Life Insurance
  • Frequently Asked Questions

Life insurance is a simple way to help provide some financial security for your loved ones. With Canadian Seniors Life Insurance, you can help your family with funeral costs, tax bills, and future planning when you’re gone. It could allow you to leave behind some money as a gift. With Seniors Choice as long as you keep up with your payments, you’re guaranteed a specific benefit amount, so once it’s in place, you’re protected for life1.

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How much life insurance you need depends on what you want it to do. If you want it to cover tax bills when you’re gone you should consider how much these may be. Likewise, if you want to help cover your funeral expenses you should think about what kind of service you would like. If you simply want to leave a gift behind, you should decide how much you want to leave for your loved ones and how long you want it to last. 

Yes, with Seniors Choice life insurance your monthly premiums will start at a lower amount and will be recalculated each year based on your age and as a result of the 3% automatic benefit amount increase.

You can ask us at any time not to apply the automatic benefit amount increase, in which case your benefit amount will not increase at the next policy anniversary and your premium will rise based on your age only. If you opt out of three increases in a row, the automatic benefit amount increases will be permanently removed from your policy.

General Questions

You can get coverage over the phone with one of our highly trained agents. To get your quote you can call us TOLL FREE at . Our team is available Monday to Friday 9am to 9pm ET (excluding public holidays).

How much your life insurance will cost you depends on your individual circumstances. Here are some of the things that could affect the price of your coverage:

  • Your age at the time of applying
  • Your gender
  • Your smoker status
  • Your chosen benefit amount

With Canadian Seniors premiums can be little as $14.88 per month.3

With Canadian Seniors Life Insurance, you can apply for a minimum of $10,000 and a maximum $250,000 worth of coverage depending on your age. Your age, gender and smoker status will all have an impact on the amount of coverage you can apply for. The amount of coverage you apply for will determine the amount you will pay each month for your premiums. When applying, it’s important to take the time to consider what coverage amount would be right for you and your situation.

Here are the maximum benefit amounts that you can apply for depending on your age at the time of applying:

  • 40 – 60 (Maximum $250k)
  • 61 – 70 (Maximum $200k)
  • 71 – 80 (Maximum $150k)

According to our Cost of Dying Report 2023, your funeral could cost more than $12,000 depending on the choices your loved ones make for the service. Our research shows that, in the last 5 years, a standard funeral service would cost Canadian families an average of $7,828. You can learn more about funeral costs and end of life expenses in our full report. 

Generally, the younger you are when you take out life insurance, the cheaper your premiums could be, and you can apply for larger benefit amounts. However, the decision to purchase life insurance depends on your personal circumstances and needs. Please contact us if you would like to discuss this further.

Whole of life insurance is a type of protection that covers you for life. This means that as long as you keep up with your monthly premium payments, your loved ones are guaranteed a specific benefit amount when you die. Subject to policy terms and conditions.

Our policies are underwritten by Canadian Premier Life Insurance, who work with MIB during the application process. MIB is an organization of insurance companies that operates a confidential database of personal information about individuals, including health information.

When you apply for Canadian Seniors Life Insurance with Seniors Choice, you are required to authorize MIB to provide any medical or personal information that it has about you to Canadian Premier Life Insurance Company, its reinsurers and any MIB authorized third-party service provider acting on Canadian Premier's behalf. As part of your application, you also authorize Canadian Premier to make a brief report of your personal health information to MIB.

You can request a free copy of your MIB Consumer file at www.mib.com, or by calling 866-692-6901 toll-free. You can also seek a correction from MIB if you believe any information held is inaccurate.

Policy Details

With a Canadian Seniors Life Insurance policy, you’re covered immediately for death, from the date your coverage is approved, and the first premium is collected, by any cause excluding suicide in the first 2 years. The 2-year suicide exclusion will also restart from any date of reinstatement.

In the first 2 years of your policy, you will not be covered for death as a result of suicide. After 2 years you will be covered for death by any cause. The 2-year suicide exclusion will also restart from any date of reinstatement.

No, at Seniors Choice we only offer single policies.

Yes, it is possible to have more than one life insurance policy at a time. This can either be with Seniors Choice or another provider. However, you should note that you can only hold policies with Seniors Choice that have a combined benefit amount that is within the limit you can apply for based on your age.

Yes, you are free to cancel your policy at any stage if you feel like you no longer need it. If you choose to cancel your policy within the 30-day period after you received your policy documents, you will get a full refund of any premiums paid. Please be aware that if you decide to cancel your policy after this period, you will not get any money back.

You can apply to make changes to your policy at any time, free of charge. Simply email us at inquiries@seniorschoice.ca and our friendly team of Canadian experts will be on hand to help you.

One of the benefits of choosing Canadian Seniors Life Insurance is that there are no policy fees. As part of our commitment to excellent service, this applies throughout the duration of the policy. So, if in the future you need to make any changes there are no policy fees.

Premiums and Claims

Once a claim has been approved, payment will be made to whoever is legally entitled to it. Usually this will be the beneficiaries designated by you in your application or any subsequent change of beneficiary request. If no one has been designated by you, payment will be made to your estate and will then be distributed according to your will (if applicable) or applicable law.

No. There is no cash-in value at any point of your Seniors Choice policy.

To start the claims process, you or your loved ones will need to email claims@seniorschoice.ca. Once we have received your email, we will send out a form to be completed and returned with the supporting documentation. We aim to process claims as quickly as possible. After the claim is approved, payment will be made to whoever is legally entitled to it. 

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If for any reason you miss a monthly payment you should get in contact with us as soon as possible. To maintain your coverage, it’s important to make sure that you make the missing payment as soon as you can. If you miss two consecutive monthly payments your policy will be cancelled.

Health & lifestyle

Yes, it is possible to get life insurance as a smoker. However, you should be aware that it is usually more expensive for smokers because their risk of dying is higher than a non-smoker. It is important to be truthful about your smoking status during the application process, and failure to do so may result in your policy being invalidated.

Yes, if you have a Canadian Seniors Life Insurance policy and were to subsequently pass away as a result of Covid-19, you would be covered under your policy.

If you leave your job for any reason, your coverage may cease, and you could be left without adequate protection. So, you may want to consider taking out your own life insurance policy.

With Seniors Choice you have coverage from day one of your policy, excluding suicide within the first 2 years. After that 2 year period you will be covered for death by any cause.

Choose peace of mind with Seniors Choice

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1

Excluding suicide in the first 2 years.

2

Not yet available in Quebec.

3

For a 51-year-old female non-smoker with $20,000 of coverage.