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.

One of the most trying things about obtaining life insurance are the medical tests involved. Simplified issue policies have no medical tests and only a few health questions.The number of questions depends on the company and plan. The following are some additional simplified issued life insurance facts:

1. The policy may have a deferred benefit or an immediate death benefit.
Simplified Issue policies that have fewer health questions, generally come with a deferred benefit, meaning the death benefit will be limited to a return-of-premium plus interest in the first two policy years. Simplified Issue plans that have more questions are usually available with an immediate death benefit.

2. Coverage can be available on a term or permanent basis. Term policies have premiums level for a stated term and the coverage either expires, or the premiums increase, after that term. Permanent policies have level premiums and coverage for life.

3. The coverage on a permanent simplified issue policy is available on a Life Pay or Limited Pay basis. Life Pay policies have premiums payable for life. Limited Pay policies can be paid-up in a limited number of years, the most common type of Limited Pay is paid-up in 20 years - meaning no more payments are made after 20 years, but you are still covered after the 20th year.

4. The death benefit is generally tax-free.

5. The policy owner can choose their own beneficiary. The beneficiary must have an insurable interest, like a spouse, child, or business associate.

6. Simplified issues policies h higher face amounts and lower premiums than guaranteed issue plans.

For more details on no medical life insurance in Canada, please contact us a 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.

Guaranteed issue life insurance provides life insurance without a medical and with no health questions.

This is different than simplified issue life insurance, which is also available without a medical, but has anywhere from three to 12 health questions. Guaranteed issue policies have higher premiums and lower face amounts than simplified issue plans and most have a waiting period on the death benefit of two years or longer.

BMO Insurance is one of the leading providers of guaranteed issue life insurance for seniors. Their plan is called Guaranteed Life Plus and is only available through BMO's call centre, not through its broker network.

The plan features the following:

• Coverage for the insured aged 40 to 75
• Coverage is available in the following five premium options: $20/month, $30/month, $45/month, $60/month and $75/month.
• Cash values accumulate in the plan from year three.
• Non-smokers and smokers pay the same rate.
• The death benefit by non-accidental death is limited, in the first two years, to a return-of-premium without interest.

Two other top providers of guaranteed issue life insurance policies are The Edge, which is Underwritten by Industrial Alliance and Bingham Group Services Corp. (BGS), which is Underwritten by Foresters Life Insurance Company. Both of these plans are available through independent brokers, as opposed to a call centre.

The Edge's guaranteed issue life insurance plan is available to applicants 18 to 85 and comes with face amounts anywhere from $5,000 to $25,000. The fact they insure applicants up to 85 is a huge plus and if the insured dies in the first two policy years, the payout is limited two a return-of-premium plus 10% interest.

Bingham Group Services Corp. also offers a guaranteed issue mortgage life and disability insurance policy that is once again underwritten by Foresters Life Insurance Company of Canada. The plan must be linked directly to the insured's mortgage and offers the applicant up to $500,000 of protection.

One big caveat with the plan is the pre-existing condition exclusion. Applicants with pre-existing conditions within 12 months from the policy issue date will not be covered for that condition for the duration of the policy contract. An insured person without a pre-existing condition can also add a disability benefit.

For more details on guaranteed issue life, please contact us at 1.866.899.4849 or visit our No Medical Life Insurance Quote Page.

Two simplified issue life insurance plans without a medical are on offer from Industrial Alliance.

The first plan, The Alternative, is available for individuals six months to 80- years-old, and premiums are payable limited number of years depending on the applicant's age.

The policy has a short series of health questions and the premiums are guaranteed to never increase. The face amount is also guaranteed. The one caveat with the plan is, if a death occurs by non-accidental means within the first two policy years, the payout is limited to a return of premium, plus 5% interest.

The Prospective policy is also available without a medical, but there are a longer series of health questions. The plan is available to applicants age 35 to 75, and premiums are payable up to age 100. The Prospective plan also provides coverage from day one.

For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849, or visit our Non-medical Life Insurance Quote Page.

The insured is covered for the length of the term when it comes to deferred term life insurance. However, should death occur within the first two policy years, the death benefit payment is limited to a return-of-premium plus interest.

The two primary deferred term policies providers in Canada are Industrial Alliance and Canada Protection Plan, underwritten by Foresters.

The following is a snapshot of the difference between the two carriers:

Canada Protection Plan's Deferred Term Policies

• They offer Deferred Term 10, Deferred Term 20, and Deferred Term 100 plans.
• The death benefit in the first two policy years is limited to a return-of-premium plus 3% interest.
• The plan is non-renewable and non-convertible.

$100,000 of Deferred Term 20 coverage for a 40-year-old male, non-smoker is $429 a year.

Industrial Alliance Deferred Term Policy

• They only offer a Deferred Term 20 Policy.
• The death benefit payout, if death occurs by non-accident in the first two policy years, is limited to a return-of-premium plus 5% interest.
• The plan is non-convertible and non-renewable.

