Top 5 Best Life Insurance Companies for Seniors in Canada
Discover why these top 5 life insurance companies are considered the best for seniors in Canada.
14 Minute read
Originally published: March 07, 2024
Top 5 Best Life Insurance Companies for Seniors in Canada
Discover why these top 5 life insurance companies are considered the best for seniors in Canada.
14 Minute read
Originally published: March 07, 2024
Finding the right life insurance company as a Canadian senior can be challenging with so many options available. Factors like product offerings, accessibility, premium payment options, and more become important considerations. That’s why we’ve created this guide as a resource for seniors to help them find the best life insurance in Canada for their unique needs.
If you are interested in life insurance as a senior but don’t know where to start, feel free to check out our complete guide to life insurance for seniors in Canada.
In this article
What to consider when choosing a provider
The most important thing to consider when choosing a life insurance company is your coverage needs, as this will help you find an insurance provider that offers plans that align with your financial goals and budget. Life insurance policies can vary in terms of the length of coverage, with a choice between permanent life insurance which covers you permanently for the rest of your life, or term life insurance which covers you for a set term typically 10, 20, or 30 years. Life insurance policies may also have different eligibility criteria, premium payment options, coverage amounts, and so on. This is why it’s important to understand your insurance needs before choosing a life insurance provider as a senior.
Here is a quick overview of the best life insurance companies for seniors in Canada and their pros and cons:
Canada Protection Plan (CPP)
Canada Protection Plan (CPP), a Canadian life insurance provider, is renowned for its no-medical and simplified issue life insurance policies. Its diverse range of life insurance plans tailored for challenging-to-insure Canadians, including individuals with pre-existing conditions like diabetes, asthma, and mental health conditions, has established it as a favored choice. For Canadian seniors seeking a life insurance provider offering no medical life insurance, CPP stands out as one of the top choices available.
CPP Pros and Cons
No medical exams with limited or no medical questions required
Quick and accessible application process
Very fast approval times
Fewer options for traditionally underwritten policies
Plans can be costly
CPP Insurance Products
The current policies available to seniors through Canada Protection Plan include:
Deferred Elite Term
Coverage: $25,000 – $350,000
Length of coverage: 10, 20, or 25 years
Issue ages: 18-70
No medical exam required, can convert to permanent life insurance up to age 70 and renewable up to age 80.
Simplified Elite Term Insurance
Coverage: $25,000 – $500,000
Length of coverage: 10, 20, or 25 years
Issue ages: 18-70
No medical exam required, can convert to permanent life insurance up to age 70 and renewable up to age 80.
Preferred Term Life Insurance
Coverage: $50,000 – $1,000,000
Length of coverage: 10, 20, or 25 years
Issue ages: 18-70
No medical exam required for applicants age 70 and under for coverage amounts up to $500,000, can convert to permanent life insurance up to age 70 and renewable up to age 80.
Preferred Elite Term Insurance
Coverage: $500,000 – $1,000,000
Length of coverage: 10, 20, or 25 years
Issue ages: 18-70
Fully underwritten policy intended for applicants in good health, can convert to permanent life insurance up to age 70 and renewable up to age 80.
Guaranteed Acceptance Life
Coverage: $5,000 – $50,000
Length of coverage: Permanent
Issue ages: 18-75
No medical exam or questions required, with guaranteed acceptance regardless of health condition.
Deferred Life
Coverage: $5,000 – $75,000
Length of coverage: Permanent
Issue ages: 18-80
Deferred life insurance policy intended for those with serious health conditions.
Deferred Elite Life
Coverage: $5,000 – $350,000
Length of coverage: Permanent
Issue ages: 18-80
Deferred life insurance policy intended for those with less serious health conditions.
Simplified Elite Life
Coverage: $5,000 – $500,000
Length of coverage: Permanent
Issue ages: 18-80
No medical life insurance policy intended for those in relatively good health.
Preferred Life
Coverage: $50,000 – $1,000,000
Length of coverage: Permanent
Issue ages: 18-80
Intended for those in good health, with no medical life insurance for coverage up to $500,000.
