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Live your life to the fullest knowing that your loved ones will be financially secure in the unfortunate event of your passing.

Why do I need Seniors Life Insurance?

If you are over 50 and still have financial liabilities that would pass on to those you care about after your passing, you should consider purchasing Seniors Life Insurance. Besides helping your loved ones to settle your financial obligations, your policy can also pay for your funeral expenses and provide tax-free financial support to your beneficiaries.

Seniors Life Insurance policies are purposely designed for older Canadians, so even if you have pre-existing medical conditions, our agents can help you find a suitable plan.

Can I get Seniors Life Insurance with pre-existing medical conditions?

Depending on the state of your health, you may choose between fully underwritten policies and simplified underwriting insurance plans.

 

Fully Underwritten policies are the standard Life Insurance plans designed for healthy individuals and have the lowest premiums. If your medical issue is not serious and well-managed, you may still qualify; our agents can help you determine if you are eligible for full underwriting.

 

Simplified Issue or Non-Medical policies do not require a medical exam. You will still be required to complete a medical questionnaire, and depending on your answers, your eligibility and your premiums will be determined. This is an excellent option if you have pre-existing medical conditions.

 

Guaranteed-Issue plans are hard to insure individuals who do not qualify for Simplified Issue policies. Such plans exist as an option for those with serious medical conditions that significantly raise their odds of passing away.

Is there an age limit for Seniors Life Insurance?

Most term policies expire at a maximum age of 85 and most insurance companies do not provide term-life coverage if the applicant is above the age of 75. Term policies guarantee a lump-sum payout to your beneficiaries if you pass within the agreed upon time period, or “term”.

 

While seniors below the age of 75 can likely qualify for any policy, if you are above that age, permanent Life Insurance (or Term 100) may be your only option. Such plans guarantee a lump-sum payout if you pass away at any age but have higher premiums.

What factors influence the price of Seniors Life Insurance?

Your insurance premiums will depend the most on your medical situation, age, lifestyle, gender, and whether you smoke or not. The state of your health will determine if you can qualify for a regular plan or will need to apply for a simplified underwriting policy; the latter would increase your premiums. The older you are and the more dangerous your lifestyle is, the higher the premiums. In general, women pay less than men due to higher life expectancy. Finally, smoking significantly impacts the price of your policy, so much as doubling your premiums.

Can I name multiple beneficiaries?

A beneficiary is an individual who receives the cash value of your death benefit. You will be required to name such a person when you purchase your Life Insurance plan. If you so wish, you can name multiple beneficiaries and divide the cash value of your policy among them either equally or according to a set percentage. If a beneficiary passes before you do, you can elect a contingent beneficiary in their stead. You may also elect a charity as a beneficiary.

Types of Seniors Life Insurance in Canada

The two main categories of Life Insurance are permanent and term insurance. Seniors can generally choose from the same types of plans as younger Canadians; however, term policies have age limits.

Term policies guarantee a lump-sum payout to your beneficiaries if you pass within the agreed upon time period, or “term”.

Permanent Life Insurance plans (including Term 100 policies) guarantee a lump-sum payout if you pass away at any age, but have higher premiums.

Plans can either be fully underwritten or issued through simplified underwriting.

Term Life Insurance

It can be purchased only when the applicant is below the age of 75 and is only issued until the age of 85. At the end of the agreed upon term, the coverage ends. Payout is guaranteed only if the insured passes away within the policy’s term. This type of Life Insurance is generally the least expensive.

Term 100 Insurance

It is essentially an upgraded version of Term-Life Insurance. It is considered a permanent insurance product and guarantees payout if the insured passes away at any time, while premiums are payable until age 100.

Participating Whole Life Insurance

It unlocks an investment component, allowing the insured to earn dividends, and increase coverage. Premiums from participating policies are pooled together and invested by the insurer, increasing their cash value. Insurer’s gains can be distributed to the policyholders through a yearly dividend, although it is not guaranteed.

Universal Life Insurance

Universal Life Insurance policies often have variable premiums that increase along with policyholder’s age. Such policies share the same characteristics as Participating Whole Life Insurance plans while providing extra flexibility. However, the policyholder is responsible for their investing which will influence the cash value of their policy.

How to Save Money on Life Insurance?

The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.

Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.

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Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay lower premiums.

Purchase Your Plan Early

Your age can significantly impact your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You Healthy?

If you are healthy and can qualify for regular life insurance, apply for a fully underwritten policy to pay significantly lower premiums.

Purchase Your Plan Early

Your age can significantly impact your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Renewing Your Policy?

Rates can change over time. Instead of renewing your plan, shop around for a new policy or consider converting your term plan to permanent Life Insurance.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

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