Key takeaway
Seniors in Canada can get life insurance at any age through term life (to about 75), simplified-issue no-medical plans, or guaranteed-issue whole life. Premiums rise with age; comparing 50+ insurers is the best way to find affordable coverage for final expenses, income replacement, or estate planning.
Why seniors buy life insurance
Common reasons include covering final expenses (funeral, legal fees, debts), replacing income for a surviving spouse, equalizing an estate among heirs, paying taxes on RRSP/RRIF or capital gains at death, and leaving a tax-free legacy. Even a small policy can spare the family from dipping into savings or selling assets.
Ontario’s Estate Administration Tax (1.5% of estate value) and probate delays make life insurance attractive: proceeds go directly to a named beneficiary and bypass the estate, so they’re not subject to probate and are generally tax-free.
Types of life insurance available to seniors
Term life is available to healthy seniors often up to age 75, with 10- and sometimes 20-year terms. Premiums are level for the term but much higher than at younger ages. Simplified-issue (no medical exam) plans use a short health questionnaire and can offer up to $500,000 from carriers like Sun Life, Manulife, and Canada Life, often to age 70–80.
Guaranteed-issue whole life accepts all applicants within an age range (e.g. 50–80) with no health questions. Coverage is usually $5,000–$50,000 and most policies have a two-year waiting period for natural causes; accidental death is covered from day one. These suit people who’ve been declined elsewhere or want minimal hassle.
What senior life insurance typically costs
For $100,000 of 10-year term (non-smoker): a 65-year-old might pay about $95–$180/month; at 70, roughly $160–$320/month. Guaranteed-issue $25,000 whole life might run $65–$160/month depending on age. Simplified-issue plans usually sit between term and guaranteed-issue on price.
Rates vary widely by insurer — 40–60% between cheapest and most expensive for the same profile — so comparing multiple carriers is essential. Use an online comparison or an independent broker who can quote many companies.
How to get the best rate as a senior
Get quotes from at least 3–5 insurers. If you’re in good health, apply for fully underwritten term first; you’ll get the lowest premiums. If you have health issues, focus on simplified-issue and then guaranteed-issue as a fallback.
Don’t cancel an existing policy until a new one is in force. Avoid buying only from your bank or a single agent; independent comparison gives access to the full market and better prices.
Frequently asked questions
Can I get life insurance at 70 or 80?
Yes. Term life is available from some carriers to about 75. Simplified-issue and guaranteed-issue plans are commonly offered to age 80 or 85, with lower coverage amounts and higher premiums than at younger ages.
Do seniors need a medical exam for life insurance?
Not always. Simplified-issue plans use a health questionnaire only. Guaranteed-issue plans ask no health questions. Fully underwritten term may require a paramedical exam but often gives the best rates for healthy seniors.
Is life insurance worth it for seniors?
It can be, for final expenses, supporting a spouse, estate taxes, or leaving a legacy. If you have no dependents and no debts, the benefit may not justify the cost — it depends on your goals and budget.
What is the best life insurance for seniors over 65?
For healthy applicants, term life usually offers the best value. For those who want no medical underwriting, simplified-issue is next; guaranteed-issue is the option when health rules out other coverage.