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Top 5 Best Life Insurance Companies for Seniors in Canada
By Parvesh Benning, Licensed Life Insurance Broker
The best company for a senior depends far less on the brand name and far more on which insurer’s health questions line up with your situation.
This guide walks through five carriers I place senior clients with most often, what each one is genuinely good at, and how I decide which one fits a given health profile and budget. Updated for current product lineups, not the marketing brochures.
Updated: June 3, 2026
Top 5 Best Life Insurance Companies for Seniors in Canada
By Parvesh Benning, Licensed Life Insurance Broker, Updated: June 3, 2026
The best company for a senior depends far less on the brand name and far more on which insurer’s health questions line up with your situation.
This guide walks through five carriers I place senior clients with most often, what each one is genuinely good at, and how I decide which one fits a given health profile and budget. Updated for current product lineups, not the marketing brochures.
There is no single best life insurance company for every senior, and any list that pretends otherwise is selling something. There are healthy applicants who should go fully underwritten, and there are people with health conditions who are far better served by a no-medical or guaranteed plan. Pick the wrong lane and you either overpay for years or get declined.
This page sorts the five carriers I rely on most for senior clients by the path that actually fits you. If you want the full picture first, start with our complete guide to life insurance for seniors in Canada.
The short answer
Most Canadian seniors can still get life insurance. The real question is not which company is best overall, it is which one fits your health and your budget. The five carriers below cover the two paths seniors actually use: fully underwritten coverage when your health is reasonable, and no-medical or guaranteed plans when it is not.
Healthy applicants usually price best at Canada Life, Manulife or iA. If you have health conditions, Canada Protection Plan, Assumption Life and Manulife’s no-medical options open the door. An independent broker compares all of them at once, so you are not guessing which lane is right or paying more than you need to.
On this page
How to choose the right life insurance company as a senior
When a senior comes to me, I do not start with a company. I start with a matrix of underwriting guides and work backwards. I ask what the health picture looks like at a high level, then I figure out where that person actually fits before a single application goes anywhere. The company is the last decision, not the first.
That order matters because senior shoppers get steered toward a brand name when the real fork is much simpler: are you healthy enough to be fully underwritten, or do you need a no-medical plan? Get that one question right and the shortlist almost builds itself.
The two paths, and who each one is for
Path 1: Fully underwritten
For seniors in reasonable health who are willing to answer medical questions and possibly do a quick nurse visit. You get the most coverage for the lowest price, with answers on a real application rather than a brochure. This is usually where Canada Life, Manulife and iA earn their place.
Path 2: No-medical and guaranteed
For seniors with health conditions, a past decline, or anyone who simply will not do medicals. Fewer questions, faster approval, smaller coverage, and a higher price per dollar. This is where Canada Protection Plan, Assumption Life and Manulife’s no-medical options do their best work.
Here is the part most lists skip. On the no-medical side, the carriers are not interchangeable. The questions differ company to company, and one insurer will word a question in a way that fits your history while another knocks you straight into a higher price or a decline. The cheapest sticker price is not automatically the right plan. The right plan is the one whose questions match your situation, which is the whole reason a senior is better off comparing several carriers at once instead of applying to one and hoping.
One more thing I tell every senior client. A surprising number of products marketed to your age group are simply not good products. Yearly renewable plans that look cheap on day one and balloon later, coverage that rises while the premium rises faster, fine print that does the real talking. I will flag those as we go. The five companies on this page are the ones I keep coming back to, each for a specific reason.
How Much Does Life Insurance Cost for Seniors in Canada?
A healthy 65-year-old can expect to pay roughly $56 to $89 a month for $100,000 of 10-year term coverage, depending on sex and carrier. Wait until 75 and the same coverage runs three to five times that.
Price for seniors is driven by three things: your age, your health, and whether the plan is medically underwritten or no-medical. The table below shows current example rates for two of the strongest fully underwritten options, Canada Life and iA, for a non-smoker buying $100,000 of 10-year term. These are illustrations, not quotes, and your actual rate depends on health and carrier guidelines. For the wider picture, see how much life insurance costs in Canada.
| $100K, 10-year term (non-smoker) | Age 60 | Age 65 | Age 70 | Age 75 |
|---|---|---|---|---|
| Canada Life, male | $48.50 | $80.68 | $146.90 | $267.48 |
| Canada Life, female | $35.38 | $56.35 | $101.78 | $183.81 |
| iA, male | $55.44 | $88.56 | $168.57 | n/a (issues to 70) |
| iA, female | $39.42 | $64.53 | $112.14 | n/a (issues to 70) |
Example monthly rates for a non-smoker, illustration only. Rates vary by health, lifestyle, and carrier guidelines.
