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About no medical life insurance in Canada

No medical life insurance is one of many options available to Canadians. It is designed for a specific group of people in particular – those who do not qualify for standard life insurance policies or those who prefer to not undergo a medical examination to get coverage. It is a quicker and less invasive process to get life insurance with no medical exams.

If you are considering this insurance, read below about how it works, how to get coverage, and the pros and cons of this insurance product.

What is no medical life insurance?

No medical exam life insurance does not require you to take a physical to qualify. Your application may still include health questions, but you do not need to be evaluated by a medical professional before a policy is approved. This type of insurance is less time-consuming and has less stringent qualification requirements. However, it is more expensive than normal policies.

Depending on the insurer, your policy may be referred to as:

Simplified issue life insurance
Guaranteed acceptance life insurance

Both refer to products that require either no exam or minimal health information to be issued a policy.

How does no medical life insurance work?

A no medical or simplified issue life insurance policy works like other types of life insurance products. It provides you with financial protection for your dependants in the event you die.

But there are also limitations in how it works. For example, you may have lower limits and there may be exclusions.

What makes it a unique solution is you do not have to take a physical medical exam as part of the application process. You may still be asked some health questions. There is usually a level of guaranteed coverage all applicants will qualify for. Once you are approved, you will pay a monthly premium in exchange for protection.

Types of no medical life insurance

There are two main types to consider. They are:

Guaranteed issue: There is a heath test or questions, but you are limited to a lower amount. If you pass away within the first couple of years of the policy, your beneficiary will receive a death benefit equal to payments made on the plan.
Simplified issue: You will not receive a medical test, but you may have to answer health questions. You will be asked about any serious illnesses. You may also be asked if you have been denied life insurance by other providers. This is available as a whole life insurance or term life insurance plan.

Who needs life insurance with no medical exam or health questions?

a doctor writing notes with an older female patient

There are a variety of individuals who can benefit from this insurance product. Here are situations when you should consider this insurance:

You have a pre-existing health condition
You need it as soon as possible
You have had issues getting insured in the past
Your family has a history of medical issues
You do not like medical testing
You work in a dangerous industry
You are in Canada on a work visa or study permit

How much does no medical exam life insurance cost?

Insurance providers base their premiums on the information you provide during the application process. However, no medical policies are issued using less information than standard plans. There is no examination and fewer health questions for insurers to use to assess your application. Therefore, they are more expensive.

Insurers will use the information they have about you to assess your level of risk and set premiums. They will consider your age, gender, limits, if you smoke, and any other information collected.

What are the advantages of no medical life insurance?

It is beneficial for many reasons, including:

Fast approvals: Policies can be approved as soon as 48 hours after you submit the application. This is much quicker than other options.
No health tests: You can get approved without having to take any tests.
It is ideal for people with existing conditions: You can get approved for a plan even if you have a pre-existing medical condition.
Get a plan even if you have a dangerous job: Traditional plans may not approve you if you have a job that is considered riskier.

What are the disadvantages of no medical life plans?

There are potential drawbacks to choosing this coverage. They are:

Less coverage: They typically have lower limits than traditional plans. You will also have fewer personalization options.
Greater cost: Since you do not offer up as much medical information, you are riskier. This increases premiums.
Waiting period: There is often a two-year waiting period applied to all new plans for the full payout of death benefits.

No medical life insurance FAQ

Is no medical life insurance worth It?

Yes. It can be worth it for people who want to avoid taking a physical or those who have been denied coverage for standard plans. It is ideal for people who do not need a lot of coverage but want to have some form of life insurance in place.

Why do some people prefer no medical life lnsurance?

There are a few reasons why individuals may prefer this choice. The application process is simplified. There are no tests and limited health questions to answer. It takes less time to get a life insurance quote, and it is a viable choice for people who have existing health issues.

How much life insurance can I get without a medical exam?

The level of coverage you can get depends on the carrier and type of no medical insurance. It is common for policies to have limits between $25,000 and $50,000.

Can you be denied no medical life insurance?

It is possible to get denied for a simplified issue plan. But most carriers will approve you for a guaranteed issue policy. However, limits will be lower and certain conditions apply.

What are common reasons to buy no medical life insurance?

People choose to buy this type of insurance because it is easier to obtain. The application process is simple, you do not have to take any tests and most people are approved within a day or two.

Can you buy life insurance online with no medical exam?

Yes. Some insurers offer it online without the need to take a health test. It is most common for guaranteed no medical policies to be offered online.

What companies offer no medical life insurance?

Most life insurance providers offer no medical insurance. Our insurance partners who offer this coverage include:

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