Life insurance can be helpful at any age. Its purpose is to support loved ones you leave behind — children, a partner, other dependents (even pets!). The financial amount they will get after your passing, the so-called death benefit, can relieve at least the financial burden after your death.
Additionally, addressing not solely familial matters — your life insurance benefit can pay out your outstanding debts and cover funeral costs and end-of-life medical bills.
Last but not least, life insurance provides you with peace of mind. You become calm when financial affairs are in order and when you know your loved ones will be taken care of financially after you're gone.

However, obtaining life insurance after 60 can be challenging.

▪️ As your age increases, so does the risk to insurers, which results in higher premium rates for older applicants. This can make finding affordable life insurance problematic.
▪️ Health issues common for seniors can complicate the approval process or lead to higher premiums.
▪️ Pre-existing health conditions add to complications. Traditional insurers might consider them too risky or exclude certain conditions from coverage.

But don't give up! In Canada, seniors can be eligible for specialized policies that do not require medical exams. We gathered all the needed information about them below.

Types of Life Insurance Available for Seniors

☑️ Simplified Issue Life Insurance

A type of policy that does not require a medical examination. Instead, applicants answer health-related questions during the application process — covering medical history, current health conditions, and lifestyle choices. Such a simplified approach makes it much faster than standard life insurance policies. 

☑️ Guaranteed Issue Life Insurance

This policy provides life insurance coverage without medical exams or long health questionnaires. Depending on the insurance company, there can be just a few; we offer a Guaranteed plan with only one health-related question. This life insurance policy guarantees acceptance regardless of health status.


💡 Good to know: Life insurance policies can have a term or whole life duration. Term policy can last for 10, 20, or 30 years, and after that term ends, you can renew it or transfer to a permanent one.

What Affects Eligibility and Premiums

To prepare for a successful life insurance application as a senior and get the possibility to reduce your potential premiums, you should know which factors are crucial for approval. Here is the list:

▪️ Age

Age is one of the primary factors affecting life insurance premiums. The older you are, the higher the premiums, as insurers view older applicants as higher risk due to a shorter life expectancy.

Policies may have age limits for new applicants. Our plans are generally available for Canadians between 18 and 80 years old.

▪️ Gender

Generally, women tend to live longer than men, which can sometimes result in slightly lower premiums for women.

▪️ Health

- Pre-existing conditions like heart disease, diabetes, or cancer can significantly impact premiums. Insurers may require a higher premium to offset the increased risk of a claim.
- Medical history matters. Serious illnesses or surgeries you had can elevate premiums or even disqualify you from some types of coverage.
- General health markers such as cholesterol levels, blood pressure, and overall fitness matters too. A better health state typically results in lower premiums.

▪️ Family Medical History

A history of hereditary medical conditions like heart disease or cancer might be considered a higher risk by some insurers. That can affect both your eligibility and premiums.

▪️ Lifestyle 

- Risky Occupation and Hobbies. 
Occupations where you risk your life (e.g., construction, mining) or hobbies (e.g., skydiving, scuba diving) can increase premiums or lead to exclusions in coverage.

- Alcohol Consumption. 
Heavy alcohol use may result in increased premiums due to the health risks involved.

- Smoking.
Smoking is a significant risk factor and can double or even triple premiums due to the notable health risks associated with tobacco use. The good news is the smoker status is not final; you can change it to non-smoker after 12 months you stopped smoking. 

▪️ Coverage Amount

Higher coverage amounts lead to higher premiums. Selecting just the right amount of coverage to meet your needs can help keep costs under control. So, it's better to avoid excessive insurance.

 

💡 Good to know: Proper health maintenance can lower your premiums. 

Behaviors that reduce health risks, such as regular exercise and a balanced diet, are rewarded not only by you feeling better. The amount of money you pay monthly for your policy decreases as well. Regular check-ups and a healthy lifestyle can result in lower life insurance rates.

Tips for Applying for Life Insurance as a Senior

  1. Compare Plans.

Life insurance policies differ significantly, and if the quote you've got applying for the traditional coverage is not convenient for you, look for other options. There are plenty of policies available for seniors in Canada.

  1. Skip Medical Exams.

Consider getting no medical life insurance. These "No exam" policies are great for getting quick coverage or for those who may not qualify for traditional insurance because of health issues. 

  1. Consult with Professionals.

Life insurance advisors have access to multiple products and can compare different policies on your behalf. This means they can find the best policies that match your financial goals, health status, and future needs.

To conclude

Obtaining life insurance as a senior can be challenging, but it's not a hopeless situation. By exploring different policies and managing influential factors like habits and financial goals, seniors can find an affordable and easy-to-apply plan and get approved for the needed coverage — even without medical exams.