Canadian Life Insurance Quotes

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What is Guaranteed Life Insurance?

Guaranteed life insurance (or guaranteed issue life insurance) is a type of life insurance policy where acceptance is literally guaranteed. This might sound ideal, but it comes at a price, literally. If you’re considering the type of policy, be absolutely sure that it’s truly your best option. An advisor may be able to save you substantially on your premiums with a more traditional form of life insurance, and get you better coverage in the process.

Who is Guaranteed Life Insurance For?

Unfortunately there are just some groups of people who are too risky to insure through the eyes of the insurance company. These groups have a significantly higher likelihood of dying. People with serious medical conditions are an example of a segment of the population that insurance companies are unlikely to insure under a normal policy. For people who find themselves in this category, but still want the protection offered from life insurance – guaranteed life insurance may be there only option. With guaranteed life insurance, if the premium is paid you are entitled to receive coverage without undergoing a medical examination, nor requiring you to complete a medical history questionnaire.

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The Catch

So what are the downsides of guaranteed life insurance? To start, the premiums you pay are significantly higher than other life insurance policies. Also it takes a while before the death benefit coverage kicks in. If you die during the first few months or even years the insurance company may simply be required to reimburse the premiums instead of paying out the death benefits.

Are you considering guaranteed life insurance because of your medical condition or health issues? It is advisable to first speak with an independent life insurance broker about your options. Often people who get these types of policies assume that they would not be able to get another type of life insurance and end up spending much more on their premiums as a result. Discussing your options with an insurance professional is the only way to know for certain this is your only choice. connects thousands of Canadians every month with independent life insurance brokers across Canada. Let us make insurance easy for you.

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