Life insurance is an essential part of any financial plan. Moreover, it provides peace of mind knowing that your loved ones will be taken care of if something happens to you. 2/3 of Canadian citizens think that life insurance is extremely valuable.
When it comes to life insurance, there are many types. Each offers its own set of benefits. For example, guaranteed whole life insurance is a policy that offers guaranteed coverage with no waiting period. That means that you are insured from the moment your policy begins, and there is no need to wait for an eligibility period to pass.
Types of No Medical Insurance Available in Canada
There are a few distinct types of no medical insurance policies available in Canada. Guaranteed whole life insurance is one, and there are also guaranteed renewable term life insurance policies and guaranteed issue life insurance policies.
Guaranteed whole life insurance is the most comprehensive type of policy, as it offers guaranteed coverage for your entire life.
Guaranteed renewable term life insurance policies only offer coverage for a specific number of years, after which you must renew the policy if you want to continue to be insured.
And finally, guaranteed issue life insurance policies are available to anyone, regardless of their health history.
How Does Guaranteed Life Insurance Work?
So, let’s answer the most obvious question: how does guaranteed life insurance work?
With a guaranteed whole life insurance policy, you make a one-time payment and are covered for the rest of your life. This policy type is perfect for those who want coverage until they die, without any chance of their policy being cancelled.
When you buy a guaranteed whole life insurance policy, you lock in a death benefit for yourself and your loved ones. The policy is guaranteed to last for your entire life, and there is no waiting period before benefits kick in. So, it’s the perfect option for those who want immediate coverage.
How Much Does Guaranteed Life Insurance Cost?
The cost of guaranteed life insurance varies depending on several factors:
- Your age: The older a person is, the more they will pay for coverage
- Your health: If you have any preexisting conditions, your rates may be higher
- The type of policy you choose: Guaranteed whole life insurance is more expensive than term life insurance, for example
- The amount of coverage you need: The more money your beneficiaries will receive in the event of a sudden death, the higher your premiums will be
However, despite these variations, guaranteed life insurance is typically much cheaper than other life insurance policies. For example, a 55-year-old man can get a $100,000 policy for as little as $10/month.
Who Is Eligible for No-Medical Guaranteed Life Insurance?
Not everyone has to undergo a medical exam to qualify for guaranteed life insurance. In addition, many people are eligible for no-medical coverage.
The following people typically qualify for no-medical guaranteed life insurance:
- People who are in good health older than 50
- People with a history of health problems
- People who have a life expectancy of at least ten years
How Much Coverage Can I Get?
The coverage amount you can get with a guaranteed life insurance policy varies depending on the insurance company. Some even go over $1,000,000. However, most policies offer coverage amounts of $50,000 to $500,000.
Choosing a guaranteed whole life insurance policy is a terrific way to ensure that your loved ones don’t need to worry about finances in case of your death. With no waiting period and a range of coverage amounts available, it’s an option worth considering for anyone looking for life insurance.
Top Guaranteed Whole Life Insurance Companies in Canada
Most companies offer multiple life insurance policies, but only a few have “no medical required” policies. To help you pick the right one, we will go through some of Canada’s best life insurance companies for guaranteed whole life policies.
1. Assumption Life
Based in Quebec, Assumption Life offers guaranteed whole life insurance policies to Canadians between 50 and 80. In addition, they are a leading provider of simplified and flexible-term insurance options. The company offers five separate products for people looking for non-medical insurance policies.
2. Canada Protection Plan
In the second spot, we have one of the largest life insurance companies in the country. They have been providing whole life insurance options for decades, and their policies start at $10,000 in coverage. Their small plans are ideal for covering final expenses like funeral costs.
3. Sun Life
If you have ever researched anything about life insurance companies in Canada, you’ve probably come across Sun Life Financial. SLF was founded nearly 200 years ago and controls over $20 billion in assets worldwide. It offers straightforward protection with the option of increasing your benefit down the line.
Headquartered in Toronto, Manulife is one of the most well-known insurers in Canada. It offers guaranteed life insurance to anyone with coverage starting at $25,000. Their flagship whole life product is called Manulife Par. It offers attractive long-term cash value without compromising access to the cash value in the early days of the policy.
5. Equitable Life
Equitable Life is a Canadian company that’s been in business since 1859. It offers guaranteed whole life insurance to people aged 50 to 85, and their policies have no waiting period. In addition, their flagship Equimax Estate Builder offers guaranteed cash values to people looking for long-term financial planning.
Pick Your Guaranteed Life Insurance Carefully
Each company has different rates, so it is important to compare quotes before deciding. Also, make sure to ask about rider options and any other coverage that might be available. For example, some companies offer accidental death and dismemberment insurance.
When choosing a guaranteed life insurance policy, it is important to make sure the company you go with is reputable and has a good record. Do your research and compare quotes before deciding.