We put for you a lot of useful information here.
- If you are interested in life insurance rates for seniors, SCROLL DOWN HERE.
- If you want to find out more about different life insurance types for seniors, SCROLL DOWN HERE.
Seniors pre-condition insurance
- Qualify even with seniors age-related pre-conditions
- Covers a variety of medical pre-conditions
- Can be obtained without medical exams
- Get approved instantly
Seniors Term Life Insurance
- Protects you during a defined time frame
- Can be purchased without medical tests or questions
- Reduce your rates if you are in a good shape
- Benefit from cheap rates
Seniors Whole Life Insurance
- Can serve as a long-term insurance policy
- Build up equity
- Can also apply with health pre-conditions
- Get your insurance quote today
Funeral Insurance
- Covers costs of expensive funerals in Canada
- Eliminate the burden on your loved ones
- Qualify, even with medical pre-conditions
- Get approved immediately
Burial Insurance
- Designed to cover final expenses
- Can be purchased without sharing medical information
- Do not leave unpaid bills to your loved ones!
- Find an affordable rate
Guaranteed Issue Insurance
- Can qualify with any health pre-condition
- Get approved immediately
- Up to $25,000 in coverage
- Get a quote today
Life Insurance for Seniors: Your Options
Here is an overview of life insurance options for seniors, along with each option’s pros and cons. The best product for you depends on a variety of factors – some life insurance products are cheaper but come with stricter limitations in terms of health pre-conditions (such as standard life insurance for seniors). Other products allow existing health pre-conditions, but may have a higher premium.
| Standard Life Insurance for Seniors | Rated Life Insurance for Seniors | Simplified Issue No Medical Insurance for Seniors | Guaranteed Issue, No Medical Insurance for Seniors | |
| Typical coverage, max. | $3,000,000 – $5,000,000 | $3,000,000 – $5,000,000 | $50,000 – $300,000 | Up to $25,000 |
| What do you need to get it | Medical test, long questionnaire | Medical test, long questionnaire | Short questionnaire | Nothing |
| Pre-conditions | Only some, non-serious ones are allowed | Some average pre-conditions are allowed, e.g. particular types of diabetes, non-serious heart disease | Numerous conditions allowed and advanced pre-conditions often are allowed | All pre-conditions are allowed |
| Costs | Cheapest | More expensive than Standard life | More expensive than Standard Life | The most expensive of all |
| Get a quote | Get a free standard life insurance quote | Get a free rated life insurance quote | Get a free simplified issue life insurance quote | Get a free guaranteed issue life insurance quote |
It is important to know that there are other life insurance products for seniors out there that many Canadians decide to choose, such as funeral insurance (also called final expenses insurance) and burial insurance. These are, basically, life insurance products with smaller coverage (and they are therefore cheaper) since their only purpose is to take care of final expenses so you do not pass those costs to your loved ones.
How Much Does Life Insurance for Seniors Cost?
The cost of life insurance for seniors depends on different scenarios. Let’s take several senior profiles and show you what the rates could look like. Please remember, however, that all situations are unique, and in order to get a rate that is tailored to your situation, you need to talk to an experienced broker who is specialized in senior life insurance quotes.
($25,000 coverage)
($25,000 coverage)
($25,000 coverage)
($25,000 coverage)
NO HEALTH PRECONDITONS
$23/month
$30/month
$153/month
$40/month
$52/month
$213/month
$32/month
$42/month
$217/month
$51/month
$80/month
$326/month
EXISTING HEALTH PRECONDITONS
$41/month
$30/month
$153/month
$69/month
$52/month
$213/month
$56/month
$42/month
$217/month
$89/month
$80/month
$326/month
Seniors Insurance: Expert Summary
“Seniors are looking more into life insurance now more than ever before. An increasing number of seniors have more debt than they had before. Seniors are carrying mortgages where they may have not before. So, these are all factoring into things that have them look into life insurance.
Now, with life insurance for seniors, you gonna wanna make sure that you work with a broker who can find the right solution because some companies may offer different solutions for a 60-year-old or 70-year-old that other companies may not. And there are different types of policies for seniors. There are Traditional plans where they are fully underwritten where you have to do the whole series of medical tests and have to answer a lot of questions and then there are No Medical type policies where there are no medical tests and can be a short series of questions.
If you are looking into a No Medical type policy, you gonna wanna make sure you find a plan where you can answer “No” to as many questions as possible cause it’s gonna result in you paying the better price.
A lot of companies have now also increased their issue age limits, so you can get coverage even if you are 85. Simplified Issue or No Medical type policies are still available, whereas before they may have not been available. So, a lot of great things that can allow you to cover your needs to make sure that your family is well looked after.
Once again, you gonna wanna work with a broker who can make sure that you find the best plan for your particular need.”
Get life insurance for seniors
What Makes Your Insurance Rate Higher?
The fact that you smoke
The life insurance providers most certainly will raise your premiums if you smoke; although, the older you are, the less the difference between the premiums for smokers and non-smokers.
Existing health pre-conditions
Some health pre-conditions will allow you to qualify for a cheaper Simplified-Issue life insurance, other health pre-conditions may leave you a Guaranteed-Issue life insurance as the only choice.
One important thing to know – various insurers treat these topics differently and some can offer you better policies than others. That is why it is advisable to discuss your situation with insurance brokers who are experienced in life insurance with pre-conditions.
Your age
It’s important to remember that the coverage depends heavily on your age. The older you are, the higher will be your insurance costs. It means, the earlier you purchase a policy, the lower rate you will get.
Denied insurance policy
If another insurer has denied to issue you a life insurance policy, you may have difficulties to get a Simplified-Issue Insurance policy and will need to look into Guaranteed-Issue Life Insurance policy.
What Makes Your Insurance Rate Lower?
An Excellent Health
Seniors who don’t smoke and have no previous record of some serious illnesses are in a greater benefit of getting a cheaper insurance – so much so that you will even be able to save approximately 35% on premiums.
The Last-to-Die Coverage
This Policy suggests a lower premium rate since the policy has to pay a benefit to the policy’s beneficiary only once, after the death of the second spouse. As an example, a policy for two spouses aged 65 comes with a price similar to a single policy for a male policyholder aged 58.
Comparing the market
Especially if you are older, your life insurance premiums become really high (unlike car insurance premiums) and thus comparing rates across several insurers may save you hundreds of dollars annually. We suggest to work with an experienced insurance broker who can compare the market for you and who has experience with life insurance policies for seniors.
Full list of insurance companies that we work with
The list of companies we work with includes ACA Assurance, Assumption Life, SSQ Group Insurance, Canada Life, Foresters, Desjardins, UL Mutual, Industrial Alliance, Equitable Life of Canada, La Capitale The EDGE, Medavie Blue Cross, BMO Insurance, Industrial Alliance Pacific, London Life, Standard Life, Reliable Life, Canada Protection Plan, Wawanesa Life, The Co-operators, Transamerica Life Canada, Great-West Life, RBC Insurance, Empire Life.