There are millions of people over the age of 65 that assume that they no longer need life insurance. Seniors Life Insurance. There are many reasons for seniors not to purchase life insurance from their financial institution. As of Jan. 1, 2020, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company became one company – The Canada Life Assurance Company. Fortunately, you have more options for life insurance than you think at age 65 (hint: your choices are not at all limited to the AARP or Colonial Penn and it’s guaranteed acceptance policy!) $750,000) as well as the term length. We compared plans, pricing, and policy restrictions to select our list of the best life insurance options for seniors over 65. The death benefit paid from a life insurance policy is a tax-free, lump-sum amount that can be used to: replace your income so your family can maintain their standard of living We work with over 30 of the best life insurance companies at BestLifeQuote and have years of experience helping people get the policies they need. Term life insurance is a product that we sell and is offered by over 20 life insurance companies in Canada. It is critical for those looking for life insurance over the age of 60 if there is a chance it will not be paid off by age 69 as the coverage for most bank mortgage insurance expires the very month you turn 70. We work directly with leading Canadian insurers including BMO, RBC, Sun Life and many more that offer a full range of products for Canadian seniors. These are our top picks and they'll help you find the right coverage for your personal life insurance needs. You may not need senior life insurance as an over 65 if you’re sure the estate you’re leaving will secure the financial future for your family, even after tax. You can choose the exact amount of coverage your family needs (e.g. And with over 25,000 licensed life insurance advisors across the country that offer our plans, we are here for your life and critical illness insurance needs. Guaranteed Issue Life Insurance. Prudential has over 10 life insurance products that include various term and universal life types. But if you’re not confident about that, you might want to consider life insurance for the following reasons: Life Insurance for seniors “Over 65 years old” width life insurance serves a purpose at any age, even when you are over 65 years old. It’s challenging for Canadian seniors to find the right life insurance policy in the traditional market. In some cases, this might be true, but there are a lot of situations that life insurance is still extremely vital. Life insurance for over-65s. If you're buying life insurance after age 65, you'll want to find the best senior life insurance for your situation. To get more information on your life insurance options please complete a short enquiry form and will be happy to assist you. COVID-19 update: Amid the coronavirus pandemic, life insurance companies in Canada are still accepting new applications. It provides level premiums (cost of the policy) and level death benefit for a period of time, typically 10, 20 or 30 years. Age, finances, and health status all play a significant factor in the type of policy you can qualify for, as well as how much you would be expected to pay in premiums for that policy. Life insurance can help your loved ones deal with the financial impact of your death. Canada Protection Plan is a leading provider of No Medical & Simplified Issue Life Insurance. Situations that life insurance options for seniors over 65 Protection Plan is a leading provider of No Medical & Issue. 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