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What is No Medical Life Insurance?
No-Medical Life Insurance policies are usually issued using simplified underwriting, meaning applicants are not required to undergo physical examinations to receive coverage. This type of policies are faster to process and have a higher issuance rate compared to fully underwritten Life Insurance plans.
If you have a pre-existing condition, it can be difficult to qualify for regular policies. Simplified underwriting Life Insurance provides coverage for people who otherwise would not be able to obtain it.
You are unlikely to get coverage through fully underwritten Life Insurance policy if the following applies to you:
- Have a pre-existing condition (such as diabetes, cancer, HIV, etc.)
- Have been denied coverage for a fully underwritten policy
- Have a dangerous profession (such as miner or commercial fisher)
- Have substance abuse issues
- Have impaired driving convictions
- Do not feel comfortable with your blood being taken
Even having a dangerous hobby, such as sky diving or rock climbing, can lock you out of traditional Life Insurance plans. In these cases (or if you require immediate coverage), No-Medical Life Insurance is a great, although more costly, alternative.
No-Medical Life Insurance premiums are higher compared to the cost of regular policies with equivalent benefits because insurers take on more risk by not conducting a medical examination. Your potential coverage will also be lower for the same reason.
While No-Medical Life Insurance is a great option for difficult to insure individuals, we recommend applying for a regular Life Insurance policy for more flexible, cheaper and greater coverage, if you think you can qualify.
Types of No Medical Life Insurance in Canada
Depending on your situation, you can choose between the two types of No-Medical Life Insurance:
Simplified Issue Life Insurance
Guaranteed-Issue Life Insurance
How to Save Money on No Medical Life Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.
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