Best Life Insurance for Seniors in Canada: 2024 Updated
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.
- Over 75 years of combined insurance expertise
- Affordable and flexible with multiple term options
- Premiums are constant during the initial term, aiding in financial planning.
- Ability to choose between decreasing or fixed insured capital.
- Can switch to a longer term within five years without a medical exam.
- Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
- Premiums may rise upon renewal, although increases are known in advance.
- Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
- Website doesn’t provide enough information about coverage
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.
- Premiums remain constant throughout the term, enhancing budget management.
- Offers substantial coverage up to $25 million, accommodating large financial needs.
- Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
- Policies can be converted to permanent coverage without additional medical information.
- Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
- Coverage limits decrease for individuals over 55.
- If not converted, premiums can increase significantly after the initial term.
- Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
- Cash advance if you are diagnosed with a terminal illness
- Access to Manulife Vitality benefits at no cost
- Cover your family’s bereavement counseling costs
Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.
- Coverage is affordable and can be adjusted to meet changing family and business needs.
- Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
- High coverage options available from $100,000 up to $20 million.
- Allows conversion to permanent insurance without further medical underwriting.
- Premiums are level for terms like 10 years, 20 years, or until age 65.
- Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
- With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
- Available as level and decreasing term life insurance
- Automatic renewal until 90 years old
- Convertible until 75 years old
FlexTerm by Assumption Life offers a customizable approach to term insurance, with coverage ranging from $50,000 to $10,000,000. The offer is tailored for individuals aged 18 to 75, with the possibility of skipping a medical exam for coverage under $999,999. Also, FlexTerm offers a variety of terms ranging from 10 to 35 years, with premiums locked in for the selected term duration. The offer is available as individual or joint policies, with automatic renewals up to age 90 and conversion options up to age 75.
- 10, 15, 20, 25, 30, 35 years terms available.
- Life insurance premiums remain the same for the term selected.
- Renewal is automatic up to age 90; no medical exam required.
- Convertible up to age 75.
- No medical exam not available for individuals seeking higher coverage amounts.
- Potential Cost Variability.
- Renewable up to age 85 with no medical questions
- Tax-free, lump-sum payout
- Guaranteed rates for 10 years
Manulife CoverMe™ Term life insurance offers affordable and straightforward protection for a 10-year term, with coverage amounts ranging from $100,000 to $1 million. This plan is renewable up to age 85 without a new medical exam or questionnaire, making it easy to maintain coverage as you age. The fixed premiums for each term provide financial predictability, and the policy is especially suited for individuals seeking basic term life coverage with the flexibility to adjust based on personal needs and budget. It's ideal for those looking for quick, simple coverage with a safety net in cases of terminal illness through an advanced benefit option.
- Rates are locked in for each 10-year term, simplifying budgeting.
- Can be renewed up to age 85 without a medical re-assessment.
- Beneficiaries receive a lump-sum, tax-free payment.
- Terminal Illness Advance offers up to 50% of the coverage amount in advance if diagnosed with a terminal illness.
- Includes a 30-day full refund policy if not satisfied.
- Maximum coverage is capped at $1 million, which might not be sufficient for all applicants.
- Only available in 10-year increments, which may require multiple renewals.
- More basic compared to other policies that may offer various riders or additional coverage options.
Finding the right life insurance for seniors in Canada can feel overwhelming, but it’s never too late to secure a policy. With options like term, whole life, and simplified issue policies, there’s something to suit every need—whether it’s covering final expenses, leaving a legacy, or ensuring financial stability for your family.
In this guide we tell you everything about senior life insurance in Canada: What are the options available? What does it cost? What is the best life insurance for seniors over 60, 65, 70, 75, 80? How to find affordable plans? All this and more!
Use our free comparator tool to compare the best life insurance for seniors in Canada and get multiple free personalized quotes, so you can buy a plan that truly fits you.
Life Insurance for Seniors Canada: 6 Key Points
- Seniors in Canada can choose from term life, whole life, and term-to-100 policies.
- Seniors over 65 may still access affordable term policies.
- Seniors over 75 or 80 can typically buy final expense or whole life plans with smaller coverage.
- No-medical exam policies like simplified issue or guaranteed issue insurance are widely available.
