Term Life Insurance for Seniors

If you are a senior looking for Term life insurance, consider the following: Term life insurance policies for seniors are generally broken down into two categories.

1. Traditional life insurance policies, which ask a series of health questions and require medical tests. This usually includes a blood test, urine sample and/or ECG test.

2. Simplified issue term policies have a series of health questions, but no medical tests. Simplified issue term life policies for seniors can be further broken down into Deferred Life policies and policies which pay out an immediate death benefit. Deferred Life term policies have a fewer number of questions. In most instances, ten questions and the face amounts on these plans are generally limited to $100,000. Simplified Issue term policies have an immediate death benefit, but a larger number of questions — usually 30. Still, the coverage takes effect from day one.

The following is a snapshot on the pricing of a traditional $100,000: A Term 10 policy for a 65-year-old, male non-smoker versus a Simplified Issue Term 10 policy.

Traditional $100,000 Term 10 is $86.31/month – BMO Insurance

Simplified Issue Term $148.59/ month – Canada Protection Plan*

Simplified Issue Deferred Term 10 is $232.29/month – Canada Protection Plan**

*The Simplified Issue Term 10 policy with Canada Protection Plan has 31 health questions and the coverage takes effect from day one.

**The Simplified Issue Deferred Term 10 policy with Canada Protection Plan has ten health questions and the death benefit for non-accidental deaths is limited to a return-of-premium plus interest in the first two years

For more details, you can contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.


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  • Reginald
    April 1, 2014 at 7:44 am

    Can I covert my Term plan if I’m 71 year old and if so to which policies. My life insurance is with AIG now BMO

  • LSM Insurance
    July 25, 2012 at 5:30 pm

    Thanks Terry. We will be in touch by email very shortly.

  • Terry
    July 25, 2012 at 5:04 pm

    I am a 70 yr old male with stable angina. I am
    looking for 50k 10 yr term ins. I would be looking
    at the simplified term policy.
    thank you;

  • LSM Insurance
    March 16, 2012 at 6:08 pm

    Thanks for the note. The premiums will depend on the amount of coverage and the type of plan i.e. Term 10, Term 15 or Permanent coverage. We will send you an email now.

  • David
    March 16, 2012 at 3:56 pm

    I am a 67 year old male, non smoker in good health looking for term insurance $10K – 20K. Would you please supply me with price per month.
    Thank you.

  • LSM Insurance
    January 9, 2012 at 2:43 pm

    Thanks Stacey. The premiums will depend on the type of plan (Term or Permanent insurance) the amount of coverage and your mothers smoker status. We will send you a separate email now. Regards, LSM Insurnce

  • Stacey
    January 9, 2012 at 1:06 pm

    please forward me a quote – my mom is 71, in good health. thank you

  • Robert A. McKim
    August 16, 2010 at 9:38 pm

    please forward me some quotes