Guaranteed issue life insurance can be obtained without a medical and without answering health questions. The following are some additional guaranteed life insurance features:
1. Guaranteed issue policies can be purchased direct from insurance companies or via independent brokers.
2. The insured chooses their own beneficiary. Beneficiaries must have an insurable interest, such as a spouse, child, relative or business partner.
3. Death benefits are paid-out on a tax-free basis.
4. Guaranteed issue policies are usually just available as permanent policies and have level premiums for life. This means that the premiums never increase and the coverage stays with the insured for life.
5. Face amounts on most guaranteed issued policies are limited to a maximum of $25,000. Bingham Group Services does offer a guaranteed issue mortgage insurance plan that pays out up to $500,000 on the insured's mortgage or line of credit balance. However, the downside is coverage must be linked to a mortgage or line of credit.
6. Most guaranteed issue plans have a two-year waiting period on non-accidental deaths.
For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.