For many Canadians, purchasing life insurance may appear to be a troublesome prospect. People who have health problems or are advancing in age may assume that they do not qualify for life coverage.
Also, some Canadians unexpectedly find themselves without coverage once they retire or experience a career change and no longer have group life benefits through their employer.
Guaranteed life insurance may be the answer for people addressing these specific problems.
What Is Guaranteed Life Insurance?
Guaranteed life insurance offers coverage regardless of health problems. The only requirements are that you be a Canadian citizen between the ages of 40 to 75. You do not need to fill out a medical questionnaire or submit to a medical examination in order to qualify for a guaranteed life policy. Coverage is available from $5000 to $25,000. Once your guaranteed life policy has been purchased, the premiums do not increase, but remain at the exact same price for the term of your coverage.
Your guaranteed life insurance policy includes a living benefit at no further cost. A living benefit allows the policy holder to receive a cash advance of up to 50% of the benefit in the form of an interest-free loan if the policy holder becomes diagnosed with a terminal illness. The only requirement for this benefit is that the policy must be in force for at least 2 years. The living benefit money can be used in any manner as the policy holder sees fit.
Changing Your Policy
Once your guaranteed life policy has been purchased, it cannot be cancelled. If the policy holder’s health declines, the policy cannot be revoked. Your life insurance coverage can be renewed up to age 95 without having to submit additional medical information. At the age of 95, your insurance will be continued, but you will no longer be required to pay premiums.
Contact Baker & Baker Benefits
All Canadians should have sufficient coverage in order to avoid any possible financial problems. For those Canadians that currently do not have life insurance, but wish to obtain it, ask one of our qualified consultants which life insurance option is the right one for you 1-866-369-4474