- Premiums for a 65-year-old could be $50–$70 per month for a 10-year term policy.
- An 80-year-old could pay upwards of $200 for the same coverage.
What is life insurance for seniors?
Life insurance for seniors isn’t a distinct type of policy but rather a range of coverage options tailored to meet the unique needs of older individuals. Canadian senior life insurance policies can be used for several benefits from paying off debts and mortgages to covering final expenses and leaving a legacy for loved ones.
Whether you’re seeking temporary coverage with term life insurance or lifelong protection with permanent plans, seniors have access to flexible options that ensure financial security for their families. While most insurance providers consider individuals over 50 as part of the "seniors" category, policies are available well into later years, typically until age 85, with some insurers offering coverage up to age 90 or even beyond.
For example
For example, consider a 72-year-old retired teacher, Helen, who wants to ensure her grandchildren’s education is financially secure. She opts for a $100,000 whole life insurance policy, providing her loved ones with a tax-free death benefit to cover tuition and other expenses. The policy also allows Helen to build cash value, which she can access for unexpected medical bills or other needs during her lifetime.
Life insurance for seniors is about more than just age—it’s about ensuring peace of mind and support for your loved ones, no matter where you are in life.
What are the benefits of life insurance for seniors in Canada?
Senior life insurance in Canada offers valuable advantages for long-term financial planning. Here are the key benefits:
- Final Expenses: Cover funeral and burial costs, medical bills, and estate settlement expenses to ease the financial burden on loved ones.
- Debt Repayment: Ensure outstanding debts, such as a mortgage, credit cards, or business loans, are paid off, leaving no liabilities for your family.
- Income Replacement: Provide financial support for a spouse or dependent who relies on your pension, annuity, or other income streams.
- Special Needs Dependents: Establish a trust or fund to continue supporting a dependent with special needs after you’re gone.
- Estate Taxes: Supply funds to cover potential estate tax liabilities, ensuring your heirs receive their inheritance without financial stress.
- Inheritance: Leave a tax-free financial legacy for your children, grandchildren, or other loved ones.
- Retirement Supplement: Use the cash value from a whole life policy to bolster your retirement savings or cover unexpected costs.
- Liquidity for Non-Cash Assets: Provide cash to settle estates tied up in non-liquid assets like property or investments.
- Charitable Giving: Leave a donation to a cause or charity that holds special meaning to you.
By choosing senior life insurance, you can provide a substantial payout, ranging from $500,000 for no-medical policies to $1 million for other plans. This tax-free benefit covers debts, and expenses, and leaves a lasting legacy.
What are the best life insurance types for seniors in Canada?
Term Life Insurance: Best Life Insurance for Seniors Over 60
- Covers a specific period, often until ages 70, 80, or 90.
- Provides a tax-free death benefit to beneficiaries.
- Fixed premiums for the term, with the option to renew.
- Term life insurance for seniors is ideal for covering temporary needs like mortgages or financial obligations.
Good to know
Term life insurance for seniors in Canada is widely available for those in their 60s, but terms may not extend beyond 80 or 90 years of age. For example, a 10- or 20-year term is common, but renewability and costs should be verified with specific insurers.
Whole Life Insurance: Best Life Insurance for Seniors Over 65
- Offers lifelong protection with guaranteed death benefits.
- Builds cash value over time, which can be accessed if needed.
- Premiums remain constant throughout the policyholder's life.
- Whole life insurance is great for leaving an inheritance or handling estate taxes.
Good to know
Whole life insurance is available for seniors over 65 and is often marketed for estate planning and final expenses. However, premiums are higher at this age, and some insurers may limit coverage amounts or availability.
Universal Life Insurance: Best Life Insurance for Seniors Over 70
- Combines permanent coverage with investment opportunities.
- Flexible premiums and adjustable coverage for added control.
- Cash value grows over time and can be borrowed against.
- Perfect for those seeking financial growth alongside lifelong coverage.
Good to know
Universal life insurance does cater to older individuals seeking investment growth and permanent coverage, but it requires careful customization to ensure affordability. Some providers may have restrictions for applicants over 70.
Simplified Issue Life Insurance: Best Life Insurance for Seniors Over 75
- No medical exams; approval based on a short questionnaire.
