{"id":32730,"date":"2025-12-02T10:13:44","date_gmt":"2025-12-02T15:13:44","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?p=32730"},"modified":"2025-12-18T14:56:39","modified_gmt":"2025-12-18T19:56:39","slug":"do-you-need-life-insurance-when-retired-canada","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada","title":{"rendered":"Do You Need Life Insurance When You Are Retired?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Do You Need Life Insurance When You Are Retired?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2025-12-02T10:13:44-05:00\">December 2, 2025<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">8 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Sandy Yong\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Sandy Yong<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Life insurance for retirement.\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp 1074w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp?resize=300,200 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp?resize=768,512 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp?resize=1024,683 1024w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-retirement.webp?resize=412,275 412w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Do You Need Life Insurance When You Are Retired? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Understanding life insurance in retirement<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-understanding-life-insurance-in-retirement\">Understanding life insurance in retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-to-consider-before-getting-life-insurance-in-retirement\">What to consider before getting life insurance in retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-when-life-insurance-may-not-be-necessary-in-retirement\">When life insurance may not be necessary in retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-compare-life-insurance-for-retirees\">Compare life insurance for retirees<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-life-insurance-during-retirement-is-not-one-size-fits-all\">Life insurance during retirement is not one-size-fits-all<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Life insurance is sometimes viewed as something for younger Canadians. Typically, people envision they only need it to protect them while raising a family, paying off a mortgage, or running a small business. While that may be true for some, what about Canadians who have reached or are nearing retirement? Do they still need life insurance?<\/p>\n\n\n\n<p>Over the years, your financial situation evolves. If you had children, by now they may have grown up and have moved out on their own. Your mortgage may be smaller or paid off entirely. Or perhaps you\u2019re looking to wind down your business operations. You may wonder if life insurance still fits into your financial plan when you\u2019re older.<\/p>\n\n\n\n<p>In this guide, we\u2019ll cover the reasons why you may need life insurance when you\u2019re retired, the key factors to consider, and how to choose the appropriate coverage for your goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Life insurance for retirees may help to cover debts, end-of-life expenses, or leave a legacy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The decision to have life insurance will depend on factors such as whether you\u2019re debt-free, have dependents, have sufficient savings, or have estate planning goals.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have life insurance through your current employer, upon retirement, you will likely lose your coverage, so you should consider a private plan.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>There are various types of life insurance available, including term life insurance and permanent life insurance. Choosing the right policy depends on your needs, lifestyle, and priorities.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-life-insurance-in-retirement\">Understanding life insurance in retirement<\/h2>\n\n\n\n<p>When retirement is on the horizon, it\u2019s essential to have <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/create-the-right-retirement-income-plan\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"created a retirement plan\" class=\"rbc-link-format\">created a retirement plan<\/a>. For those who have life insurance, elderly individuals can take comfort knowing that they\u2019re financially protecting their loved ones. It also serves as a safety net to replace lost income or cover future expenses. Furthermore, if there\u2019s any lingering debt during retirement, life insurance could be a viable solution to help repay costs in the event of a passing, so it doesn\u2019t come out of your estate.<\/p>\n\n\n\n<p>Once you retire, your priorities will likely shift. You may want to leave a legacy or donate to charitable organizations that are dear to you. Life insurance as a senior can help play an important role in ensuring you reach those goals while your financial well-being is taken care of.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-to-consider-before-getting-life-insurance-in-retirement\">What to consider before getting life insurance in retirement<\/h2>\n\n\n\n<p>Adding life insurance to your financial planning goals can be a long-term commitment. There are a multitude of factors to consider before you decide if life insurance can help meet the needs of your financial situation.<\/p>\n\n\n\n<p>Here are some essential questions to ask yourself:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Do you have dependents?<\/h3>\n\n\n\n<p>Consider whether you have family members who rely on you financially and need to be provided for after you\u2019re gone. For example, you may have a mortgage, children or grandchildren who need assistance paying for their post-secondary education, or you wish to leave them a legacy.