Life insurance for seniors

Leave a legacy for your loved ones with a life insurance policy.

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Last updated: October 22, 2025

Why is life insurance important for seniors?

The significance of having a plan for your finances often increases as you advance in age.  A critical part of this planning may include securing a suitable life insurance policy. Why? Because life insurance can offer financial security for your loved ones after you die.

At Sun Life, we understand the unique life insurance needs of older adults. We offer a variety of policies that are suitable for all life stages, including for people age 65+ . From term life insurance to whole life insurance, our policies can help provide you with peace of mind and financial security.

What are the benefits of life insurance for seniors?

As you grow older you may find yourself wanting to protect your loved ones in the event of your death. Here are some key benefits and reasons for why you may want to consider life insurance as an older adult:

Provide funds for final expenses

Life insurance can help cover funeral costs, medical bills, outstanding debts, and other final expenses that may not be covered by other assets. This can help relieve the financial burden on your surviving family members.

Learn more about life insurance for funeral and burial costs

Protect retirement income and assets

The death of a spouse can affect retirement income and assets if there is no life insurance. Proceeds from a policy can help the surviving spouse maintain their standard of living in retirement and provide funds to help pay taxes that may arise upon death.

Estate planning purposes

Without life insurance, other assets like the family home or investments may need to be sold to cover final taxes . Life insurance can help protect these legacy assets from being sold off prematurely. Life insurance can also help equalize inheritances, pay estate taxes, or leave money to charity.

Legacy for heirs

You may want to leave something to your children and grandchildren. Life insurance allows you to do so in a tax-advantaged way versus relying solely on assets in your estate.

Find out how to make your money last for generations

Life insurance options for seniors

Several options are available when considering life insurance as an older adult. Understanding these different types can help you make an informed decision suitable for your needs:

Term life insurance

Term life insurance is coverage that lasts for a defined term. It can be a good choice for older adults who still have financial obligations like a mortgage or outstanding debt. You can choose how long you want your term policy to last, but coverage will end at age 85.

Learn more about term life insurance for seniors

Whole life insurance

Whole life insurance can provide lifetime coverage and build cash value over time. A type of permanent life insurance, it gives your beneficiaries a tax-free payment after you die (called a death benefit). Your beneficiaries can use the money from the death benefit any way they want, including for final expenses and funeral costs.

Learn more about whole life insurance

Guaranteed life insurance

Guaranteed life insurance is a type of life insurance you can get without having to provide any medical details or answer any health questions. We guarantee your approval regardless of your state of health.

Learn more about guaranteed life insurance

Ready to pick a life insurance product that fits your needs as a senior? Or maybe you’re not sure and have additional questions?

A Sun Life advisor can discuss your options and help you set up an insurance plan that meets your needs.

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Frequently Asked Questions

For Canadian residents aged 60 and above, Sun Life's term life policies provide a lump-sum payment with coverage up to age 85, making them ideal for shorter-term needs.

Learn more about term life insurance for seniors

Adults age 60+ seeking longer term protection may consider our permanent insurance solutions. These policies maintain steady premiums and provide lifelong coverage, regardless of future health changes.

Our advisors work with you to determine the right balance of coverage and cost based on your current situation. Connect with a Sun Life advisor for more detailed information.

When you reach age 70, finding the right life insurance requires careful consideration of your health situation and coverage needs. At Sun Life, we offer policies that require fewer medical questions, making the application process easier for older adults with health issues.

Sun Life Go Guaranteed Life Insurance  provides lifetime protection without a medical exam, giving you peace of mind regardless of your medical history. The coverage remains stable and premiums stay fixed, helping you maintain consistent monthly budgeting.

For older adults seeking more comprehensive coverage,  Sun Life advisors can help you find  permanent life insurance solutions  so that you may build cash value while protecting your legacy. These policies offer flexible payment options and can be customized to match your retirement planning goals. 

Connect with an advisor to get a customized quote

The monthly life insurance premium for older adults  varies based on age, assigned sex at birth, health status, smoking status, and coverage amount. A $25,000 whole life policy may range from $42 to $550 for men and $34 to $316 for women.*

Connect with a Sun Life advisor to get a customized quote

* These premium rates are estimates that apply as of September 2025 and are subject to change.

Making the right choice between whole and term life insurance depends on your long-term goals. Term life insurance offers more affordable premiums and works well for specific needs like covering a mortgage or providing income replacement for your spouse.

Whole life insurance, while carrying higher premiums, guarantees lifelong protection and builds cash value you can access during retirement. This option proves valuable for older adults focused on estate planning or leaving a lasting legacy.

Some people choose both options to balance their needs - term coverage for short-term obligations (e.g. a mortgage) and whole life for long-term needs (e.g. financial protection for your family).

Connect with a Sun Life advisor to find out which insurance products meet your needs

Additional resources

How much life insurance do you need?

We’ll give you a personalized estimate.

Try our life insurance calculator

Term life insurance for seniors

Get temporary coverage for specific needs.

Learn more about term for seniors

This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.