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- The coverage can be high and premiums lower for traditional life insurance as compared to no medical exam plans, and may take longer approval time
- No medical exam plans are of two types - simplified issue and guaranteed acceptance, and their approval time is fast. The premiums are higher, and the coverage offered is limited
- Seniors as early as 50 years old can purchase life insurance from some of the top insurance companies in Canada
- Seniors must take into account their age, income, future needs, and estate planning to buy the most suitable insurance plan
- Compare various life insurance quotes, premium range, and coverage offered by different insurers before buying a life insurance policy
Planning your family’s financial future doesn’t end at retirement. For many Canadian seniors, life insurance becomes even more important to help cover rising healthcare costs, final expenses, and provide a lasting legacy.
For Canadian seniors over 50, getting life insurance in Canada can be challenging due to age limits, health checks, or complex processes.
Traditional policies often come with age limits, health checks, and long application processes. But today’s market offers more flexible options. No medical exam life insurance is now a popular solution for older adults and those with health concerns.
In this article, we will help you:
- Compare traditional and no medical exam life insurance
- Understand your options for life insurance over 50
- Explore actual premium examples
- Get expert advice to find the right coverage for your budget, health, and family goals
This guide will help you understand the differences between traditional insurance policies and no-medical-exam insurance policies, their benefits and drawbacks, and how to decide which life insurance product to purchase.
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Understanding life insurance options for Canadian seniors
As a senior residing in Canada, you can choose from various types of life insurance policies based on your needs. You have to pay a regular premium to the insurer in return for the coverage and a regular lump-sum amount that protects the future of your loved ones.
There are various types of life insurance policies you can opt for depending on your financial needs and family requirements.
Traditional life insurance for seniors
Traditional life insurance provides coverage which offers both financial protection and peace of mind. Based on your financial requirements, you can decide which type of traditional life insurance policy you should buy. Understanding what different insurance helps you decide whether to buy a suitable life insurance policy:
- Term life insurance for seniors: Term life insurance provides coverage for a set period of time, which can go up to 25 years or until the age of 85 years for senior citizens in Canada. You need to pay a premium that remains constant during the policy period. If you have any outstanding debt or similar financial requirements to fulfil, you can apply for this insurance policy. In case of your untimely death, the nominee will receive a tax-free benefit to clear debts and cover other financial obligations. However, renewal for senior term life insurance becomes expensive due to increased health-related risks and age
- Whole life insurance for Canadian seniors: A whole life insurance policy is an option a Canadian senior individual can consider. This type of policy not only provides coverage but also ensures that you are able to build a cash value over a period of time that is tax-free but can be withdrawn if needed. However, a whole life insurance renewal will cost more than a renewal for a term life insurance policy for a Canadian senior person
- Universal life insurance options: A universal life insurance policy provides not only coverage but also invests a part of your premium in different investment tools. Investments carry risks, and returns aren’t guaranteed, unlike whole life
A policyholder can adjust their premium and death benefits to match their financial needs. While this may look like an attractive option, the premium for such insurance rises with age, making the policy expensive over time. You can opt for such insurance if you do not mind the high cost and the risk.
No medical exam life insurance for Canadian seniors
No medical exam life insurance is designed for applicants, often seniors, who want coverage without the need for a physical examination or lab tests. Instead of a medical check, insurers assess eligibility using a short health questionnaire or basic lifestyle questions.
These policies are generally easier to qualify for than traditional life insurance, making them suitable for individuals with pre-existing health conditions or those seeking quick approval.
The approval time for policy issuance is generally quick and does not take more than two days in Canada.
Types of no medical exam policies available
Simplified issue life insurance
If you don’t want to undergo a medical examination but are comfortable answering a short questionnaire related to your health, you can consider applying for simplified issue life insurance. The approval period is generally two days.
- Health questionnaire requirements: You will need to answer typically between three and 40 questions, mostly related to your health and lifestyle. These questions help the Canadian life insurers determine the coverage and premiums for your policy. Ensure you answer all the questions and provide correct information
- Coverage amounts available ($10,000-$500,000): Insurers in Canada offer coverage under this type of policy ranging between $10,000 and $500,000, depending on the applicant’s age. However, for senior citizens, the coverage might be lower
- Waiting periods and restrictions: No medical exam insurance policies may include a waiting period of up to two years, depending on factors such as the policyholder’s age, pre-existing medical conditions, etc., while some may not have one. It is important to check the policy document’s fine print to know about the policy terms and the waiting period before signing on the dotted line
For whom are simplified issue policies suitable?
