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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?

What is guaranteed life insuranceCompare quotes today

Guaranteed life insurance, compared

If you don’t qualify for normal life insurance, you can still get coverage. Guaranteed life insurance is made for people like you. As long as you’re under the maximum age limit, you’re guaranteed to receive approval for a guaranteed life insurance application. 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 quotes to see exactly what’s available to you, or read on to learn more about guaranteed life insurance.

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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

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)
    Ratehub.ca 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.

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