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A Closer Look: CAA Non-Medical Life Insurance
CAA's Non-Medical Life Insurance, tagged "Guaranteed Issue Life" is offered to CAA members between the ages of 40-75. There are no medical exams and the application offers a 20% discount to non-smokers. The other features of the policy are listed below:
- Rates never increase and the policy is paid up by age 100.
- The plan pays five times the face amount if the insured dies by accident before the age of 75.
- The death benefit is limited in the first two years. Should the applicant die by a non-accident, the death benefit is restricted to a return of premium plus 10% interest.
- The plan has a built-in living benefit advance feature, which pays out up to 50% of the death benefit if the insured is diagnosed with a terminal illness and given less than 12 months to live. One caveat of this feature though, the policy must be in-force for two years.
On the downside, the pricing of the plan is not very competitive when stacked up against CAA's primary non-medical life insurance competitors. Below are examples of the CAA Guaranteed Issue Life Plan versus the Canada Protection Plan and Assumption Life for a 60-year-old female, non-smoker:
CAA Guaranteed issue @ $25,000 of coverage: $108.20/month
Assumption Life Golden Protection @ $25,000 of coverage: $82.49/month
CPP Simplified Life @ $25,000 of coverage: $80.78/month
The Assumption Life Plan and CPP plan do have some health questions, but the coverage, unlike the CAA Guaranteed Issue Plan, takes effect from day one. You can contact us for additional information at: 1-866-899-4849, or you can get a free, no-obligation, online non-medical life insurance quote at our Instant Quote Page.
Direct line: 905.248.4849 Email: 
What would a Guaranteed Issue Life policy from CAA cost me and my spouse? We are both over 65. She has diabetes. We are presently covered by ManuLife. Are your rates competitive, and what the differences which are better for us?
Please advise.
Hi Lennox,
We do not offer CAA plans – they do not use independent brokers. But we would offer insurance solutions with over 13 different insurance companies many of whom offer non medical life insurance coverage.
You can contact us directly at lorne@lsminsurance.ca or 1.866.899.4849
looking for term or whole no medicals,for $200,000.
If you can,please advise.
Thanks,
Carlo
Thanks for the note.
Carlo we are not affiliated with CAA but we are happy to help out with your life insurance inquiry. You can qualify for $200,000 of life insurance coverage without a medical with a Simplified Issue policy from multiple carriers. Simplified Issue plans have no medical but a series of relatively short health questions. They are much easier to qulify for than traditional life insurance plans.
The premiums would depend on your age gender and smoking status.
We will send you a separate email now. Regards,