Seniors with mild to moderate health conditions can apply for a no-medical exam policy. If an individual doesn’t qualify for traditional insurance, then they can consider buying this type of insurance scheme. If you are healthy for your age, then you will be able to get high coverage and lower premiums. The other reason to apply for this type of policy is the short approval time.
Guaranteed Acceptance life insurance
Under this type of policy, you will not be required to either undergo a medical examination or answer any questions. In most cases, approval is guaranteed. However, the coverage for a senior person in Canada can range between $25,000 and $50,000.
- No health questions or medical exams: The senior Canadian applicant will neither be required to undergo a medical examination nor answer any questions to obtain this type of insurance policy
- Coverage limits (typically $5,000-$25,000): The coverage limit for such a type of insurance policy is not very high and generally ranges between $25,000 and $50,000
- Graded death benefit periods: For such a policy, there is a waiting period of about two years. In case the policyholder expires due to any reason other than accidental death, the nominee will receive a percentage of the death benefit or the return of the premium paid to date
- Premium costs vs. coverage ratios: Due to the absence of any medical underwriting, the coverage offered is low, while the premium rates are higher compared to other life insurance products
- Accelerated underwriting programs: The insurer takes into account factors such as prescription, technology, and health data to eliminate the need for medical examination, even for higher coverage
- Digital health assessments: On filling out the health-related questionnaire online, the insurer can access the risk and decide on the coverage and premium rates
- Prescription database checks and medical record reviews: The senior applicant’s medical history and prescription records can be accessed by the insurer (subject to consent) for verification
- Faster approval times: Accelerated underwriting expedites the approval time, typically taking not more than two days, and in some cases provides instant approval for low-risk seniors. For those looking for high coverage, quick approval, and guaranteed acceptance, applying for a no-medical-exam life insurance policy is a good option
Top Canadian insurance companies offering no medical exam coverage 2025
Insurance companies like RBC, Manulife, Sun Life, etc. offer no medical exam life insurance to seniors over 50 years of age. Get in touch with our consultants at PolicyAdvisor, who will help you understand the insurance and compare various insurance quotes. Our advisors are available not only during the application process but also offer help during the policy term and clear any insurance-related queries.
In the table given below, you can check out some of the insurance companies in Canada that offer no medical exam life insurance, including the type of coverage, the coverage amount, and their features:
Table for different types of coverage and insurance offered by insurers in Canada
| Insurance company | Types of coverage | Coverage amount offered | Key features |
| Canada Protection Plan (CPP) | Simplified & Guaranteed Issue |
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| Sun Life |
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| UV Insurance | Simplified Issue Life Insurance | $10,000–$499,999 |
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| Empire Life |
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$50,000–$1,000,000 | A simplified term insurance with a short health-related questionnaire |
| Manulife | Guaranteed issue | Varies |
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| RBC Insurance | Term life insurance | $50,000 to $1,000,000 |
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What is the coverage amount and the cost of the premium for life insurance products in Canada?
The cost of the premiums depends on factors such as the type of life insurance product, coverage amount, age, and risk factor. Knowing the cost of coverage and premiums can help you decide which life insurance you must buy that will provide you with long-term benefits, along with securing the future of your loved ones.
Coverage and premium range for different types of life insurance
| Category | Coverage amount | Premium rate |
| Simplified Issue life insurance | Ranges between $10,000 – $500,000 |
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| Guaranteed Acceptance life insurance | Between $5,000 – $25,000 | Premium rates are high due to no health screening |
| Traditional life insurance | Up to $1,000,000+, depending on the applicant’s health and age |
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| Premiums by age group | – |
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| Gender-based pricing | – | Premiums for women are approximately 10-15% lower than those for men |
| Provincial premium variations | – | Most of the Canadian insurers use national risk tables that have been slightly modified to account for provincial health expenditures |
What are the pros and cons of traditional insurance and no medical exam insurance for Canadian seniors?
Seniors over the age of 50 can choose between traditional insurance or no medical exam insurance plans, depending on their future financial needs, income, number of dependents, etc.
These types of insurance plans not only provide coverage and protect the future of your loved ones, but also help you protect your assets, cover any expense in case you have a pre-existing medical condition, or simply for estate planning. Both traditional insurance and no medical exam insurance plans have their benefits, which you can obtain based on your requirements.
