Life Insurance For Seniors – What Options Do You Have?

Nowadays, many senior Canadians are facing the challenge of getting an affordable life insurance. Moreover, a lot of people simply give up on a possibility of getting insured as, apart from a high price, there are other complicating factors like age, medical condition, and lifestyle. But these factors don’t have to become a stop signal as now elderly people have a viable option of getting a life insurance that is designated particularly for them at a better cost. Thanks to it, they will no longer be concerned about the financial protection of their loved ones in the event of their passing away.

Funeral Insurance

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

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Burial Insurance

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

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Guaranteed Issue Insurance

guaranteed-issue-insurance
  • Can qualify with any health pre-condition
  • Get approved immediately
  • Up to $25,000 in coverage
  • Get a quote today

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Seniors pre-condition insurance

seniors_pre
  • Qualify even with seniors age-related pre-conditions
  • Covers a variety of medical pre-conditions
  • Can be obtained without medical exams
  • Get approved instantly

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Seniors Term Life Insurance

seniors_term
  • 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

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Seniors Whole Life Insurance

seniors_whole
  • Can serve as a long-term insurance policy
  • Build up equity
  • Can also apply with health pre-conditions
  • Get your insurance quote today

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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

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.

 
Standard Life Insurance for Seniors
($25,000 coverage)
Rated Life Insurance for Seniors
($25,000 coverage)
Simplified Issue No Medical Insurance for Seniors
($25,000 coverage)
Guaranteed Issue, No Medical Insurance for Seniors
($25,000 coverage)

NO HEALTH PRECONDITONS

Woman, 65 year old, non-smoker, no significant health preconditions, not overweight
Starting from
$23/month
Not relevant since there are no significant health pre-conditions
Starting from
$30/month
Starting from
$153/month
Woman, 70 year old, non-smoker, no significant health preconditions, not overweight
Starting from
$40/month
Not relevant since there are no significant health pre-conditions
Starting from
$52/month
Starting from
$213/month
Man, 65 year old, non-smoker, no significant health preconditions, not overweight
Starting from
$32/month
Not relevant since there are no significant health pre-conditions
Starting from
$42/month
Starting from
$217/month
Man, 70 year old, non-smoker, no significant health preconditions, not overweight
Starting from
$51/month
Not relevant since there are no significant health pre-conditions
Starting from
$80/month
Starting from
$326/month

EXISTING HEALTH PRECONDITONS

Woman, 65 year old, non-smoker, average health preconditions (high blood pressure/heart condition)
Not relevant since there are considerable health pre-conditions
Starting from
$41/month
Starting from
$30/month
Starting from
$153/month
Woman, 70 year old, non-smoker, average health preconditions (high blood pressure/heart condition)
Not relevant since there are considerable health pre-conditions
Starting from
$69/month
Starting from
$52/month
Starting from
$213/month
Man, 65 year old, non-smoker, average health preconditions (high blood pressure/heart condition)
Not relevant since there are considerable health pre-conditions
Starting from
$56/month
Starting from
$42/month
Starting from
$217/month
Man, 70 year old, non-smoker, average health preconditions (high blood pressure/heart condition)
Not relevant since there are considerable health pre-conditions
Starting from
$89/month
Starting from
$80/month
Starting from
$326/month

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.