Top Simplified Issue Life Insurance Plans In Canada

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Simplified Issue life insurance is available without a medical, but unlike Guaranteed Issue, there are some health questions. Simplified Issue life insurance plans have anywhere from three to 12 health questions. The more health questions the insured can answer “no” to, the lower the premium and the higher the death benefits. Most simplified issue plans also offer discounts to non-smokers.

Below is a snapshot comparison of the top Simplified Issue life insurance plans in Canada. On all of the plans except Wawanessa Life, coverage takes effect from day one:

1. Assumption Life Golden Protection. Coverage starts from day one with Built-in and paid guaranteed cash values.  The plan insures applicants up to age 85. It also includes multi-life discounts and is very well priced among applicants over 50. There’s a face amount up to $50,000.00.  The plan pays out double in the event that the insured dies by accident. $25,000.00 of coverage for a 55-year-old, female non-smoker is $65.57 a month.

2. Canada Protection Plan Simplified Life Underwritten by Unity Life. The plan is available in a life-pay option or a 20-pay option. There is a free transportation benefit. Face amounts are as high as $50,000.00 with built-in guaranteed cash values. The plan is very well priced for smokers and non-smokers, but does not cover insulin dependent diabetics. $25,000.00 of coverage for a 55-year-old, female non-smoker is $60.26 a month.

3. Wawaneesa Life Final Expense Plan. With only five health questions, the policy is paid up after 20 years or at age 85. There is an automatic loan provision available in year three. The death benefit on this plan is limited to a return of premium (plus interest) in the first two policy years. No discount is available to non-smokers. $25,000.00 of coverage for a 55-year-old, female non-smoker is $89.44 a month.

4. Industrial Alliance Perspective.  The Perspective Plan has been revamped, increasing the minimum available face amount from $35,000 to $50,000. The face amount can now also be indexed to stay in line with inflation. The index option increases the death benefit by 3% a year, as long as the face amount dosen’t double the initial amount of coverage.

You can get more details by visiting our website, by visiting our Non-medical Life insurance Quote Page, or contacting us at 1-866-899-4849.

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  • Justin
    November 21, 2013 at 4:42 pm

    Is Canad Protection teh same price if I by direct or through a broker

    • LSM Insurance
      November 21, 2013 at 4:43 pm

      Yes it’s the same price either way. Thanks

  • Red Star
    June 21, 2013 at 1:47 pm

    Which company is best for someone who has a history of cancer.

    • LSM Insurance
      June 21, 2013 at 2:08 pm

      Assumption Life has a very favourable cancer related question on their Golden Protection Plan. We will send you more details by email now

  • Belinda:
    May 2, 2013 at 1:34 pm

    Hi Chantal,

    Can I still get a Simplified Issue if I had breast cancer? I am 51 and don’t smoke. Many thanks, B

    • LSM Insurance
      May 3, 2013 at 10:52 am

      Hi Belinda,

      Simplified issue plans range in the question they ask., generally speaking the mpre questions the better the plan. Some plans will offer coverage from day one if your were last diagnosed and tread for cancer over 2 years ago. Some plans do not ask any cancer questions but those plans would have a waiting period on the death benefit.

  • LSM Insurance
    January 27, 2011 at 12:39 pm

    Thanks Clare the agove article is referring to Simplified Life policies but we will be in touch by email with some health and dental solutions.

  • Clare
    January 27, 2011 at 9:37 am

    looking for a plan for single woman over 55 that will be a reasonanable monthly deduction……..would prefer dental and vision coverage included. What is your best package?