There is a simplified issue life insurance policy available from BMO Insurance, which is sold direct via their website and call centre. It is not available through a broker network.
The policy is called the Easy One and is available to applicants ages 50 to 80. It comes in face amounts of up to $25,000. The plan provides lifetime protection and a discount for non-smokers. The policy also allows the insured access to a 24-hour professional counseling hot-line, as well as elder care support.
The pricing on the policy for a male, age 63, who is also a non-smoker would be as follows:
- $5,000 of coverage: $38.25 a month,
- $10,000 of coverage is $56.75 a month,
- $20,000 of coverage is $93.75 a month.
Competing insurance companies have their own simplified issue plans to match up against the Easy One:
Assumption Life Golden Protection Plan
- Available through broker network
- The policy is available to applicants age 40 to 85
- Face amounts up to $50,000
- Built-in Accidental Death Benefit
- Coverage available on an immediate and deferred payout basis
Canada Protection Plan Simplified Life and Deferred Life Plans
- Available through brokers or sold directly (The same pricing for both methods)
- Policy is underwritten by Forester's Life Insurance Company
- Available on an immediate payout basis or a deferred payout basis.
- The policy is also available in a Life-Pay option or a 20-Pay option
- Face amounts up to $75,000
Industrial Alliance The Perspective
- Paid out on an immediate basis
- Face Amounts up to $50,000
- Guaranteed cash values and paid-up values
- Multi-life discount if second spouse applies
For more details on these, or other, Simplified Issue No Medical Life Insurance policies in Canada please contact us at 1-866-899-4849. Also, feel free to visit our No Medical Life Insurance Quote Page.