Talk to your insurance broker
about simplified
or guaranteed issue.
Guaranteed issue life insurance policies are available without a medical and with no health questions. One big caveat with guaranteed issue life insurance is that if the insured passes away in the first two years by a non-accidental death, the death benefit is usually limited to a return of premium. Some companies do offer interest on the return of premium, while others don’t.
The three leading providers of guaranteed issue life insurance in Canada are BMO Insurance, Manulife Insurance and the Edge underwritten by Industrial Alliance.
Simplified Issue policies are an alternative to Guaranteed Issue life insurance. They also are available without a medical, but depending on the carrier, there can be anywhere from three to twelve health and lifestyle questions. Many Simplified Issue policies have coverage which begins from day one, regardless of the cause of death. Simplified Issue policies also offer significantly lower premiums than Guaranteed Issue plans.
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