Life insurance for seniors
As a senior, your life insurance options are different to younger Canadians. Here's what you need to know about senior's life insurance.compare quotes today
Comparing life insuance for seniors
Matt Hands, VP, Insurance and MoneySense
When you’re over 50, you still have financial obligations you want to be taken care of when you’re gone. You want to leave assets to your loved ones and be sure that funeral expenses are taken care of. While your options are not as plentiful as life insurance at 30, there are still plenty of choices for buying life insurance over the age of 50.
What is life insurance for seniors?
Senior life insurance is any life insurance product that is available or specifically designed for older Canadians, generally over 50 or 55 - though some senior life insurance products are available from age 40 or less. Generally, senior life insurance is more expensive and less flexible than life insurance for younger people, but that doesn't mean it's all unaffordable.
A few things we're proud of
better choices made
to Canada’s top financial institutions
Factors affecting senior life insurance rates and approvals
Age: The most obvious. The older you are, the more likely it is that you’ll pass away within your term, which limits your options. For example, a person at age 50 will be a lesser risk than a person at age 70; buying a longer term life insurance policy over 50 will be quite expensive because of this.
Coverage amount: The more coverage you want, the more you’ll pay.
Smoking: This drastically increases your premiums and can even increase your chances of being denied coverage when paired with other conditions.
Health/Illness: Chronic illness like cancer or heart disease, as well as unhealthy behaviour—obesity, regular consumption of alcohol, etc.—can both be challenging when applying for life insurance. This is especially true over 50, as it can be more difficult to overcome and is more of a liability to the insurance provider. Risk rates increase around age 50, therefore your risk to the insurer also increases.
Maximum enrolment age: Most life insurance products have maximum enrolment ages, so be sure to look into the fine print before you decide on a policy.
What's the best type of life insurance for seniors?
Depending on your personal circumstances, you have a few different options:
Term life insurance: There are many term life insurance policies that are available for those over 50, like specific policies for those up to 55, 65, or 75. The downside is that the older you are, the more expensive the premiums can be. Choosing a shorter term with less death benefit can help you save.
Permanent life insurance: In your 50s, if you’re in good health, a permanent life insurance policy like whole life insurance or universal life insurance could be an option. They both have investment portions that could grow significantly if you’re to live into your 80s or beyond.
Guaranteed life insurance: One of the most common type of insurance for people over 50, guaranteed life insurance is a lower payout amount with higher premiums, but it avoids the need for an extensive interview. There is no medical examination, so you’re guaranteed to be approved as long as you’re within the plan’s enrolment age (typically up to age 75). This is best for people who don’t have other options due to persistent conditions, age restrictions, and medical complications.
Health/No Medical life insurance: Similar to guaranteed, no medical life insurance is exactly that: a type of life insurance that has no medical examination.
Life insurance for people with pre-existing conditions: Insurance for people with pre-existing conditions is specifically for those with conditions like HIV/AIDS who would be declined for most types of life insurance. Some companies offer these instead of guaranteed life insurance.
Compare senior life insurance quotes today
Like all senior life insurance, you need to compare quotes to get the right policy for you. Get started with us today, and we'll let you know what's available to you.compare insurance quotes today
How to buy life insurance for seniors
Like all life insurance, the products available are many, and very complicated. However, as a senior life insurance customer, your premiums will be higher than most customers, so you have more to lose if you pick the wrong policy! Don't stress - we can help. The best place to start when purchasing senior life insurance is to compare quotes, and find a product that works best for you. Speaking to a broker can be a good idea as well. Complete our quote form today, and we'll get you started on the right track in a matter of minutes.
Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.
Frequently asked senior life insurance questions
How much does life insurance cost for seniors in Canada?
What is the best life insurance company for seniors?
Is there a maximum age to get life insurance?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
The knowledge bank
A wealth of knowledge delivered right to your inbox.
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.