Equitable Life recently introduced a new simplified issue life insurance policy, which is called Final Protection. This whole life policy is non-participating, meaning it does not produce a dividend.
It offers coverage face amounts from $5,000 to $50,000. Applicants can be aged 40 to 80. There are no medical tests and only a short series of health questions. Brokers can use Equitable Life's electronic application, so the policy can be issued quicker.
The simplified issue life insurance market in Canada has heated up in recent years. Equitable Life joins a crowded line-up of providers, including Assumption Life, Canada Protection Plan underwritten by Foresters, Wawanesa Life, Industrial Alliance, La Capitale, BMO Insurance, and Manulife Financial. Both BMO and Manulife Financial sell their policies direct and bypass their broker network. Be careful not to confuse simplified issue life insurance with guaranteed issue life insurance, which also has no medical tests and no health questions.(Equitable Life Simplified Whole Life Insurance continued...) | 2 comments