Two patterns worth knowing. Every 10 years you wait, the premium roughly triples. That same male pays $48.50 at 60, $80.68 at 65, and $146.90 at 70. And smoking more than doubles the cost: a 65-year-old male non-smoker around $80 a month becomes roughly $204 as a smoker. Locking in coverage sooner, while you are younger and healthier, is almost always cheaper than waiting.
If you cannot, or would rather not, do medicals
Assumption, no-medical term
$100,000 of coverage, non-smoker, per month
Manulife, guaranteed issue
$25,000 of coverage, no health questions, per month
Female to male range, example monthly rates, illustration only. Rates vary by health and carrier.
Notice the trade. No-medical and guaranteed plans cost far more per dollar of coverage and the amounts are smaller, but they approve people the underwritten carriers would decline. That is the entire reason to compare both paths at once instead of applying blind, and it is the fastest way to see which lane gives you the most coverage for your money. See no-medical life insurance for how those plans work.
Canada Protection Plan (CPP): No-Medical Life Insurance for Seniors
Canada Protection Plan, now a Foresters Financial company, is the carrier I reach for first when a senior cannot or will not go through full medical underwriting.
It built its name on no-medical and simplified-issue coverage for hard-to-insure Canadians, including people managing diabetes, heart conditions, or a mental health history. For a senior who has already been declined somewhere, CPP is often the difference between coverage and nothing at all.
Quick clarification, because it trips people up constantly: this is Canada Protection Plan, the insurer. It has nothing to do with the Canada Pension Plan, the government retirement benefit. Same initials, completely different thing.
Where CPP works well
No-medical and simplified plans with few or no health questions, so a senior with conditions can still qualify.
Fast, accessible application, often a decision in days rather than weeks.
Real niche expertise in difficult cases that most large carriers will not touch.
Where it falls short
If you are healthy enough for full underwriting, another carrier will almost always price lower.
No-medical convenience comes at a price, premiums per dollar of coverage run high.
CPP products seniors actually use
CPP refreshed its lineup, so ignore older guides still listing names like “Deferred Elite Term” or “Preferred Term.” Here is what is current, grouped by how I route to it. Amounts and issue ages are CPP’s published figures and can change, so confirm them on a simplified or guaranteed-issue plan through a broker before assuming eligibility.
What CPP costs a senior
No-medical coverage is convenient, and you pay for that convenience. Expect CPP premiums to run noticeably higher than a fully underwritten plan at the same age and coverage, because the insurer is pricing for the health details it did not check. On guaranteed acceptance the gap is widest of all. That trade is still the right call when your health makes underwriting a dead end, but it is not where a healthy senior should land by default. The only way to see your real number is a side-by-side against the underwritten carriers below, which is the kind of check a broker runs in one sitting. For the full breakdown and ratings, see our Canada Protection Plan life insurance review.
Manulife: One Carrier That Covers Both Paths for Seniors
Manulife is the one carrier on this list that genuinely competes on both sides of the senior decision: fully underwritten coverage when your health holds up, and guaranteed coverage when it does not.
It is one of Canada’s largest and oldest insurers, and for seniors that scale matters in two practical ways. The fully underwritten side prices well on permanent coverage, and the guaranteed-issue side gives people a no-questions option when they have run out of other doors. Ignore older guides that still call these plans “CoverMe.” Manulife retired that retail brand, and the broker lineup below is what is current.
What stands out
Competitive pricing on permanent and participating whole life.
A true guaranteed-issue option, so a senior who has been declined still has a path.
The Vitality rewards program can lower premiums for staying active, see what Manulife Vitality is.
Worth knowing
No instant approvals, the underwritten side takes time, often weeks.
Fewer term-length choices than some competitors, which matters less for seniors who tend to want shorter terms or permanent coverage anyway.
Manulife products seniors actually use
Three product families do the work for seniors, grouped by which path you are on.
Fully underwritten
Family Term offers 10, 20, and longer terms with coverage from $100,000 and up, issued into your seventies on the shorter terms. Manulife Par is participating whole life from $100,000, permanent coverage with guaranteed cash value that builds over time and the potential for dividends. Both ask health questions and may involve a nurse visit, and both reward reasonable health with a lower price.
No health questions
Guaranteed Issue Life is permanent coverage up to $100,000 to age 70, and $50,000 from 71 to 75, with acceptance regardless of health history. Like all guaranteed plans it has a limited benefit in the first two years. It is the safety net when underwriting is not an option, not a default for someone who could qualify for more coverage at a better price elsewhere.