Preferred Elite Life
Coverage: $500,000 – $1,000,000
Length of coverage: Permanent
Issue ages: 18-80
Intended for those in very good health, with no option for no medical life insurance.
CPP Pricing
If you are interested in Canada Protection Plan, check out this helpful guide that outlines the monthly rates of CPP term life insurance for seniors aged 60-70 based on a 10-year term with $100,000 of coverage for male and female smokers and non-smokers:
Manulife Financial
Established in 1887, Manulife Financial is one of Canada’s most popular financial institutions. Its long history of financial expertise and reliable performance has earned it a place of prominence among the top life insurance companies nationwide. Manulife Financial is favoured by seniors owing to its established reputation and innovation in the financial industry. If you’re looking for a dependable life insurance provider offering a diverse array of insurance solutions, Manulife Financial could be the ideal choice for you.
Manulife Pros and Cons
Guaranteed issue life insurance availability
Competitive prices on permanent life insurance products
Great customer service that prioritizes providing accessible and quick solutions to customers
Rewards program to save on payments and earn rewards with their Vitality Plan
Unlike competitors, applications do not have “instant” approvals
Lengthy underwriting processes and wait times
Fewer options for term length than comparable providers
Manulife Insurance Products
The current policies available to seniors through Manulife Financial include:
Manulife CoverMe
Coverage: $100,000 – $1,000,000
Length of coverage: 10 years
Issue ages: 18-70
Renewable up to age 85.
Manulife CoverMe Easy Issue
Coverage: $50,000 – $75,000
Length of coverage: 10 years
Issue ages: 18-70
No medical exam required, renewable up to age 85.
Manulife Par
Coverage: $100,000 – $500,000
Length of coverage: Permanent
Issue ages: 18-80
Participating whole life insurance policy with guaranteed premiums and cash value that grows over time.
CoverMe Guaranteed Issue life insurance
Coverage: $5,000 – $25,000
Length of coverage: Permanent
Issue ages: 40-75
Guaranteed acceptance regardless of health history.
Manulife Pricing
If you are interested in Manulife Financial, check out this helpful guide that outlines the monthly rates of Manulife term life insurance for seniors aged 60-70 based on a 10-year term with $100,000 of coverage for male and female smokers and non-smokers:
Assumption Mutual Life Insurance Company
Assumption Mutual Life Insurance Company, also known as Assumption Life, operates as a life insurance and asset management firm based in Moncton, New Brunswick, Canada. With a history spanning over 120 years, Assumption Life stands as a solid choice for Canadian seniors seeking life insurance coverage. Assumption Life remains a popular choice because of its diverse range of life insurance products, including options like no-medical life insurance, catering to the needs of its various customers.
Assumption Life Pros and Cons
Wide variety of term lengths offered
Variety of no-medical life insurance options
Renewal and conversion options available for term insurance policies
Costly policy and rider fees on no-medical policies
No standalone disability insurance policy
Premiums are higher than comparable life insurance providers
Assumption Life Products
The current policies available to seniors through Assumption Mutual Life Insurance Company include:
FlexTerm
Coverage: $50,000 – $10,000,000
Length of coverage: 10, 15, 20, 25, 30, or 35 years
Issue ages: 18-75
No medical exam required for coverage under $999,999, can convert to permanent life insurance up to age 75.
Platinum Protection Term
Coverage: $25,000 – $500,000
Length of coverage: 10 or 20 years
Issue Ages: 18-70
No medical exam, blood tests, or attending physician statement (APS) required, can convert to a permanent whole life policy without requalifying.
Golden Protection Elite Term
Coverage: $25,000 – $150,000
Length of coverage: 10 or 20 years
Issue ages: 18-70
No medical exam, blood tests, or attending physician statement (APS) required, however no option for renewal or conversion.
Essential Whole Life
Coverage: $10,000 – $4,000,000
Length of coverage: Permanent
Issue ages: 18-75
No medical exam required for coverage under $999,999, with guaranteed cash values available after the tenth anniversary of the policy.
