Guaranteed life insurance
Guaranteed life insurance is available to older Canadians, but is much expensive than other forms of insurance. So what is guaranteed life insurance?Compare quotes today
Guaranteed life insurance, compared
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Guaranteed Life Insurance FAQs
What is Guaranteed life insurance?Guaranteed life insurance is life insurance cover you’re guaranteed to be approved for, regardless of your health. You just need to be under the maximum age limit.
How does guaranteed life insurance work?When you buy guaranteed life insurance, you won’t answer any questions about your health. You choose the amount of coverage you want and answer a few simple questions. As long as you’re under the policy’s maximum age, typically 75 years, you’re guaranteed to be approved.
Are guaranteed life insurance premiums expensive?Premiums for guaranteed life insurance are generally higher than term coverage, as they involve more risk for insurers. However, guaranteed premiums can still be very affordable.
How much can I be covered for guaranteed life?Guaranteed life insurance coverage is lower than other policies, as they are more likely to pay out. Maximum coverage is generally $25,000, but can be up to $50,000 with some insurers.
When should I buy guaranteed life insurance?Guaranteed life insurance is best for people who need coverage, but have been turned down for traditional life insurance policies. Keep in mind that higher premiums means you may pay more than your death benefit if you live a long time.
How soon can guaranteed life insurance pay a benefit?Usually, guaranteed life insurance has a two year no-claim period, starting from the date the policy takes effect. If you were to die within that time, your beneficiary would be refunded the premiums you paid in that time.
What factors influence guaranteed life insurance rates?Guaranteed life insurance rates are only based on your age, sex, coverage amount, and whether you smoke. To learn more about what factors affect life insurance premiums, see our article What Is Life Insurance?.
How to choose a guaranteed life insurance policy
- Increased benefits for accidental death
- Early payout if you develop a terminal illness
- Shorter waiting periods before full coverage takes effect
- Locked-in premiums that are guaranteed not to increase
- Lifetime coverage that only requires you pay premiums to a certain age (usually 90 or 95)
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