<\/p>\n\n\n\n<p>Another thing to consider is whether you have a spouse who would depend on your retirement income in the event of your passing. Your retirement income may include your Canada Pension Plan (CPP), Old Age Security (OAS), or any pension benefits from an employer. In these instances, a life insurance payout could replace a portion of your lost income, helping your partner maintain their standard of living after you\u2019ve gone.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Do you have outstanding debts?<\/h3>\n\n\n\n<p>Being retired doesn\u2019t necessarily mean being debt-free. You may still carry a mortgage, car loan, or consumer debt into your later years. One benefit to life insurance is that it can help cover those debt obligations when you pass away. That way, your loved ones aren\u2019t burdened financially.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Do you have money to cover your final expenses?<\/h3>\n\n\n\n<p>In Canada, the <a href=\"https:\/\/www.thestar.com\/business\/the-cost-of-dying-in-canada-is-skyrocketing-why-funeral-providers-say-ottawa-needs-to\/article_f1ce28b8-eaba-11ee-84c9-370c6f545e04.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-32730-1a6d5163\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"cost of a funeral\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">cost of a funeral<\/a> can vary based on the type of service you choose. For instance, cremation costs from $2,000 to $5,000. In contrast, the cost of a burial ranges from $5,000 to $10,000 or more in Canada. Life insurance for seniors can help cover your final expenses, as well as medical bills even when you\u2019re retired.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Do you want to leave a legacy?<\/h3>\n\n\n\n<p>For some older Canadians, life insurance is a meaningful way to leave a financial legacy to loved ones or a charitable cause. This generous gesture allows you to give back and support those who matter the most to you. Because the payout from life insurance is tax-free, it serves as an efficient tool to achieve these goals and transfer wealth to the next generation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Will it help with estate planning?<\/h3>\n\n\n\n<p>Life insurance could help with estate planning by providing funds to cover any taxes owed after death. That means your heirs receive the full value of your estate without needing to sell property or other assets to pay those tax bills.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>What is your current health?<\/h3>\n\n\n\n<p>It\u2019s important to understand that your health or any preexisting conditions will impact the cost and availability of life insurance. The main reason is that the premiums are usually&nbsp; higher if you apply for coverage nearing retirement. Be sure to weigh the cost of coverage with the benefits life insurance provides.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Will your employer&#8217;s group insurance end?<\/h3>\n\n\n\n<p>While you may have a life insurance policy as part of your employer&#8217;s group insurance, it usually ends within 90 days of leaving the company or retiring. However, some companies may give retirees the option to continue receiving group benefits in retirement through a group benefits conversion plan.<\/p>\n\n\n\n<p>Before retiring from your job, take time to understand how retirement will impact any <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-make-your-group-benefits-plan-work-for-you\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"employer-sponsored group insurance\" class=\"rbc-link-format\">employer-sponsored group insurance<\/a> you may receive. If coverage ends, consider obtaining private insurance to maintain your life insurance coverage and peace of mind.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-life-insurance-may-not-be-necessary-in-retirement\">When life insurance may not be necessary in retirement<\/h2>\n\n\n\n<p>There are certain situations in which life insurance during retirement may not be needed. Here are the most common reasons why older Canadians may not require coverage:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You have no dependents<\/h3>\n\n\n\n<p>If you don\u2019t have children, grandchildren, or other family members who rely on you financially, then life insurance may not be a top priority for you. However, you may still consider a small policy that could be used to covering end-of-life expenses or donate to a cause you care about.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You are debt-free<\/h3>\n\n\n\n<p>You may have paid off your mortgage or car loan and no longer need to make ongoing debt payments. If you don\u2019t have any outstanding debts, your estate may not need additional funds to settle outstanding obligations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You have sufficient savings<\/h3>\n\n\n\n<p>Perhaps you\u2019ve spent a lifetime accumulating wealth over the years. If you have a robust retirement portfolio or other assets that adequately cover final your expenses and provide for loved ones, extra life insurance may not be necessary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You have other income sources<\/h3>\n\n\n\n<p>You can tap into other sources of income, such as government benefits like CPP and OAS, an RRSP, pension, or <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/planning-for-retirement-with-spousal-rrsps\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"spousal RRSPs\" class=\"rbc-link-format\">spousal RRSPs<\/a>.