Platinum Protection
Coverage: $10,000 – $500,000
Length of coverage: Permanent
Issue ages: 18-85
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Golden Protection Elite
Coverage: $5,000 – $150,000
Length of coverage: Permanent
Issue ages: 18-85
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Golden Protection
Coverage: $5,000 – $100,000
Length of coverage: Permanent
Issue ages: 40-85
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Silver Protection
Coverage: $5,000 – $50,000
Length of coverage: Permanent
Issue Ages: 40-85
For applicants with serious medical conditions. No medical exam, blood tests, or attending physician statement (APS) required, with guaranteed cash surrender values starting after the fifth anniversary of the policy.
Bronze Protection
Coverage: $5,000 – $50,000
Length of coverage: Permanent
Issue ages: 18-80
For applicants with medical conditions that make it difficult to qualify for life insurance. No medical exam, blood tests, or attending physician statement (APS) required, with guaranteed cash surrender values starting after the fifth anniversary of the policy.
Manulife Pricing
If you are interested in Manulife Financial, check out this helpful guide that outlines the monthly rates of Manulife term life insurance based on a 10-year term with $500,000 of coverage for male and female smokers and non-smokers:
ParPlus
Coverage: $5,000 – $4,000,000
Length of coverage: Permanent
Issue ages: 18-75
No medical exam required for coverage under $999,999, with guaranteed cash values available after the sixth anniversary of the policy.
Assumption Life Pricing
If you are interested in Assumption Mutual Life Insurance Company, check out this helpful guide that outlines the monthly rates of Assumption Life term life insurance for seniors aged 60-75 based on a 10-year term with $100,000 of coverage for male and female smokers and non-smokers:
Canada Life Assurance Company
Canada Life Assurance Company, commonly known as Canada Life, has been serving Canadian clients with financial services and insurance solutions for over 175 years. Renowned for its flexible and affordable policies, Canada Life stands as a trusted and favored choice among Canadians. For seniors, Canada Life emerges as one of the top life insurance providers, offering a diverse array of options, competitive pricing, and bolstered by its robust financial standing as an institution.
Canada Life Pros and Cons
Multiple rider options for joint and single life insurance policies
Wide range of insurance products
Competitive pricing on life insurance policies
Wide variety of term life insurance lengths
No online life insurance quotes are available
More complex Permanent life insurance policies
Canada Life Insurance Products
The current policies available to seniors through Canada Life Assurance Company include:
My Term
Coverage: $100,000 – $20,000,000
Length of coverage: 5-50 year terms
Issue ages: 15-85
No medical exam required for applicants age 69 and under for coverage amounts up to $100,000, with the option to renew the policy or convert to permanent life insurance.
Participating life insurance
Coverage: $25,000 – $1,000,000
Length of coverage: Permanent
Issue ages: 0-85
Whole life insurance policy with guaranteed cash value starting in policy year one with potential dividends.
Universal life insurance
Coverage: $25,000 – $1,000,000
Length of coverage: Permanent
Issue ages: 0-85
A universal life insurance product that uses a portion of the premiums you pay to cover the cost of insurance and taxes with any excess available to be used for investments.
Canada Life Pricing
If you are interested in Canada Life Assurance Company, check out this helpful guide that outlines the monthly rates of Canada Life term life insurance for seniors aged 60-75 based on a 10-year term with $100,000 of coverage for male and female smokers and non-smokers:
Industrial Alliance Financial Group
Industrial Alliance Financial Group, commonly referred to as iA Financial Group, stands as one of Canada’s largest and most esteemed insurance and wealth management entities. With a solid presence in the financial services and insurance sector, iA Financial Group has catered to over 4 million clients throughout Canada. Renowned for its flexibility and customization, iA Financial Group’s life insurance policies are popular among Canadians thanks to its accessible application process. For seniors seeking life insurance in Canada, iA Financial Group emerges as a trusted and popular choice, boasting robust financial stability, comprehensive coverage, and a well-established reputation.
iA Financial Pros and Cons
Flexible and customizable life insurance policies
Offers level and decreasing term coverage options
Easy and accessible application process
Higher standard premiums than comparable insurance providers
Can be difficult to access policy information online
iA Financial Insurance Products
The current policies available to seniors through Industrial Alliance Financial Group include:
Access Life
Coverage: $25,000 – $500,000
Length of coverage: 10, 20, or 25 years, or Term 100
Issue ages: 6 months – 80 years
No medical exam required with few medical questions to determine coverage eligibility.
