Guaranteed Life Insurance is an inexpensive solution that will provide you with the protection you need, regardless of your health or medical history. As long as you are under the policy’s extreme age, the insurance is guaranteed.

What is Guaranteed Life Insurance in Ontario?

Guaranteed Life Insurance in Toronto is a very simple, yet unique type of life insurance obtainable to purchase in Canada. It is designed to offer a restricted amount of insurance coverage for Canadians who cannot get approved for life insurance. This is typically because of past or current health problems which are long lasting.

You can acquire up to $50,000 of guaranteed life insurance if you are under the age of 60 and $25,000 over the age of 50. For certain Canadians it can make a lot of sense to purchase a guaranteed life insurance policy while for others it does not. Let’s have a look at the pros.

Benefits of Guaranteed Life Insurance

If you are in a situation where you are finding it problematic (or even impossible) to get approved for a traditional policy, guaranteed life insurance offers numerous benefits which help you get lifelong life insurance protection in place. Here are some of the main benefits of Guaranteed Life Insurance in Ontario from numerous life insurance companies.

Lifetime Protection. Coverage lasts for your complete life.

Easy Application. No medical exams or health questions are mandatory to be approved.

Locked-in Premiums. The rates are level for life and do not surge.

Tax-Free Benefit. Death advantage is paid out to your beneficiaries as a lump sum, tax free.

Living Benefits. Early payout and cash advance options in case of a severe and prolonged complaint.

Non-Smoker Benefits. Enjoy lower premiums if you are a non-smoker in the last 12 months.

Cost of Guaranteed Life Insurance

The cost of Guaranteed Life Insurance in Toronto is dependent on multiple factors. You must keep in mind that all insurance companies do not like danger. The higher the risk to the insurance company means that they will charge a developed premium for the coverage that they are offering. For example, if you are considered an excessive risk driver due to past speeding tickets and/or accidents, you can expect the insurance company to charge you an arm and leg for your auto insurance. 

With guaranteed life plans, the insurance company only confirms if you are a smoker or not. This means that they are taking on a big amount of risk as they do not know anything about any given applicant’s health. The person applying could have just been diagnosed with a life threatening complaint such as cancer or a heart attack and be told that they only have a few years left to live. The life insurance company does not ask any health questions and the applicant is not mandatory to disclose anything other than if they are smoker. As mentioned above, the advanced the risk to the insurance company, the greater the premium. 

As a result of the minimal (essentially zero) questions on the application, the cost for guaranteed life insurance is greater than traditional life insurance policies that most Canadians apply for. Guaranteed life insurance should be used chiefly by those who have severe and prolonged health conditions and require a basic amount of permanent life insurance.

The premium (the cost) of the policy will be determined by your age, gender, smoking status as well as the company you are applying with. There are more than a handful of companies in Canada who now offer surefire life coverage, each with different costs. 

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