Guaranteed issue life insurance is exactly that, you are basically guaranteed this life insurance. Though, there might be some things that you don’t know about this kind of insurance and where maybe you are a little scared to ask. Naturally, it’s always best to walk into a situation with as much knowledge as possible, so it’s about time you found out the things that you did not know about guaranteed issue insurance. Canadian no medical life insurance offers a wide range of insurance policies, get your free quote today.
No medical exam needed.
Unlike other life insurance policies, which might need a medical exam, and a complete medical history of your family just to get approved, you don’t need that for this. They might ask you only a few medical questions, but you will never need an exam. You have probably seen those advertisements saying accurately that, and that is what those commercials were for.
Now you might not need a medical exam or a perfect medical history, but that doesn’t mean you will have an excellent policy to walk away with. Just like getting a loan which has too much risk factors where you pay extra with high-interest rate, you almost act the same here.
What’s the tradeoff?
First off, you might pay a much higher premium for this type of insurance. And if you don’t want to pay the annual premium up front and choose for a month to month or quarterly, then you will pay even more.
Who needs guaranteed issue life insurance?
This kind of policy is not like the “when I die policy”. And instead of leaving your family stuck with the funeral bills, they will cover those costs, and this is just about it, honestly. Most policies are not more than $30,000. So if your estate has some bills still owing, those might likely still fall to your family.
This is a very usual type of policy for people over the age of sixty and usually up to the age of 80. They are high risk, and these policies tend to have a very high payout ratio.
Finding a guaranteed issue life insurance policy
If you are willing to get a policy, then check out www.nomedicallifeinsurance.ca or start searching for the best rates on a guaranteed issue life insurance policy on the web and compare lenders. You can also use comparison sites which offer many benefits. You will have to fill out the insurance details on time, get quotes and choose the company that offers A-rated service.
In addition, these sites make it easy for you to compare insurance rates from various companies so you can pick the cheapest rate and the policy that suits you the best. The best insurance comparison website even offers a chat feature staffed by the professionals. You can ask all your doubts clarified here about guaranteed issue life insurance and be assured that you will get accurate and helpful answers. Remember that this insurance is also available for individuals, but it’s a bit harder than getting it through an employer. You will find a variety of rates for this type of coverage, but it can be more expensive too.