Insurance · Seniors

Best life insurance for seniors in Canada

Q: What is the best life insurance for seniors in Canada?

For most seniors it’s a final-expense policy — a modest, no-medical amount for funeral and end-of-life costs. The best fit depends on your health: if you can answer health questions, a simplified-issue plan (e.g. Canada Protection Plan, Manulife) is cheaper; if you can’t, a guaranteed-issue plan (e.g. RBC Guaranteed Acceptance, iA Access Life) accepts everyone but costs more and covers less.

Over 60, coverage is mostly about final expenses and leaving things tidy — smaller amounts, no-exam options, and insurers that issue at older ages. We compare who fits.

Compare 8 insurers How much do I need?

Life insurance for seniors — what actually matters

By the time the mortgage is paid and the kids are grown, most people no longer need large income-replacement coverage. What remains is usually final-expense insurance — a modest, guaranteed amount to cover a funeral, final medical and legal costs, and small debts so the family isn’t left with the bill.

Two things drive senior coverage: issue age (some insurers stop issuing new policies at 70–75; a few, like iA’s Access Life, go to 80) and underwriting (no-medical and guaranteed-issue avoid exams that get harder with age). Guaranteed-issue can’t decline you but caps coverage low and usually has a two-year waiting period.

If you’re healthy, don’t default to guaranteed-issue — a simplified-issue or even fully underwritten policy is often cheaper. And if your goal is purely to leave money efficiently, compare insurance with simply earmarking savings for your estate.

Best for your situation

Guaranteed acceptance (no questions)

Canada Protection Plan RBC Insurance iA Financial Group

Can’t be declined: Canada Protection Plan, RBC Guaranteed Acceptance (to $40K) and iA Access Life (issues to age 80).

Established final-expense insurers

Canada Protection Plan Manulife (CoverMe)Sun Life

Specialists and big names for final expenses: CPP built its business on no-medical; Manulife and Sun Life offer simplified senior plans.

The 8 insurers that offer it

Insurer	Buy online?	Products	Issue age	Financial strength
Canada LifeLargest participating whole life	Advisor	Term, Whole, Universal, No-medical	My Term to age 85 minus term; My Simple Term 18–80	AM Best A+ · DBRS AA · Moody’s Aa3 · S&P AA	Review
Manulife (CoverMe)Most you can buy online	Yes	Term, Whole, Universal, No-medical, Guaranteed issue	CoverMe Term 18–70; CoverMe Guaranteed Issue 40–75	AM Best A+ · DBRS AA (Manufacturers Life)	Review
Sun LifeOnline term + final expense	Yes	Term, Whole, Universal, No-medical, Guaranteed issue	Go Term/Simplified 18–69; Go Guaranteed Life 30–74	AM Best A+ · Moody’s Aa3 · DBRS AA	Review
RBC InsuranceHighest guaranteed-acceptance cap	Yes	Term, Whole, Universal, No-medical, Guaranteed issue	Term 18–70 (10–15 yr); Whole 0–80; UL 0–85; Guaranteed Acceptance 40–75	AM Best A (Excellent) — see note	Review
iA Financial GroupWidest term flexibility	Advisor	Term, Whole, Universal, No-medical, Guaranteed issue	Pick-a-Term 0–70; Access Life 6 months–80	AM Best A+ · DBRS AA (low)	Details
Empire LifeParticipating whole-life focus	Advisor	Term, Whole, Universal, No-medical, Guaranteed issue	Solution 20: 18–65; Guaranteed Life Protect 40–75	DBRS A (high) · AM Best A (Excellent)	Details
Canada Protection PlanNo-medical specialist	Advisor	Term, Whole, No-medical, Guaranteed issue	Permanent plans 18–80; Guaranteed Acceptance 18–75	AM Best A · DBRS A (Foresters)	Review
PolicyMeBest fully-online term	Yes	Term, No-medical	18–75	AM Best A (per PolicyMe) — see note	Review

Full insurer details, products and sources are on the best life insurance comparison. Products and ratings verified June 13, 2026; premiums are individually quoted.

Frequently asked questions

What is the best life insurance for seniors in Canada?

For most seniors it’s a final-expense policy — a modest, no-medical amount for funeral and end-of-life costs. The best fit depends on your health: if you can answer health questions, a simplified-issue plan (e.g. Canada Protection Plan, Manulife) is cheaper; if you can’t, a guaranteed-issue plan (e.g. RBC Guaranteed Acceptance, iA Access Life) accepts everyone but costs more and covers less.

Can I get life insurance over 70 or 75?

Yes, though options narrow. Many insurers stop issuing new policies around 70–75, but some go higher — iA’s Access Life issues to age 80, for example. Guaranteed-issue plans are the most age-friendly because they ask no health questions. Expect higher premiums and lower coverage caps at older issue ages.

Do seniors even need life insurance?

Often not for income replacement — but a final-expense policy can still make sense to avoid leaving a funeral bill (commonly $10,000–$20,000) to your family, to equalize an estate among heirs, or to cover a final tax bill. If you have ample savings earmarked for these, you may not need a policy at all — see our do you need life insurance in retirement guide.

See every insurer, side by side

Full products, issue ages, financial strength and sources for all eight major Canadian life insurers.

Best life insurance Term vs whole

Educational only, not insurance advice. Product availability, issue ages and ratings are set by each insurer and the rating agencies, vary by product and change over time; details are sourced to each insurer's own site and verified June 13, 2026. Premiums are individually underwritten. Speak with a licensed advisor before buying. See our methodology.