen someone lose a child, that parents don’t go back to work right away. In fact, they may take many months off of work. Life insurance can really help offset any loss of income you might experience from taking an extended leave from work.

Guarantee your child's insurability into the future

Why would you care about this? Some people have hereditary issues they’re worried about passing on to their kids. Getting protection early secures insurability moving forward should your child develop a condition or issue that would prevent them from getting insurance as an adult. For example, I have a friend whose child developed serious depression and anxiety as a teenager. Knowing that would affect their chances of getting life insurance as an adult, my friend was able to lock in some permanent insurance from a child rider she had attached to her policy.

life insurance for children

There are two ways to get life insurance for children. You can buy them a separate policy or add them onto your policy through what we call in the business, a Children’s Insurance Rider. This is the route that most parents take because it’s low cost and provides basic protection for all children including stepchildren and those legally adopted. This benefit also covers any new children born once they’ve reached 15 days of age. Depending on the carrier, there’s a coverage maximum of approximately $30,000 per child. The best part? For about $10 -15 extra per month, all your kids are covered. 

Considering life insurance for children doesn’t mean you’re expecting the worst to happen to your family. It could mean you care enough about your loved ones to make sure you’re prepared for anything.

Why You Need Policy Architects Through the Decades

If you’re looking for affordable life insurance over 60, or any of the decades for that matter, you need Policy Architects. We’re a boutique life insurance company that provides individualized service customized for you! 

Life insurance isn’t a one size fits all sort of deal. There are so many options out there and to be frank you need someone in your corner who understands the ever-changing landscape of underwriting. 

Sure you can get a policy online without ever talking to a human being and that’s a fit for some. BUT if you want someone who is going to go the extra mile and speak with the underwriters then give us a call today. 

Policy Architects has insider knowledge about the best life insurance companies in Canada. If you’re high risk or have medical issues this is especially important because these guidelines are ever changing. In my experience, we can usually get a better deal than you ever thought possible. 

James Heidebrecht Affordable Life Insurance Over 60