· The annual premium for a 40-year-old male, non-smoker is $475 a year.

For more details on Non-medical Life Insurance in Canada, please call us at 1.866.899.4849 or visit our Non-medical Life Insurance Quote Page.

Industrial Alliance offers a non-medical life insurance plan called The Alternative. The plan has no medical tests and a short series of health questions. It is available to applicants ages six months to 65-years-old and premiums are generally payable for 20 years.

Although, for applicants ages 66 to 74, premiums are payable until age 85, and for applicants 75 to 80, premiums are payable for 10 years.

The plan has a level death benefit and coverage remains intact for the insured's lifetime. Face amounts range from $5,000 to $50,000. The maximum face amount for children under 25 is $10,000. If a non-accidental death occurs, within the first two policy years, the benefit is limited to a return-of-premium plus 5% interest.

For more details on Non Medical Life Insurance in Canada please call us at 1.866.899.4849 or visit our Non-medical Life Insurance Quote Page.

An illness doesn't necessarily prevent you from qualifying for life insurance because, the bottom line is, life insurance policies generally come in two formats:

Traditional life insurance policies, which include a medical test and anywhere from 25 to 30 health and lifestyle questions, and no medical life insurance policies, which don't.

No medical life insurance policies are broken down into two plans:

An illness doesn't necessarily mean you can't qualify for, or obtain life insurance of any kind.

Simplified-issue plans, which have no medical tests and three to twelve health questions, and guaranteed-issue policies, which have no medical tests and no health questions.

Depending on the severity of the illness, the insured can qualify for traditional life insurance. Conditions such as diabetes, high blood pressure and high cholesterol often do not disqualify applicants from traditional life insurance policies.

However, more serious health conditions, especially those which were diagnosed recently, such as heart attack, stroke or cancer likely will disqualify applicants from traditional life insurance policies.

Still, the insured would be well served to check out simplified-issue options before choosing a guaranteed issue policy. Simplified Issue policies have higher face amounts and lower premiums than guaranteed-issue policies, and some of the plans pay out from day one.

It's true that guaranteed-issue life insurance does offer guaranteed acceptance – but at a price. These policies should be the insured’s last option because the premiums are the highest and the face amounts are the lowest. To make matters worse, all guaranteed-issue life insurance policies also have a 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 Non-medical Life Insurance Quote Page.

Guaranteed Issue life insurance always seems like the most no fuss insurance choice for those who hear about it for the first time.

The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums are quite high.

The best fit for these type policies are individuals who have very serious health issues and are unable to qualify for Simplified Issue or traditional life insurance policies. Simplified Issue life insurance policies also have no medical tests and have anywhere from three to 12 health questions. These policies can have an immediate payout, but the face amounts are also lower and the premiums are also higher than traditional life insurance policies.

Traditional life insurance policies have a full range of health questions and -- depending on the insured's age -- a series of health tests, such as urine sample or blood test.

However, the face amounts on these policies can be up to 20 times the insured's income and the premiums are lower than simplified issue plans and significantly lower than guaranteed issue policies.

For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.
 

After a heart attack, obtaining life insurance can be challenging.

In all cases, the insured has two choices: Traditional Life Insurance Plans and No Medical Life Insurance Policies.

Traditional life insurance plans ask a series of health questions and usually involve the insured completing one or more medical tests. Whereas, No Medical life insurance policies can be broken down into the following two categories:

Simplified-Issue Plans - These ask a short series of health questions and have no medical test(s). Approval usually depends on how those questions are answered.

Guaranteed-Issue Policies - These have no medical tests, no health questions and approval is typically automatic.

Many Simplified-Issue policies are available to applicants who do have a prior history of heart disease. There is usually a question related to whether the insured has had a heart attack, but coverage is often available if the heart attack was diagnosed over two years ago and the insured has not had a change in medication.

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It's important to note that if the insured applies for a Traditional Life Insurance Plan and is declined, obtaining a Simplified Issue non-Medical life insurance plan may be difficult.

Many Simplified-Issue Life insurance policies offer coverage from day one. However, Guaranteed-Issue policies have a two-year waiting period, which means that if the insured dies in the first two years by a non-accidental death, the payout is limited to a return-of-premium, plus interest.

For more details on No Medical Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

A non-medical life insurance plan, available to applicants ages 45 to 75, is available from Wawanesa Life.

The plan is a simplified issue plan, meaning there are no health tests and, in this case, a series of five health questions. The plan is called an Instant Issue Plan.

The insured can choose between 19 coverage levels ranging from $5,000 to $50,000 of coverage.<!--more-->

The premiums are guaranteed to never increase and are payable for 20 years. The death benefit is fully paid-up even if the insured is living after the first 20 years or to age 85. All proceeds are paid out tax-free and the policy provides late payment protection after three years through the plan's automatic loan provision.

One caveat with the plan is that the death benefit is limited, in the first two years, to return-of-premium, plus interest. It should be noted that the interest during this two-year period is 10%, which is higher than most carriers.

For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.