No Medical Life Insurance

No Medical Life Insurance

We offer almost 50 no medical life insurance policies from over 15 Canadian life insurance companies. This may sound complex but don’t worry, after learning about your needs for no medical life insurance we will do all of the work for you and provide you with your available options.

The market for no medical life insurance in Canada has changed drastically over the last few years. It has become extremely competitive with different life insurance companies trying to offer the best products, pricing and options. As a result, the customer is benefiting because they are able to get higher quality policies at lower prices without having to complete a medical exam.

You will find below more detailed information on how no medical life insurance works, the benefits, the drawbacks, the types available, etc. At anytime you can feel free to contact us for additional information or quotes.


Please Note –
No medical exam does not mean no medical questions! Most no medical exam policies do have qualifying medical questions. Policies, features and companies are not all the same. We highly recommend that you speak with a professional broker to discuss the differences in policies. You can contact us via the contact form below or by toll free phone at 1-877-344-4011. We will get back to you right away!

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What is No Medical Life Insurance?

No medical life insurance is a type of life insurance that Canadian’s are able to purchase without having to complete a medical exam. A medical exam involves a nurse coming to your home to complete an in-depth health questionnaire, check your height and weight, blood pressure and take a blood and urine sample. Some find this process tedious and very personal so it can be avoided with no medical life insurance.

Due to the life insurance company not requiring a medical examination, the cost for a no medical life insurance policy is typically higher than regular life insurance policies. Why? Mainly because the life insurance companies do not have as much information to understand and evaluate your health which poses a higher risk to the insurer. In general most people who are healthy apply for fully underwritten life insurance policies which include a health examination. You have access to lower rates and better policy options by applying for life insurance with a medical examination.

Who Buys No Medical Life Insurance?

The offerings of no medical life insurance from life insurance companies in Canada is continuously changing and becoming a very competitive market. As a result, you the client are getting access to better policy types and rates for no medical life insurance. These continuous changes have also made changes to those who are purchasing no medical life insurance.

Many years ago no medical life insurance was only available to those who were very hard to insure because of health issues. Many policies would have a two year “waiting period” where the life insurance company would not pay out in the event of death. The full coverage amount would be payable after the first two years of the policy. These types of policies do still exist but over the years this has changed and it is now possible to get coverage from day one of when the policy starts and up to $500,000 of coverage. 

Some examples of people who purchase no medical life insurance are, 

1. People who are in good health who just do not want to complete a medical exam.
2. People who are willing to pay a slightly higher premium to have a policy that is issued quick with no headaches and/or underwriting delays.
3. People who have health problems and are harder to insure (e.g. heart issues in recent years, past diagnosis of cancer, etc.).
4. People who have applied for a policy that required a medical exam and were declined because of their health or received a rating (increase in cost due to being higher risk).
4. Someone who do not want a nurse poking them with a needle or completing a medical examination.
5. Someone who participates in hazardous sports, activities or has a danger occupation (e.g. skydiving, pilots, motorcycle or car racing, etc.)

At the end of the day, there are a multitude of available options for life insurance. We highly recommend that you reach out to us by email or phone at 1-877-344-4011 to discuss your options. Our team of expert life insurance brokers will help guide you in the right direction.

What Policy Types Are Available?

There are two main types of life insurance available in Canada which are term life insurance and permanent life insurance. These two types of policies are both available to purchase with no medical examination. Within the two types (term and permanent) there are different policy types/options available. The four main no medical life insurance policy types are listed below with additional information.

Guaranteed Issue Policies
These policies require no medical examination and essentially no medical questions. Your cheque and a signature gets you coverage. These policies have reduced benefits and increased premiums (cost) compared to other products which are available. Guaranteed issue life insurance is appropriate for those who are unable to qualify for simplified issue products. 

The maximum amount of coverage that you can get with a guaranteed issue life insurance policy is $50,000. From our experience, most people who purchase guaranteed issue life insurance buy between $10,000 and $50,000 of permanent life insurance to cover final expenses (funeral costs, taxes at death, unexpected bills, etc.). 

Simplified Issue Policies
This type of policy would be the most popular and sought after no medical life insurance policy. These policies require no medical examination and a limited number of broad medical questions. Typically you must be answer all of the questions “no” in order to qualify. These policies have higher premiums than a fully underwritten policy (a policy that requires a medical examination) and may have reduced benefits.

The ease of application and broad medical questions make them appropriate for those who may have had medical conditions that prevent them from getting a fully underwritten policy, or for those who simply are looking for an easy application process. 

