life insurance canada
Life insurance for those aged 50 and over
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Life insurance for 50-55 year olds+: compare in 2 minutes!
With age, finding truly advantageous life insurance often becomes more complex. Medical requirements can complicate the process and make the process more difficult. However, needs evolve at age 50 and beyond: it's no longer just about protecting yourself, but also about providing lasting financial support for your children and grandchildren, preparing for your family's future, covering potential debts, and planning for funeral expenses.
Can you still take out life insurance after 50?
Although most Quebecers take out life insurance between the ages of 25 and 45, it is entirely possible to obtain one after the age of 50.
The good news? Premiums generally remain affordable for most people. Many insurers even agree to cover new customers up to age 75.
Several factors can influence the eligibility and cost of life insurance after age 50, including:
The exact age
General health
Whether or not you are a smoker
Family medical history
The way of life
The desired coverage amount
The type of insurance policy chosen
And many other criteria!
To get a personalized estimate, you can easily compare prices according to your age by filling out the free form available on this page.
Are there affordable bonuses after 50?
Several factors influence your options.
Your financial situation and health play an important role in determining the type of life insurance available after age 50. We detail all of this information further down in this article.
Who is no medical exam life insurance for? This type of coverage is often offered to people who have been rejected by other insurers or insurance companies. It's important not to consider this option as your first choice. Only opt for no medical exam insurance once you've explored all other options.
Why is this important? Once your application is approved, your beneficiaries will be able to receive the benefits they expect with complete peace of mind. This thoughtful gesture ensures a stable, generous, and well-managed estate.
50+ Life Insurance: The Ideal Coverage at the Best Price?
First and foremost, it's important to understand that 50+ life insurance plans offered by companies like Desjardins, Manulife, and many others won't necessarily meet all of your criteria, especially when it comes to cost. Their popularity and the publicity surrounding them make them more accessible, but that doesn't mean they're the most economical.
Also note that it is not mandatory to take out so-called "50+" insurance after this age. In fact, these products are often up to 25% more expensive for less generous coverage.
If you're unsure, feel free to fill out the form at the top of this page. A life insurance expert—one of our partners—will contact you with a personalized proposal. Don't forget to include any steps you've already taken in the "Other details" field to better guide their analysis.
Carry out a financial assessment to better understand life insurance after 50.
Start with a financial assessment before choosing your life insurance
Before considering the different types of life insurance, it's essential to assess your needs based on your income and financial capacity. This step is called a financial assessment, and it provides a solid foundation for determining your current obligations and post-mortem goals.
1. Take inventory of your assets
Make a complete list of your uninsured assets, such as:
Your financial investments
Your real estate
Your vehicles
Any other property belonging to you
Add up the total value of these items: this sum represents your assets.
2. Identify your liabilities
Now calculate the expenses you want to remove from your estate:
Funeral costs
Current year taxes
Costs associated with selling your property
Your personal debts (not covered by insurance)
Then add the amounts you wish to leave to your heirs (for example, fixed sums for your children or relatives).
All of these elements constitute your passive.
Trick : Make sure you only take into account uninsured amounts, to avoid double calculations.
3. Analyze the difference between your assets and liabilities
The difference between your assets and liabilities gives you a clear estimate of your real need for life insuranceThis calculation will help you choose coverage that is right for your situation.
If you need help, a financial security advisor can guide you through this exercise.
Now that you have a clear idea of your needs, let's explore the life insurance options available to you to cover these financial obligations.
Term life insurance after 50: an option to consider!
Since the beginning of this article, we've been making a distinction between mortgage insurance and mortgage life insurance. They are, in fact, two very different products.
We have already highlighted the many advantages of mortgage life insurance over traditional mortgage insurance.
To help you better understand these differences, we have prepared a comparison table that summarizes the main distinctions between these two types of insurance.
This table will help you see why mortgage life insurance is generally a more advantageous option.
To receive a FREE quote tailored to your current situation,
Simply fill out the form on this page. A partner broker will contact you (click the button below).
