Top Guaranteed Life Insurance Companies Reviewed

This article is intended to be brief and give you a little insight into the different companies that offer guaranteed life insurance products by review only a few key differences between some of the companies. As always, products and conditions are subject to change, it’s best to consult with an expert before purchasing any form of coverage.

RBC Insurance

Must be under the age of 75 to apply. With RBC guaranteed issue policy they only allow purchasing coverage of up to $40,000 in benefits. This will be fine for people who are looking to cover the funeral costs, medical bills, and unwanted debts. But not suitable for people who need a larger amount of protection.

Canada Protection Plan (CPP)

Canada Protection Plan is one of the leaders in guaranteed life insurance. They have both Term and Whole Life options available as guaranteed coverage.

Term policies offered are Term 10, 20, 25, and 30 years. This coverage is ideal for covering short term liabilities, like your mortgage or other debts. With this coverage, there is no medical test, and simplified issue meaning you can apply over the phone. Their term plans are renewable to age 80 if those limited liabilities take longer to pay off than expected. If you need protection past age 80 their permanent life insurance is a better fit.

Permanent whole life with CPP offers an easy application process with again, no medical tests. They have both a whole life plan and a T100 which is a low-cost way to afford permanent coverage.

Humania  

Humania has a wide range of guaranteed term products. Their Term length only offers 3 solutions, term 10, 20, and 100. The application process can be done over the phone with no medical tests. Both their term 10 and 20 plans are renewable up until age 80.

Assumption Life 

Assumption Life offers a wide variety of no medical guaranteed issue plans. They only have term 10 and term 20 available, however, they have multiple types of no medical term policies. Depending on your pre-existing health conditions and the amount of coverage you need Assumption life offers a wider variety of ways to get it.

Assumption Life also has multiple permanent Life insurance products. Their product par plus is the whole life insurance product that offers a dividend paid to you, which can either help increase your income or increase the cash value that accumulates in the policy. Very few guaranteed issue life insurance companies offer a product like this. Although you must be under the age of 75 to apply.