These types of life insurance products come with their drawbacks, too. It is important that you are aware of their shortcomings and accordingly decide which type of life insurance plan will work for you.
Benefits of traditional insurance policies
Traditional policies offer protection, helping in securing the future of your loved ones. This insurance also enables building a cash value that ensures you can take care of your future financial needs. Knowing the benefits offered by traditional insurance can help you decide whether to buy this type of policy.
Benefits of traditional life insurance
| Feature | Description |
| Final expenses are covered | Traditional life insurance policies help senior citizens in Canada cover their financial expenses, such as debts, medical bills, and the cost of a funeral |
| Protection of assets | Traditional life insurance policies ensure that a senior Canadian citizen’s savings and other assets remain protected after their death. The beneficiary receives a death benefit that helps them take care of their financial needs |
| Estate planning | A senior citizen in Canada will not have to sell their family assets or touch their savings or investments to settle estate costs. A life insurance plan covers such costs |
| Leaving a legacy behind | Life insurance policies not only protect the future of their loved ones but also help in leaving behind enough assets that can help them fulfil their financial needs |
Benefits of no medical exam life insurance
No medical exam life insurance provides coverage without requiring you to undergo a medical assessment. If you are looking for quick approval, have a pre-existing medical condition, or are at risk of policy denial, you can consider buying no medical exam life insurance. Though the premiums for this insurance are higher, it conveniently offers coverage without having to undergo a medical examination. Know the benefits to make an informed decision.
Benefits of no-medical exam life insurance
| Features | Description |
| Quick application process | The approval time is quick. This means the applicant waits up to two days to get their policy issued |
| No medical exam needed | A senior citizen in Canada can apply for a no medical exam insurance policy without undergoing any medical test or visiting a medical expert whatsoever. Answering a short questionnaire suffices |
| Suitable for senior citizens with medical conditions | A senior person in Canada with a pre-existing condition can apply for this type of insurance policy. Such policies cover pre-existing or chronic medical conditions |
| The application process is easy | The application process is simple. The applicant needs to fill in a short questionnaire, and the insurer issues a no-medical exam insurance policy, making the process smooth and convenient |
Drawbacks of traditional life insurance policies
Traditional life insurance offers benefits such as offering coverage, building a cash value; it has its drawbacks, such as the lack of flexible options, slow cash value growth, etc. This section tells you about the disadvantages of traditional life insurance so that you can decide whether this insurance is suitable or not.
Drawbacks of traditional life insurance
| Issue | Description |
| Higher risk of rejection | A senior person in Canada with a pre-existing condition is at a higher risk of getting their application for traditional life insurance rejected due to strict underwriting rules |
| Medical examinations required | A senior Canadian citizen may have to undergo a medical examination, which can be inconvenient, time-consuming, and cause delays in the issuance of the policy |
| Higher premium | Since a senior individual is at a higher risk of being diagnosed with a medical condition, the premiums are likely to be higher, too. With age, the premium cost increases |
| Age limit | A person aged 80 years and older may find it difficult to find a suitable traditional life insurance policy |
| Lack of flexibility | A senior Canadian may find traditional life insurance less flexible due to strict policy tenure and a lack of other features, unlike simplified applications and guaranteed acceptance schemes |
| The approval process is long | The time taken to get the application approved is long, which may not be helpful for a senior citizen who might be seeking immediate coverage |
Drawbacks of no medical exam policies
No medical exam life insurance is easy to buy, since it offers quick and convenient coverage. It comes with certain disadvantages, such as high premiums with limited coverage. This type of life insurance is typically more expensive and less comprehensive as compared to a traditional life insurance plan.
Drawbacks of no-medical exam life insurance
| Issue | Description |
| High premium cost | The premium rates for these policies are higher than for a traditional life insurance policy due to the lack of medical information |
| Low coverage | The coverage offered is generally between $25,000 and $50,000, which is quite low for someone with long-term financial requirements |
| Higher waiting period | There is generally a waiting period of two years, which can be inconvenient for a senior person with pre-existing medical conditions seeking immediate benefits |
| No cash value | These policies do not help a senior person build a corpus. They only provide coverage |
| No riders available | These policies may have few or no riders available compared to traditional policies, which offer coverage for accidents or disability |
Life insurance application process for Canadian seniors
Senior Canadians must secure the future of their loved ones by buying either a traditional life insurance plan or a no medical exam insurance plan. These products not only provide peace of mind but also help in paying outstanding dues, estate planning, or simply leaving a legacy behind.
