The Insurance Portal periodically publishes short comparative tables on a particular type of life insurance product available on the Canadian market. Today, we zoom in on simplified issue term insurance.
At least 10 insurers offer this product in Canada. Some insurers sell more than one version of the product. For example, Canada Protection Plan offers three, and Assumption Life and UV Insurance offer two.
Half of the products in this market offer minimum coverage of $50,000. The lowest amount is only $10,000, available at iA Financial Group. On the other end of the spectrum, Canada Protection Plan offers preferred elite coverage with a minimum amount of $500,000.
Several options are available in terms of duration of premium payment. Regarding age at issue, the product can be purchased as of age 18 from most insurers. UV Insurance offers Juvenile coverage for youth ages 0 to 15.
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