What is the difference between Guaranteed Issue, No Medical & Simplified Issue, and Traditional Life Insurance?

By August 23, 2017 January 27th, 2021 Article
What is the difference between Guaranteed Issue No Medical and Simplified Issue and Traditional Life Insurance


There are many different types of life insurance. Here’s a brief overview:

Guaranteed Issue or Guaranteed Acceptance life insurance

Best suited for applicants who have been declined for life insurance, have serious health conditions and would most likely not be able to obtain any other type of life insurance coverage, there is no medical required. For Guaranteed Issue/Acceptance life insurance, this usually means that when someone applies, they are asked very few or no questions, and their coverage amount is typically low, with premiums on the higher end.

Our Guaranteed Acceptance life insurance, means exactly that – no matter your health, if you’re between 18 to 80 years you can apply for coverage (Non-residents require a valid work permit).

No Medical and Simplified Issue

In most cases No Medical and Simplified Issue life insurance means no medical exams with a series of health questions when applying. This is ideal for those who may have some health issues, or do not want to spend time getting medical tests, or are into extreme sports or have a high risk occupation or, are simply looking for a life insurance plan that can be provided quickly.

On the other end of the spectrum there is Traditional life insurance. Of these three mentioned here, Traditional typically has the lowest rates. This comes with requiring a complete medical including needles and fluid samples and more tests if required. It is fully underwritten, which means it can take anywhere from one to three months for a policy to be issued. It would be most suitable for those in excellent health who don’t mind having medicals done and waiting to be approved.

Get a no-obligation quote.
The information contained is as of date of publication, and may be subject to change. These articles are intended as general information only, a licensed advisor should be consulted regarding your specific situation.
To learn more about Canada Protection Plan and our line of comprehensive No Medical and Simplified Issue life insurance solutions, call Broker Services at 1-877-796-9090 and we will be happy to assist you or put you in contact with Sales support in your region.

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Pour en savoir plus sur Plan de protection du Canada et sur sa gamme complète de solutions d’assurance vie sans exigence médicale et à émission simplifiée, communiquez avec les personnes-ressources des Services de courtage au 1 877 796-9090, qui seront heureuses de vous aider ou de vous mettre en contact avec l’un de nos soutiens aux ventes dans votre région.

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