In this guide, you will be able to understand the steps you will have to follow while applying for a traditional life insurance plan. Apart from the application process, the guide also lists the documents you will have to submit for verification.
Traditional life insurance application steps
Knowing the traditional life insurance application process helps you prepare for the medical examination and have your documents to simplify buying life insurance coverage. In this section you will be able to understand the steps to apply for traditional life insurance.
- The first step is to fill in the application form. Provide all the necessary information and submit it along with all the required documents
- The next step is to undergo a medical examination. One will have to schedule an appropriate date and time at which they will be subjected to the examination
- The insurer will verify the details provided and, based on that, decide the coverage and premium. The whole process may take between 4 weeks and 6 weeks for issuance
No medical exam application process
The no medical exam life insurance process is generally quick and convenient since there is no medical examination required. However, knowing the steps to apply for no medical life insurance makes the whole process of buying this insurance simpler and faster. It is important to note that the application process will differ slightly for simplified issue and guaranteed acceptance life insurance, respectively.
- Simplified issue applications:
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- Fill in a digital form and complete the health-related questions
- The insurer will verify your prescription records to determine the status of the applicant’s health
- The risk assessment process is sped up with the help of data and technology
- The application for such policies gets approved almost instantly, within a few hours to a few days
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- Guaranteed acceptance process:
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- The applicant will only need to provide their basic information.
- These types of policies are issued within a few hours
- There is, however, a waiting period of 2-3 years, after which all benefits are fully activated
What documentation is required for traditional policies and no medical exam policies?
Both traditional and non-medical exam policies can be obtained after submitting the required documents. The documents seniors are required to submit are:
- Government-issued identification such as a passport, driving license, provincial ID card, etc.
- Income proof such as tax returns, pension statements, etc.
- Banking details for the ease of payment of premiums
- The basic details of the nominees and other beneficiaries
How can seniors in Canada choose the right life insurance policy?
Canadian seniors can choose the right insurance by evaluating their coverage needs, health status, and budget. Seniors in Canada can understand what each life insurance policy offers and whether they are suitable or not. Based on this information, they can decide to buy a suitable and affordable life insurance plan.
You can also get in touch with our experts at PolicyAdvisor who will guide you through the process of comparing different life insurance quotes and helping you choose the most suitable plan.
When to choose traditional life insurance?
It is important to know when traditional life insurance can be suitable for a senior citizen in Canada. Being aware of these points will help the applicant buy the most appropriate insurance plan for themselves.
- If the applicant is healthy for their age
- If the person is looking for large coverage, then traditional insurance is ideal
- For someone looking for long-term financial protection, having a traditional life insurance policy is appropriate
- If estate planning is a key priority for someone, they should consider traditional insurance policies
When to choose a no medical exam insurance plan?
Consider buying a no-medical exam policy if you have a pre-diagnosed medical condition, want quick approval, and lower coverage in future.
- If the applicant has pre-existing medical conditions
- If the person is looking for a quick, hassle-free approval of their coverage
- If the senior person needs smaller coverage
- Someone who has had their previous insurance application denied can consider such insurance policies
Which Canadian life insurance companies offer plans for seniors in Canada?
Seniors in Canada seeking life insurance can explore a range of plans from reputable insurers with strong financial track records. At PolicyAdvisor, our licensed advisors will help you compare providers, understand your options, and find the right insurer and plan to suit your needs.
Best traditional life insurance
Various reputable insurers in Canada offer a range of traditional life insurance options, offering suitable coverage catered to different financial goals and family requirements.
Coverage range by different Canadian insurers
| Company | Coverage |
| Manulife | Between $100,000 – $1,000,000 and above |
| Canada Life | $100,000 – $20,000,000 |
| Industrial Alliance (iA) | Up to $1,000,000+ |
| Wawanesa | Varies |
| Canada Protection Plan (CPP) | $5,000 – $25,000 & up to $750,000 (simplified) |
| Manulife | $50,000 – $75,000 |
| Sun Life | $5,000 – $100,000 |
Things to keep in mind before purchasing life insurance
Before buying insurance, you must compare various plans to ensure you have an insurance plan that offers maximum benefits. There are other factors that can help decide better what type of coverage will be suitable.
