Guaranteed Issue Life Insurance

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About Guaranteed Issue Life Insurance in Canada

Guaranteed life insurance is a product for those who face challenges in getting life insurance. There are thousands of Canadians who have health issues that prevent them from getting a standard policy because they would not pass the medical examination. This product gives you peace of mind in knowing you can still get coverage for financial expenses, funeral costs, and have financial protection for your loved ones.

Below you will learn about what guaranteed life insurance is, how it works, and get answers to common questions people have about this product.

What Is Guaranteed Life Insurance?

It is a product for people who do not qualify for normal life insurance policies. You are guaranteed to be approved for a plan, regardless of your current health or medical history.

Commonly referred to as guaranteed acceptance, guaranteed issue, or “no questions life insurance,” it can fall under the category of no medical life insurance because you are not required to complete a medical exam as part of the application process.

How Does Guaranteed Life Insurance Work?

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The unique thing about guaranteed life insurance is you will automatically get approval. Since you are considered riskier by insurers, there are limitations to the type and amount of coverage available.

It is called guaranteed issue because you will be guaranteed to be accepted if you fall within the acceptable age range (typically 50-75). Most plans have limits between $25,000 and $50,000.

Once you are issued a policy, you will start paying your premiums. But all these policies have a waiting period. This is two or three years, depending on the carrier. During this time, if you were to pass away, your death benefit would not be paid out to your beneficiary. Rather, your beneficiary would receive a refund for all premiums paid up to this point, plus interest.

Who Needs Guaranteed Life Insurance?

It is intended for individuals who want a plan but do not qualify for normal coverage. These are individuals who have been denied in the past or have pre-existing health conditions.

How to Get Guaranteed Issue Life Insurance

Most people apply for it once they have exhausted other options. There are differences in what is and is not included in a guaranteed life policy. Plan options can vary by insurer. When comparison shopping, look for plans that include:

Payments that do not increase over time
Plans that only require you to pay up until a defined age
A shorter probationary period before you can receive full benefits
Higher limits and better benefits

Even though this may be your only option, you can still shop around to find the best plan possible.

How Do Canadians Benefit from Guaranteed Life Insurance?

Even though plans are limited, there are some benefits to these policies:

Simple application process
No health exams or questions to answer
Guaranteed approval
Some insurers offer guaranteed premiums
Lifelong protection

Guaranteed Life Insurance FAQs

Is Guaranteed Life Insurance Expensive?

It is considered expensive considering how much you pay compared to the benefits received. You pay more because you are riskier to insure.

Is Guaranteed Life Insurance Worth It?

It is not the best solution available. But it is worth it for individuals who cannot get a standard life insurance plan. This policy provides you with a limited amount of coverage for your beneficiaries. Some coverage is better than none.

What Factors Impact Guaranteed Life Insurance Costs?

With no medical exam or questions to rely upon, insurers look at your age, gender, smoking habits, and plan limits to assess and determine your premiums.

Can You Have Multiple Guaranteed Life Insurance Policies?

Yes. It is possible for one person to have more than one policy. This is one way to have additional coverage. You will also be required to pay premiums on all policies.

Is Guaranteed Life Insurance for Seniors?

Yes, it is for seniors and anyone who has issues getting normal life insurance. It is an ideal option for anyone who has been denied insurance previously.

What Is Not Covered Under Guaranteed Life Insurance?

All insurance policies have limitations. Death benefits will not be paid out if the policyholder provides false or misleading information on the application. There are also some exclusions typically listed. They include death related to substance abuse, war, or while in the process of attempting to commit a crime. Check your policy for a list of exclusions.

Get A Guaranteed Issue Life Insurance Quote

Have peace of mind in knowing you will be approved for guaranteed issue life insurance. Get insurance with no medical exam or questions. Contact our advisors to start a quote.

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2024-05-07

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