An In-Depth Look at Guaranteed Acceptance Life Insurance

By January 31, 2023 Advisor, Blog, Consumer, News
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It may be challenging to qualify for a life insurance policy if you have serious health conditions. Individuals with these complications present more financial risk to life insurance companies because they may only pay a few premiums before filing a claim. Since this would result in a financial loss for the life insurance company, insurers are more likely to deny these applications.

Guaranteed Acceptance Life Insurance is designed for just these situations. Applicants cannot be denied coverage, and the applications do not require a medical exam or health questionnaire. If it sounds like this product might be for you, read on to discover how guaranteed life insurance can give you the peace of mind you deserve as you go forward.

What is Guaranteed Life Insurance?

Also called Guaranteed Issue Life Insurance, Guaranteed Acceptance Life Insurance is a type of permanent life insurance that provides a one-time tax-free payout to your beneficiaries when you pass away. It is primarily intended to help your beneficiaries with expenses such as your funeral, travel and accommodations for people coming from out of town, floral tributes, and memorial donations. The funds allow your loved ones to plan a memorial that properly honours you. If they wish, they can also use the death benefit to pay for other things, such as any outstanding debts you may have had.

Insurance providers typically have a minimum and maximum age for people applying for this kind of insurance. The minimum age is usually between 30 and 50, and the maximum is typically 75 or 80. However, this varies significantly from one life insurance company to the next: do some research to find the ideal plan.

How Does Guaranteed Life Insurance Work?

Getting coverage with Guaranteed Acceptance Life Insurance is simple: you fill out a brief application, and your application is guaranteed to be approved. The policy covers you for the balance of your life. When you pass away, your beneficiaries file a claim with the life insurance company, and they receive the face value of your policy tax-free.

Most life insurance companies have a two-year waiting period before paying a death benefit. If you pass away during those two years, they will typically return the premiums paid into the plan and any interest accrued. This waiting period is often waived if the death is accidental.

Approval for Guaranteed Acceptance Life Insurance is instant, and there are no additional requirements other than your premium payments. You will never be asked to provide information about your current health or medical history.

Benefits of Guaranteed Acceptance Life Insurance for Canadians

Guaranteed Acceptance Life Insurance offers these benefits:

  • Easy, quick applications that don’t require medical information or a medical exam.
  • Your premiums always stay the same. When you buy your policy, you know how much it will cost you monthly.
  • Coverage begins instantly, and you can cancel the policy at any time.
  • The death benefit doesn’t decrease unless you pass away within the first two years of your policy.
  • Some policies build up cash value, which you can use to pay the premiums or as collateral for a loan.

Why Buy Guaranteed Acceptance Life Insurance?

Guaranteed Acceptance Life Insurance is specially designed for people with serious health conditions who may not qualify for traditional insurance. There may be other life insurance policies available to some of them, but the medical underwriting process can make those policies prohibitively expensive.

It may also be suitable for people who can’t get traditional life insurance for other reasons. Insurance can be difficult to obtain for people with hazardous hobbies, who perform work that puts them in life-threatening situations, who have a substance use disorder or who are a smoker.

Finally, Guaranteed Acceptance Life Insurance may appeal to people who want insurance quickly and don’t want to go through the hassle of applying for traditional life insurance. Doing paperwork and going back and forth with an insurance company isn’t for everyone: if you’re this kind of person, Guaranteed Acceptance Life Insurance could be just the thing.


Guaranteed Acceptance Life Insurance was created for people with very serious health conditions, but it may also appeal to other groups. If you’re considering this type of insurance, be sure to shop around because the terms and conditions vary from one insurance company to the next.

Canada Protection Plan offers Guaranteed Acceptance Life Insurance at great rates. You can purchase a plan starting from age 18 up to age 75 in amounts from $5,000 to $50,000. Our policies come with these additional benefits:

  • A Terminal Illness Benefit pays up to 75% of the face value of your policy if you’re diagnosed with a terminal illness.
  • A Transportation Benefit to transport your remains if you pass away more than 200km from home.
  • Cash value, starting from the fifth year of your policy.
  • An opportunity to apply for an additional Accidental Death Benefit at an increased premium.
  • Other member benefits are provided by Foresters Life Insurance Company, the company that underwrites our policies.

Before you commit to a Guaranteed Acceptance policy, check to ensure you’re not eligible for one of our other plans, which are all No-Medical. We offer both Term and Permanent Life Insurance at affordable rates and Critical Illness Insurance, which gives you a living benefit while in treatment and recovery. You may be surprised that you can get coverage through these plans even with pre-existing conditions.

Try our free, no-obligation Quick Quote Tool to determine how much insurance coverage can cost you. If you have questions or want to talk through your options, contact one of our licensed life insurance advisors today! We’re ready to help you get the right coverage.
Canada Protection Plan is one of Canada’s leading providers of No Medical and Simplified Issue Life Insurance. Our mission is to provide reliable protection and compassionate service from coast to coast with easy-to-purchase life insurance, critical illness insurance and related products. Our expanding product choices will help you get the coverage and peace of mind you need for a better financial future. Canada Protection Plan products are available through over 25,000 independent insurance advisors across Canada.

421497 CAN (01/23)

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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