Life insurance for seniors in Canada

Yes, but it is not as easy to get as when you are younger and presumably healthier.

The cost will be significantly higher for seniors, the medical requirements will be stricter, and the types of policy options available will be more limited. Furthermore, you may be restricted to fewer companies to choose from. Your best action is to speak with a life insurance broker to review your coverage needs and policy options.

The answer depends on your financial situation. If you have outstanding debt or dependents who rely on your income, a senior’s life insurance policy holds value in ensuring these are taken care of. Furthermore, you could still use a life insurance policy as part of an estate plan to make sure the ones you leave behind are in a better financial position for the future.

If you aren't concerned with debt, dependents or estate planning, you could still consider a more simplified form of life insurance and opt for final expense coverage only (e.g. funeral insurance) so that when you pass away, your funeral and related expenses are covered. As with all insurance policies, it's best to review your options and needs with a broker to see what policy type works best for you.

The cost of life insurance for Canadian seniors is generally substantially higher as older age increases risk factors. Additionally, life insurance companies consider other factors to determine your rate, including sex, health conditions, and lifestyle. 

For instance, a 50-year-old male, free of health conditions, would pay about $135 a month for a 20-year term with $500,000 in coverage, while a female with the same conditions would pay about $83 monthly. 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. Be sure to compare life insurance quotes with us to find an accurate cost for your needs.

Popular life insurance companies in Canada include Sun Life, Manulife, and Great-West Life; however, the best company for you depends on your individual factors. Life insurance rates for seniors can be substantially high, and some companies may deny life insurance policies due to medical conditions or age, so it's best to compare your life insurance quotes with Ratehub.ca - we'll help you find your most suitable company for the best rate and value.

Yes, most life insurance companies will only issue a term life policy to those under 75 as the risk factors become too high after that. Otherwise, seniors can opt for a whole life package or speak to an insurance broker for more details on alternatives.

Both policy types are similar as they do not require a medical examination to get coverage. However, a key difference is that no medical life insurance may still require a short health questionnaire. With guaranteed life insurance, you will get approved if you meet the enrollment age, making it ideal for seniors with health issues. In comparison, no medical life insurance is ideal for generally healthy seniors who want to avoid a medical exam, as premiums will be more affordable.

Yes, almost all seniors and retirees can get insurance policies for their needs, including life insurance, auto insurance, home insurance and travel insurance. Any person, regardless of age, who obtains an insurance policy must follow the guidelines and meet the requirements of their insurance provider. However, eligibility and premiums may vary for older adults as their risk level increases.