Best Life Insurance for Seniors in Canada: 2025 Updated
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Beneva's Term Life Insurance offers a flexible and affordable way to secure financial protection for dependents, making it particularly attractive for first-time buyers or those managing a tight budget. Coverage is available up to $10 million, with term lengths of 10, 15, 20, 25, 30, or even 40 years, and eligibility spans from ages 18 to 75. One of its key strengths lies in its adaptability: policyholders can switch to a longer term or even to permanent insurance without undergoing a new medical exam within the first five years. Customers can also choose between fixed or decreasing benefit structures, depending on their evolving needs. Premiums stay constant during the initial term, simplifying financial planning, although they may rise upon renewal. Additional features include optional riders like critical illness coverage and disability waivers. However, while the product is solid and backed by Beneva’s 75 years of industry experience, its online resources are relatively sparse, potentially requiring more direct interaction with an advisor to fully understand all options.
Ideal profile: This policy is best suited for young professionals, new parents, and individuals taking on major financial obligations like mortgages or business loans who need affordable, predictable protection over a defined period. It also appeals to those who value future flexibility without the risk of repeated health underwriting.
- Very broad choice of terms, from 10 to 40 years, adapting to many life stages
- Premiums remain fixed during the term, helping with predictable budgeting
- Option to switch to a longer term or permanent insurance without a new medical exam
- Choice between fixed and decreasing capital based on personal financial strategies
- Add-ons like critical illness or disability coverage can further customize protection
- Beneva's extensive experience (over 75 years) adds a layer of credibility and stability
- Premiums may increase substantially upon renewal after the initial term
- Decreasing benefit may not meet long-term protection needs for everyone
- Limited information available online, requiring direct consultation for complex cases
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
SunSpectrum Term Life Insurance from Sun Life offers a flexible and robust term life solution with term lengths of 10, 15, 20, or 30 years, accommodating a variety of short- to medium-term protection needs such as income replacement, debt coverage, or business continuity planning. Policies are available to applicants aged 30 to 60, with coverage amounts reaching up to an impressive $15 million, ensuring substantial financial protection. A standout feature is the guaranteed premium structure, providing cost predictability throughout the initial term, and the built-in option to convert the policy to permanent insurance without medical requalification before the insured's 75th birthday—an attractive benefit for those wanting lifetime coverage eventually. Additionally, the plan includes living benefits for terminal illnesses and disability waivers, catering to both personal needs and business applications, such as key employee coverage. However, it is important to note that premiums can rise sharply after the initial term, and conversion opportunities diminish with age, necessitating careful timing and planning.
Ideal Profile: This product is especially well-suited for business owners needing succession planning, middle- to high-income professionals seeking high coverage amounts for family security, and individuals aiming for flexibility now with the possibility of permanent coverage later. It is also a strategic fit for those who prioritize guaranteed insurability without future medical exams.
- Guaranteed premiums and ease of conversion to permanent insurance
- High coverage limits up to $15 million accommodating major financial responsibilities
- Flexible term options (10, 15, 20, or 30 years) to suit different planning horizons
- Living benefits included for terminal illness and total disability
- Tailored add-ons for personal and business needs, such as child and partner protection benefits
- Significant premium increases after the initial term
- Fewer conversion and longer-term options available as the insured ages
- Complex range of options requiring careful matching to specific needs
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term from iA Financial Group is a highly flexible term life insurance solution designed to meet the evolving needs of individuals and families across different life stages. Offering term options from 10 to 40 years, it aligns perfectly with financial obligations such as mortgages, education funding, or business needs. The product guarantees fixed premiums for the chosen term, simplifying budgeting and financial planning. Additionally, policyholders have the option to renew coverage annually or convert to permanent insurance without requiring new medical evidence, providing valuable adaptability as circumstances change. It also includes access to additional benefits like critical illness and disability coverage for more comprehensive protection. However, at renewal, premiums can increase sharply, and the decreasing benefit option may not be suitable for those needing stable, predictable coverage. The wide array of optional features, while a strength, could overwhelm clients unfamiliar with life insurance choices.
