Best Life Insurance Companies for Seniors of 2023 in CANADA

As we age, it becomes increasingly important to consider life insurance options. Life insurance can provide financial security for your loved ones after you’re gone, covering expenses such as funeral costs and outstanding debts. However, not all life insurance policies are created equal, and it can be overwhelming to navigate the options available. That’s why we’ve researched and compiled a list of the best life insurance companies for seniors in Canada in 2023.

1. Sun Life Financial
   Sun Life Financial is one of the largest insurance companies in Canada and has been in operation for over 150 years. They offer a variety of life insurance options, including term life, permanent life, and critical illness insurance. Sun Life Financial also offers a unique feature called the “Sun Life Go Simplified Issue Life Insurance” policy. This policy does not require a medical exam, making it an attractive option for seniors who may have health concerns.
2. Manulife
   Manulife is another well-established insurance company that has been operating for over 130 years. They offer several life insurance products, including term life, whole life, and universal life insurance. Manulife also has a “CoverMe” policy specifically designed for individuals aged 50 and older. This policy offers guaranteed acceptance and coverage for up to $25,000, making it an excellent option for seniors who may have difficulty obtaining traditional life insurance.
3. Canada Life
   Canada Life is a subsidiary of Great-West Lifeco, one of the largest insurance companies in Canada. Canada Life offers several life insurance options, including term life, whole life, and universal life insurance. They also offer a unique policy called the “Lifetime Protection” plan. This policy provides coverage for the insured’s lifetime, with no medical exams required, making it an attractive option for seniors who may have health concerns.
4. BMO Insurance
   BMO Insurance is a subsidiary of the Bank of Montreal and has been in operation for over 200 years. They offer several life insurance options, including term life, whole life, and universal life insurance. BMO Insurance also offers a unique policy called the “Guaranteed Life Plus” plan. This policy provides guaranteed acceptance and coverage for up to $50,000, making it an excellent option for seniors who may have difficulty obtaining traditional life insurance.
5. Desjardins Insurance
   Desjardins Insurance is the insurance subsidiary of the Desjardins Group, one of the largest financial institutions in Canada. They offer several life insurance options, including term life, whole life, and universal life insurance. Desjardins Insurance also offers a unique policy called the “Ajusto” plan. This policy provides discounts on premiums based on the insured’s driving habits, making it an excellent option for seniors who may have a good driving record.
6. Empire Life
   Empire Life has been in operation for over 90 years and offers several life insurance options, including term life, whole life, and universal life insurance. Empire Life also offers a unique policy called the “Guaranteed Issue Life Insurance” plan. This policy provides guaranteed acceptance and coverage for up to $25,000, making it an excellent option for seniors who may have difficulty obtaining traditional life insurance.
7. Industrial Alliance
   Industrial Alliance has been in operation for over 125 years and offers several life insurance options, including term life, whole life, and universal life insurance. They also offer a unique policy called the “My Term” plan. This policy allows the insured to choose their coverage amount and term length, making it an attractive option for seniors who may have specific coverage needs.
8. RBC Insurance
   RBC Insurance is the insurance subsidiary of the Royal Bank of Canada and offers several life insurance options, including term life, whole life, and universal life insurance. RBC Insurance also offers a unique policy called the “Guaranteed Acceptance Life Insurance” plan. This policy provides guaranteed acceptance and coverage for up to $25,000, making it an excellent option for seniors who may have difficulty obtaining traditional life insurance.

9. Wawanesa Life
   Wawanesa Life is a subsidiary of the Wawanesa Mutual Insurance Company, which has been in operation for over 120 years. They offer several life insurance options, including term life, whole life, and universal life insurance. Wawanesa Life also offers a unique policy called the “Senior Life” plan. This policy provides coverage for individuals aged 50 to 85 and offers guaranteed acceptance and coverage for up to $25,000.
10. La Capitale Insurance and Financial Services
    La Capitale Insurance and Financial Services is a Quebec-based insurance company that offers several life insurance options, including term life, whole life, and universal life insurance. They also offer a unique policy called the “Life-Ex” plan. This policy provides coverage for individuals aged 50 to 75 and offers guaranteed acceptance and coverage for up to $25,000.

Factors to Consider When Choosing a Life Insurance Company for Seniors in Canada

When selecting a life insurance company for seniors in Canada, it’s essential to consider several factors to ensure you choose the best option for your needs. Here are some factors to keep in mind:

1. Type of Coverage: The type of life insurance coverage you choose will depend on your specific needs. Term life insurance policies provide coverage for a set period, while permanent life insurance policies provide coverage for your entire life.
2. Health Status: Your health status will impact your eligibility for certain life insurance policies. Some policies require medical exams, while others offer guaranteed acceptance.
3. Coverage Amount: You’ll want to consider how much coverage you need to ensure your loved ones are financially protected after you’re gone.
4. Premiums: The cost of premiums will vary depending on the type of policy, coverage amount, and your age and health status.
5. Reputation of the Insurance Company: It’s essential to research the reputation of the insurance company you’re considering to ensure they have a history of financial stability and timely claim payments.

Conclusion

Choosing the best life insurance company for seniors in Canada can be a daunting task, but it’s essential to ensure your loved ones are financially protected after you’re gone. Sun Life Financial, Manulife, Canada Life, BMO Insurance, Desjardins Insurance, Empire Life, Industrial Alliance, RBC Insurance, Wawanesa Life, and La Capitale Insurance and Financial Services are all excellent options for seniors in Canada. When choosing a life insurance company, consider the type of coverage, your health status, the coverage amount, premiums, and the reputation of the company to make an informed decision.