When it comes to the term life insurance product segment, the Simplified Issue Term 20 space has become highly competitive.
For example, Humania Assurance Inc., formerly one of Canada's oldest life insurance mutual companies as LS Mutual, has entered the market. It already provides heavy competition in the guaranteed-issue no-medical insurance market to more established, well-known companies in Canada like Manulife and BMO Insurance.
Simplified-issue plans, unlike guaranteed-issue plans — which you can qualify for without any medical questions or medical tests — have only a few health questions that the applicant generally has to answer no to in order to qualify for the policy. Since so many new players are entering the term insurance market at the 20-year term level, LSM decided to compare three simplified-issue term 20 policies from three of the newer players in the market: Humania Assurance, Canada Protection Plan, and Industrial Alliance.(Comparing Simplified Issue Term 20 Plans continued...) | 2 comments