Guaranteed Issue Life Insurance for Women

Guaranteed issue life insurance policies
have no medical test
and no health questions.

The premiums for guaranteed issue life insurance policies are lower for females. The rationale being that females live longer than males. After all, Statistics Canada reports that life expectancy at birth has reached just over 81 for women and just over 78 for men. For those over age 65, life expectancy has reached just over 83 for men and a little over 86 for women.

The other type of no medical life insurance policies for women is simplified issue coverage. Simplified issue policies also have no medical tests. But, unlike guaranteed issue policies, they generally have three to 12 health questions.

Wawanesa Life’s No Medical Life Insurance Policy

Wawanesa Life offers a no medical life insurance policy called Instant Issue Life Insurance. The policy is a simplified issue plan, meaning that there are no medical tests, but there are five health questions.

Guaranteed issue policies have no medical tests and no health questions, but usually come at a higher premium and have lower face amounts than simplified issue policies. The Wawanesa plan is available to applicants aged 45 to 75 with face amounts up to $50,000.

Some of the unique features of the Wawanesa plan are the following:

No Medical Life Insurance with Canada Purple Shield

The Canada Purple Shield plan is sold via their team of pre-planning funeral expense consultants. The average cost of a funeral in Canada is $7,500, rising dramatically from to 2008, when the Canadian Government pegged the average cost at $5,892.

Canada Purple Shield's plan is meant to help cover that higher cost. The policy is underwritten by Assurant Life of Canada, which is the last funeral funding company in Canada that has an excellent rating from AM Best. The AM Best rating is an indication of the company's financial strength, stability and their ability to pay out a claim.

Assurant Life's parent company, Assurant Inc., is the provider of specialized insurance products and related services in North America and in select international markets. The Purple Shield plan is available without a medical and has a built-in inflation protector, meaning the plan increases over time to protect against inflation. The policy also pays out its death benefit on a tax-free basis.

For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Seniors’ Life Insurance: What to Watch Out For

Seniors looking into life insurance policies in Canada should carefully consider the following variables.

1. Should I buy direct or through a broker? At first glance, it seems that it would be much cheaper to buy life insurance policy directly from an insurance company rather than through an insurance advisor. However, most direct carriers of life insurance charge higher premiums than policies offered through insurance advisors. Moreover, the selection among direct providers of life insurance is much more limited, and the coverage face amounts are generally much lower.

2. Should I use an independent broker or a captive agent? If you decide to go the route of an insurance advisor, you will then have the choice of using an independent broker or a captive agent. Independent brokers are free to work with a variety of companies and can shop for the best policy at the best rate. However, captive agents are limited in the number of carriers that they can represent. In many instances, they are limited to just one insurance provider,and this provider may not have the best insurance solution or premium rate for the insured.

Home Exercises

So, how are you doing with your new year’s resolutions? Popular surveys show that, unfortunately, the majority of us don’t stick to our resolutions past the first two weeks of the year. Why? We set unrealistic goals such as going from zero gym sessions to multiple workouts a week or completely cutting out fried foods from our diet (you know that’s over as soon as you eat out with friends). We also tend to get discouraged quickly, usually as soon as we fail or miss our goal once. Finally, with the fast-paced, instant-gratification lifestyle that many of us live, perseverance is pretty hard to practice.

Industrial Alliance’s Two Permanent Simplified Issue Solutions

Industrial Alliance offers two simplified issue life insurance plans without a medical exam.

The first plan, The Alternative, is available for individuals from 6 months to 80- years-old, and premiums are payable limited number of years depending on the applicant's age.

The policy has a short series of health questions, and the premiums are guaranteed never to increase. The face amount is also guaranteed. The one caveat with the plan is that if a death occurs by non-accidental means within the first two policy years, the payout is limited to a return of premium plus 5 per cent interest.

The Prospective policy is also available without a medical exam, but there is a longer series of health questions. The plan is available to applicants age 35 to 75, and premiums are payable up to age 100. The Prospective plan also provides coverage from day one.

For more details on non-medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

Deferred Term Life Insurance Solutions in Canada

Deferred term life insurance policies mean that the insured is covered for the length of the term, but should death occur within the first two policy years, the death benefit payment is limited to a return-of-premium plus interest.

The two primary deferred term policies providers in Canada are Industrial Alliance and Canada Protection Plan, underwritten by Foresters.

The following is a snapshot of the difference between the two carriers:

Industrial Alliance: The Alternative

When it comes to no-medical life insurance for children and adults, Industrial Alliance offers a non-medical life insurance plan called The Alternative. The plan has no medical tests and a short series of health questions. It is available to applicants ages six months to 65-years-old and premiums are generally payable for twenty years.

However, for applicants ages 66 to 74, premiums are payable until age 85, and for applicants 75 to 80, premiums are payable for ten years.

The plan has a level death benefit, and coverage remains intact for the insured's lifetime. Face amounts range from $5,000 to $50,000. The maximum face amount for children under 25 is $10,000. If a non-accidental death occurs within the first two policy years, the benefit is limited to a return-of-premium plus 5 per cent interest.

For more details on non-medical life insurance in Canada, please call us at 1.866.899.4849 or visit our Non-medical Life Insurance Quote Page.

Life Insurance for People with Illnesses

Life insurance policies generally come in two formats: traditional life insurance policies, which include a medical test and anywhere from 25 to 30 health and lifestyle questions, and no-medical life insurance policies, which don't.

No-medical life insurance policies are broken down into two plans:

Guaranteed Issue Life Insurance: Who Should Buy It?

Guaranteed Issue life insurance seems like an excellent choice at first glance.

The ads can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a significant cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums are quite high.

The best fit for these type of policies are individuals who have very serious health issues and are unable to qualify for Simplified Issue or traditional life insurance policies. Simplified Issue life insurance policies also have no medical tests and have anywhere from three to 12 health questions. These policies can have an immediate payout, but the face amounts are also lower and the premiums are also higher than traditional life insurance policies.