Ideal profile: Pick-A-Term is ideal for young families, professionals, and pre-retirees seeking flexible, cost-effective coverage tied to specific financial milestones, such as paying off a mortgage or raising children. It’s perfect for those who prioritize simplicity upfront but may want the option to secure lifetime coverage later without new health checks.
- Wide selection of term durations (10 to 40 years) for customized financial protection
- Guaranteed premiums within the term for budgeting predictability
- Easy conversion to permanent life insurance without a new medical exam
- Renewable annually after term expiration, maintaining access to protection
- Access to optional critical illness and disability coverage for added security
- Renewal premiums can be significantly higher than initial premiums
- Decreasing benefits option may not suit clients who need stable coverage
- Broad range of optional features could complicate decision-making for some applicants
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
YourTerm Life Insurance from RBC offers a flexible and accessible term insurance solution designed for Canadians aged 18 to 70 seeking affordable, predictable protection for key financial stages. With terms ranging from 10 to 40 years and coverage amounts between $50,000 and $25 million, the policy is versatile enough to cover everything from personal debts to substantial family or business needs. Premiums are guaranteed to remain constant for the duration of the chosen term, supporting easier budget planning. An important feature is the ability to convert to a permanent policy without further medical underwriting, ensuring long-term insurability even if health conditions change. Optional benefits like accidental death coverage and a 10-day free look period enhance flexibility. However, coverage limits may tighten after age 55, and premiums can rise steeply if the policy is not converted after the original term ends. Additionally, the variety of term options may require thoughtful selection to align perfectly with personal financial goals.
Ideal profile: YourTerm is ideal for young professionals, growing families, and business owners who seek affordable, customizable temporary protection with the future option of upgrading to permanent life insurance. It’s particularly appealing for those who value premium stability and long-term flexibility.
- Fixed premiums throughout the term enable easier financial planning
- Wide coverage range ($50,000 to $25 million) to meet both personal and business needs
- Term options from 10 to 40 years provide customization based on life stages
- Conversion option to permanent life insurance without medical exams
- Additional benefits such as accidental death protection and refund within a 10-day review period
- Coverage limits are reduced for applicants over the age of 55
- If not converted, premiums can spike significantly at term renewal
- Multiple choices may complicate decision-making for less experienced applicants
- 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
- 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 a flexible and affordable solution for Canadians seeking to protect their family's financial future or support business needs. The plan provides coverage ranging from $100,000 to an impressive $20 million, making it suitable for various financial situations. Premiums are fixed for periods of 10 or 20 years, until age 65, or even for life, ensuring predictable costs. Policyholders can enhance their coverage with the Manulife Vitality program, which rewards healthy living habits with potential premium reductions. Unique features include a cash advance upon diagnosis of a terminal illness and access to bereavement counseling for families at no extra cost. Additionally, the policy can be converted into permanent insurance without requiring new medical underwriting. However, participation in Manulife Vitality demands meeting specific health milestones, which might not suit everyone, and very high coverage limits may sometimes lead to over-insurance and higher-than-necessary premiums.
Ideal profile: This policy is ideal for young to middle-aged professionals, small business owners, and families seeking adaptable, high-coverage life insurance solutions. It particularly suits those who prioritize maintaining their lifestyle, managing debts, or securing their children's education while benefiting from health-related rewards.
- Affordable and adjustable coverage to meet evolving family and business needs
- Manulife Vitality Program encourages healthy habits and can reduce premiums
- High coverage amounts available, from $100,000 to $20 million
- Simple conversion to permanent insurance without additional medical exams
- Flexible premium terms: 10 years, 20 years, up to age 65, or for life
- Participation in Manulife Vitality requires achieving specific health milestones
- Possibility of over-insuring with very high coverage limits, potentially resulting in higher premiums
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 2025?
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 2025.
| 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.