What Manulife costs a senior
On the underwritten side, Manulife sits in the same competitive band as the Canada Life and iA examples in the cost section above. The guaranteed-issue plan is where the trade shows: a 65-year-old pays roughly $120 to $152 a month for just $25,000 of coverage, rising to around $264 to $384 by age 75. That is the price of skipping every health question. It is the right tool for the right situation, and the wrong one if you had a cheaper path you never checked. Comparing it against the underwritten options is how you find out which you are.
Two paths, one comparison
Not sure whether you should go fully underwritten or no-medical? That single decision changes what you pay. Let a broker run both sides for you at once.
or call 1-877-654-6119
Assumption Life: The Widest No-Medical Range for Seniors
If a senior wants no-medical coverage and does not fit neatly into one box, Assumption Life usually has a plan that matches, because it offers more graded tiers than almost anyone.
Assumption Life is a New Brunswick mutual insurer with well over a century behind it. Its strength for seniors is range: a healthy applicant can go fully underwritten, and someone with serious conditions still has a guaranteed option, with several steps in between. That tiering is exactly why it earns a spot here, because the right tier can be the difference between a fair price and an unnecessarily high one.
What stands out
A genuine ladder of no-medical plans, so health rarely closes the door entirely.
Wide choice of term lengths, with renewal and conversion options.
Strong fit for seniors who were declined or rated elsewhere.
Worth knowing
No-medical convenience carries higher premiums and rider fees.
No standalone disability product, so it is a life and savings carrier, not a one-stop shop.
Assumption Life products seniors actually use
The lineup runs from fully underwritten down to guaranteed, and picking the right rung is the whole game. Amounts and issue ages are Assumption’s published figures and can change, so confirm them through a no-medical plan with a broker before assuming eligibility.
Assumption also offers ParPlus, a participating whole life plan for seniors who want permanent coverage with cash value and no medical under roughly $1,000,000.
What Assumption Life costs a senior
Assumption’s no-medical term sits at the higher end, which is the cost of skipping the exam. For $100,000 of simplified term, a non-smoker pays in these ranges per month, female to male:
Example monthly rates, illustration only. Rates vary by health and carrier.
Set against the underwritten numbers in the cost section, the gap is real, but so is the upside: Assumption will often approve a senior that a fully underwritten carrier turns away. The point of comparing both is making sure you are paying the no-medical premium because you have to, not because you never checked.
Canada Life: The Fully Underwritten Value Leader for Healthy Seniors
For a senior in reasonable health, Canada Life is usually where the best price lives, and the rate table above backs that up.
Canada Life is one of the country’s largest insurers, with more than 175 years behind it and the financial strength to match. It is a fully underwritten carrier, so it asks health questions and may want a quick nurse visit, but for a senior who can clear that, the payoff is the lowest premium on this page and a deep bench of permanent options for estate planning.
What stands out
Among the most competitive pricing on this list for healthy seniors.
Very wide range of term lengths plus strong participating whole life for estate planning.
Excellent financial strength, which matters on a policy meant to pay out decades from now.
Worth knowing
No instant online quotes, you apply through an advisor.
Fully underwritten only, so a senior with significant health issues may fit better with the no-medical carriers above.
Canada Life products seniors actually use
Three families cover most senior needs, from straightforward term to permanent estate coverage.
Term
My Term runs from $100,000 with terms anywhere from 10 to 50 years, renewable and convertible to permanent coverage. Issue ages reach into the seventies on the shorter terms, so a 10-year term at 65 or 70 is realistic, which is exactly the basis in the cost table above.
Permanent, participating whole life
Wealth Achiever Plus and Estate Achiever Plus are participating whole life plans built for legacy and estate planning, with guaranteed cash value and the potential for dividends. These are the plans seniors use to leave a tax-efficient inheritance or cover final taxes, not just final expenses.
Universal life
Canada Life’s universal life pairs permanent coverage with a tax-advantaged investment component, suited to seniors with more complex estate or business needs. For most seniors, term or participating whole life does the job, but the option is there.
What Canada Life costs a senior
This is the carrier to beat on price for a healthy applicant. From the table above, a 65-year-old non-smoker pays about $80.68 a month as a male and $56.35 as a female for $100,000 of 10-year term, the lowest figures on this page. The catch is you have to qualify medically. If your health is solid, that is money saved every month for the life of the policy. If it is not, one of the no-medical carriers will likely serve you better, which is the comparison worth running before you apply. For the full rundown, see our Canada Life insurance review.
