Making the Senior Years Secure: A Closer Look at Senior Care Life Insurance Plans

09 21, 2023
Jake Smith

Share this on social media​​

As you enter your golden years, it's crucial to plan your future with thoughtfulness and wisdom. Choosing a senior care life insurance plan is one important decision that can make your senior years trouble-free, and also provide added security to your loved ones. With this plan in place, you can live your life with confidence, knowing that your family is protected and secure should anything happen to you.

In this blog post, we will help you understand and assess the benefits of a senior care life insurance plan such as our Excelsior Plan and guide you in making the best decision for your future and your loved ones. Let's delve into the details!

Why Choose a Senior Care Life Insurance Plan?

Retirement is the golden phase of your life when spending quality time with family and ticking off bucket lists should be the only things on your mind. And for that, you need a backup plan that ensures your loved ones are financially secure when you're no longer there for them.

With a senior care life insurance plan, like our Excelsior Plan, you have reliable premiums fixed in five-year bands, a tax-free death benefit, and coverage that can cater to your needs and lifestyle. These insurances can cover funeral costs and leave a financial safety net for your family.


A Canadian senior discussing future plans with a financial advisor online.


Understanding Senior Care Life Insurance Plans: Key Components

A Senior Care Life Insurance Plan secures your loved ones by providing a payout in case of your passing. Here are some key elements to consider while choosing a plan.

Guaranteed Acceptance

Often seniors worry about being eligible for a life insurance plan. However, with our senior care life insurance plans, you get the benefit of guaranteed acceptance. That means, regardless of your health history, you won't be denied coverage.


Rated Premiums

Understanding how premiums are calculated is crucial for budgeting. For new applicants, Specialty Life follows a 5-year banding system, beginning at age 30. This means at the end of every 5-year band, your premiums are reviewable and may increase.

However, don't be daunted by the potential of an increase. Specialty Life guarantees that any adjusted premiums will be less than what a new applicant at the same age would pay. This unique system enables you to manage and predict your financial commitments easily.


Senior couple discussing adjusted premiums with their financial advisor via their tablet.


End Of Life Expenses

End-of-life expenses include not only funeral costs, which can be extensive, but also any medical bills and remaining debts that may pile up suddenly. It's not uncommon for these costs to total tens of thousands of dollars. Our Excelsior Plan takes care of that.

The benefit provided to your loved ones upon your passing can be used to:

Cover funeral costs including: Settle outstanding medical bills associated with: Pay off lingering debts like:
  • Transportation
  • Casket
  • Headstone
  • Embalming or cremation
  • Memorial service
  • Cemetery plot
  • End-of-life care
  • Long-term hospitalization
  • Prescription medications
  • Palliative care
  • Personal loans
  • Credit cards
  • Mortgage payments


Remember, these costs and debts don't disappear when someone passes away. In fact, they are usually transferred to the estate or next of kin.

At the end of the day, your Excelsior Plan ensures that your loved ones won't be burdened with these expenses in addition to their grief at your passing. It provides both stability and comfort — the knowledge that these financial obligations will be handled and won't add to the emotional strain of losing you.

Instead of dealing with financial stress, your family can focus on supporting each other and remembering your life as it should be remembered.


30-Day Money Back Guarantee

Specialty Life understands the importance of making the right decision for your future. That's why all our Excelsior Plans come with a 30-day money back guarantee.

If for any reason you are not totally satisfied with your policy, you can return it within 30 days of receipt and have your premiums fully refunded! This no-questions-asked guarantee ensures that you have the flexibility and peace of mind while choosing your preferred protection plan.

This way, you can take the necessary time to review and confirm the suitability of your chosen plan without any additional pressure, reaffirming our commitment to provide a tailored, customer-centric approach to insurance.


Relaxed senior couple knowing that their insurance plan comes with a money back guarantee.


Budgeting Your Senior Care Plan: Keep Affordability in Mind

A top concern for seniors is affordability. However, Senior Care Life Insurance Plans are extremely budget-friendly. The coverage amount can be tailored as per individual needs so that premiums can be chosen accordingly.

In short, it ensures your plan fits within your monthly budget.



Planning for the future, especially with a view towards security, is one of the best gifts you can give your loved ones. Simply put, a Excelsior Plan provides the some of the best senior care life insurance coverage. That means, much-needed comfort and peace of mind for you and your family.

So make the decision today, and embrace a carefree, secure future ahead!



Bid Adieu to Uncertainty with a Senior Care Life Insurance Plan

Are you ready to take charge of your future? Explore the benefits of a Senior Care Life Insurance Plan and safeguard the future of your loved ones. Take the first step towards a secure retirement with Specialty Life's Senior Care Life Insurance Plan!

Embrace a worry-free retirement and live life on your own terms. Begin your secure journey today with Specialty Life!

Get Your Quote!

Like this article? You might also like these...

Why Do I Need a Excelsior Plan? Understanding the Basics
Insurance is a vital tool for financial planning—but with so many choices, it can get a little overwhelming. You might...
Read Full Article
Surviving Cancer & Getting Life Insurance in Canada: What You Need to Know
Have you faced the battle against cancer and wondered – “Can I get life insurance now?” You're certainly not alone....
Read Full Article
Demystifying the Myth: Can You Get Insurance with Pre-Existing Health Conditions?
Have you wondered, can you get insurance with pre existing health condition? Often, traditional insurance companies might turn your application...
Read Full Article