- Smaller coverage amounts, typically for final expenses.
- Quick and straightforward application process.
- Designed for seniors with minor health concerns or time-sensitive needs.
Good to know
Simplified issue policies are commonly offered for seniors in this age group, with smaller coverage amounts typically suited for final expenses. Approval depends on a health questionnaire, not a medical exam.
Guaranteed Issue Life Insurance: Best Life Insurance for Seniors Over 80
- No medical questions or exams; all applicants are accepted.
- Coverage is limited and primarily focuses on final expenses.
- Includes a waiting period before full benefits are paid.
- Final expenses life insurance for seniors is ideal for those who have been declined other forms of life insurance.
Good to know
Guaranteed issue policies are often the only option for seniors over 80 due to their no-medical requirements. These policies are generally available but come with limited coverage, higher premiums, and a waiting period.
With tailored options for each stage of life, seniors in Canada can choose a plan that fits their specific needs and goals. Use our comparison tool to explore your options today.
What does Senior Life Insurance in Canada cost?
Senior life insurance plans usually entail notably higher costs than plans for younger adults, owing to the elevated risks associated with old age. Life insurance for seniors over 70 can be anywhere between $70 and $90 a month for a term life insurance policy and go up to $200 for a whole life policy.
Life Insurance for Seniors Over 60 in Canada
Seniors over 60 still have a variety of policy options to choose from, including term life, whole life, and term-to-100 policies. While premiums increase with age, this is a good time to secure coverage before entering higher-risk age brackets.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $35 - $55 |
| 20-Year Term | $65 - $95 |
| Whole Life | $80 - $120 |
| Term-to-100 | $140 - $180 |
Life Insurance for Seniors Over 65 in Canada
Seniors over 65 face higher premiums, but whole life and term-to-100 policies remain solid options for long-term coverage. Conversion options may still be available for those transitioning from term to permanent policies.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $50 - $70 |
| 20-Year Term | N/A |
| Whole Life | $120 - $160 |
| Term-to-100 | $180 - $250 |
Life Insurance for Seniors Over 70 in Canada
At 70 and above, term life policies become less common, but whole life and term-to-100 policies remain reliable options for seniors seeking permanent coverage.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $70 - $90 |
| 20-Year Term | N/A |
| Whole Life | $160 - $210 |
| Term-to-100 | $250 - $300 |
Life Insurance for Seniors Over 75 in Canada
For seniors over 75, premiums reflect the higher mortality risks associated with this age group. Final expense insurance-focused policies are often preferred for those seeking affordable, simplified coverage.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $110 - $140 |
| 20-Year Term | N/A |
| Whole Life | $220 - $300 |
| Term-to-100 | $350 - $400 |
Life Insurance for Seniors Over 80 in Canada
For seniors over 80, life insurance is primarily limited to final expense or whole life policies, with premiums reflecting the higher risk. These policies ensure your loved ones are not burdened with funeral costs or remaining debts.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $190 - $250 |
| 20-Year Term | N/A |
| Whole Life | $300 - $400 |
| Term-to-100 | $450 - $600 |
Life Insurance for Seniors Over 85 in Canada
For seniors over 85, options are limited to guaranteed issue or final expense policies, as these do not require medical exams and focus on covering end-of-life expenses. Premiums are higher due to increased age-related risk, but these policies are ideal for ensuring funeral and burial costs are covered.
| Type of Seniors Life Insurance Canada | Monthly Premium (Approx.) |
|---|---|
| 10-Year Term | $250 - $350 |
| 20-Year Term | N/A |
| Whole Life | $400 - $500 |
| Term-to-100 | $600 - $700 |
Good to know
You can get final expense insurance for seniors up to $50,000 typically with no medical exam. Consider a final expense insurance policy if your primary needs are meeting end-of-life expenses like paying for the funeral, cremation, urns, or associated costs.
Each life insurance company offers a different rate depending on each senior’s case. Be sure to compare life insurance quotes with us to find an accurate cost for your individual needs. You can use our comparator below and get free Canada senior life insurance quotes in a few moments right here.
Get a life insurance policy that's right for you and your loved ones
How to find the most affordable life insurance for seniors in Canada?