Industrial Alliance (iA): Flexible Coverage With a No-Medical Ladder
iA earns its spot two ways: competitive fully underwritten term for healthier seniors, and a four-step no-medical ladder that meets people exactly where their health lands.
iA Financial Group is one of Canada’s largest insurers, serving millions of clients. For seniors, the draw is flexibility. On the underwritten side its term pricing is competitive, as the cost table shows, and on the no-medical side its Access Life program is not one product but four tiers, which lets a broker place a senior on the highest rung their health allows instead of defaulting everyone to the most expensive option.
What stands out
Highly customizable term through Pick-A-Term, any length from 10 to 40 years.
A four-step no-medical ladder, so health rarely means a flat no.
Competitive underwritten term pricing for seniors in the 60 to 70 range.
Worth knowing
Standard premiums can run higher than some competitors on certain plans.
Policy details can be harder to access online, so advisor support matters more here.
iA products seniors actually use
The split between underwritten and no-medical is sharper at iA than anywhere else on this list, because the no-medical side is built as four distinct steps. Amounts and issue ages are iA’s published figures and can change, so confirm them through a broker before assuming eligibility.
Fully underwritten
Pick-A-Term: term coverage from $25,000 with any length from 10 to 40 years, issue ages 18 to 70. The most flexible term on this page, and competitively priced for a healthy senior.
iA Participating Life and Genesis Universal Life: permanent options for estate planning and cash-value growth, issued well into older ages.
That ladder is the whole point. A senior who answers one question differently can move up or down a step, and a broker’s job is to land you on the highest rung you qualify for, because each step up means better terms and a lower cost.
What iA costs a senior
On the underwritten side, iA tracks slightly above Canada Life in the cost table: a 65-year-old non-smoker runs about $88.56 a month as a male and $64.53 as a female for $100,000 of 10-year term. Reasonable for a healthy applicant who values Pick-A-Term’s flexibility. On the Access Life side, price depends entirely on which of the four steps you land on, which is exactly why the rung matters more than the brochure rate. Comparing iA’s ladder against the other no-medical carriers is the only way to know where you truly fit.
Senior Life Insurance FAQs
Question 01
Which is the best life insurance company for seniors in Canada?
There is no single best company for every senior. The right one depends on your health and your budget. Healthy applicants who can be fully underwritten usually price best with Canada Life, Manulife, or iA. Seniors with health conditions are often better served by the no-medical and guaranteed plans from Canada Protection Plan, Assumption Life, or Manulife. An independent broker compares all of them at once so you land with the one that actually fits, rather than guessing.
Question 02
What is the maximum age to get life insurance in Canada?
It depends on the plan. Term life is generally available up to about age 75, while permanent plans such as whole life, term 100, and universal life are commonly issued to age 85. A few guaranteed plans go beyond 85, but they cost considerably more. Because premiums rise sharply with age, locking in coverage earlier is almost always cheaper than waiting.
Question 03
Can a senior over 80 still get life insurance?
Yes. Most options past 80 are no-medical or guaranteed-acceptance permanent plans with smaller coverage amounts, often in the $5,000 to $25,000 range, designed for final expenses. They cost more per dollar of coverage and many carry a limited benefit in the first two years, but they approve applicants regardless of health. See our guide to funeral insurance in Canada for how this coverage is typically used.
Question 04
Do seniors need a medical exam to get life insurance?
Not necessarily. Fully underwritten plans may ask health questions and sometimes a short nurse visit, and they reward good health with the lowest premiums. No-medical and simplified plans skip the exam in exchange for a higher price and smaller coverage. The right path depends on your health, which is why comparing both before applying is worth the effort. Learn more about no-medical life insurance.
Question 05
Should a senior choose term or permanent life insurance?
It comes down to why you want the coverage. Term suits a defined need with an end date, such as a remaining mortgage, and costs less up front. Permanent coverage never expires as long as premiums are paid and builds cash value, which makes it the common choice for final expenses, estate planning, or leaving an inheritance. Many seniors choose permanent coverage for those reasons, though term is the better value when the need has a clear end date.
Question 06
Why do seniors buy life insurance at all?
Common reasons include covering funeral and final expenses, paying off a remaining mortgage or debts so they do not fall to family, replacing income a surviving spouse relies on, and leaving a tax-efficient inheritance. If nobody depends on your income, your debts are clear, and your savings cover final costs, coverage may be optional, which is a conversation worth having with a broker before you buy.
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Find the senior plan that actually fits you
Instead of applying to one company and hoping, let an independent broker compare all of these carriers side by side, then place you with the one whose plan and price fit your health. We have been doing this since 2007, with life insurance and segregated fund solutions built around your situation.
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