Best life insurance for seniors in Canada in 2024
- 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
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.
- Versatile term options from 10 to 40 years, matching key financial periods.
- Premium rates are guaranteed and known upfront, aiding in financial planning.
- Allows conversion to permanent coverage at any time without health checks.
- Can be renewed annually to adapt to changing insurance needs.
- Available with additional benefits such as critical illness and disability insurance.
- At renewal, premiums may increase based on the new term.
- Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
- Numerous coverage and benefit options could complicate decision-making.
- 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.
As we age, securing our loved ones' well-being becomes a priority, ensuring they won't face unforeseen expenses in our absence. That's where getting good life insurance for seniors becomes critical.
But navigating the array of life insurance products for seniors in Canada can be daunting, making it challenging to determine the most suitable coverage. We've got you covered. Dive into our guide on senior life insurance in Canada, the best plans, pros, cons, and costs.
Use our free comparator to explore the best life insurance for seniors in Canada, compare the plans, and get multiple free personalized quotes, so you can buy a plan that truly fits you and ensures your family's security.
Best life insurance for seniors Canada plans
- Manulife Insurance
- iA Financial Group Insurance
- Empire Life Insurance
- Assomption Life Insurance
- Sun Life Insurance
- Humania Insurance
- Equitable Life of Canada Insurance
- Forester Financial Insurance
- Canada Life Insurance
- RBC Insurance
- Canada Protection Plan Insurance
What is life insurance for seniors?
Senior life insurance products cater to a spectrum of expenses and life changes that may arise for your family in the event of your unexpected demise. These policies extend coverage to older adults, even those with existing health conditions.
Various companies in Canada offer diverse plans for individuals aged 50 and above, though the specifics vary by provider. While some insurers provide coverage for seniors in their 80s, others set age limits at 70 or 75.
Unlike insurance purchased by younger adults, which often focuses on replacing lost income, senior life insurance policies are designed to address specific final expenses. These policies, typically in smaller amounts as compared to those acquired in one's 30s and 40s, aim to cover expenses such as funerals, medical bills, and outstanding debts.
Premium policies ensure a guaranteed payout for the policyholder's family, with the payout size influenced by the duration of contributions.
Before we dive into further details, you could quickly use our comparator below to explore the best life insurance for seniors in Canada and get quotes based on your unique needs and situation, so you can plan what's best for you.
Compare the best life insurance companies
Why is senior life insurance important?
Senior life insurance is one of the best ways for older adults to make sure their families, loved ones, friends, or chosen charities and political causes are taken care of after they're gone.
These plans can provide lucrative financial benefits to selected recipients upon the policyholder's death, providing funds necessary to pay for significant expenses such as medical bills, funeral costs, and debts.
In some cases, these policies may also provide the life insurance beneficiary with a lump sum, helping them to cover household expenses long after the policyholder has passed away. It is important, however, that consumers find the best product for them, at a price they can afford.
How does senior life insurance work?
Senior life insurance is tailored for individuals aged 50 and above, often extending up to 75 or even 85 without health checks. Some insurers even provide coverage up to age 90. The policyholder's age influences premiums, with higher costs for older individuals.
Despite significant health conditions, affordable options are available, albeit at higher premiums. Insurers consider personal details like gender and smoking habits for premium calculations.
Designed for advanced age, senior life insurance coverage offers options with set periods or lifelong coverage, ensuring a guaranteed payout to beneficiaries upon the policyholder's passing. Many insurers offer user-friendly online platforms for quick policy generation based on individual circumstances and coverage needs.
Watch out!
The age of the policyholder will raise the premiums required to maintain the insurance
What are the benefits of Canadian life insurance for seniors?
Senior life insurance in Canada offers valuable advantages for long-term financial planning. Here are the key benefits:
- Debt Coverage: Safeguard your family from inheriting outstanding debts like mortgages, rent, and loans, alleviating their stress during a difficult time.
- End-of-Life Expenses: Senior final expense plans assist in managing unforeseen costs, especially high funeral expenses, ensuring your family is protected from financial burdens.
- Financial Support for Loved Ones: Even without income dependence, you can ease your family's financial concerns by contributing to educational expenses or helping with a relative's mortgage.
- Charitable Contributions: Designate your payout to support a cause or charity close to your heart.
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 types of life insurance for seniors Canada plans?
Senior life insurance encompasses various types tailored to meet the unique needs of individuals in their later years. Here are the main categories to help you choose the ideal coverage:
- Term Life Insurance:
- Covers a set period, commonly until age 65 or up to 90.
- Requires premium payments during the term.
- Provides tax-free death benefit to beneficiaries.
- Coverage expires after the term, with the option to renew.