50+ life insurance: protection without a medical exam
50+ life insurance is generally a last resort—one to consider when other options are no longer available. Indeed, by opting for insurance without a medical exam, the insurer takes on a higher risk, which translates into higher monthly premiums.
The advantages of 50+ life insurance
Despite its limitations, this formula still offers certain advantages:
No medical exam required, which is ideal if your health condition makes it difficult to access other types of life insurance.
Fixed premium for life : once the contract is signed, your premium will not change, regardless of how your health evolves.
Guaranteed coverage amount : according to the insurer, a capital ranging from $5,000 to $25,000 will be paid to your beneficiaries.
Enhanced protection in the event of accidental death before 85 years: in this case, the amount can be multiplied by five.
Although the benefits are more limited compared to other types of life insurance, 50+ life insurance remains a useful solution for those who no longer have access to traditional options.
How to apply?
To subscribe to the life insurance that suits you, fill out the form available on this page. If you are interested in 50+ life insurance, don't forget to specify it in the field “Other details and clarifications”.
Benefit #1 of taking out life insurance at age 50 and over: Save your loved ones from funeral costs
Funeral costs have been steadily increasing over the years. However, over the past decade, there has been a transformation in the sector, particularly due to the growing use of cremation. While this option can reduce costs, it remains difficult to plan a funeral for less than $4,500.
By purchasing life insurance, you can plan for these expenses in advance and spare your loved ones this financial burden. You also have the option to specify your preferences, whether embalming or cremation, right away. In fact, in Quebec, approximately 60% of people opt for cremation to limit costs.
Trick : By becoming a member of a funeral cooperative, you can save several thousand dollars on the costs associated with your funeral.
Current expenses: coffin or funeral urn, commemorative plaque or tombstone.
Overview of average funeral costs in Quebec
After consulting different funeral services across Quebec, here are the average prices observed according to the type of funeral ceremony:
Traditional funeral
This package includes a viewing in the afternoon and evening, followed by the funeral the following day. The body is then transported to the church for the religious ceremony, then transferred to the cemetery or crematorium.
Average cost: $6,500
In addition, there are the religious services, cemetery or columbarium fees, and taxes.Modern funerals
This option offers a short viewing, followed by a religious ceremony at the funeral complex on the same day, before transfer to the crematorium.
Average cost: $4,500
Not to mention: religious services, cemetery or columbarium, and taxes.Funeral with urn present
In this case, cremation is performed beforehand. The family and loved ones then gather at the funeral home for a moment of reflection, followed by a tribute and a short civil ceremony.
Average cost: $2,850
Additional fees include: religious service (if desired), cemetery or columbarium placement, and taxes.
Differences between funeral pre-arrangements and final expense insurance
Funeral costs can quickly add up, placing a significant financial burden on your loved ones if not planned for.
Aside from traditional life insurance, there are two options available to you to prevent your family from having to bear these costs: funeral pre-arrangements and thelife insurance for final expensesIn the first case, you pay all the costs related to your funeral in advance, while in the second, you pay an affordable monthly premium that will cover these expenses when the time comes.
Funeral pre-arrangements
This solution involves contacting a funeral home to establish two separate contracts. The first covers the funeral services themselves (location, services, supplies, etc.). The second concerns your burial site (purchase of a plot in a cemetery or space in a columbarium).
Please note: Funeral directors make a profit from your deposit until the day of your death.
Some of these companies may offer monthly installments—often around $50—and tout this as an ideal solution. Be careful: their goal remains profit-making, and they capitalize on customers' emotional vulnerability. Further down this page, you'll find less expensive solutions that also allow for effective funeral planning.
Final expense life insurance
This second option involves taking out insurance specifically designed to cover end-of-life expenses. It can significantly reduce the financial burden on your loved ones while being cost-effective: monthly premiums are generally around $20.
Like any life insurance policy, you can compare it with different insurers to find the best deal. If you're interested in this option, please indicate your preference in the "Other details and specifications" section of the form at the top of this page.
Life insurance: a much more advantageous option
To better illustrate how excessive funeral company offers can be, here are two concrete examples of what you could get with life insurance. These estimates, made in August 2017, are subject to change over time.
