Life insurance after 60 is still widely available in Canada, with multiple options depending on your health, budget, and coverage needs.
Whether you are looking for affordable senior life insurance coverage or a simple approval process, many seniors can still qualify and secure protection for their loved ones.
Get Life Insurance Quotes in Your 60s
Life Insurance Options for Seniors Over 60
At age 60, you still have access to some of the most flexible and affordable life insurance options available to seniors. Compared to older age groups, insurers offer a wider range of policies and higher coverage amounts.
Common options include:
- Term life insurance – Getting term life insurance after 60 is usually the most affordable option for seniors in good health, especially if you are looking for higher coverage amounts or temporary protection
- No medical life insurance – Designed for those who want to avoid exams or have moderate health conditions
- Simplified life insurance (a subset of no medical life insurance) – No medical exam required, with a few health questions and fast approval
- Guaranteed life insurance (a subset of no medical life insurance) – Getting guaranteed life insurance after 60 ensures approval with no health questions, but comes with higher premiums and lower coverage
The right option depends on your health profile and how much coverage you need. Many applicants in their 60s can still qualify for lower-cost plans compared to those applying later in life – see our overview below.
| Type | Medical Exam | Health Questions | Approval Time | Cost | Best for |
| 1. Guaranteed Issue Life Insurance | Instant – 24 hours | $$$ | Seniors in their sixties with serious health conditions or prior declines | ||
| 2. Simplified Issue Life Insurance | Same day-few days | $$ | Seniors in their sixties with moderate health conditions | ||
| 3. Traditional Life Insurance (Fully Underwritten) | 2 to 6 weeks | $ | Healthy seniors in their sixties looking for the lowest cost |
Challenges of Getting Life Insurance After 60
While life insurance after 60 is still accessible, there are a few important factors to consider.
Premiums are higher than for younger applicants, as insurers account for increased health risks with age. Some seniors may also have pre-existing conditions that affect eligibility or limit available options.
Insurance companies begin applying stricter underwriting rules at this stage, especially for higher coverage amounts. Approval may depend more heavily on your medical history, medications, and overall health.
That said, compared to applicants in their 70s or 80s, seniors in their 60s still benefit from a wider range of options, making this an ideal time to secure coverage.
Cost of Life Insurance at Age 60
The cost of life insurance at age 60 depends mainly on your health, smoking status, and the type of policy you choose.
In general:
- Healthy non-smokers qualify for the lowest premiums
- Simplified policies cost more but offer easier approval
- Guaranteed policies have the highest premiums but require no medical questions
Premiums at this age are still relatively manageable compared to later years. This is why many seniors choose to secure coverage at or shortly after turning 60, before options become more limited.
Sample TERM 10 life insurance quotes for $50,000 and $100,000 coverage for a 65-year-old, non-smoker.
| Coverage | Male | Female |
| Term Life insurance: $50,000 | From $52/month | From $65/month |
| Term Life insurance: $100,000 | From $80/month | From $56/month |
Sample SIMPLIFIED life insurance quotes for $25,000 and $50,000 coverage for a 65-year-old, non-smoker.
| Coverage | Male | Female |
| Simplified Life insurance: $25,000 | From $97/month | From $80/month |
| Simplified Life insurance: $50,000 | From $190/month | From $153/month |
Sample GUARANTEED life insurance quotes for $10,000 and $25,000 coverage for a 65-year-old, non-smoker.
| Coverage | Male | Female |
| Guaranteed Life insurance: $10,000 | $70/month | $56/month |
| Guaranteed Life insurance: $25,000 | $152/month | $120/month |
Life Insurance Brokers for Seniors Over 60 in Canada
Our brokers specialize in life insurance for seniors and can compare options from multiple Canadian insurers.
After age 60, small differences between insurers can have a meaningful impact on your premiums and approval chances. Some companies may offer better rates for specific health conditions, while others may decline the same application.
Working with a broker helps you find the right insurer from the start, saving time, avoiding unnecessary declines, and often reducing your overall cost.
Instead of applying to just one insurer, a broker can help you:
- Compare rates across multiple providers
- Find insurers more flexible with your health profile
- Choose between term, simplified, and guaranteed options
- Avoid unnecessary declines that could limit your options later
How to Get Better Life Insurance Rates After 60
There are several ways to improve your chances of getting lower premiums and better coverage.
- Apply While You Are Healthy: Even small changes in your health can impact your rates. Applying earlier allows you to lock in more favorable pricing.
- Compare Multiple Insurance Companies: Different insurers evaluate risk differently. Comparing multiple providers can significantly reduce your premium.
- Consider Simplified Before Guaranteed: If you qualify for simplified life insurance, it will almost always be more affordable than guaranteed coverage.
- Choose the Right Coverage Amount: Many seniors only need coverage for final expenses. Selecting a smaller policy can help keep premiums manageable.
Work with an Experienced Advisor: An experienced advisor can help match you with insurers that are more likely to approve your application and offer better pricing.
Frequently Asked Questions About Life Insurance After 60
Can you get life insurance after 60 in Canada?
Yes, life insurance is widely available after age 60. Many seniors can still qualify for term, simplified, or no medical life insurance depending on their health.
What is the best life insurance after 60?
The best option depends on your health and budget. Term life insurance is often the most affordable, while simplified and guaranteed options provide easier approval.
Is life insurance expensive at age 60?
Life insurance costs more than at younger ages, but it is still relatively affordable compared to later in life. Your premium will depend on your health, smoking status, and coverage amount.
Can I get life insurance with no medical exam after 60?
Yes, many insurers offer no medical life insurance options after age 60, including simplified and guaranteed policies.
How much life insurance should a 60-year-old have?
The amount depends on your financial goals. Many seniors choose coverage between $10,000 and $100,000 depending on whether they want to cover final expenses or leave a financial benefit.