In Canada, guaranteed life insurance is a type of life insurance policy that provides guaranteed acceptance, regardless of your health status or any pre-existing medical conditions. These policies are designed to provide coverage for people who may have difficulty qualifying for traditional life insurance due to their age, health, or other factors.

With guaranteed life insurance in Canada, the premiums are typically higher than traditional life insurance policies, and the coverage amounts are often limited. Additionally, many policies have a waiting period before the full death benefit is paid out. If the policyholder dies during the waiting period, the policy may pay out a reduced benefit or refund of premiums paid.

Guaranteed life insurance policies can be a good option for people who have been declined for traditional life insurance or who need coverage quickly and without a medical exam. However, it’s important to compare policies from several insurance companies to find the best value for your needs. It’s also a good idea to review the terms and conditions of the policy carefully to understand any restrictions or limitations.

Guaranteed Life Insurance Pros

Here are some potential pros of guaranteed life insurance:

1. Guaranteed acceptance: One of the most significant advantages of guaranteed life insurance is that acceptance is guaranteed, regardless of your health status or any pre-existing medical conditions.
2. No medical exam or health questions: Since guaranteed life insurance policies do not require a medical exam or health questionnaire, they are an easy and convenient way to get coverage.
3. Quick approval: Guaranteed life insurance policies can often be approved quickly, sometimes within a few days, which makes them an attractive option for people who need coverage quickly.
4. Cash value accumulation: Some guaranteed life insurance policies may offer cash value accumulation, which means that the policy can build up a cash value over time that can be borrowed against or used to pay premiums.
5. Death benefit for beneficiaries: Guaranteed life insurance policies provide a death benefit for beneficiaries, which can provide financial security and peace of mind for loved ones.
6. Fixed premiums: Many guaranteed life insurance policies have fixed premiums that do not increase over time, which can help with budgeting and planning for the future.

Overall, guaranteed life insurance can be a good option for people who are unable to qualify for traditional life insurance or who need coverage quickly and without a medical exam. However, it’s important to compare policies from several insurance companies and to review the terms and conditions of the policy carefully to understand any restrictions or limitations.

Guaranteed Life Insurance Cons

Here are some potential cons of guaranteed life insurance:

1. Higher premiums: Guaranteed life insurance policies typically have higher premiums compared to traditional life insurance policies, since acceptance is guaranteed regardless of your health status or any pre-existing medical conditions.
2. Limited coverage amounts: The coverage amounts offered by guaranteed life insurance policies are often limited, which may not be enough to meet your coverage needs.
3. Waiting period for full death benefit: Many guaranteed life insurance policies have a waiting period before the full death benefit is paid out, which can range from one to two years. If the policyholder dies during the waiting period, the policy may pay out a reduced benefit or refund of premiums paid.
4. Limited customization options: Guaranteed life insurance policies often have limited customization options compared to traditional life insurance policies, which may not meet your specific coverage needs.
5. No cash value accumulation: While some guaranteed life insurance policies may offer cash value accumulation, this is not always the case. This means that the policy does not build up any cash value over time that can be borrowed against or used to pay premiums.

Overall, guaranteed life insurance can be a good option for people who are unable to qualify for traditional life insurance or who need coverage quickly and without a medical exam. However, it’s important to review the terms and conditions of the policy carefully to understand any restrictions or limitations, and to compare policies from several insurance companies to find the best value for your needs.

Guaranteed Life Insurance Cost in Canada

It’s difficult to provide specific guaranteed life insurance quotes by province, as the cost of a policy will depend on a variety of factors, including age, health status, coverage amount, and length of the policy term. However, here are some general factors that may affect the cost of guaranteed life insurance in Canada:

1. Age: The younger you are when you purchase a guaranteed life insurance policy, the lower your premiums are likely to be.
2. Health status: While guaranteed life insurance policies do not require a medical exam, your overall health status may still impact the cost of your premiums.
3. Coverage amount: The higher the coverage amount, the higher the premiums will be.
4. Policy term: The longer the policy term, the higher the premiums will be.