Example 1
By paying the same monthly payment as that offered by a funeral company, either 50 $ by Month, you could get life insurance from 195 000 $. After covering funeral expenses estimated at 10 000 $, he would remain 185 000 $ to pass on to your loved ones. This 20-year temporary insurance is intended for a 50-year-old non-smoking woman.
Example 2
Another scenario: you prefer to save. For a 50-year-old non-smoking man, temporary insurance of 50 000 $ would only cost 27 $ by month (according to an online calculation tool). This way, you can cover your funeral expenses and leave a small inheritance without breaking the bank.
Beware of funeral company practices
Some funeral homes exploit the emotions of grieving families to make them spend considerable sums of money. Before committing, take the time to compare the different options available. Life insurance can offer you much greater peace of mind.
Benefit #2 of life insurance after 50: Pass on an inheritance directly to your grandchildren
Starting in their 50s, many people feel a deep desire to leave a meaningful legacy to their loved ones. If you already have group insurance through your job, personal life insurance can allow you to leave an additional amount to your loved ones.
This can be a real financial boost for your children and grandchildren, especially if the insured capital is substantial. Let's take the example of a reasonable amount of $100,000, distributed as follows:
$10,000 to cover funeral expenses
$30,000 for your spouse
$20,000 for your son
$20,000 for your daughter
$10,000 to each of your two grandchildren
And that's just the beginning: your other assets, such as your investments, group insurance, or mortgage, will complement this legacy. With a single gesture, you can significantly ease the financial burden on your loved ones. A true gift from the heart.
Does disability insurance really help? Life insurance after age 50.
Disability insurance is primarily intended for people who do not have group insurance at work. In the event of an accident or illness, a monthly pension will be paid for a period of time you determine (between 2 years, 5 years, or up to age 65). The amount of the pension depends on your choice (between $400 and $10,000). In the event of a critical illness such as cancer or a stroke, your pension will be multiplied by 5.
Protect your income, as it helps cover the most important payments in your life (mortgage, groceries, investments, insurance, retirement goals). If you own a business, special disability insurance plans are available to cover you. Request specialist assistance using the form (you'll be connected to one of our partner brokers) on this page.
Critical illness insurance: an increasingly popular option for seniors
Critical illness insurance helps ease the financial burden of being diagnosed with a serious illness. These conditions can generate significant costs that are not always covered by public insurance.
Intended for people aged 50 and over, this insurance offers in particular:
A large lump sum that can be used to pay off debt or finance your personal needs.
The possibility of receiving this payment even if you are still employed.
Each insurance company offers different terms and conditions. For advice tailored to your situation, don't hesitate to contact one of our many partner brokers in Quebec. Simply fill out the form on this page and ask your question in the "Other details and clarifications" section.
Life insurance after 50: striking statistics on critical illnesses
Cancer
According to the Canadian Cancer Society, one in three Canadians will be diagnosed with cancer during their lifetime. The disease is now the leading cause of death in the country, far surpassing traffic accidents. However, thanks to medical advances, more than one in two people diagnosed with cancer survive—62% to be precise.
Every week, approximately 3,340 Canadians learn they have cancer. In 2006, the most common forms were breast cancer in women and prostate cancer in men.
Lung cancer, on the other hand, is responsible for 27% of cancer-related deaths, making it the most deadly form of the disease.
Heart disease
The Heart and Stroke Foundation reported in 2011 that 90% of Canadians have at least one risk factor for stroke or heart disease. These diseases are the second leading cause of death in Canada. Each year, more than 70,000 heart attacks occur—one every 7 minutes. Approximately 1.3 million Canadians are living with heart disease. The good news: 89% survive a first heart attack.
Regarding strokes, although the survival rate is 85%, only one in ten people fully recover. Cardiovascular disease is now the leading cause of hospitalization in Canada. After age 55, the risk of stroke doubles every 10 years. And among survivors, 20% are at risk of suffering another stroke within the next two years.
