Guaranteed Issue Life Insurance

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There are some very important pluses and minuses with Guaranteed Issue Life insurance.

When it’s a fit, it’s a perfect fit. If you can qualify for other forms of life insurance, Guaranteed Issue Life Insurance is always more expensive.

Here’s the kind of person who should be look at Guaranteed Whole Life Insurance – which is a no medical life insurance plan with no medical tests and no health questions.

  • you are already ill with a recently diagnosed serious medical condition, for example cancer and unable to qualify for other types of life insurance.

There’s a distinction between two kinds of no medical life insurance policies, guaranteed issue and simplified issue both are available without a medical.

Simplified issue no medical policies ask between 3 to 12 health questions if you are really sick these type of plans will likely not be a fit. Some of the leading simplified issue life insurance carriers include Assumption Life,  Canada Protection Plan, Industrial Alliance, Wawanessa and Equitable Life.  BMO Insurance and Manulife Financial offer direct versions of these policies which bypass their broker network.

What we recommend those with health issues first look at simplified issue life insurance and if you can’t qualify look into a pure guaranteed issue life insurance policy where there are no questions asked at all.

The downside with guaranteed issue life policies are they are expensive and offer very small coverage amounts.  Guaranteed issue life policies also have a limited death benefit. Meaning if the insured passes away in the first two years by a non accidental death the payout is limited to a return of premium.  Some guaranteed issue life insurance policies have an interest component attached to the return of premium feature whereas others don’t.

Guaranteed issue life insurance is heavily marketed by many direct insurance providers as it is a high profit product often targeting seniors who could otherwise qualify for simplified issue life insurance or traditional life insurance policies.

Our non medical life consumer report compares guaranteed issue and simplified issue policies in available in Canada

Try our free online quote for guaranteed issue life insurance.

Photo courtesy of George Eastman House.

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Ramon Thompson
Ramon Thompson

I saw an add on TV about BMO life insurance with monthly installments for as low as $5.00 a month. I would like to know more about this please. I would appreciate an email on any update regarding my query.

Monika
Monika

I would like Guaranteed Life Insurance for my mother. She is 82 and has dementia. What would our rates be for her (as i do’t see a rate schedule). Please advise us. Thanks.

M. Konefal

Brian
Brian

would like some life insurance( Universal ), for life would like to pay about $150.00 a month how much can i get for this kind of monthly payment ?
thanks Brian

Robert Demain
Robert Demain

Insurance quotes please male – smoker- age 74

Evangeline
Evangeline

My mom is 66 years old no history of anything except high blood pressure, is a guaranteed issue plan the right thing for her.

Please advise.

thanks.

Trudie
Trudie

My companion is 62 yrs. Male, Operated Dec 9/09 and had Cancerous Bladder and Prostate Cancer removed. As of this date Drs say he has no more cancer. No treatment was required. He is a smoker, but from Mar 2 till present he has not smoked. He is hospitalized. Problems with Diahreah. Can you advise me what insurance is best for him, what would premiums be, and what is the wait time, before payment is made, should he pass away. Pls send this to my e-mail. And he is aware that I am doing this for him. Thank You

Bobby
Bobby

I would like insurance quote for my parents. Father is 77, non-smoker (will not qualify for simplified life plans). Mother is 70, non-smoker, no health issue.

David
David

I am looking to purchase some additional life insurance for my 73 year old ill mother. I have power of attorney which may be required?
She has had heart surgery to repair her aorta in 1996 and takes Plavix. She has also had 2 strokes (1998 & 2009) and is currently in a rehabilitation hospital (St. Peters, Hamilton Ont.) awaiting for a room in a nursing home. I am obviously concerned with final expenses and the policy she has only covers $4600 through AIG.
What are my options and at what cost?

Thanks,
David

Judy
Judy

Hi I am looking to arrange life insurance for my husband, I am his POA he has been in a LTC home for the last two years with dementia, with no other health issues. Can you suggest what he may qualify for. Thank you

Jim
Jim

Hi. I have been recently diagnosed with HIV and am to start HAART treatment in a few weeks. The infection is only about 2 years old and other that my status, i am in perfect health. I am a non smoker, am 36 and i would need about 150,000$ of life insurance to cover the mortgage of a condo I recently bought before diagnosis. It this realistically possible ?

Thank you

Deb
Deb

My husband (57) was diagnosed with liver cancer in July/10 and the prognosis is 17 +/- months and we are wondering what life insurnace would be available for him.

Louise
Louise

how can I get garanteed life insurance. My husband has high blood pressure as well as hepetitis c and some heart problems. he is 48 years of age. thank you

Sylvia
Sylvia

Looking at The Guaranteed-Life Insurance Plan and wanted to know how much insurance of $25,000.00 would cost per month or any amount up to and including this amount??
Thank you for your earliest reply.

Gina
Gina

Hi there,
I think a simplified policy may be a good fit for my mother, age 76, non-smoker, and no life threatening illnesses. I would like more info on the questions. Thank you very much

Lisa
Lisa

Hi,

I am looking for a life insurance plan for my sister who is HIV positive.

John C
John C

I’m a broker does Assumption or IA have a Guaranteed Issue plan.

My client had cancer and does not want any questions on the app.

Thanks for your time. Cheers, John

LSM Insurance
LSM Insurance

Hi John,

Assumption and IA have Simplified Issue -no medical tests and a few health questions but no Guaranteed Issue Plans. Having said that depending on when your client was diagnosed with cancer and if they have had a change in treatment they may qualify for a Simplified Issue plan.

Louise
Louise

What are the advantages to buying a term life insurance policy over other types of policies? Thank you

Temal Sukhu
Temal Sukhu

So I know someone that had back surgery for a herniated disc in lower back still working and all is well what would be this persons options?

Ilyan
Ilyan

Can I get a Guaranteed Whole Life policy for someone 92?

Just Asking
Just Asking

How can RBC and BMO say they are committed to their brokers and sell their plans direct to the pubic and by pass their brokers

Justin J
Justin J

Can I have a Guaranteed Issue plan if I already have a simplified issue plan. The plan I’m looking out still asks a smoking declaration. To me this is a health question