That being said, here are some general quotes for guaranteed life insurance policies in Canada:

• A 50-year-old non-smoker may be able to get a $25,000 guaranteed life insurance policy for around $50 per month.
• A 60-year-old non-smoker may be able to get a $10,000 guaranteed life insurance policy for around $60 per month.
• A 70-year-old non-smoker may be able to get a $5,000 guaranteed life insurance policy for around $80 per month.

Ontario:

• A 50-year-old non-smoker may be able to get a $25,000 guaranteed life insurance policy for around $50 per month.
• A 60-year-old non-smoker may be able to get a $10,000 guaranteed life insurance policy for around $60 per month.
• A 70-year-old non-smoker may be able to get a $5,000 guaranteed life insurance policy for around $80 per month.

Alberta:

• A 50-year-old non-smoker may be able to get a $25,000 guaranteed life insurance policy for around $50 per month.
• A 60-year-old non-smoker may be able to get a $10,000 guaranteed life insurance policy for around $60 per month.
• A 70-year-old non-smoker may be able to get a $5,000 guaranteed life insurance policy for around $80 per month.

Quebec:

• A 50-year-old non-smoker may be able to get a $25,000 guaranteed life insurance policy for around $50 per month.
• A 60-year-old non-smoker may be able to get a $10,000 guaranteed life insurance policy for around $60 per month.
• A 70-year-old non-smoker may be able to get a $5,000 guaranteed life insurance policy for around $80 per month.

These are just general examples, and the cost of a guaranteed life insurance policy will depend on the specific factors mentioned above. It’s important to compare policies from several insurance companies and to review the terms and conditions of the policy carefully to understand any restrictions or limitations.

Guaranteed Life Insurance Common Questions

Here are some common questions that insurers may ask when applying for a guaranteed life insurance policy:

1. What is your name and contact information?
2. What is your date of birth?
3. What is your gender?
4. Do you smoke or use tobacco products?
5. Have you been diagnosed with any medical conditions?
6. Have you been hospitalized in the last 12 months?
7. Have you been advised to have surgery or any medical procedures?
8. Have you been declined for life insurance in the past?
9. Have you ever been convicted of a criminal offense?
10. What is your occupation?
11. What is your annual income?
12. What is your citizenship or residency status?
13. What is your beneficiary’s name and contact information?
14. Are you applying for additional riders or coverage options?
15. Have you ever filed for bankruptcy?
16. Have you ever been a part of a legal proceeding or lawsuit?
17. What is your height and weight?
18. What is your family medical history?
19. Do you participate in any hazardous activities or sports?
20. Have you traveled outside of your home country in the last 12 months?

It’s important to answer these questions truthfully and accurately, as this information will impact the cost of your premiums and the acceptance of your application.

List of Best Guaranteed Life Insurance Companies in Canada

Here is a list of 10 of the best guaranteed life insurance companies in Canada:

1. Canada Protection Plan
2. Assumption Life
3. Empire Life
4. BMO Insurance
5. Industrial Alliance
6. RBC Insurance
7. Canada Life
8. Sun Life
9. Desjardins
10. Equitable Life

It’s important to compare policies from several insurance companies and to review the terms and conditions of the policy carefully to understand any restrictions or limitations. Additionally, working with a licensed insurance professional can help you find the best guaranteed life insurance policy for your specific needs and budget.

Guaranteed Life Insurance Plans

Many life insurance companies in Canada offer guaranteed life insurance plans. Here are some examples:

1. Canada Protection Plan: Offers a guaranteed issue life insurance plan with coverage amounts up to $50,000.
2. Assumption Life: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
3. Empire Life: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
4. BMO Insurance: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
5. Industrial Alliance: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
6. RBC Insurance: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
7. Canada Life: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
8. Sun Life: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
9. Desjardins: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.
10. Equitable Life: Offers a guaranteed issue life insurance plan with coverage amounts up to $25,000.