Strokes are so serious that they are the third leading cause of death in the country.
Paralysis
According to the Canadian Paraplegia Society, in 2011, 41% of spinal cord injuries were caused by road accidents. Each year, approximately 900 new cases of paralysis are recorded, highlighting the importance of prevention and adequate life insurance coverage.
What is accident insurance for? Is life insurance popular among those aged 50 and over?
Accident insurance provides financial protection in the event of an unforeseen mishap, whether it's a car accident, drowning, a fall, or even an injury while working. It provides benefits in a variety of situations, including:
✓ In case of a fracture of a limb
✓ For the reimbursement of medical or paramedical expenses
✓ In the event of loss of use of a limb or mutilation
✓ In the event of accidental death
✓ To cover certain related costs (studies, transportation, accommodation, dental care)
Why is this insurance relevant?
Work accidents:
According to the Commission des normes, de l’équité, de la santé et de la sécurité du travail (2015), 81,765 workers were victims of a work accident, an average of 224 incidents per day.
Road accidents:
According to Statistics Canada, in 2015, there were 10,280 people seriously injured and 161,902 victims with injuries of varying severity following road accidents.
Accessible coverage
Most reputable life insurance companies offer accident insurance without requiring a prior medical exam, and the premiums are generally affordable.
Interested? It only takes a few minutes to fill out the form available on this page. A partner broker, based near you, will then contact you to offer you the solution best suited to your needs.
Is life insurance coverage suitable for the needs of seniors?
No-medical life insurance: an advantageous option for those aged 50 and over
50+ life insurance under the microscope: who is it for and is it worth the cost?
50+ life insurance is specifically designed for people who, due to serious health problems, are systematically denied traditional life insurance coverage. It is particularly suitable for:
Those who have survived a stroke or a heart attack;
Diabetics on long-term insulin;
People who have overcome cancer or are suffering from other serious illnesses.
A higher price: is it justified?
Yes, it's perfectly normal for premiums to be higher for 50+ life insurance. Without a full medical exam, the insurer is taking a greater risk by covering you. You provide less information about your health, and the insurance company adjusts its rates accordingly.
Compare before you commit
Before purchasing 50+ life insurance, it's strongly recommended that you compare offers from several companies. Each applies its own criteria and scales, which can make a big difference in the amount of your premium or the coverage offered. Don't rush into things: by shopping around, you may find a solution better suited to your situation. A good choice today can make all the difference for your loved ones tomorrow.
50+ Life Insurance and the Myth of the Medical Exam
Contrary to popular belief, taking out 50+ life insurance generally doesn't require a trip to the hospital or a battery of medical tests. In most cases, a simple form to fill out at home is all that's required. Occasionally, a nurse will come to your home to perform a blood test, but this is an exception.
When 50+ life insurance becomes the only option
In some cases, 50+ life insurance is the only viable solution. However, it's important to note that some companies impose restrictions if death occurs within the first two years of signing the policy. These clauses vary from one insurer to another, so it's important to read the terms and conditions carefully.
The advantages of 50+ life insurance:
Guaranteed approval*
Accumulation of AIR MILES® miles (with some insurers)
Coverage ranging from $5,000 to $25,000
20% discount on premiums for non-smokers
Fixed lifetime premiums
Compensation multiplied by 5 in the event of accidental death before the age of 85
Advance of 50% of the capital in the event of diagnosis of terminal illness (in certain cases, after 2 years of contract)
Approval is guaranteed unless a terminal illness has been diagnosed before applying. In this case, unfortunately, it is too late to obtain any type of life insurance.
Overview of premium costs for 50+ life insurance
The amounts indicated below are provided for information purposes only, based on statistical data compared in August 2017. Rates can vary considerably between insurance companies.
Need help making the right choice?
If you find that premiums are too high and the choice is becoming complex, don't face this decision alone. A financial planner or insurance broker can assist you and help you see things more clearly. For personalized advice, simply contact us. fill out the form on this pageOne of our expert partners will contact you shortly with a solution tailored to your situation. Chances are, they've already helped people facing similar challenges to yours.