Guaranteed Issue Life Insurance for Seniors

Update: Oct. 2, 2015

When this post was originally published, BGS had ceilings on coverage levels, $500,000 for the Life Protection and $3,000 per month for the Disability Protection. They have since been able to get those coverage limits removed. So applicants can now purchase as much coverage as they qualify for based on their income for Disability Protection and outstanding mortgage loan amount for Life Protection.

Guaranteed issue life insurance provides life insurance without a medical exam and with no health questions.

This is different than simplified issue life insurance, which is also available without a medical exam, but which has anywhere from three to 12 health questions. Guaranteed issue policies have higher premiums and lower face amounts than simplified issue plans, and most have a waiting period on the death benefit of two years or longer.

BMO Insurance is one of the leading providers of guaranteed issue life insurance for seniors. Their plan is called Guaranteed Life Plus and is only available through BMO’s call centre — not through its broker network.

The plan features the following:

  • Coverage for the insured aged 40 to 75
  • Coverage is available in the following five premium options: $20/month, $30/month, $45/month, $60/month, and $75/month
  • Cash values accumulate in the plan from year three
  • Non-smokers and smokers pay the same rate
  • The death benefit by non-accidental death is limited in the first two years to a return-of-premium without interest

Two other top providers of Guaranteed issue life insurance policies are The Edge, which is Underwritten by Industrial Alliance, and Bingham Group Services Corp. (BGS), which is Underwritten by Foresters Life Insurance Company. Both of these plans are available through independent brokers, as opposed to a call centre.

The Edge’s guaranteed issue life insurance plan is available to applicants 18 to 85 and comes with face amounts anywhere from $5,000 to $25,000. The fact that they insure applicants up to 85 is a huge plus, and if the insured dies in the first two policy years, the payout is limited to a return-of-premium plus 10 per cent interest.

Bingham Group Services Corp. also offers a guaranteed issue mortgage life and disability insurance policy that is once again underwritten by Foresters Life Insurance Company of Canada. The plan must be linked directly to the insured’s mortgage and offers the applicant up to unlimited face amounts of protection, as long as the insured qualifies.

One considerable caveat with the plan is the pre-existing condition exclusion. Applicants with pre-existing conditions within 12 months from the policy issue date will not be covered for that condition for the duration of the policy contract. An insured person without a pre-existing condition can also add a disability benefit.

For more details on guaranteed issue life, please contact us at 1.866.899.4849 or visit our No Medical Life Insurance Quote Page.

LSM Insurance
LSM Insurance

Thanks Joe. It’s a good point. Simplified Issues Policies generally distinguish between smokers and non smokers.


Non-smokers and smokers pay the same rate , i think smokers should pay more as they will die sooner. just my opinion but overall great info. Thanks Chantal