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The Best Term Life Insurance If You’re Over 50

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Written by: Helene Fleischer
Content Marketing Manager
Edited by: Kathleen Flear
Director of Content Marketing
Updated
October 30, 2025

PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.

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Key Takeaways
  • Term coverage for older Canadians should last as long as there are dependents and debts, with 10- and 20-year terms being common.
  • Term coverage is more affordable than whole life and final expense insurance.
  • Life insurance costs are typically higher for people in poor health, men, and smokers.

Life insurance options for people over 50

There are three types of life insurance for seniors in Canada:

Let’s break them down further:

 
Term life insurance
Whole life insurance
Final expense insurance
Best for
Most Canadians over 50 who still have financial obligations (like a mortgage or dependents)
Those focused on estate planning, covering final expenses, or leaving a guaranteed legacy, who do not have other savings/investments
Canadians who only want to cover end-of-life costs (funeral, medical bills, small debts)
Coverage length
Set term (typically 10–30 years)
Lifelong (permanent life insurance)
Lifelong
Premium cost
Lower than permanent coverage
Higher than term coverage
Higher than term, but lower than whole life
Premium payments
End when the term ends
Typically paid until you die
Typically paid until you die
Death benefit
Paid if you pass away during the term
Paid no matter when you die
Paid no matter when you die
Payout amount
Typically higher than final expense coverage
Moderate
Smaller—just enough for funeral costs
Benefits
Affordable protection during your working and retirement-saving years
Guaranteed lifetime coverage, fixed premiums, builds cash value over time
Simplified application and guaranteed payout for funeral expenses
Drawbacks
Only pays out if death occurs during the term
Expensive and may not be worth it if you already have savings
Limited coverage amount

Many of the best life insurance companies in Canada offer riders and add-ons to customize your coverage, such as disability insurance, critical illness, and return of premium options. These increase the cost of the policy and are not always necessary.

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Is your current life insurance policy ending?

If you already have a policy that’s about to expire, your situation is a little different. Your options are to extend the term (and get a new, higher premium), convert to permanent coverage (keep your same premium with no medical exam), or shop for a new policy.

Premiums for new term policies increase as you get older. If you don’t yet have life insurance coverage, now is a great time to get a quote for a term policy and ensure financial security for your family members and loved ones.

See how affordable term life insurance can be.

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How much does life insurance for ages 50+ cost?

The cost of life insurance in Canada for a 50-year-old is, on average, between $25 and $130 per month for nonsmokers with moderate coverage.

  • Shorter terms mean lower life insurance rates
  • The higher the coverage, the more you’ll pay
  • Women pay less than men for similar coverage
  • Smokers pay more than nonsmokers—typically 2–3x as much

Some insurance companies offer better rates than others for older people. Here are sample PolicyMe monthly rates for 10-year and 20-year terms for nonsmoking 50-year-olds in Canada:

Sex at birth
Coverage amount
10-year term
20-year term
Male
$250,000
$34.76
$64.73
Female
$250,000
$24.98
$44.13
Male
$500,000
$57.86
$126.23
Female
$500,000
$41.25
$76.60

* Smokers can expect to pay more for similar coverage

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Beneficiary designations

Make sure your beneficiary designations are up to date. Review your beneficiaries after life events like marriage, divorce, and the birth of a child. You can also speak with an advisor about designating a charity.

Factors that impact premiums for life insurance over 50

Age is a major factor in determining life insurance premiums, but it’s not the only one. Insurers will also look at your:

What can increase your premium? Certain factors signal a higher likelihood of a claim, which drives up your cost. These include:

  • Being older or male
  • Smoking or frequent alcohol use
  • Being overweight
  • Having a history of medical issues (personal or family)

The higher the insurer’s perceived risk, the more you’ll pay for your policy.

What can decrease your premium? Insurers offer lower-risk applicants the best rates, which means you may pay less for coverage if you:

  • Are younger or female
  • Are in good health
  • Don’t smoke or drink
  • Maintain a healthy weight and lifestyle
  • Have no major pre-existing conditions or family health issues/concerns

Remember: It’s important to be honest with your insurer when applying for coverage. You could forfeit your payout if they discover you’ve lied or omitted the truth, either intentionally or unintentionally.

“When your budget is tight, you can save on your life insurance premiums by shortening the term length or reducing the coverage amount. Consider that if you’re covering something like a mortgage, maintaining the term length is more important since the outstanding balance gets reduced over time. Same applies if you’re looking to leave behind some cash for children in the event of a premature death.” —Emil Daniel, Life Insurance Advisor

Is life insurance worth it if you’re over 50?

Life insurance can be worth it when you’re 50 years or older if someone would face financial hardship after your death, or if you want to leave a legacy behind and have no other way to do so.

If your passing wouldn’t create any financial hardship for loved ones, you may not need life insurance coverage. Assess your insurance needs, end-of-life expenses, and financial plan before you make a decision. 

Here are some situations in which life insurance might make sense if you’re 50 or older:

  • You have dependents who rely on your income (spouse, kids, aging parents)
  • You have a mortgage or other large debts
  • You do not have any money set aside for an inheritance or legacy donation

On the other hand, coverage is probably not necessary if the following apply to you:

  • You don’t have any dependents, and your spouse is not reliant on your income
  • You don’t have any financial obligations, like a mortgage
  • You have plenty of savings to cover final expenses and leave a legacy, if you wish

If you’re on a fixed income and premiums would stretch your budget, life insurance may not be the best choice. While it’s natural to want to leave a tax-free gift to your loved ones, your policy should never come at the expense of your own financial stability.

“Generally between the ages of 50 and 60, you’re coming to the end of your first term and considering whether to get term into retirement age or opt in for a more expensive whole-life plan that’s going to act as final expense coverage whenever you pass away. The need for insurance is not significant, but you’re looking for final expense coverage.” —Erik Heidebrecht, Life Insurance Advisor.

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FAQ: Best life insurance for over 50

Laura brings 7 years of experience working in insurance & strategic operations as a management consultant at Oliver Wyman, after experiences at Manulife and Munich Re. In 2017, she launched a successful initiative for the World Economic Forum focused on innovation in insurance, working closely with insurers, tech pioneers, and policy-makers.

Laura brings 7 years of experience working in insurance & strategic operations as a management consultant at Oliver Wyman, after experiences at Manulife and Munich Re. In 2017, she launched a successful initiative for the World Economic Forum focused on innovation in insurance, working closely with insurers, tech pioneers, and policy-makers.