SIMPLIFIED LIFE INSURANCE: QUOTES, SAMPLE RATES, AND EXPERT TIPS

Assumption Life
BMO Life Assurance Company
Canada Life Insurance Company of Canada
Canada Protection Plan
Desjardins Financial Security Life Insurance
Empire Life Insurance Company
Equitable Life Insurance
Foresters Canada
Industrial Alliance Financial Group
Ivari
La Capitale Life Insurance
RBC Insurance
Specialty Life Insurance (SLI)
SSQ Life Insurance Company
UV Insurance
Wawanesa Life Insurance Company

    Why Choose LSM Insurance For Simplified Life Insurance

    Term 1
    A truly an independent agency working for you. 15+ languages spoken.
    Term 2
    Licensed across Canada and working with over 100 experienced insurance brokers.
    Term 3
    Working with more 20 + insurers to find for you the best life and living benefits products.
    Term 4
    Proudly serving Canadians for over 25 years. Helped thousands Canadians.

    What is simplified issue life insurance?

    Simplified Life Insurance (or also called Simplified Issue Life Insurance) is a type of No Medical Life Insurance that comes WITHOUT medical exams but STILL CAN HAVE SOME QUESTIONS that you need to answer. An applicant has reply these truthfully. Simplified issue life insurance offers premiums higher than Standard Life Insurance (also called Traditional Life Insurance) but lower than Guaranteed Life Insurance and higher levels of insurance protection.

    Simplified Life Insurance is often seen as the least expensive type of No Medical Life Insurance. It has some limitations on maximum insurance coverage limits, and the benefit typically ranges from $100K to $500K.

    IMPORTANT: It is important to understand if your policy comes with an “immediate claim payouts”. An immediate claim payout means that an insurance claim can be submitted even if a policyholder passes away immediately after getting a life insurance policy. A policy with “deferred payouts” will not pay a death benefit within the first one or two years. These options depend on the policy’s specific conditions, and these options also affect the premium.

    When do you need simplified life insurance?

    There are numerous reasons when it makes sense to consider Simplified Issue Life Insurance. Typically, they are following:

    • You have no significant health pre-conditions but you do not want to take medical tests
    • You have some pre-existing health pre-conditions and you are not sure if you would qualify for Standard Life Insurance
    • You have some pre-existing health pre-conditions and you do not want to take medical tests
    Interested in Simplified Issue Life Insurance or have questions?

    How does simplified life insurance compare to other products?

    Here is a brief comparison of how Simplified Issue Life Insurance compare to other insurance products:

     Standard Life InsuranceStandard Rated Life InsuranceSimplified Issue Life InsuranceGuaranteed Issue Life Insurance
    Medical exam / fluidsYesYesNoNo
    Medical QuestionnaireYesYesYesNo
    Considered No Medical?NoNoYesYes
    CoverageUp to $20,000,000Up to $20,000,000Up to $500,000Up to $50,000
    Waiting period of 2 yearsNoNoMaybeYes
    Life insurance ratesThe cheapest ratesMore expensive than Standard Life InsuranceLess expensive than Guaranteed Issue Life InsuranceThe most expensive rates
    Interested in Simplified Issue Life Insurance or have questions?

    What are simplified life insurance quotes?

    Below are a few examples of different 20 year life insurance rates/quotes. It is important to remember that any life insurance quote depends on multiple factors and may vary from person to person (e.g. based on your health condition).

    20 Year Term Life Insurance quote

    Female, 35 years old, 20 Year Life Insurance Term, Non-Smoker, coverage amount $1,000,000

    Rate: $47/month

    20 Year Simplified Term Life Insurance quote

    Female, diabetes pre-condition, 35 years old, 20 Year Life Insurance Term, Non-Smoker, coverage amount $500,000

    Rate: $32/month

    20 Year Guaranteed Term Life Insurance quote

    Female 35 years old, cancer diagnosis, 20 Year Life Insurance Term, Non-Smoker, coverage amount $300,000

    Rate: $223/month

    Can you get life insurance without a physical exam

    Yes, you can get life insurance without a physical exam. This type of insurance is called no medical life insurance. It comes either with a medical questionnaire (simplified life insurance) or without any questions asked (guaranteed life insurance). No medical life insurance coverage limits are lower than traditional life insurance and a no medical life insurance policy costs more (for the same amount of coverage).

    What is no medical life insurance?

    No medical exam life insurance is a type of life insurance that does not require medical tests (also called simplified issue life insurance). Some no medical life insurance types go even further and do not even require a medical questionnaire (also called guaranteed issue life insurance).

    This is a great insurance choice for those who would not be approved for traditional (also called standard) life insurance, which comes with medical tests and a questionnaire to complete. Our insurance experts will help you with all of your no medical life insurance choices.

    Interested in Simplified Issue Life Insurance or have questions?

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