&nbsp; These sources of income may provide adequate financial security for your loved ones once you pass away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-compare-life-insurance-for-retirees\">Compare life insurance for retirees<\/h2>\n\n\n\n<p>There are many factors to consider when choosing life insurance for the elderly. Here are the main differences among the most common types of life insurance in Canada so you can choose the right policy for your needs:<\/p>\n\n\n\n<div class=\"wp-block-rbc-basic-tables basicTables\">\n<div class=\"wp-block-rbc-basic-table basicTable\"><div class=\"basicTable__sliderNav\" role=\"navigation\" aria-label=\"Table navigation\"><div class=\"basicTable__navArrow basicTable__prevArrow\" aria-label=\"Previous\"><\/div><div class=\"basicTable__sliderDots\" role=\"tablist\" aria-label=\"Table pagination\"><\/div><div class=\"basicTable__navArrow basicTable__nextArrow\" aria-label=\"Next\"><\/div><\/div><table class=\"basicTable__table\" role=\"table\" aria-label=\"Comparison table\">\n<thead class=\"wp-block-rbc-basic-table-head basicTableHead\" role=\"rowgroup\" aria-label=\"Table head\">\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\">\n<h4 class=\"wp-block-heading\" id=\"h-types-of-insurance\">Types of insurance<\/h4>\n<\/th>\n\n\n\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\">\n<h4 class=\"wp-block-heading\" id=\"h-how-it-works\">How it works<\/h4>\n<\/th>\n\n\n\n<th class=\"wp-block-rbc-basic-table-header basicTableHeader\" role=\"columnheader\" scope=\"col\">\n<h4 class=\"wp-block-heading\" id=\"h-best-for\">Best for<\/h4>\n<\/th>\n<\/tr>\n<\/thead>\n\n\n\n<tbody class=\"wp-block-rbc-basic-table-body basicTableBody\" role=\"rowgroup\" aria-label=\"Table body\">\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Term life insurance\" class=\"rbc-link-format\">Term life insurance<\/a><\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Coverage for a specified period (e.g. 10 to 40 years). Your beneficiaries receive a tax-free death benefit if you pass away during the term.<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Individuals with short- to medium-term needs, such as covering the cost of a mortgage, replacing lost income, or supporting a family.<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Whole life insurance\" class=\"rbc-link-format\">Whole life insurance<\/a><\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Provides lifetime coverage with fixed premiums and a cash value that could increase with time.<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Individuals seeking lifelong protection, guaranteed savings, and the ability to borrow against the cash value.<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/universal-life-insurance\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Universal life insurance\" class=\"rbc-link-format\">Universal life insurance<\/a><\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Offers permanent coverage with flexible premiums and an investment vehicle.<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Individuals seeking lifetime insurance with a range of investment options.<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/term-100-life-insurance\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Term 100 life insurance\" class=\"rbc-link-format\">Term 100 life insurance<\/a><\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Offers lifetime coverage with set premiums until you reach age 100. It doesn\u2019t include a cash value component.<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>People who want permanent lifelong coverage at a more affordable cost and don\u2019t require a savings feature.<\/p>\n<\/td>\n<\/tr>\n\n\n\n<tr class=\"wp-block-rbc-basic-table-row basicTableRow\" role=\"row\">\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p><strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-Retirement-32730-92027d61\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Guaranteed acceptance life insurance\" class=\"rbc-link-format\">Guaranteed acceptance life insurance<\/a><\/strong><\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Provides a nominal amount to cover that could be used for debt or funeral expenses. No medical exam required.<\/p>\n<\/td>\n\n\n\n<td class=\"wp-block-rbc-basic-table-data basicTableData\" role=\"cell\" aria-label=\"Table cell\">\n<p>Those who don\u2019t want to burden their family with debt or end-of-life costs, or who may not qualify for traditional insurance due to health reasons.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>If you have questions about which life insurance product is right for you, an accredited advisor can also help you assess your needs recommend suitable coverage options for your individual circumstances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-life-insurance-during-retirement-is-not-one-size-fits-all\">Life insurance during retirement is not one-size-fits-all<\/h2>\n\n\n\n<p>Whether you need life insurance when you\u2019re retired depends on your unique financial situation, lifestyle goals, and the legacy you want to leave behind. Before deciding, evaluate your coverage options and make sure that you have a budget to cover premiums in retirement.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019re nearing retirement, but do you still need life insurance? Learn why older Canadians may still need life insurance and how to choose the right coverage for you.<\/p>\n","protected":false},"author":208,"featured_media":32776,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[4,31],"article-type":[80],"ppma_author":[169],"class_list":["post-32730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-life-insurance","tag-retirement","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Do You Need Life Insurance When You Are Retired? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"You\u2019re nearing retirement, but do you still need life insurance? 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