Guaranteed Life Insurance – Get Guaranteed Income for Life
Guaranteed Life Insurance in Toronto (also called Guaranteed Issue Life Insurance) is an insurance policy that you at all times can get. There is no medical exam or questionnaire needed; you merely apply by filling out the appropriate paperwork. Guaranteed Life Insurance in Ontario is a faultless solution for anybody who is not able to qualify for other insurance types e.g. due to senior years and / or a pre-existing medical history that will not permit them to purchase a standard life insurance policy.
Even if you have been denied a policy in the past, you can apply for Guaranteed Life Insurance in Toronto. Find out more about this insurance below. You can purchase this life insurance policy remotely, which is very significant during COVID-19 times. Our experienced life insurance brokers will be able to discover for you the finest rate.
Guaranteed universal life insurance is not whole life insurance as well as does not build cash value. It is more alike to term life insurance, with your term being defined by age rather than years.
Guaranteed Issue Life Insurance: Who is it for?
Guaranteed Life Insurance in Ontario always seems like the most no fuss insurance choice for those who hear about it for the chief time. Guaranteed life insurance with no health questions can cover all complex cases with pre-existing health conditions such as:
- Alcohol or Drug Abuse
- Depression
- Obesity
- Insulin treated diabetes
- Cancer
- Heart Failure
- HIV
- Multiple Sclerosis
- Alzheimer’s Disease
- Other serious pre-conditions
The commercials as well as advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at sophisticated guaranteed life insurance rates.
Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental demise. It means that should a policyholder die in the chief 2 years; no claims will be paid (and just the paid premiums will be returned). Furthermore, the issue limits are low on these policies (i.e. typically below $25,000) as well as the premiums are great.
The finest fit for these type policies are individuals who have very serious health issues and are powerless to qualify for Simplified Issue or Traditional Life Insurance policies.
Simplified Issue life insurance policies also have no medical tests as well as have anywhere from 3 to 12 health questions. Life Insurance coverage on these policies is much higher: $500,000 – $750,000.
Traditional life insurance policies have a complete range of health questions and — depending on the insured’s age — a series of health tests, such as urine sample or blood test. However, the face amounts on these policies can be much higher, up to $3,000,000 – $5,000,000, and the premiums are lower than streamlined issue plans.
More about Guaranteed Life Insurance
One third of Canadians do not have life insurance. Too often, life gets busy and complicated and life insurance requirements are put on a backburner. They are not considered again until retirement age begins to approach. Unfortunately, around this same time, numerous people are realizing that previous health issues, combined with age, now make it very difficult or impossible to obtain life insurance.
This is just where Guaranteed Issue Life Insurance comes in. With pre-determined payments that do not increase and policy payouts that are designed for senior years, this type of policy is a way to make sure that your needs (e.g. funeral or burial coverage) will be met. In addition to offering insurance when standard policies fail you, not having to comprehensive a medical examination for your Guaranteed Life Insurance policy helps to haste up your policy approval time and completed it distantly.
