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Life Insurance For Seniors


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Life Insurance For Seniors

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For some age is just a number, but the fact of the matter is, that as we age, our needs for life insurance also change and health conditions tend to creep up as one gets older. The good news is that for seniors, the life insurance market has evolved over the years and has better plans today that cater to those over 50. It is now easier for you to get coverage that suit your needs, financial situation and even your health condition.


Some seniors over the age of 60 may have sufficient savings to cover all anticipated and unanticipated needs and may decide that insurance is unnecessary. However, there are still cases where most seniors do not have enough savings to settle their debts, and sometimes their heirs will still have to repay the senior’s debts even after death.


Life insurance is a financial product designed to provide cash to ease the burden on the family in the event of the passing away, but also gives you peace of mind knowing that your family will be financially stable if your income were to disappear. Seniors’ life insurance plans should include the burial cost, final expenses, debts, and some beneficiaries’ money if there have not been enough savings in the past to help your loved one in the unfortunate case of your passing.

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Solution designed specifically for seniors

What is Life Insurance for Seniors?

Life insurance for seniors is a solution designed specifically for seniors, typically over 50. Compared to life insurance products for younger people, these are less flexible and more expensive. But that doesn’t mean they are any less important. When you’re over 50, life insurance for seniors can help you: Life insurance for seniors becomes an important consideration in below situations.

  • Take Care of any Unpaid Debt

    Life insurance for seniors is a good consideration for those who do not have savings and may still have debts or dependents that need to be covered should they pass away.

  • Cover Funeral Arrangements or End-of-Life Medical Expenses

    60 or older often look to get lifetime coverage to meet end-of-life expenses (funeral arrangements and medical expenses, etc) Permanent coverage is a good way to ensure coverage for funeral expenses or medical debt.

  • Leave an Inheritance for Your Loved Ones

    Depending on the type of coverage one chooses, life insurance can also be an avenue to leave money behind for your family or loved ones on a tax-free basis.

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Life Insurance For Seniors


  • Seniors in Canada can choose from permanent life insurance, term life insurance, and no-medical life insurance.
  • The maximum issue age for term life insurance is 75.
  • Permanent life insurance lets you leave a specific amount to your loved ones, no matter how long you live.
  • Seniors with an underlying medical condition can also get coverage. They should consider buying no-medical life insurance.

Why Seniors Might Need Life Insurance

You want to provide an inheritance.

You have debts, like a mortgage.

You want to provide funds for your funeral.

You have outstanding medical bills.

You have a dependent with special needs.

You have business-related financial obligations

What type of Insurance can a Senior Get?

While seniors themselves are not an individual class when it comes to purchasing life insurance policies, some types of coverage do have age limits.Luckily, insurance companies seldom leave anything up for interpretation. Your coverage eligibility is based strictly on your specific age as opposed to a loosely defined “age group.”


As far as the maximum coverage amount that seniors in Canada can take out is concerned, it can vary from one insurer to another. However, some types of life insurance for seniors, such as guaranteed life insurance, have a maximum limit that’s usually the same across carriers.

Best for younger seniors (Under 75) who still have debts to pay off.

Term Life

Best for all seniors in good health who want to cover final expenses.

Permanent Life

Best for seniors over 70 with health issues that may not qualify for standard coverages.

Simplified Life

Best for seniors who are advanced age, have health complications but are still looking for final expense coverage.

Guaranteed Life
Insurance for Seniors

Types of Life Insurance

Depending on individual health, seniors can also choose between traditionally underwritten insurance policies (insurance with a medical exam) and non-medical insurance products.

Can term life insurance taken by a senior be converted into a permanent form of insurance?

Yes, life insurance for seniors is convertible to permanent coverage. But, keep in mind that most term life insurance policies are convertible before age 71 only, though there are exceptions, with some companies allowing conversion before age 75.

What is the best life insurance for seniors in Canada?

We all strive to make the right decisions for our financial welfare. However, the best life insurance for seniors in Canada is a subjective concept that rests on many unique factors spanning desired coverage amounts and health status.

Age 50s
  • Term 20, 25, 30
  • Whole Life
  • Universal Life

Age 60s

  • Term 10, 20
  • Whole Life

Age 70s

  • Term 10
  • Term 100
  • Whole Life (Final Expenses)

Term life policies are issued before the age of 75 by most insurance companies. For whole life coverage, some insurance companies issue up to age 85.Most term policies are renewable without a medical exam up to a certain age, such as age 75 or 85. For some insurance providers, term life insurance coverage is renewable for a policyholder’s entire lifetime (i.e. up to the age of 100). Renewal prices however are significantly higher.



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