Pick-A-Term
Coverage: $25,000 – $20,000,000
Length of coverage: Choose any term length between 10-40 years
Issue ages: 0-70
Allows policyholders to customize term length with terms between 10 to 40 years to align with current or expected financial obligations.
iA Participating Life Insurance
Coverage: $25,000 – $500,000
Length of coverage: Permanent
Issue ages: 0-85
Guaranteed premiums that are payable over 10 years, 20 years, or until the age of 100.
Genesis Universal Life Insurance
Coverage: $25,000 – 1,000,000
Length of coverage: Permanent
Issue ages: 0-85
A universal life insurance product that uses a portion of the premiums you pay to cover the cost of insurance and taxes with any excess available to be used for investments.
iA Financial Pricing
If you are interested in Industrial Alliance Financial Group, check out this helpful guide that outlines the monthly rates of iA term life insurance for seniors aged 60-70 based on a 10-year term with $100,000 of coverage for male and female smokers and non-smokers:
Frequently Asked Questions (FAQs) about Life Insurance for Seniors in Canada
Although it’s common to hope for freedom from debt and financial security by the age of 60, reality doesn’t always align with this ideal. Many seniors opt for life insurance for various reasons, including settling outstanding debts or providing financial support to their children and grandchildren with a death benefit payout. By proactively planning for the future, individuals can ensure they are adequately prepared to manage end-of-life expenses and provide for their loved ones even after they’re gone. If you are interested in learning more about life insurance for seniors but don’t know where to start, you can check out our complete guide to life insurance for seniors in Canada.
Since life insurance providers offer a variety of different plans and options determining which life insurance provider is the best for you comes down to your insurance coverage needs. For example, someone interested in providing for multiple dependants will have different insurance needs than someone only interested in covering the cost of their funeral. That being said, there are many well-established and popular life insurance providers in Canada that offer plans to seniors.
If you aren’t sure how to determine your coverage needs or how to pick a life insurance company based on these needs, you can feel free to contact one of our expert life insurance advisors who can help you better understand the process and find the perfect plan for your insurance needs.
The maximum age for eligibility varies depending on the type of insurance you’re interested in. Term life insurance policies typically have a maximum age of 75 in Canada, whereas permanent policies such as term 100, whole life, and universal life insurance typically set the age limit at 85. Few plans extend coverage to Canadians aged 90 and above, and such policies tend to be significantly more expensive than those purchased at a younger age.
For individuals seeking coverage beyond their 85th birthday, it’s advisable to secure a life insurance policy that includes these years in advance. Generally, premiums for life insurance are more affordable when purchased at a younger age, making it prudent not to procrastinate obtaining coverage if you anticipate its benefits.
Both large, well-known companies and smaller, local providers offer distinct advantages. Larger companies typically boast strong financial stability, a diverse array of products, and a well-established reputation. Conversely, smaller, local providers may excel in providing personalized service and possess a deeper understanding of local market dynamics and customer needs. Evaluating your specific requirements, conducting thorough research, and selecting a company that closely aligns with your preferences and priorities are crucial steps in making an informed decision.
Finding the right life insurance for you
Trying to find the best life insurance companies in Canada can serve as a crucial step in financial planning for seniors. If you believe that a life insurance policy could benefit you, a knowledgeable financial advisor can work with you to fully understand what options are available to you. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to find the best solution for you and your needs. We’ve been providing expert life insurance solutions since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package for your financial needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, Manitoba, and British Columbia, including areas such as St. Catharines, Edmonton, and Richmond.
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