Life Insurance for Seniors and Parents
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Why do seniors need life insurance?
Life insurance for seniors helps them give their family financial security and peace of mind, especially as they approach retirement. Some of the major reasons seniors buy life insurance are:
- To pay off the mortgage: Not every Canadian has paid off their mortgage by the time they’ve reached their 50s or 60s. A death benefit payout from the insurance policy would enable surviving loved ones to handle it
- To pay off any outstanding debts: Similarly, beneficiaries can use the payment to cover any other leftover debt such as credit card bills, personal or business loans, and more
- To cover funeral arrangement expenses: Life insurance can also give surviving loved ones the space to grieve without worrying about how they can afford to pay for burial costs
- To cover medical debt: Some life policies come with benefits you can use now, to help pay for costs like long-term care and prescriptions, or to give an advance on the payout in the event of a terminal illness
- To provide for a surviving spouse: Life insurance for seniors can help a surviving spouse maintain their same standard of living and keep up with daily expenses and bills
- To provide for dependents: Seniors who take care of family members with special needs can make sure the money from their life insurance is used to keep providing for those loved ones
- To supplement retirement savings: Many older Canadians use the money they get from a whole life policy’s cash value to supplement their pension and help give them some extra cash
- To leave an inheritance for children and grandchildren: Life insurance is a fantastic estate planning tool that helps seniors leave money behind for children, grandchildren, and other family members
- To leave a legacy for a charity of choice: Similarly, life coverage gives seniors a way to leave a gift behind for a charity or cause they care deeply about
- To ensure protection: In Canada, there is no government life insurance for seniors. Any older people who want this kind of protection must buy it themselves
How much does life insurance for seniors in Canada cost?
Age and health are two of the biggest factors that will affect costs, and whether you can get coverage at all as a senior
The cost of life insurance for seniors depends on factors like age, type of policy, and more. Life insurance for your parents over 65 can be anywhere from $55 to over $100 a month for term life insurance. Or, life insurance for seniors 65 and over can be around $100 to start.
Seniors over 60 and 70 see an increase in premiums due to age-related health risks. Policies like term-to-100 are designed to provide lifetime coverage, albeit at a higher cost. Life insurance options for those over 80 are limited and come with high premiums due to the higher mortality risk. Policies mainly focus on final expense coverage rather than extensive financial planning.
Policy Type | Age 60 | Age 65 | Age 70 |
10-year-term | $35 / month | $56 / month | $101 / month |
20-year-term | $64 / month | $117 / month | NA |
Whole life | $191 / month | $265 / month | $376 / month |
Term-to-100 | $179 / month | $240 / month | $313 / month |
What is the best type of life insurance for seniors in Canada?
The best life insurance policy for seniors varies based on each person’s unique needs and circumstances.
- Term life insurance may be the best coverage for seniors in their 50s and 60s who still have short-term needs
- Permanent life insurance could be ideal for seniors over 70 and who have long-term needs
Why PolicyAdvisor?
PolicyAdvisor is a digital-first insurance broker, using technology to make life insurance simpler, smarter and more rewarding.
Policyadvisor | Insurance Brokers | Insurance Agents | |
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Simple, quick, online | |||
Compare 25+ companies | |||
Live advisor support | |||
Impartial, trusted advice | |||
Commission-free advisors | |||
Apply from anywhere |
PolicyAdvisor is one of Canada’s top insurance brokers. Reviews from all over the web confirm our commitment to making insurance accessible to all Canadians and to provide you with the absolute best customer experience while comparing and applying for your insurance policy.
How PolicyAdvisor Works?
At PolicyAdvisor we’ve made the process of buying life insurance as easy and painless as possible. In fact, in just a few short minutes you could be on the way to obtaining coverage, protecting your loved ones, and having the peace of mind knowing you’ve taken care of all your protection needs.
1
STEP 1
Get quotes quickly
Get the best quotes across insurance companies
2
STEP 2
Zero in on best option
Our advisors guide you to the best product and company for your unique situations
3
STEP 3
Submit application
Once finalised, we help submit your application. Yes, we will scout to multiple companies if there are complications
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Insurance of a life insurance policy is subject to product availability and your eligibility. Any policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the respective insurance company following the completion of the underwriting on the application.