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 gets significantly more expensive and harder to qualify for as you age — but it does not become impossible. A healthy 65-year-old non-smoker can still get $100,000 of 10-year term coverage for around $100-$135 per month, and even seniors with serious health conditions can get guaranteed issue whole life policies with no medical questions asked. The real question is not whether you can get coverage, but whether you need it. This guide helps you answer that question and find the right policy if the answer is yes.

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

Term life is still the most affordable option for healthy seniors. Premiums roughly double every 10 years of age, which means waiting even a year or two to buy can cost you significantly over the life of the policy. If you need coverage and your health is good, acting sooner rather than later locks in better rates. Note that very few insurers offer new term policies to applicants over 75.

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

Guaranteed issue policies are the last resort for seniors who cannot qualify for any other coverage due to health conditions. The trade-off is clear: no medical exam and guaranteed acceptance in exchange for lower coverage amounts ($5,000-$25,000), higher premiums, and a two-year waiting period during which only accidental death is fully covered. If you pass away from natural causes in the first two years, your beneficiaries receive only a return of the premiums you paid plus interest — not the full death benefit.

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

The average funeral in Canada costs $8,000-$15,000 for a traditional burial, or $3,000-$8,000 for cremation. Final expense insurance is designed specifically to ensure your family is not burdened with these costs. It is a small whole life policy — typically $5,000-$25,000 — with simplified or no medical underwriting. If covering funeral costs is your primary concern and you have no other significant debts, this is often the most straightforward and affordable solution.

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

The most common reason seniors buy life insurance is to protect a surviving spouse who depends on their pension or CPP/OAS income. When you die, your CPP survivor benefit is only a fraction of what you were receiving, and some employer pensions reduce or stop paying to a surviving spouse. If your partner would face a genuine income shortfall, life insurance fills that gap. Other valid reasons include covering an outstanding mortgage, equalizing an inheritance among children, or leaving a charitable legacy.

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

If nobody depends on your income, your debts are paid off, and you have enough savings to cover final expenses, life insurance at this stage of life is an unnecessary cost. Many retired Canadians with full company pensions that continue to a surviving spouse, no mortgage, and a healthy RRSP or TFSA balance are in exactly this position. Dropping a policy you no longer need and redirecting those premiums toward enjoying your retirement is often the right financial move.

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

Life insurance is not the only way to address final expenses or provide for a surviving spouse. A well-funded TFSA with a named beneficiary passes to your heirs tax-free and serves as a flexible self-insurance tool. Pre-paying your funeral at today’s prices removes that burden entirely. And if both spouses are alive and healthy, a joint last-to-die policy covers both lives but only pays out after the second death — at significantly lower premiums than two individual policies.

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

Working with an independent insurance broker is the single best move a senior can make when shopping for life insurance. Brokers have access to multiple insurers and understand which companies are most competitive for specific age groups and health conditions. They can also navigate the underwriting process and match you with the right product \u2014 preventing you from overpaying for guaranteed issue when you might qualify for cheaper simplified or term coverage.

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

The Bottom Line

Not every senior needs life insurance — and paying high premiums for coverage you do not need is money better put toward your retirement. But if you have a spouse who depends on your income, outstanding debts, or want to ensure your family is not stuck with funeral costs, the right policy provides genuine peace of mind. Start with term if you are healthy, consider simplified or guaranteed issue if you are not, and always compare quotes from at least 3-5 providers or work with an independent broker.