- Permanent (Whole) Life Insurance:
- Offers lifelong coverage as long as premiums are paid.
- Includes a cash value component that grows over time.
- Enables borrowing against the cash value.
- Ideal for those seeking coverage for their entire life.
- Universal Life (UL) Insurance:
- Combines permanent coverage with an investment savings element.
- Features flexible premiums for increased control.
- Allows borrowing against the policy without tax implications.
- Accumulates cash value over the insured's lifetime.
Choosing between term and permanent life insurance depends on your specific needs:
- Term Policies: Affordable for short-term needs, such as mortgage or education expenses.
- Permanent Policies: Suited for permanent needs like estate planning, retirement income, and final expenses.
Additionally, for a quick and hassle-free application, Senior Life Insurance No Medical Exam is available. While it eliminates the need for medical exams, premiums are often higher. These products offer rapid underwriting through simple online forms.
Each type of senior life insurance serves different purposes, providing financial protection and flexibility based on individual circumstances and preferences.
Good to know
Interested in knowing more about the various options for Canada life insurance for seniors available? Please take a look at our guide to types of life insurance
How much is Canadian life insurance for seniors?
Senior citizen life insurance plans usually entail notably higher costs than plans for younger adults, owing to the elevated risks associated with old age. Life insurance providers consider various factors, including gender, health conditions, and lifestyle, to determine the premium rates for a customer's policy.
For instance, policies for male smokers generally incur higher costs than those for male non-smokers. Additionally, men's policies tend to be pricier than women's policies, reflecting the lower life expectancy of men.
For example
A 50-year-old male, free of health conditions, would pay about $330 annually for a 15-year term with $100,000 in coverage while a female with the same conditions would pay about $250 annually. On the other hand, a whole life insurance policy could cost five times as much.
Each life insurance company offers a different rate depending on each senior’s case, so 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 quotes in a few moments right here.
Get a life insurance policy that's right for you and your loved ones
What is the best life insurance for seniors in Canada?
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.
| Provider | Features | Get a Quote |
|---|---|---|
| Empire Life - Solution 10, 15, 20, 25 or 30 |
| Get a Quote |
| Sun Life - SunSpectrum Term Life Insurance |
| Get a Quote |
| iA Financial Group - Pick-a-Term |
| Get a Quote |
| Manulife - Family Term |
| Get a Quote |
| Assomption Life - FlexTerm |
| Get a Quote |
| Manulife - CoverMe Term Life |
| Get a Quote |
| Humania Insurance - HUGO Life |
| Get a Quote |
| Equitable Life of Canada - Term Life Insurance |
| Get a Quote |
| Forester Financial |
| Get a Quote |
| Canada-Life - Term Life Insurance |
| Get a Quote |
| RBC Insurance - Term 100 |
| Get a Quote |
| Canada Protection Plan - Simplified Elite Term Life Insurance |
| Get a Quote |
| Empire Life - Solution ART |
| Get a Quote |
| Canada Protection Plan - Deferred Elite Term Life Insurance |
| Get a Quote |
You can use our comparator at the top of this page to compare these plans and get personalized quotes from the best Canadian life insurance for seniors. Compare multiple plans and get free quotes in seconds right here.
Who has the cheapest life insurance for seniors in Canada?
Determining the absolute cheapest life insurance for seniors in Canada requires assessing individual factors such as age, health, and coverage needs. However, companies like Canada Protection Plan, RBC Insurance, and Humania Insurance often offer competitive rates. It's advisable to compare quotes using our comparator.
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.
What are the FAQs on life insurance for seniors in Canada?
Can you get life insurance for seniors over 70 Canada plans?
Yes, it's possible to get life insurance for seniors over 70 in Canada. While some insurers may have age restrictions, many providers offer policies specifically designed for seniors in their 70s. It's essential to explore options, compare quotes, and consider factors like coverage limits and premium costs to find a suitable plan.
Can you get life insurance for seniors over 75 in Canada?
Yes, it's possible to find life insurance for seniors over 75 in Canada, but options may be limited. Some providers offer guaranteed issue policies without a medical exam, although premiums can be higher. Term and whole life insurance may also be available, but premiums increase with age. It's recommended to explore specialized senior plans and consult with an advisor for tailored options. The same applies to life insurance for seniors over 80 in Canada.
Can you get life insurance for seniors over 75 with no medical exam?
Yes, some insurance providers offer life insurance for seniors over 75 without requiring a medical exam. These plans are designed to simplify the application process, making it easier for older individuals to secure coverage.
However, it's crucial to note that policies without a medical exam often have higher premiums, and coverage amounts may be limited. Prospective policyholders should carefully compare options to find the best balance between convenience and cost-effectiveness.
