What is Guaranteed Life Insurance? Breaking it Down.

03 14, 2024
Jake Smith

Share this on social media​​

Life insurance is a fundamental pillar for financial security, especially in the later stages of life or retirement. Among various life insurance plans, one lesser-known but highly useful type is guaranteed life insurance.

In this blog post, we answer what it is, we’ll explore its significance, the benefits it brings, and how it operates, outlined in an easy-to-understand guide.

What is Guaranteed Life Insurance?

Guaranteed life insurance is a type of life insurance where your acceptance is guaranteed regardless of your health or medical history. As long as you meet basic requirements such as age and residency, you will not be denied. Specialty Life’s guaranteed life insurance plan is available to permanent Canadian residents ages 18-80.

As with any life insurance plan, the policy holder pays a pre-determined premiums to the insurance company, while the insurance company will payout a tax-free benefit to the beneficiaries when the policy holder passes away.

Typically, like with Specialty Life, guaranteed life insurance lasts for your whole life. This means that whenever the policy holder dies, their family will receive the payout (as long as the premiums are paid).

 

Close up of elderly hands holding hands with their grandchild, symbolizing peace of mind for the future with final expense life insurance.

 

Why Guaranteed Life Insurance Matters

While life insurance can be a difficult topic to face, acknowledging that your passing can be a financial burden on your family—in addition to the emotional distress—shows its importance. Thinking ahead and arranging life insurance can provide peace of mind, knowing that you're protecting your loved ones from financial strain during an already challenging time.

Your family can use the benefit for a variety of needs such as:

  • Covering funeral expenses and final costs
  • Clearing debts and estate taxes
  • Supplementing income

Guaranteed Life Insurance with Specialty Life

Our guaranteed life insurance plan Excelsior provides up to $50,000 in coverage with easy, paperless application and instant approval.

Excelsior offers lifetime coverage and premiums that are guaranteed to stay level, giving you the superior peace of mind of no surprises down the road.

To get started, apply for a no obligation quote on our website. Our licensed advisor will reach out with a personalized quote and additional information. If you're happy with the offer, you can complete your application right over the phone, and your policy will be ready within 24 hours. Enjoy peace of mind knowing you're covered.

A senior citizen feeling secured knowing the benefits of Excelsior plans.

Like this article? You might also like these...

Best Life Insurance for Seniors with Pre-Existing Conditions: Excelsior Plans Explained
As you age, finding a reliable life insurance policy that accommodates pre-existing health conditions can be a daunting pile of...
Read Full Article
Denied Life Insurance? Excelsior Plans May Be For You
Have you recently been denied life insurance due to your age, health, or other risk factors? Feeling anxious and frustrated?...
Read Full Article
Can You Take Out Life Insurance on Your Parents? Discover the Why & How.
If you're worried about the financial impact of your parents passing, you may be considering ensuring they have adequate life...
Read Full Article