There comes a certain age in one’s life when one should start planning for the future. Decisions such as retirement, last will, and insurance are all issues to be discussed and decided upon. They will eventually benefit or harm your future and your family’s future. By a certain age, you’re expected to have a long term plan for your winter years and put forth the effort to secure it.

Now is that age 50, 40, or younger? And is there such thing as too late?

Life insurance for seniors carries some disadvantages compared to investing when you’re younger. There are several steps you can take to ensure you’re able to get coverage, and avoid paying unfair or debilitating premiums. There’s a wealth of opportunities for seniors seeking insurance at affordable rates. While planning early will always benefit you, be mindful that options will always be available to you if you can find them. What’s important to remember is that any coverage is better than no coverage, but finding the best coverage is still important.

Most typically with life insurance plans, eligibility ends somewhere around the age of 75. Policies that accept individuals up to the age of 85 are not uncommon. Plans that tend to extend up to this point are usually high premium permanent insurance plans, however, without the flexibility of term. Getting coverage at your current age will always guarantee the best rates and the most accessible plans. Your options will decrease and your premiums will increase under nearly any provider as you age.

If you’re concerned about your health and fear that this may disqualify you from coverage, start researching your options with no medical or guaranteed life insurance. For most seniors, life insurance can be limited by factors such as a pre-existing condition or degenerating health. No medical is life insurance coverage without a required medical exam, only a few health questions. Guaranteed issue is life insurance coverage that is guaranteed without any health factors to consider, however your premiums still factor in age and smoking status. As a last resort, guaranteed coverage can give you a face value benefit without possibility of denial, meaning that you will always have the ability to be covered.

If you’re in good health, inquire into coverage plans that offer preferred rates over standard rates. Preferred rates are premium reductions offered by some life insurance providers that take into account your general health, smoking status, and lifestyle. This determines if you are eligible for a reduced price on your insurance. Life insurance for seniors can be expensive at times, and negotiating a better price through preferred rates can get you protection at affordable premiums.

Most important of all is to shop around. With over 100 life insurance providers in Canada alone, there are a wealth of products on the market that you may not be aware. Senior’s life insurance is not a readily marketed brand, and it can be difficult to determine what the best insurance plans for seniors are. Obtain quotes and compare your options, taking into account opportunities to lower premiums or get access to what criteria insurance companies use to determine eligibility for the plan you’re seeking.

Planning late isn’t as detrimental as it once was, as insurance providers are increasingly tailoring their products to entice all demographics of the insurance market, including offering options for life insurance for seniors that allow them to have access to coverage and not stress their finances. The information is out there, it’s up to you to take a hand in your future and plan now rather than later.