Can you get life insurance after 65 in Canada?

Yes. Term life insurance is available up to age 75–80 at some insurers, and guaranteed issue whole life policies are available up to age 80–85 with no medical exam. Premiums are higher at older ages, but options exist for most seniors regardless of health status.

What is the cheapest life insurance for seniors?

Term life insurance remains the cheapest option for healthy seniors. A healthy 65-year-old non-smoker can get $100,000 of 10-year term coverage for ~$80–$120/month. For seniors who can't qualify for term due to health issues, guaranteed issue whole life policies start at ~$50–$100/month for $5,000–$25,000 of coverage.

Is life insurance worth it after 60?

It depends on your situation. Life insurance after 60 makes sense if you have a surviving spouse who depends on your income, outstanding debts (mortgage, LOC), want to cover funeral costs ($8,000–$15,000), need to equalize an estate, or want to leave a legacy. If you have sufficient savings and no dependents, it may not be necessary.

What is guaranteed issue life insurance?

Guaranteed issue life insurance requires no medical exam and no health questions — acceptance is guaranteed if you meet the age requirement. Coverage is typically limited to $5,000–$25,000 with a 2-year waiting period for full benefits (only premiums returned if death occurs in the first 2 years from non-accidental causes). Premiums are higher but it is the only option for seniors with serious health conditions.

Life Insurance for Seniors in Canada 2026: Options, Costs & Best Policies

Life Insurance Options for Seniors

Type	Best For	Age Limit	Coverage	Medical Exam?	Monthly Cost (Age 65)
Term life (10–20 year)	Healthy seniors needing temporary coverage	75–80	$50K–$1M+	Sometimes	$80–$300 ($100K)
Simplified issue whole life	Seniors with moderate health concerns	80–85	$10K–$50K	No (health questions only)	$60–$200 ($25K)
Guaranteed issue whole life	Seniors with serious health issues	80–85	$5K–$25K	No (guaranteed acceptance)	$50–$150 ($10K)
Final expense (burial)	Covering funeral costs only	85	$5K–$25K	Varies	$40–$120 ($15K)

Term Life Insurance Rates for Seniors

Monthly Cost: 10-Year Term, Non-Smoker

Age	$50,000	$100,000	$250,000	$500,000
55 (M/F)	$35/$28	$60/$48	$130/$105	$240/$195
60 (M/F)	$50/$40	$90/$72	$200/$160	$380/$305
65 (M/F)	$75/$60	$135/$108	$310/$250	$600/$480
70 (M/F)	$120/$96	$220/$176	$520/$415	$1,000/$800
75 (M/F)	$200/$160	$380/$305	$900/$720	Limited availability

Monthly Cost: 20-Year Term, Non-Smoker

Age	$100,000	$250,000	$500,000
55 (M/F)	$80/$64	$175/$140	$330/$265
60 (M/F)	$130/$104	$300/$240	$580/$465
65 (M/F)	$220/$176	$520/$415	$1,000/$800
70 (M/F)	Limited	Limited	Generally unavailable

Guaranteed Issue Whole Life

Feature	Details
Medical exam	None required
Health questions	None — acceptance is guaranteed
Typical coverage	$5,000–$25,000
Age range	50–80 (varies by insurer)
Waiting period	2 years (accidental death covered immediately)
Premiums	Fixed for life
Cash value	Builds slowly over time
Best for	Seniors who cannot qualify for any other coverage

Guaranteed Issue Providers and Costs

Provider	Age Range	Maximum Coverage	Monthly Cost ($10K, Age 65)
Canada Protection Plan	40–80	$25,000	$55–$75
Manulife	50–75	$25,000	$60–$80
Sun Life	50–80	$25,000	$58–$78
iA Financial	45–80	$25,000	$55–$75
Foresters	50–80	$25,000	$50–$70

The 2-Year Waiting Period

If Death Occurs	Benefit Paid
Year 1 (natural causes)	Return of premiums paid + interest
Year 2 (natural causes)	Return of premiums paid + interest (some: partial benefit)
After year 2	Full death benefit
Accidental death (any time)	Full death benefit from day 1

Final Expense / Burial Insurance

Feature	Details
Purpose	Cover funeral costs, outstanding bills, small debts
Coverage range	$5,000–$25,000
Average funeral cost in Canada	$8,000–$15,000
Medical exam	Usually not required
Premiums	Fixed for life
Best for	Seniors who want to ensure family isn’t burdened with funeral costs

Funeral Cost Breakdown

Expense	Average Cost
Funeral service	$2,000–$5,000
Casket	$1,500–$5,000
Burial plot	$1,500–$5,000
Headstone	$1,000–$3,000
Cremation (alternative)	$1,500–$4,000
Death certificates	$50–$200
Flowers, obituary	$500–$1,500
Total (burial)	$8,000–$15,000+
Total (cremation)	$3,000–$8,000

When Seniors Need Life Insurance

Situation	Recommended Coverage	Type
Surviving spouse depends on your pension/income	Income replacement (5–10× annual need)	Term or whole life
Outstanding mortgage or debts	Amount owed	Term life
Cover funeral/final expenses	$10,000–$25,000	Final expense or guaranteed issue
Equalize inheritance (e.g., one child gets house, others get insurance)	Value of assets to equalize	Whole or term life
Leave a legacy/charitable gift	Desired amount	Whole life
Business succession	Business value	Term or whole life
Replace lost CPP/OAS survivor benefit	Income gap amount	Term life

When Seniors May Not Need Life Insurance

Situation	Why Insurance May Not Be Needed
No surviving dependents	No one relies on your income
Sufficient savings and assets	Estate can cover all costs
No outstanding debts	Nothing to pay off at death
Company pension continues to spouse	Income is already replaced
Funeral pre-paid	Final expenses already covered

Alternatives to Life Insurance for Seniors

Alternative	How It Works	Pros	Cons
Pre-paid funeral plan	Pay funeral home in advance at today’s prices	Locks in cost, no medical exam	Non-refundable, tied to one funeral home
TFSA as death benefit	Designate beneficiary on TFSA — tax-free transfer	No premiums, flexible	Depends on savings amount
Joint last-to-die policy	Pays out when second spouse dies — cheaper premiums	Lower cost than individual policies	Only pays after both pass
Critical illness insurance	Lump sum if diagnosed with covered illness	Can use while alive	Expensive at older ages, limited conditions
Self-insure	Build savings to cover final expenses	No premiums	Requires discipline and sufficient assets

How to Apply for Life Insurance as a Senior

Step	Details
1. Assess your needs	Debt, funeral costs, income replacement, legacy goals
2. Check employer/group coverage	Some retirees retain group benefit options
3. Get quotes from 3–5 providers	Compare term, simplified issue, and guaranteed issue
4. Consider a broker	Independent brokers can shop across multiple insurers
5. Disclose health honestly	Non-disclosure can void your policy
6. Review beneficiary designations	Keep up to date as circumstances change
7. Review annually	Needs may change as debts are paid off