It’s important to compare policies from several insurance companies and to review the terms and conditions of the policy carefully to understand any restrictions or limitations. Additionally, working with a licensed insurance professional can help you find the best guaranteed life insurance plan for your specific needs and budget.

Guaranteed Life Insurance Reviews

Here are some examples of guaranteed life insurance reviews from across the internet:

Good reviews:

• “I was able to get a guaranteed life insurance policy with no medical exam, and the application process was quick and easy.” – Mary, Toronto
• “I was declined for traditional life insurance due to a pre-existing medical condition, but I was able to get a guaranteed life insurance policy with no questions asked.” – John, Vancouver
• “The premiums for my guaranteed life insurance policy are higher than traditional life insurance, but I’m glad I have the coverage in case something happens.” – Sarah, Montreal

Bad reviews:

• “I was disappointed that my guaranteed life insurance policy has a waiting period before the full death benefit is paid out, and the coverage amount is lower than I wanted.” – David, Calgary
• “The premiums for my guaranteed life insurance policy are very high, and the coverage amount is not enough to meet my needs.” – Lisa, Ottawa
• “I was not happy with the limited customization options available for my guaranteed life insurance policy.” – James, Halifax

It’s important to keep in mind that individual experiences can vary, and it’s important to review the terms and conditions of the policy carefully to understand any restrictions or limitations. Additionally, working with a licensed insurance professional can help you find the best guaranteed life insurance policy for your specific needs and budget.

Guaranteed Life Insurance Tips

Here are some tips to consider when looking for a guaranteed life insurance policy:

1. Compare policies from several insurance companies: Since the cost and terms of guaranteed life insurance policies can vary, it’s important to shop around and compare policies from several different insurance companies to find the best value.
2. Review the terms and conditions of the policy carefully: It’s important to read and understand the terms and conditions of the policy, including any restrictions or limitations on coverage, waiting periods, and premium payments.
3. Consider the coverage amount and length of the policy term: Make sure the coverage amount and length of the policy term meet your specific needs.
4. Understand the waiting period for the full death benefit: Many guaranteed life insurance policies have a waiting period before the full death benefit is paid out. Make sure you understand the waiting period and any reduced benefit or premium refunds that may be paid out if you pass away during the waiting period.
5. Work with a licensed insurance professional: A licensed insurance professional can help you find the best guaranteed life insurance policy for your specific needs and budget.
6. Be honest about your health status and medical history: While guaranteed life insurance policies do not require a medical exam or health questionnaire, it’s important to be honest about your health status and medical history to ensure that your policy is valid and your beneficiaries will receive the full death benefit.
7. Understand the cost of the policy: Guaranteed life insurance policies often have higher premiums compared to traditional life insurance policies, so it’s important to understand the cost of the policy and how it fits into your budget.

Guaranteed Life Insurance FAQs

Here are some frequently asked questions about guaranteed life insurance:

1. What is guaranteed life insurance? Guaranteed life insurance is a type of life insurance policy that does not require a medical exam or health questionnaire. As long as you meet the age requirements and are within the coverage limits, you can purchase the policy.
2. Who is eligible for guaranteed life insurance? Anyone who meets the age requirements and coverage limits is eligible for guaranteed life insurance. Most policies have an age limit of 50-85 years old, and coverage amounts typically range from $5,000-$50,000.
3. How does guaranteed life insurance differ from traditional life insurance? Guaranteed life insurance policies do not require a medical exam or health questionnaire, making them easier to obtain for individuals who may not qualify for traditional life insurance due to health issues. However, the premiums for guaranteed life insurance policies are often higher than traditional policies due to the increased risk to the insurer.
4. What is the waiting period for guaranteed life insurance policies? Most guaranteed life insurance policies have a waiting period before the full death benefit is paid out. This waiting period is typically 2-3 years, and if the policyholder passes away during the waiting period, the death benefit may be reduced or limited.
5. Can I customize my guaranteed life insurance policy? Most guaranteed life insurance policies have limited customization options, such as the ability to add accidental death or critical illness riders. It’s important to review the terms and conditions of the policy to understand any limitations or restrictions.
6. How do I purchase a guaranteed life insurance policy? You can purchase a guaranteed life insurance policy directly from an insurance company or through a licensed insurance professional. It’s important to compare policies from several different insurers and to review the terms and conditions of the policy carefully to understand any restrictions or limitations.
7. Can I cancel my guaranteed life insurance policy? Most guaranteed life insurance policies have a 30-day free look period, during which you can cancel the policy for a full refund. After the free look period, you may be able to cancel the policy, but you may not receive a full refund and there may be fees or penalties associated with cancellation.
8. Can I increase the coverage amount on my guaranteed life insurance policy? Most guaranteed life insurance policies have a fixed coverage amount, and it may not be possible to increase the coverage amount after the policy has been issued. It’s important to review the terms and conditions of the policy to understand any restrictions or limitations.
9. Can I name multiple beneficiaries on my guaranteed life insurance policy? Most guaranteed life insurance policies allow you to name one or more beneficiaries to receive the death benefit. It’s important to review the terms and conditions of the policy to understand the specific requirements for naming beneficiaries.
10. How long does it take to get approved for a guaranteed life insurance policy? The approval process for a guaranteed life insurance policy is typically quicker than for traditional life insurance policies, since there is no medical exam or health questionnaire required. However, the length of time can vary depending on the insurance company and the specifics of your application.
11. What happens if I miss a premium payment on my guaranteed life insurance policy? Most guaranteed life insurance policies have a grace period during which you can make a late payment without the policy being cancelled. If you miss too many payments, the policy may be cancelled, and you may not be entitled to a refund of premiums paid.
12. Can I convert my guaranteed life insurance policy to a traditional life insurance policy? Most guaranteed life insurance policies do not have a conversion option, since they are designed for individuals who may not qualify for traditional life insurance. However, it’s important to review the terms and conditions of the policy to understand any conversion options that may be available.
13. What happens to my guaranteed life insurance policy if I pass away? If you pass away while your guaranteed life insurance policy is in force, your beneficiaries will receive the death benefit specified in the policy. It’s important to review the terms and conditions of the policy to understand any restrictions or limitations on the death benefit payment.
14. Are guaranteed life insurance policies taxable? The death benefit of a guaranteed life insurance policy is generally not subject to income tax in Canada, as long as the premiums were paid with after-tax dollars. However, it’s important to review the specifics of the policy and to seek advice from a tax professional to understand any tax implications.
15. What is the maximum coverage amount for guaranteed life insurance policies? The maximum coverage amount for guaranteed life insurance policies varies depending on the insurance company, but it typically ranges from $5,000-$50,000.
16. Can I use the death benefit of my guaranteed life insurance policy for any purpose? Yes, the death benefit of a guaranteed life insurance policy can be used for any purpose, such as funeral expenses, paying off debts, or providing financial support to beneficiaries.
17. What happens if I outlive my guaranteed life insurance policy? If you outlive your guaranteed life insurance policy, the policy will expire and you will not receive a refund of premiums paid. Some policies may offer a return of premium option, but this will typically come with higher premiums.
18. What if I change my mind about my guaranteed life insurance policy? Most guaranteed life insurance policies have a 30-day free look period, during which you can cancel the policy for a full refund. After the free look period, you may be able to cancel the policy, but you may not receive a full refund and there may be fees or penalties associated with cancellation. It’s important to review the terms and conditions of the policy to understand the specific requirements for cancellation.
19. What if I move to another province after purchasing my guaranteed life insurance policy? If you move to another province after purchasing your guaranteed life insurance policy, the policy will still be in force. However, it’s important to review the terms and conditions of the policy to understand any restrictions or limitations related to residency.
20. Can I purchase a guaranteed life insurance policy for someone else? No, you cannot purchase a guaranteed life insurance policy for someone else, as the policyholder must be the person insured.