Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario, CEA®, Member of the Estate Planning Council Canada
What makes it difficult to get life insurance in Canada?
Getting life insurance in Canada can become more challenging as you get older or if you have health concerns, but it is often far from impossible.
Insurance companies evaluate factors such as age, medical history, medications, family health history, occupation, and lifestyle to determine eligibility and pricing. Every insurance company has its own underwriting guidelines, so a decision from one insurer does not necessarily reflect what another company will offer.
In many cases, the challenge is not qualifying for insurance, but finding the company that is the best fit for your unique circumstances.
Does working with a good life insurance broker make a difference?
Yes, working with an experienced independent life insurance broker can make a significant difference.
Rather than representing a single insurance company, an independent broker can compare multiple insurers, each with different underwriting philosophies and product designs. A broker who understands estate planning, tax planning, and medical underwriting can often identify solutions that someone working with only one company may never see.
The right advice can mean the difference between being declined, paying too much, or obtaining coverage that truly supports your long-term goals.
Can you get life insurance if you have a high-risk job or hobbies?
Yes, many Canadians with high-risk occupations or hobbies are still able to obtain life insurance.
Activities such as flying, scuba diving, mountain climbing, or certain occupations may result in additional underwriting or higher premiums, but they do not automatically prevent you from qualifying. Some insurance companies are more accommodating than others when evaluating these risks.
By comparing multiple insurers, it is often possible to find coverage that fits your situation at a competitive price.
How can you get coverage more easily?
The best way to improve your chances of obtaining life insurance is to work with an advisor who has access to multiple insurance companies and understands how each insurer evaluates different health conditions and risk factors.
Providing complete and accurate medical information from the beginning also helps avoid unnecessary delays. In some situations, waiting a period of time after a medical procedure or improving a health condition can result in better underwriting.
Most importantly, applying while you are younger and healthier usually provides more options and lower premiums.
Case Study: Getting Life Insurance in Your 70s
One of our clients was in their early 70s and had previously been declined for life insurance because of their medical history, including a past cancer diagnosis.
They believed they would never qualify for coverage and had accepted that their estate would have to absorb a significant tax liability. After reviewing their medical records and understanding the reason for the decline, we approached a different insurance company whose underwriting guidelines were more appropriate for their situation.
The client was approved for permanent life insurance, giving their family the liquidity needed to help pay future estate taxes and preserve more of their wealth. This experience reinforced an important lesson.
Not all insurance companies assess risk the same way, and being declined by one insurer does not mean you cannot qualify elsewhere.
Working with a broker who represents multiple companies can often uncover solutions that would otherwise be missed.
Where should I buy life insurance in Ontario?
There is no single insurance company that is the best choice for everyone.
The right solution depends on your health, age, financial goals, family situation, and the reason you are purchasing life insurance. At Strategic Wealth Protection Partners (SWPP), we take the time to understand your complete situation before recommending an insurance company or policy.
Because we work with many of Canada’s leading insurers, we can often identify solutions for clients who have been declined elsewhere or find a company whose underwriting guidelines and products are a better fit for your unique circumstances.
Our goal is simple: to find the right insurance company and the right strategy for you, not the other way around.
Discover the Benefits of a Tax-Savvy Life Insurance Strategy
Are you an Ontario resident who wants to protect, build, and transfer your wealth seamlessly to the next generation without excess taxation or family drama?
At Strategic Wealth Protection Partners, we’re here to guide you through every step of the estate planning and life insurance process with expert advice and personalized support.
Find out more about how you can use life insurance to secure your family’s legacy and build generational wealth. Schedule a Life Insurance & Estate Planning Clarity Call.
Avoid the Biggest Wealth Killer in Canada
Taxation is the biggest wealth killer in Canada.
If you’ve worked hard and built substantial assets, then it’s frustrating to know that 50% or more of your assets will go to the government when you die.
That’s where SWPP can help.
We create estate planning and life insurance strategies designed to secure your family’s legacy and preserve generational wealth.
But planning your legacy is about more than numbers. It’s about ensuring your family remembers you and your values are honoured for many years to come.
Estate planning, life insurance, and generational wealth planning can be confusing and complex.
With our comprehensive Living Estate Plan process, we make it easier for you. We’ll do a full assessment and walk you through all of your options including trusts and insurance.
From there, you can take action knowing what the real numbers are and how they’ll affect your family and your wealth.
Read More
If you’re considering life insurance for estate planning, you may find these articles helpful:
- How Much Life Insurance Should I Have at 40 Years Old?
- How much is a $1,000,000 life insurance policy for a 60-year-old man in Canada?
- Is It Worth Buying Universal Life Insurance in Canada?
About the Author
RON COOKE, PRESIDENT & FOUNDER OF STRATEGIC WEALTH PROTECTION PARTNERS
With over 30 years in financial services, I’ve seen the challenges families face when a loved one passes—lost assets, unnecessary taxes, and emotional stress. That’s why I created the Living Estate Plan, a comprehensive process to protect assets, eliminate estate and probate fees, and create legacies that are remembered for many years to come.
This plan ensures your family receives not just your wealth, but a meaningful reminder of your care and love. Tools like The Final Word Journal capture your story, wishes, and essential details, offering clarity and comfort during difficult times.
Your final gift should be more than money—it should be peace of mind, cherished memories, and an organized estate.
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