No Medical Life Insurance Canada

What is no medical life insurance?

No medical life insurance is life insurance for which you do not need to maintain a medical checkup to be covered. One type of life insurance policy you can purchase instead of going through a medical examination is no medical life insurance. Due to its quicker and faster application process, as well as the fact that it offers coverage in the event of a prior ailment, this type of life insurance is preferred by many. 

Because insurance firms have limited data to assess your wellness and because persons in a healthy state typically choose basic life insurance plans, no medical life insurance is more costly than standard life insurance. If you’re considering going with no medical life insurance, learn more about it and decide if it’s the best course of action for you by reading the content on this page.

Why is a medical exam required for some life insurance policies?

Medical examinations aid in the risk management process for insurance firms. A comprehensive medical examination gives them a complete picture of your general health, enabling them to determine your insurance risk more precisely.

What advantages come with a no  medical life insurance policy?

The main benefit is avoiding the inconvenience (and perhaps the needles!) of a medical examination. This may also imply that coverage approval processes move quickly—in some cases, instantly.

Are there any disadvantages to no medical life insurance?

In some instances, premiums for these policies may be more costly, and coverage limits are lower than what you would shell out for a life insurance policy requiring a medical exam because they aren’t tailored to specific threat profiles. For example, if you’re youthful, fit, and don’t have a high-risk job, you could get a great bargain on a life insurance policy with a medical exam, including cheaper premiums and more coverage.

Who should consider no medical life insurance? 

Consider getting a life insurance policy with no medical exam if:  

• You have extreme anxiety in circumstances related to medicine, such as needle phobia. 
• You already suffer from a few medical issues.
• You are elderly.  
• You engage in risk activities like paragliding or are employed in a high-risk profession.

Types of no medical life insurance in Canada 

Guaranteed issue life insurance

Guaranteed issue life insurance limits your insurance plan to a considerably smaller amount—typically about $25,000 for non-accidental death—but does not need a medical examination or questionnaire. Suppose you pass away during the initial two years of many guaranteed issue policies. In that case, the recipient will only get a payout equivalent to the premiums you have paid for the insurance. Generally, as long as you keep up your payments, the guaranteed issue life insurance you purchase remains in force.

Simple issue life insurance

While a doctor’s checkup is not necessary for simplified issue life insurance, it may involve answering a health assessment. You’ll undergo personal questions once you request simple issue life insurance, such as whether you’ve been hospitalized, confirmed to have any significant ailments, or denied coverage for any life insurance policy. Term or whole life plans are available for purchase with simple issue life insurance.

When to think about no medical life insurance

One of the necessary factors is no medical life insurance, which you should never utilize. Nevertheless, you shouldn’t seem guilty about looking into no medical life insurance if you cannot obtain life insurance in any other way. You can still find a fantastic deal on quality coverage. Here are several more things to think about.

Extra Coverage possibilities 

• You can get riders or expanded coverage from certain no-medical life insurance providers that cover you in additional situations.
• If you suffer from an acute condition like heart failure, cancer, or stroke, you will be compensated.
• If a mishap causes your demise, you will receive another upside from accidental death.
• Specific no-medical life insurance policies also have a cutoff age, approximately 95 years, whereby you stop receiving monthly payouts.

How to get no medical life insurance? 

There are several ways in which you can purchase no medical life insurance:

• Particular insurance companies employ direct underwriters.
• Standalone insurance brokers that exclusively market a single insurance company’s goods
• Brokers of insurance who market the goods of several insurance firms
• Certain suppliers provide application sites.

What are the advantages of a no medical insurance life insurance policy?

The main benefit is avoiding the inconvenience (and perhaps the needles!) of a medical examination. This may also imply that coverage approval processes move quickly—in some cases, instantly.

Are there any disadvantages to having no medical exam life insurance policy?

In some instances, premiums for these policies may be more prominent, and coverage limits might be less than what you would pay for a life insurance policy, which necessitates a medical exam as specific risk profiles don’t determine the policies. For example, if you’re a teenager, fit, and don’t have a high-risk job, you could get a great bargain on a life insurance policy with a medical exam, including cheaper premiums and enhanced coverage.

Final Thought

There is no medical exam required for no medical life insurance. It may be a valuable alternative for those not eligible for a medical exam. A medical exam and life insurance can be better if you’re healthy.

FAQs

Who qualifies for no medical Life Insurance?

No Medical Life Insurance is available to anyone between the ages of 30 and 74 who is a lawful resident of Canada. Regardless of previous medical histories, you are instantly approved for coverage. There won’t be any health questionnaires to complete, no physical examinations, and no health checks. When you apply, you’ll receive lifetime, everlasting coverage.

How much coverage can I get?

You can get up to $5000 to $25000.The coverage money can help you plan for funerals and medical costs. It will help you clear any outstanding bills.

How long does it take to be approved for no medical life insurance in Canada?

In Canada, obtaining clearance to go without health insurance is intended to happen rather quickly. After completing your application, you should hear back within days on whether it was granted or denied. However, several variables affect how quickly your application is approved, including the insurance company you select and how thorough it is.