Guaranteed Life Insurance With No Medical Test In 2021

It’s now 2021 and let’s face it, 2020 changed a lot of things, and Guaranteed Issue Life Insurance is one of them. If you are considering life insurance in 2021 with no medical test, this is an article you’ll want to consider reading.

More and more companies today offer a guaranteed issue product. Let’s break down the few areas you’ll need to consider.

First, is the coverage amount, how much coverage will you or your loved one needs? This is an important question for you because all guaranteed coverage providers have limits. Many companies cap the amount of coverage to $100,000 with some companies now going up to $300,000 and even $500,000 on guaranteed term coverage.

However, if you are looking to cover final expenses, funeral costs, or small debts you should have plenty of options. I bring this point up because one of the major reasons people purchase life insurance is to cover a mortgage. As mortgage prices rise here in Canada Many people also purchase a mortgage over the guaranteed limit, which could pose some problems for some people applying.

The second point is your current health status. We really do live in a world where being lazy can hurt you at times. If you are in good health and take no predictions medication applying for guaranteed coverage might seem like the easier option, but you will end up spending more on guaranteed coverage as opposed to medically underwritten coverage.

We see this more often now, where someone will reach out to us wanting guaranteed coverage because it seems easy to get and they don’t want the potential of being declined. However, it only ends up costing them and their loved ones more. In short, if you are in good health you should always consider medically underwritten coverage first, as it will always be your most affordable life insurance options.

Last, consider the companies you have access to. As mentioned there is now a long list of companies to consider. Companies like:

• Humania Assurance
• RBC
• Canada Protection Plan
• Assumption Life
• Manulife
• BMO

And the list goes on. However, each policy is a little different. Some companies might be a better fit depending on what you are looking for. For example, RBC only has term coverage available for guaranteed issue. However, assumption life has permanent guaranteed issue products that are available. Understanding your needs is always most important when looking for coverage.

For more information or if you would like to speak to one of our non-commissioned staff feel free to contact us, as we should happily point you in the right direction.