Can you take out personal insurance at any age?
At Desjardins, anyone under age 79 can purchase a life insurance policy, and there is no limit on the term.
Even elderly people in poor health can take out life insurance. Usually, the insurer is able to evaluate a person's general state of health through questions on the application form. In some cases, a more in-depth medical questionnaire, a medical report or a blood test may be required.
If necessary, your caisse advisor can recommend a financial security advisor1 who will provide you with detailed information about life and health insurance that best meet your needs.
Some insurance policies can be purchased without a medical exam. Beware! These policies are generally more expensive than regular policies. Moreover, they entail long waiting periods. This insurance is not payable upon death until the policy has been in effect for two to three years. If the policyholder dies before the end of this waiting period, the insurer simply refunds the premiums already paid.
1. Ontario Life and Health Insurance Agent.
Tools
- Accirance, Personal Accident Insurance Guide (PDF format, 315 KB)
- Savings - Life Insurance Guide (PDF format, 329 KB)
- 50+ Life Insurance Guide (PDF format, 259 KB)
- Loan Insurance Guide (PDF format, 409 KB)
- Travel Insurance Guide (PDF format, 727 KB)
- Line of Credit Insurance Guide (PDF format, 252 KB)
