Comparing Simplified Issue Term 20 Plans

When it comes to the term life insurance product segment, the Simplified Issue Term 20 space has become highly competitive.

For example, Humania Assurance Inc., formerly one of Canada’s oldest life insurance mutual companies as LS Mutual, has entered the market. It already provides heavy competition in the guaranteed-issue no-medical insurance market to more established, well-known companies in Canada like Manulife and BMO Insurance.

Simplified-issue plans, unlike guaranteed-issue plans — which you can qualify for without any medical questions or medical tests — have only a few health questions that the applicant generally has to answer no to in order to qualify for the policy. Since so many new players are entering the term insurance market at the 20-year term level, LSM decided to compare three simplified-issue term 20 policies from three of the newer players in the market: Humania Assurance, Canada Protection Plan, and Industrial Alliance.

40-year-old, Male Non-Smoker
Company  Plan             Monthly Premium   Number of Questions
Humania    Gold              $39.24 17                             17

Humania   Silver             $46.08 16                              16

Humania  Bronze           $100.89                                 15

CPP       Deferred T20    $41.85                                   10  

CPP      Simplified T20  $29.43 32                               32

CPP      Simplified T20 Plus $27.99 37                       37

IA         Simplified Deferred T20  $37.45 12                12                   



50-year-old, Male Non-Smoker


Company    Plan     Monthly Premium    Number of Questions
Humania      Gold     $94.14 17                    17

Humania      Silver    $112.68 16                  16


Humania      Bronze  $260.10 15                  15

CPP            Deferred T20   $105.66 10         10

CPP            Simplified T20  $70.20 32          32


CPP            Simplified T20 Plus $66.42 37     37

IA              Simplified Deferred T20 $101.16 12 

60-year-old,  Male Non-Smoker

Company       Plan    Monthly Premium    Number of Questions
Humania         Gold     n/a only T10 avail.                17

Humania         Silver    n/a only T10 avail.                16

Humania         Bronze  n/a only T10 avail.                15

CPP               Deferred T20      $274.95 10              10

CPP               Simplified T20    $182.43 32              32

CPP                Simplified T20 Plus  $171.72 37       37

IA                   Simplified Deferred Term 20 $270.45 12
 

For information on any of the term 20 policies from the above companies or any other term insurance options, call us at 1-866-899-4849 or visit our Term Insurance Quote Page.

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Term Life Online
Term Life Online

In there US there are several carriers that offer simplified issue life insurance plans with no exam, including Colonial Penn, Mutual of Omaha, Globe Life, AARP/NewYork Life, among others. Many seniors purchase simplified issue life insurance to help pay for their final expenses.

LSM Insurance
LSM Insurance

Thanks for the note. These plans are Term plans and are more geared towards covering temporary needs.