When you approach old age, you’ll likely start thinking about getting your affairs in order before you pass away. One of the most important things to consider is ensuring that your family and other dependents have financial security, even after you’re no longer around.
Even at an advanced age, life insurance is well worth it, it ensures your family can cover any debts or expenses you left behind, like your funeral costs or your mortgage.
What is Seniors’ Life Insurance for Over 50+?
Senior life insurance is a product specifically designed for individuals aged 50 and above. People over 50 aren’t necessarily “seniors”, however, most insurers group them in the “senior” category since there’s a jump in premium costs once you hit 50 years of age due to the higher health risks.
Life insurance for older citizens is an important financial tool as it:
- Covers your final medical bills, funeral expenses, and any other additional costs arising from settling your estate.
- Replaces the income you would’ve provided in life, ensuring your family’s financial security.
- Pays off any debts you may have left unpaid before passing away.
- Provides your family with an inheritance.
- Allows you to make a final donation to a charity or cause you’ve supported all your life.
Read more about why you should consider getting senior life insurance in our article covering why life insurance is important.
Seniors’ Life Insurance Cost in Canada by Policy Type
Below are the average monthly life insurance premiums in Canada by type of policy and gender. Women continue to pay less on average than men due to longer life expectancy, but both benefit from locking in protection before premiums rise further with age.
| Policy Type | Male | Female |
|---|---|---|
| 10-Year-Term | $253.80 | $181.35 |
| 15-Year-Term | $408.15 | $260.65 |
| 20-Year-Term | $505.35 | $349.20 |
| Whole Life Insurance | $1,462.95 | $1,282.95 |
| Universal Life Insurance | $1,282.32 | $1,136.65 |
Seniors’ Term Life Insurance Cost in Canada by Age
As Canadians age, term life insurance premiums rise sharply, reflecting the increased risk to insurers.
Below are the average monthly senior term life insurance premiums in Canada by age, gender, and term length, showing how rates increase with both age and longer coverage durations.
| Age | Gender | 10-Year-Term | 15-Year-Term | 20-Year-Term |
|---|---|---|---|---|
| 50-year-old | male | $52.65 | $80.52 | $106.20 |
| female | $37.35 | $55.80 | $74.70 | |
| 55-year-old | male | $81.00 | $116.10 | $161.10 |
| female | $61.65 | $88.20 | $115.20 | |
| 60-year-old | male | $153.90 | $234.00 | $300.15 |
| female | $108.45 | $161.10 | $211.05 | |
| 65-year-old | male | $253.80 | $408.15 | $505.35 |
| female | $181.35 | $260.65 | $349.20 | |
| 70-year-old | male | $445.95 | $607.50 | $1,115.55 |
| female | $331.65 | $432.90 | $745.20 |
Seniors’ Life Insurance Cost in Canada by Health Status
Health remains one of the most important factors affecting life insurance premiums at any age — and this is especially true for seniors.
Below are the average monthly term life insurance premiums for Canadian seniors by health classification, gender, and policy term.
| Age | Gender | 10-Year-Term | 15-Year-Term | 20-Year-Term |
|---|---|---|---|---|
| Perfect Health | Male | $253.80 | $408.15 | $505.35 |
| | Female | $181.35 | $260.65 | $349.20 |
| Excellent Health | Male | $314.37 | $468.78 | $589.05 |
| | Female | $211.82 | $303.84 | $406.80 |
| Good Health | Male | $349.65 | $520.86 | $666.36 |
| | Female | $243.00 | $337.60 | $464.40 |
| Average Health | Male | $349.65 | $520.86 | $666.36 |
| | Female | $243.00 | $337.60 | $464.40 |
Visit our life insurance underwriting guide to see what each health classification means and how your medical history, lifestyle, and test results can affect your premiums.
If your health is below average, you can still qualify for coverage, but your rates will be significantly higher and, in some cases, you might have to apply for a guaranteed issue policy.
Seniors’ Life Insurance Cost in Canada by Coverage Amount
For seniors, the amount of coverage you choose has one of the biggest impacts on your monthly life insurance premium. While higher coverage amounts naturally cost more, many insurers offer better value per dollar at higher limits. Which means that a $1,000,000 policy often provides more cost-efficient protection than two smaller policies combined.
