Two of the leading direct suppliers of guaranteed issue life insurance in Canada are BMO Insurance and Manulife Financial.
Both guaranteed issue plans are available via the suppliers’ respective websites and call centres, but they are not available via their independent broker networks.
Cover Me Guaranteed Issue Life Insurance
- No medical tests and no health questions
- Face amounts up to $25,000
- Premiums guaranteed never to increase
- The beneficiary receives five times the coverage if the insured dies by accident
- The death benefit is limited to a return-of-premium with no interest if the insured dies in the first two policy years
- The insured can pay by credit card
Guaranteed Life Plus
- No medical tests and no health questions
- Face amounts can be as high as $50,000
- Maximum face amounts are lower for older ages (for example, a 70-year-old, male non-smoker receives a maximum face amount of $11,550)
- The Five coverage levels are based on premium bands, $20, $30, $45, $60, $75, $90, $100 and $120 a month
- The beneficiary receives five times the coverage if the insured dies by accident.
- The death benefit is limited to a return-of-premium with no interest if the insured dies in the first two policy years
- The insured can pay by credit card
Hard-to-insure applicants should see if they qualify for a simplified issue life insurance policy. Simplified issue plans have no medical tests, but they include a short series of health questions. These plans often offer lower premiums, higher face amounts, and immediate coverage in many instances. Manulife and BMO both offer simplified Issue plans that are broker-based.
Broker-based policies are also available for guaranteed issue as well as simplified issue coverage. Guaranteed issue suppliers include The Edge and Bingham Group Services which has a unique Guaranteed Issue Mortgage Insurance plan underwritten by Foresters Life Insurance Company.
Simplified issue plans available from brokers include Canada Protection Plan (a plan also underwritten by Foresters), Assumption Life, Industrial Alliance, and Wawanessa Life. Many of these policies are available with an immediate-pay death benefit.
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.
As listed in this article, BMO Insurance and Manulife Financial, I searched for these companies, I found these companies on the top of my results, but are only better for the Canadian citizens. Are there any other best companies which are multinational and provides the best plans for the life insurance? Can anyone suggest me more insurance companies?
Sorry for the delay. We are only licensed in Canada
Can I get this plan even if I had a Heart Attack 3 years ago.
I’m otherwise in good, 51 malke non smoking, exercise 2 times a week.
Hi Antonio, The plan has no health questions so you would qualify. But if you heart attack was 3 years ago you could qualify for a Simplified Issue policy and depending on you answers to other questions your coverage could start from day one.
Can I still qualify for this plan if I’m taking treatment for lung cancer
Hi Justin, These plans have no questions other than the smoker declaration question. But the death benefit is limited in the first 2 years to a return of premium.