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Another name for Guaranteed Issue Life Insurance is Guaranteed Acceptance Life Insurance. Guaranteed Acceptance policies provide the insured life insurance protection without medical tests and without having to answer any health questions.
This differs from 'No Medical' Simplified Issue Life Insurance, in that there are also no medical tests, but the applicant must complete anywhere from three to 12 health questions.
Most Guaranteed Acceptance policies are available directly from the carrier. RBC Insurance, BMO Insurance and Manulife Financial all offer guaranteed acceptance policies via their call center. Currently, The Edge also offers a guaranteed acceptance policy underwritten by Industrial Alliance and Everest has one underwritten by Western Life via the Independent Brokers.
One big caveat with guaranteed acceptance policies is that most plans have a two-year waiting period on the death benefit, meaning that if the insured dies in a non-accidental death in the first two years, the policy is limited to a return of the premium and, in some cases, interest as well.
Simplified issue no-medical plans are often available with coverage from day one. They also have higher face amounts and lower monthly premiums. Unlike most Guaranteed Acceptance plans, simplified issue plans also offer discount rates to non-smokers, rather than a blended non-smoker and smoker rate.
For more information on Non-Medical Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-Medical Life Insurance Quote Page.
how much would it cost for a male 60 years old does not smoke no medical, without no medical questions
Thanks for the note Don.
The premiums on a Guaranteed Issue plan will depend on the face amount i.e. the death benefit.
Please keep in mind depending on your health issue you may qualify for a simplified issue (no medical tests and 3 to 12 health questions) policy which offers high face amounts and lower premiums. Some simplified issue polices pay an immediate death benefit.