Below are the average monthly life insurance premiums for Canadian seniors by policy type, coverage amount, and gender, illustrating how rates scale with different levels of protection.
| Policy Type | Coverage Amount | Male | Female |
|---|---|---|---|
| 10-Year-Term | 250,000 | $146.25 | $99.45 |
| 500,000 | $253.80 | $181.35 | |
| 1,000,000 | $473.40 | $330.30 | |
| Whole Life Insurance | 250,000 | $750.60 | $656.33 |
| 500,000 | $1,462.95 | $1,282.95 | |
| 1,000,000 | $2,830.95 | $2,515.95 | |
| Universal Life Insurance | 250,000 | $628.17 | $588.44 |
| 500,000 | $1,282.32 | $1,136.65 | |
| 1,000,000 | $2,548.47 | $2,267.01 |
Best Life Insurance Options for Senior Canadians
The types of life insurance available to seniors in Canada are generally similar to the ones available to younger people.
Below we provide an overview of the life insurance types you can choose as a Canadian senior citizen. In terms of the “best” life insurance option, that will depend from person to person since everybody has different needs and circumstances.
Is Life Insurance Over 50 Worth It? Evaluating the Benefits and Costs for Seniors
As you become 50 years old or above, the question of whether life insurance is a worthwhile investment becomes increasingly relevant and for many, the answer hinges on a balance of cost versus benefit.
Premiums for life insurance will rise with age, reflecting the increased risk insurers take on. However, the value of peace of mind and financial security for your loved ones can be something worth paying for. Life insurance at this stage can cover critical expenses such as outstanding debts and funeral costs, ensuring your family isn’t burdened financially upon your passing.
Additionally, it can serve as a tool for estate planning, potentially providing a significant inheritance to your family or other beneficiaries. The key is to carefully assess your personal financial situation, health status, and family needs. For those with dependents or significant debts, the benefits of a policy might outweigh the costs.
Conversely, senior individuals with substantial savings and fewer financial obligations might find the investment less necessary and choose not to purchase life insurance coverage.
What Factors Affect the Price of Senior Life Insurance in Canada?
Most factors that affect the price of senior life insurance in Canada are related to your personal well-being. The less likely you are to get sick or pass away, the lower your insurance price. Here are several examples of factors that may affect your life insurance rates:
Why You Should Get Life Insurance as a 50+ Senior in Canada
Life insurance for seniors has many benefits. Here are several examples of how you and your loved ones can get peace of mind and financial stability from senior life insurance:
Why You Should not Get Life Insurance as a 50+ Senior in Canada
However, life insurance for seniors also has some drawbacks you should be aware of. Here are some things to watch out for:
Frequently Asked Questions About Senior Life Insurance
Are convertible or renewable life insurance options available for seniors?
Convertible or renewable life insurance options are available for seniors, but they’re usually more limited. Convertible policies for seniors have a hard age limit for conversions, usually at 71 or 75 years old.
What is the best life insurance company for a senior in Canada?
Different life insurance companies offer different benefits, so there’s no “best” life insurance company for a senior in Canada. Compare quotes from multiple insurance companies to find the one that best fits your needs.
Check out our comparison of term vs whole life insurance to find the type of protection that works best for you.
How do you buy life insurance for seniors?
Buying life insurance for seniors works much like buying any other life insurance policy. You can get a quote for senior life insurance here at MyChoice to start the process.
Can seniors get life insurance without a medical exam?
Seniors can get life insurance without a medical exam with a guaranteed life insurance policy. You’ll only have to answer a few medical questions, and you’re guaranteed life insurance coverage.
Is No-Medical insurance a good option for seniors in Canada?
No-medical or guaranteed life insurance is a good option for seniors in Canada only if you can’t qualify for other types of coverage since no-medical insurance is more expensive and provides smaller death benefits.
Is term or whole life insurance better for seniors?
There’s no “better” option between the two because every senior has different needs. Choose whichever type of insurance fits your requirements best.
Is there a maximum age at which you can get life insurance?
There’s no “maximum” age at which you can get life insurance in Canada, but the older you get, the harder and costlier it is to get life insurance.
How much is life insurance for seniors over 60 in Canada?
Life insurance for seniors over 60 in Canada will heavily depend on the senior’s risk factors. If they’re low-risk, they may get more affordable rates. Conversely, high-risk seniors may land higher rates.
As of February 2024, we have checked the rates for a 60 year old senior who is looking for term 15-year insurance with $250k coverage, a non-smoker and an Ontario resident, males averaged at $141.21 per month and females $101.97 per month.
How much is life insurance for seniors over 70 in Canada?
Like life insurance for seniors over 60, it heavily depends on their risk factors.
As of February 2024, we have checked the rates for a 70 year old senior who is looking for term 15-year insurance with $250k coverage, a non-smoker and an Ontario resident, males averaged at $368.77 per month and females $271.39 per month.