Life Insurance for Seniors Canada — Options at 60, 65, 70 & Beyond (2026)
Seniors in Canada have several life insurance options: term life (if you’re healthy), no-medical-exam policies, and final expense coverage for funeral and debts. This guide explains what’s available at 60, 65, 70, and beyond, typical costs, and how to compare quotes.
Updated March 16, 2026
Life insurance for seniors: what’s available
Many insurers offer term life to applicants in their 60s and sometimes 70s, depending on product. If you prefer to avoid a medical exam, simplified issue and guaranteed issue policies are available: you answer health questions only (simplified) or no health questions (guaranteed), with lower caps and higher premiums. Final expense life insurance is designed for seniors to cover funeral and final costs; coverage is usually $5,000–$35,000. The CLHIA reports that Canadians over 55 hold a significant share of individual life policies.
By age: 60, 65, 70+
At 60, term life (10- or 20-year) is often still available at competitive rates if you’re in good health. At 65, 10-year term is common; premiums are higher than at 60. At 70 and over, term may be limited to 10 years or less; simplified and guaranteed issue become more relevant. Final expense is available well into senior years. Use our quote tool and select your age to see available options and sample rates.
Costs and what affects them
Premiums increase with age and can be affected by health, smoking status, and coverage amount. Guaranteed issue policies cost more per $1,000 of coverage but guarantee acceptance. Comparing multiple carriers helps — see compare life insurance quotes Canada. For no-exam options see buy life insurance no medical exam Canada.
FAQ
Can seniors get life insurance in Canada?
Yes. Term, simplified issue, guaranteed issue, and final expense are available depending on age and health.
Best life insurance for seniors over 70?
Healthy seniors may qualify for term or simplified issue. Those with health issues often use guaranteed issue or final expense.
How much does life insurance cost for seniors?
Rates rise with age. Compare quotes from multiple insurers to find the best rate for your age and health.
Compare senior life insurance quotes
Get a free quote to see term and no-medical options from 50+ Canadian providers. Also see life insurance for seniors and what is life insurance.