CARP’s Non-Medical Life Insurance

Those over 50 deserve better life insurance
than CARP can provide.

Carp is far removed from the fish of the same name.

Actually, it is CARP -- formerly the Canadian Association of Retired Persons, its role has since expanded as the Canadian Association for the Fifty-Plus. CARP was founded by Murray and Lillian Morgenthau in 1984 with the mandate to provide the seniors under its membership with, "powerful advocacy, targeted benefits and community support for an improved quality of life." In 2008, Canadian media impresario Moses Znaimer took over the reigns of CARP under his ZoomerMedia enterprise.

One of those "targeted benefits" includes a Guaranteed Issue Life Insurance Plan available exclusively to CARP members. (Paid memberships with a free subscription to Zoomer Magazine range from $29.95 for one year to $79.95 for three years.)

Healthy CARP members would be better off looking for traditional life insurance.

Offered through Manulife since 2006, the plan has absolutely no health questions and face amounts range from $2,500 to $25,000. However, this convenience comes with a heavy price.

Healthy CARP members would be better off looking for traditional life insurance (You can get a free quote at our Whole Life Instant Quote Page.) because CARP plan builds a significant buffer into its premiums given the lack of health questions and the fact that it accepts anyone from ages 50 to 80. They also limit the death benefit in the first two policy years (unless the death is by accident) to a return of premium plus interest.

Even CARP members with health issues would be better off looking at alternative non-medical life insurance programs. Canada Protection Plan, Assumption Life and Industrial Alliance all offer non-medical life insurance plans at lower rates with coverage taking effect from day one. There are some medical questions, but the plans accept a variety of health issues, including cancer, heart disease, diabetes and obesity.

Below is a comparison of the CARP plan against other non-medical life insurance carriers for a 60-year-old, female non-smoker:

CARP @ $25,000: $96.90/month

• Death Benefit: Limited in the first two policy years
• Maximum Issue: $25,000

Canada Protection Plan Simplified Life @ $25,000: $80.78/month

• Full Death Benefit: Takes effect from day one
• Maximum Issue: $50,000

Assumption Life Golden Protection @$25,000: $82.49/month

• Full Death Benefit: Takes effect from day one
• Maximum Issue: $50,000

Industrial Alliance The Perspective @ $25,000: $92.61/month

• Full Death Benefit: Takes effect from day one
• Maximum Issue: $50,000

You can also get a free customized non-medical life insurance quote at our Non-Medical Instant Quote Page, or feel free to call us at 1.866.899.4849.