Life Insurance Over 60 in Canada: Your Real Options
Sixty is not too late to buy life insurance in Canada. Insurers underwrite people well past 70 and there are policy types built specifically for this stage of life. The right answer depends on your health, what you're trying to cover, and how much you want to pay.
What you can still get
- 10- or 20-year term: Available up to about 65 for new 20-year policies, up to 70+ for 10-year policies. Healthy applicants qualify for the lowest rates.
- Whole life: Available up to age 85 at most carriers. Premiums lock in for life.
- Simplified-issue (no medical exam): Available up to 75-80 depending on the carrier. Short health questionnaire only.
- Guaranteed acceptance: Available up to 80 with no health questions at all.
What it costs at 60
Realistic monthly premiums for a non-smoking 60-year-old in good health:
- $250,000 of 15-year term: ~$110-$170
- $100,000 of 10-year term: ~$50-$85
- $25,000 of whole life: ~$45-$80
- $25,000 simplified-issue: ~$50-$90
- $15,000 guaranteed acceptance: ~$60-$110
Smokers can expect to pay roughly double these figures.
What it's typically for at this age
The use case shifts from income replacement to a more focused set of needs:
- Covering remaining mortgage or HELOC balance
- Final expenses (funeral, end-of-life costs)
- Leaving a tax-free inheritance
- Funding estate taxes on RRSPs, RRIFs, or appreciated assets
- Supporting a surviving spouse who's not eligible for the full pension
The 10×-annual-income rule of thumb that applies to younger buyers doesn't fit anymore. Size the policy to the specific dollar amounts you want to cover.
Underwriting at 60
Expect more attention to medical history than at 40. Common questions:
- Recent surgeries or hospitalizations
- Cardiovascular conditions (high blood pressure, prior cardiac events, cholesterol)
- Diabetes and how well it's controlled
- Cancer history (current vs. how many years in remission)
- Smoking status (12-24 months smoke-free for non-smoker rates)
Well-managed conditions usually don't disqualify you — they just affect pricing. Don't assume you won't qualify; get a quote and see.
Don't wait if you can avoid it
Premiums climb 6-12% per year of age between 60 and 75. Six months can cost you 4-6% in premiums for life. If you've been thinking about coverage, getting a quote takes a minute and locks in what's available now.
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