- Look for insurance policies offered by insurers with strong financial ratings
- Check the customer service of the insurance company. Look at how quick their turnaround period is
- Look for insurance companies with a good claim payment history that are known to issue claims on time
- Compare the premium rates for different plans. The premiums for no medical exam insurance plans are generally high
- Check if the insurance scheme offers benefits such as rider plans, accumulation of cash, etc.
Common mistakes Canadian seniors make when buying life insurance
Buying life insurance as a senior in Canada can be a smart way to protect your loved ones, but it’s easy to make costly mistakes during the process. These errors can lead to higher premiums, unsuitable coverage, or even policy denial. Understanding what to avoid can help you secure the right plan with minimal stress and maximum value.
There are some commons which if avoided can help in buying a comprehensive and suitable life insurance plan.
- Not taking into account additional expenses that a person may incur in the future
- Not taking into account inflation can result in a person buying insurance not suitable for them
- It is recommended to clear all outstanding dues before purchasing insurance, so that one doesn’t face additional financial burden going forward
- One should take into consideration the needs of their spouse before purchasing insurance
- Providing inaccurate information about your health or withholding medical conditions can result in purchasing insurance that is not suitable
- It is important to understand the questionnaire and answer it truthfully. Failure to do so may result in complications related to underwriting
- The applicant’s insurance application may get rejected due to failure to submit the correct documents
Frequently Asked Questions
What is the best life insurance seniors can buy in Canada?
The best life insurance for seniors in Canada depends on various factors such as age, pre-existing medical conditions, income, etc. It is important that a senior individual compares various plans before deciding on the one most suitable for them.
Can I get life insurance at age 70 in Canada?
Yes, senior citizens in Canada can get life insurance at the age of 70 years. However, the premiums increase with age, and a person falling under that age bracket may have to shell out more from their pocket.
Is life insurance worth it for seniors over 65?
Yes, a senior person aged 65 years and above in Canada should obtain life insurance to protect the future of their loved ones. The insurance policy, apart from providing coverage, may also help in protecting retirement income, estate planning, and leaving a legacy for their loved ones. However, it is important to consider one’s financial needs before purchasing insurance.
How much life insurance should a 60-year-old have in Canada?
Coverage between $100,000 and $250,000 might be sufficient for a 60-year-old Canadian resident. However, one must evaluate their financial situation, including future needs, before buying insurance. Our insurance consultants at PolicyAdvisor can provide the necessary information to understand the total coverage a 60-year Canadian senior will require based on their income, number of dependents, medical history, etc.
Can I get life insurance without a medical exam at age 75?
Yes, you can purchase either guaranteed acceptance or simplified issue policies without having to undergo any medical examination. These types of insurance products provide coverage to people for age up to 85 years.
What health questions are asked for simplified issue life insurance?
Questions like whether the applicant has any medical condition, recent hospitalisation, use of specific medicines, tobacco, etc., can be asked. There can be other questions related to your health and medical history. It is important that you provide correct information so that you can enjoy appropriate coverage and not overpay your premiums.
Can I be denied simplified issue life insurance?
Yes, the insurer may reject your application for simplified issue life insurance if your answers to the questions asked are deemed to be not unsatisfactory.
How long does traditional life insurance underwriting take for seniors?
The insurer may take between 4-6 weeks for traditional life insurance underwriting for seniors. They verify your application form and the documents to determine the coverage you will need and the premium rates payable.
What’s the maximum life insurance coverage for seniors in Canada?
A person aged between 61 years and 70 years can get coverage of around $200,000, and $150,000 for those aged between 71 years and 80 years. The coverage in some cases may go higher as well. However, all of this depends on factors such as age, income, health condition, etc.
Is final expense insurance the same as life insurance?
Final expense insurance can be purchased to cover the cost of funeral and other end-of-life costs. The coverage amount offered is lower, and the underwriting process is simpler compared to life insurance.
| Canadian seniors can opt for either traditional life insurance or no-medical-exam life insurance, based on their future financial plans. Traditional life insurance offers higher coverage, but requires the individual to undergo medical examinations, and premiums rise with age. For no-medical-exam life insurance, it is easier to qualify for seniors with pre-existing medical conditions, but coverage offered is limited, and the premiums are higher. |