- Compare Multiple Quotes: Use our online tool to compare policies from different insurers. Get multiple quotes and compare them side-by-side in a few minutes just by entering basic information on age, location, and coverage required.
- Choose the Right Coverage Amount: Opt for a coverage amount that meets your needs (e.g., final expenses, debts) without over-insuring. Smaller coverage amounts lead to lower premiums.
- Consider No-Medical Exam Policies: Simplified and guaranteed issue policies are quick to approve and may be cost-effective for seniors with health conditions.
- Lock in Premiums Early: If you're in your 50s or early 60s, buy coverage now to avoid higher rates as you age.
- Opt for Term Insurance: If you only need coverage for a specific period, term insurance offers lower premiums than permanent policies.
- Look for Bundling Discounts: Some insurers, like Empire Life, offer discounts if you combine multiple policies.
- Maintain a Healthy Lifestyle: Non-smokers and those in good health often receive better rates, so highlight this during the application process.
- Explore Final Expense Policies: For seniors over 75 or 80, final expense insurance or end of life insurance for seniors can be an affordable alternative to traditional policies.
What is the best life insurance for seniors in Canada for 2024?
The best life insurance for senior citizens in Canada depends on individual needs and health. Manulife offers comprehensive coverage up to $20 million with Vitality benefits. iA Financial Group and Empire Life are strong contenders, providing options like mortgage protection and level premiums.
Assessing specific requirements and comparing quotes will help find the most suitable coverage. However, here is a quick roundup of the best life insurance for seniors in Canada for 2024.
| Provider | Features | Get a Quote |
|---|---|---|
| Beneva -Term Life Insurance for Seniors |
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| RBC Insurance - Term 100 |
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| Manulife - Family Term |
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| Assumption Life - FlexTerm |
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| Empire Life - Solution 10, 15, 20, 25 or 30 |
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| iA Financial Group - Pick-a-Term |
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| Manulife - CoverMe Term Life |
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| Humania Insurance - HUGO Life |
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| Equitable Life of Canada - Term Life Insurance |
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| Forester Financial |
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| Canada-Life - Term Life Insurance |
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| Canada Protection Plan - Simplified Elite Term Life Insurance |
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| Empire Life - Solution ART |
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| Canada Protection Plan - Deferred Elite Term Life Insurance |
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You can use our comparator at the top of this page to compare these plans and get personalized quotes for the best Canada senior life insurance plans.
Who has the cheapest life insurance for seniors in Canada?
The cheapest life insurance for seniors in Canada depends on individual factors like age, health, coverage needs, and the type of policy. Here are some of the most affordable life insurance for seniors in Canada from top providers:
- Canada Protection Plan: Known for competitive rates on no-medical and simplified issue policies, particularly for seniors with pre-existing health conditions.
- Sun Life Financial: Offers affordable term and whole life insurance options, including simplified issue policies, which are suitable for seniors seeking quick approval.
- iA Financial Group: Provides flexible term-to-100 policies and affordable whole life plans, especially for those in good health.
- Empire Life: Features bundled discounts and competitive premiums for seniors, especially when combining policies.
- Co-operators: Offers comprehensive and affordable final expense policies, which are ideal for seniors seeking lower coverage amounts.
While these providers are often mentioned as offering affordable options, the actual cost varies based on your unique circumstances. Use our comparison tool to identify the most cost-effective Canadian senior life insurance solution tailored to your needs. Get free quotes and the best rates using our tool.
Can you get ladderlife life insurance for seniors in Canada?
Starting at just $5 per month, Ladder Life Insurance offers policies with coverage options ranging from $100,000 to $8 million. One has the flexibility to choose the term and coverage amount that suits your needs.
Since Ladder Life operates entirely online, policies with coverage up to $3 million don't necessitate a doctor's visit and can be easily purchased and approved within approximately 10 minutes. Therefore, the ladderlife affordable life insurance for seniors is one of the most preferred plans.
However, Ladder Life Insurance primarily operates in the United States and may not offer coverage specifically for seniors in Canada. While it is common for you to come across "ladderlife best life insurance for seniors" across the internet while doing a Google search, it does not offer coverage for seniors in Canada.
