Term Insurance for People Over 65

Luciano Meirelles  Vov e Vov copy
You can get Term insurance
if you’re over 65.
Photo by Luciano Meirelles

More and more seniors require term insurance well into their retirement years. According to Ipsos-Reid, Canadian seniors increased their average debt by 15 per cent in 2012 to $47,549.

The challenge when you get older is figuring out which policies are available to you. Whole life premiums may be too expensive for many seniors, and most insurance companies only offer term insurance for a maximum of ten years to applicants over 65.

However, the age maximums on the Industrial Alliance Term 15 and Terms 20 policies are very generous. A 70-year-old applicant can still qualify for a Term 15 or Term 20 policy. Industrial Alliance is the only insurance company in Canada to allow age limits this high.

The cost differences in the premium for a 70-year-old, when you compare a term policy with a whole life policy, are very pronounced, as you’ll see from the following examples.

 A 70-year-old, female non-smoker can get $150,000 in Term 10 coverage for $147.56 a month.
 A 70-year-old, female non-smoker can get $150,000 in Term 15 coverage for $230.45 a month.
 A 70-year-old, female non-smoker can get $150,000 in Term 20 coverage for $304.83 a month.
 A 70-year-old, female non-smoker can get $150,000 in Term 100 coverage for $478.92 a month.
 A 70-year-old, female non-smoker can get $150,000 in Whole Life (Life Pay with Cash Values) coverage  for $519.75 a month.

On the downside if the insured outlives the Term the coverage will likely be too expensive at renewal or unavailable so its crucial the insured properly weigh their finances and needs.  The wrong decision could result in a loss of thousands of dollars of premiums.

For more details on Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Term Life Insurance Quote Page or our Permanent Life Insurance Quote Page.

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  • Shi
    January 23, 2019 at 11:31 am

    How much is a 15 yr term for a male 70 yrs old / non smoking / good health / no meds for 250,000

    • LSM Insurance
      March 8, 2019 at 9:01 am

      Hi Shi, We are happy to help and sent you an email. Regards,

  • Wayne
    September 11, 2013 at 11:47 pm

    Hiw much is a Term 30 for a 65 year old $300,000

    • LSM Insurance
      September 12, 2013 at 12:26 pm

      Thanks Wayne. A Term 30 policy would not be available for a 65 year old. You would need to look at a Term 10, 15 20 or Term 100. Universal Life and Whole Life insurance would also be an option

  • LSM Insurance
    April 22, 2013 at 11:36 am

    Thanks for the note Anne-Marie. I appreciate the kind words. Regards, Chantal

  • Anne-Marie Greyling
    April 22, 2013 at 10:22 am

    Dear Chantal,

    Thank for adding me to your LinkedIn account where as a female broker from Alberta learning more about our industry everyday. Thank you for your articles which are a generous act of volunteer work towards your female peers in the industry. Enjoy your day .

    Kindest Regards
    Anne-Marie Greyling

  • LSM Insurance
    April 20, 2013 at 7:05 pm

    The rates will depend on the amount of coverage, type of plan and your date of birth and smoking status.

    April 20, 2013 at 12:40 pm

    I am looking for Life Insurance that don’t cost $200.00 and up.
    I am on a fixed income both o.a.c. & c.p.p.