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Guaranteed Issue Life Insurance
Guaranteed issue life insurance:
available for smokers too
There are some very important pluses and minuses with Guaranteed Issue Life insurance.
When it's a fit, it's a perfect fit. If you can qualify for other forms of life insurance, Guaranteed Issue Life Insurance is always more expensive.
Here's the kind of person who should be look at Guaranteed Life Insurance (often known as no medical life insurance):
- you are already ill with a recently diagnosed serious medical condition, for example cancer.
There's a distinction between two kinds of policies, guaranteed issue and simplified issue both are available without a medical.
Simplified issue no medical policies ask between 3 to 12 health questions if you are really sick these type of plans will likely not be a fit.
What we recommend in these cases is a pure guaranteed issue life insurance policy where there are no questions asked at all.
The downside is guaranteed issue life policies are more expensive and offer very small coverage amounts.
Our non medical life consumer report compares guaranteed issue and simplified issue policies in available in Canada
Try our free online quote for guaranteed issue life insurance.
Photo courtesy of George Eastman House.
Direct line: 905.248.4849 Email:
I saw an add on TV about BMO life insurance with monthly installments for as low as $5.00 a month. I would like to know more about this please. I would appreciate an email on any update regarding my query.
Hi Ramon,
Thanks for the note. The above plan is sold directly by BMO and comes in five premium installments $20, $30, $45, $60 and $75 a month. The coverage amount will depend on your age and gender and the death benefit is limited to a return of premium in the first 2 years by non accidental death.
I would like Guaranteed Life Insurance for my mother. She is 82 and has dementia. What would our rates be for her (as i do’t see a rate schedule). Please advise us. Thanks.
M. Konefal
Hi Monica,
This will be challenging. Non medical plans break down into two categories 1) Guaranteed Issue - no medical tests and no health questions and 2) Simplified Issue no medical tests and health questions
You mother is unfortunately two old for the guaranteed issue plan. She may qualify for the simplified issue plan depending on when she was diagnosed with the dementia.
Regards … Lorne
would like some life insurance( Universal ), for life would like to pay about $150.00 a month how much can i get for this kind of monthly payment ?
thanks Brian
Hi Brian,
Thanks for the note. The premiums would be based on your age and smoking status. Most guaranteed issue plans have a cap of $25,000 coverage and are available as Whole Life and not Universal Life plan.
I will send you a separate email with more details now.
Regards …
Insurance quotes please male - smoker- age 74
Hi Robert,
Thanks for the note. I will send you a separate email. It would be worthwhile seeing if you qualify for a simplified life plan (no medical test and anywhere from 3 to 12 health questions) Simplified life plans have higher face amounts, lower premiums and coverage can start from day one.
Regards …
My mom is 66 years old no history of anything except high blood pressure, is a guaranteed issue plan the right thing for her.
Please advise.
thanks.
Hi Evangeline,
Thanks for the note. Your mother would be much better off with a simplified life plan (no medical tests and some helth questions) or a traditional life insurance plan (health questions and medical tests)
Guaranteed Issue life insurance is best suited for applicants with no other life insurance options. Regards … Lorne