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Guaranteed Life Insurance

Guaranteed life insurance is available to older Canadians, but it can be much more expensive than other forms of insurance.

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What is guaranteed life insurance?

If you don’t qualify for normal life insurance, you can still get coverage with guaranteed life insurance. Guaranteed life insurance is life insurance coverage with guaranteed approval, as long as you’re under the maximum age limit. Any factors that stop you from getting term life insurance or whole life insurance don’t matter.

However, guaranteed life insurance tends to be limited, as life insurance companies take on more risk when they issue a guaranteed policy. Maximum payouts are typically around $25,000, but can be as high as $50,000. Compare life insurance quotes to see exactly what’s available to you, or read on to learn more about guaranteed life insurance.

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What to look for in a guaranteed life policy

Guaranteed life insurance is one of the more interesting life insurance products on the market today. It's by no means the best policy for most people, as it comes with higher premiums and greater restrictions than standard policies. However, it's an important product, giving people who would otherwise be unable to get coverage access to life insurance.

If you're thinking about guaranteed life insurance, the best advice I can give is to see if you can qualify for a standard term life insurance policy first. A mainstream policy will almost always be better value and more flexible, so it'e best to make sure that's not an option first. Compare some life insurance quotes today and see how you go.

If you've checked your eligibility for other plans and guaranteed life insurance is your only choice, then there are a few things you'll want to consider when you compare policies. In most cases, you won’t be able to purchase additional endorsements such as critical illness coverage on a guaranteed life insurance plan. Instead, look for guaranteed life insurance policies that offer features like:

  • 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)

And remember, guaranteed life insurance is still a good product, and premiums aren't neccessarily expensive or unaffordable. It's just policy with limitations, that should only be used in specific situations. is not affiliated or otherwise associated with Hub International Canada.

Compare guaranteed life insurance quotes today

Guaranteed life insurance is complex, and getting the right quote for you requires a lot of comparison (or a bit of help). We can do both - compare quotes today to make finding life insurance simple.

compare quotes today

Guaranteed Life Insurance FAQs

How does guaranteed life insurance work?

Are guaranteed life insurance premiums expensive?

How much can I be covered for guaranteed life?

When should I buy guaranteed life insurance?

How soon can guaranteed life insurance pay a benefit?

What factors influence guaranteed life insurance rates?

Matt Hands, Business Director of Insurance

With 6+ years of experience at, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio

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