No Medical Life Insurance: Comparing Empire Life’s Guaranteed Issue Plan to other Plans

Posted on December 3, 2018 and updated December 5, 2018 in Life Insurance Canada News
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Introduction

It is not always easy to get an apples-to-apples comparison across No Medical Life Insurance Plans. Today we would like to compare Empire Life’s Guaranteed Issue Plan with several other No Medical Life Insurance Plans such as products offered by Edge Benefits and Canada Protection Plan.

 Our No Medical Life Insurance specialist Richard Parkinson analyses several products available on the market.

Breaking Down Empire Life’s Guaranteed Issue Plan

Plan name:

Guaranteed Life Protect

Issue ages:

40-75 (age nearest)

Minimum coverage:

$5,000

Maximum Coverage:

·      Issue ages 40-50:Lifetime maximum coverage amount of $50,000 per life insured

·      Issue ages 51-75: Lifetime maximum coverage amount of $25,000 per life insured

Coverage Type:

Single Life

Coverage Duration:

Lifetime coverage that is fully paid-up at age 95

Premiums:

Guaranteed rates with level premium

Annual Policy:

Fee $50

Conversion:

Not convertible

Policy Values:

Guaranteed Cash Surrender Values – at the fifth policy anniversary

 

Reduced Paid-Up Values – at the eighth policy anniversary

Additional Benefits Available:

None

Riders Available:

None

Death Benefit:

This a 2-year Deferred Plan:

·      If death occurs due to natural causes within the first 24 months of the policy taking effect or being reinstated, death benefit equals premiums paid during the 24-month period, without interest.

·      If death due to natural causes occurs after the first 24 months of the policy taking effect or being reinstated, death benefit equals the policy face amount.

·      If death is due to an accident, death benefit equals the policy face amount at any time after policy issue.

 

 Comparing Empire Life’s Guaranteed Issue Plan with other products

We compare three companies offering Guaranteed Issue (no questions asked) life insurance – table based on $25,000 or coverage. Let’s start with the quotes for men – please remember that these are monthly rates.

Male age

Edge Benefits – final expenses

Empire Life Guaranteed Life Protect – Non smoker

Empire Life Guaranteed Life Protect – smoker

Canada Protection Plan Acceptance Life – non-smoker

Canada Protection Plan Acceptance Life – smoker

40

$43.85

$72.09

$110.81

$70.94

$109.22

45

$58.34

$84.96

$146.57

$85.07

$143.87

50

$78.22

$96.30

$174.38

$93.51

$160.70

55

$106.19

$124.20

$230.90

$117.63

$199.08

60

$145.77

$166.95

$318.38

$156.47

$262.71

65

$202.10

$224.89

$435.02

$216.86

$370.24

70

$285.68

$332.57

$611.69

$326.68

$533.09

75

$413.45

$454.79

$838.89

$449.33

$732.94

80

$618.27

Max age 75

Max age 75

Max age 75

Max age 75

85

$618.27

Max age 75

Max age 75

Max age 75

Max age 75

 

Now let’s continue with the quotes for women – please remember that these are monthly rates.

Female age

Edge Benefits – final expenses

Empire Life Guaranteed Life Protect – Non smoker

Empire Life Guaranteed Life Protect – smoker

Canada Protection Plan Acceptance Life – non-smoker

Canada Protection Plan Acceptance Life – smoker

40

$35.85

$54.65

$81.20

$52.74

$73.51

45

$47.72

$68.22

$107.51

$65.39

$95.24

50

$63.95

$79.92

$136.99

$74.99

$111.51

55

$86.85

$99.20

$170.93

$91.46

$134.03

60

$119.85

$128.52

$215.82

$118.35

$174.29

65

$168.06

$165.60

$262.31

$153.38

$219.58

70

$240.62

$226.91

$334.49

$212.56

$307.82

75

$354.66

$294.53

$438.53

$285.14

$425.50

80

$549.03

Max age 75

Max age 75

Max age 75

Max age 75

85

Expires at 85

Max age 75

Max age 75

Max age 75

Max age 75

Notes:

With Edge Benefits – if death by accident, pays 4 times the coverage amount, and a blended rate for either smokers or non-smokers.

With Empire Life and Canada Protection Plan they distinguish between smokers and non-smokers, so for a given age, their non-smoker rate may be the best, but generally Edge Benefits is the most competitive.

In keeping with the apples-to-apples comparison, be aware that Edge Benefit’s plan does not have any cash value, whereas both CPP & Empire’s plans do. If the focus is on the death benefit, then the cash value is irrelevant, so please discuss with your advisor

Conclusion

In general Edge Benefits appear to be more competitive in terms of pricing but in some cases, especially for women, Canada Protection Plan Acceptance Life product offered great rates.

Should you be interested No Medical Life Insurance products, you can request your No Medical Life Insurance quote here. Our specialists for this type of products look forward to talking to you.

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