Five Things Seniors Should Know About Life Insurance

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As you step into your golden years, taking a new look at your finances is essential. Even if you’ve tackled big expenses like mortgages and education costs, life insurance remains important. It can aid in estate planning and can help leave a meaningful legacy for your loved ones. So, here are five straightforward insights to guide you smoothly through this stage.


1. Don’t overlook life insurance.

In retirement, while major financial commitments may be done, life insurance remains relevant. Consider it a tool for easing the financial burden on your loved ones. Life insurance can help:

  • Cover your funeral and burial costs, which average around $10,000.
  • Cover any end-of-life expenses like estate taxes, probate fees and executor fees.
  • Take care of any unresolved debts that you may have.


2. Life insurance as a legacy builder.

Life insurance goes beyond being a safety net; it can be a legacy builder. It can protect your assets from taxes and capital gains, offering flexibility when passing on your wealth to loved ones. And if you’re passionate about charitable causes, it can provide a tax-efficient avenue to leave a lasting impact.



3. Secure your grandchildren’s future.

Consider whole life insurance for your grandchildren. This policy not only helps ensure their protection but also builds a savings bonus. In as little as eight years, they could have a financial cushion for major life events, such as buying a first car or a dream wedding.



4. Coverage without the hassle.

Worried about pre-existing health condition limitations? Life insurance has evolved. Most people can secure coverage over the phone without a medical exam, even with pre-existing conditions. Ask a Licensed Insurance Advisor at CAA1 to tell you about Guaranteed Issue Life Insurance plans available for Canadian residents aged 40 to 75.



5. Affordable protection for all budgets.

Life insurance is more accessible than you might think. With basic policies starting as low $10 a month, it’s important to speak with a Licensed Life Insurance Advisor so they can gain an understanding of your life and to meet your needs. A CAA Life Insurance Advisor1 can provide you with a personalized solution and quote based on a specific monthly amount that fits your budget.



Consider CAA Life Insurance1 for your insurance needs.
Life insurance is not one size fits all. Connect with a Licensed Insurance Advisor at CAA1 for a complimentary financial protection review by calling
1-833-673-3030 or by booking an appointment at

CAA is CARP’s recommended provider for Auto, Home, Travel, Life, and Pet Insurance.2 To learn more about our offerings and special perks for CARP Members, call 1-833-673-3030 or get a quote and purchase online at



CAA Club Group Advisory Services is the registered business name of 2760704 Ontario Inc. 60 Commerce Valley Drive East, Thornhill, Ontario L3T 7P9. (FSRA license no. 37824M).
1 In Alberta, insurance is sold by AMA Insurance. Auto and property insurance sold by AMA Insurance are largely underwritten by Alberta Motor Association Insurance Company (some exceptions apply). AMA Insurance sells life and health policies underwritten by 9 different insurers.
2 Please visit to see a full list of underwriters covering various CAA insurance products. ®CAA trademarks are owned by, and use is authorized by, the Canadian Automobile Association.

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