Just turned 60, or about to retire from a job in Kitchener-Waterloo? Your workplace group life insurance may end the day you leave. If your spouse would lose part of your pension, or you still owe on a line of credit, now is a good time to look. This guide shows your options and the first steps for Ontario seniors.
It's never too late to think about life insurance. Many Canadians over 60 still have a mortgage, a spouse who depends on their pension, or simply want to cover funeral costs and leave something behind. Here are your options and what they typically cost.
Still available for many people in their 60s and early 70s. It's the lowest-cost way to get a large amount for a set period, for example until the mortgage is paid.
Permanent coverage that never expires, ideal for estate planning and final expenses. Premiums are higher but stay level.
Answer health questions, no exam. Good for seniors with manageable health conditions. See no-medical life insurance.
No health questions, smaller amounts (often up to $25,000 to $50,000), and usually a 2-year waiting period for death from natural causes.
Price depends heavily on health and smoking status. As a rough idea for healthy non-smokers:
Your price depends on your age, health, smoking status, the coverage amount and the term length. We compare 20+ Canadian insurers to give you real quotes for your situation, free and with no obligation.
Estimates only. Women usually pay less; smokers and those with health conditions pay more. Get a personalised quote.
Many people in their 60s have life insurance only through work. Group coverage often ends or drops sharply when you retire. Some plans let you convert it to a personal policy, but you usually have a short window to do this, often about 30 days, and the price may be higher than a new policy. Ask your benefits department for the exact deadline before your last day.
Example: Imagine Raj, 63, retiring from a manufacturing job in Cambridge. His group life ends with his job. His wife will receive a smaller survivor pension if he dies first. He compares a personal term policy with the conversion offer before his last day, so his wife is not left short.
OHIP covers many hospital and doctor costs in Ontario, but it does not pay funeral costs, debts or lost pension income. Life insurance fills that gap for the people you leave behind.
Life Advice Insurance Inc. is an independent broker. We compare 20+ Canadian insurers, such as Manulife, Sun Life, Canada Life and Desjardins, so you see more than one company's price. We serve Kitchener, Waterloo, Cambridge, Guelph, Brampton, Mississauga, Toronto and all of Ontario. Our office is at 912 Isaiah Pl, Kitchener, ON N2E 0B6. We are open Monday to Saturday, 9 a.m. to 9 p.m. (closed Sunday). Call 1-855-500-5041. You can meet in person, or talk by phone if travel is hard.
The price depends on your age, health, smoking status and the amount. We compare 20+ Canadian insurers to give you real quotes for your situation. Permanent coverage costs more. Health and sex change the price a lot.
Yes. Options narrow, but whole life, simplified issue and guaranteed issue plans are available into the 80s with many insurers.
It can be, if you want to make sure funeral costs are covered and don't qualify for cheaper underwritten coverage. Compare the total premiums to the benefit.
Talk to a licensed Life Advice broker
We compare plans from many Canadian insurers and explain the fine print in plain language. Call +1 855-500-5041 (Mon–Sat 9 a.m.–9 p.m.), get a quote on our Life Insurance page, or visit us at 912 Isaiah Pl, Kitchener, ON N2E 0B6.
This article is general information, not advice for your situation. Coverage, prices and rules vary by insurer and can change. Always read your policy wording.
Yes, in many cases. An adult child can own the policy and pay the premiums, with your consent. You still answer the health questions. This is common when children want to cover final costs for a parent.
It usually ends or is reduced. Many plans offer a short window to convert it to a personal policy. Check the deadline with your employer before your last day, and compare the conversion price with new quotes.
Not until the new policy is approved and in force. An older policy may be cheaper than anything you can buy today. Compare both side by side first.
Compare term life insurance quotes from 20+ Canadian insurers on our term life insurance page. You may also like our whole life insurance page. Or visit Life Advice Insurance Inc. at 912 Isaiah Pl, Kitchener, call 1-855-500-5041, Monday to Saturday, 9 a.m. to 9 p.m. Help in English, Hindi and Punjabi.