The maximum amount of coverage that you can get with a simplified issue life insurance policy is $500,000. From our experience, most people who purchase simplified issue life insurance buy anywhere from $50,000 and $500,000 of term life insurance to cover things such as family protection and debt (mortgage, line of credit, student debt, etc.). 

Deferred Issue Policies
This type of policy would fall between Simplified Issue and Guaranteed Issue. These policies require no medical examination and a very limited number of broad medical questions. These policies have premiums that fall between Simplified Issue and Guaranteed Issue and are designed for those with more severe current or past medical issues. 

The maximum amount of coverage that you can get with a deferred issue life insurance policy is $350,000. From our experience, most people who purchase deferred issue life insurance buy anywhere from $50,000 to $350,000 of term life insurance to cover things such as family protection and debt (mortgage, line of credit, student debt, etc.). We also see people purchase permanent life insurance policies with coverage amounts between $10,000 and $50,000 to cover final expenses (funeral costs, taxes at death, unexpected bills, etc.). 

Fully Underwritten Policies
With the no medical life insurance market becoming very competitive, many life insurance companies are increasing the amount of life insurance you can get approved for without having to do a medical exam and get a fully underwritten policy. You can actually get life insurance coverage up to $1,000,000 with some life insurance providers without having to complete a medical at fully underwritten prices (the best possible price available for life insurance in Canada). To be able to qualify you need to be under the age of 50 and in very good health. The insurance company will contact you after the application has been submitted to complete a health questionnaire. Depending on how the questionnaire is completed you may possibly get approved without having to complete a medical examination.

Again, we cannot emphasize enough how important it is to discuss your situation and needs with one of our experienced licensed life insurance brokers. We will ensure that you fully understand your options and provide pricing options from the top companies in Canada to ensure that you are purchasing the right product from the right company. Feel free to email us or contact us by phone at 1-877-344-4011.

What Companies Offer No Medical Life Insurance?

There is a wide range of life insurance companies in Canada who offer no medical life insurance. All of the companies who offer no medical life insurance have different products, pricing and available options. We recommend that you discuss your situation with one of our life insurance brokers to understand the differences between the different companies. We have compiled a list of some of the top no medical life insurance companies below who we can quote for you.

Manulife
– CoverMe Life
BMO Life
– EasyOne Life
Equitable Life
– Final Protection
RBC Life
– Guaranteed Acceptance Life
Family Compass
– Family Compass Level
– Family Compass Graded
CAA
– Guaranteed Acceptance Life
Canada Protection Plan
– Deferred Life
– Simplified Life
– Simplified Plus Life
– Deferred Life 20 Pay
– Simplified Life 20 Pay
– Simplified Plus Life 20Pay
– Acceptance Life
– Deferred 10 Year Term
– Simplified 10 Year Term
– Simplified Plus 10 Year Term
– Deferred 20 Year Term
– Simplified 20 Year Term
– Simplified Plus 20 Year Term
– Deferred Term to 100
– Simplified Term to 100
– Simplified Plus Term to 100
Industrial Alliance
– Access Life Guaranteed Access – Whole Life
– Access Life Deferred – Whole Life
– Access Life Deferred Plus – Whole Life
– Access Life Deferred Plus – 15 Year Term Life
– Access Life Deferred Plus – 20 Year Term Life
– Access Life Deferred Plus – 25 Year Term Life
– Access Life Immediate Plus – Whole Life
– Access Life Immediate Plus – 15 Year Term Life
– Access Life Immediate Plus – 20 Year Term Life
– Access Life Immediate Plus – 25 Year Term Life
Assumption Life
– Golden Protection Deferred
– Golden Protection
– Golden Protection Plus
– Total Protection
Edge Benefits
– Final Expense Coverage
Foresters
– Guaranteed Issue Whole Life
Wawanesa Life
– Instant Issue Life Insurance
Gerber Life
– Burial Expense Plan
Desjardins
– 50+ Life Insurance
PlanDirect
– Guaranteed Issue Life Insurance
Hunter McCorquodale
– SecureLife
La Capitale
– Affirmative
– Simplified Advantage
Order of United Commercial Travellers (UCT)
– Final Expense Whole Life
– 10 Year Term
– 15 Year Term
– 20 Year Term
– 30 Year Term


How Much Coverage Is Available?

Guaranteed Issue No Medical Life Insurance – Maximum of $50,000

Deferred Life No Medical Life Insurance – Maximum of $350,000

Simplified Issue No Medical Life Insurance – Maximum of $500,000

Benefits of No Medical Insurance

  • insurance   Policies get issued quickly with no medical examination required.
  • insurance   You don't have to complete a medical examination which means no blood or urine samples, no needles and no visit from a nurse.
  • insurance   Wide variety of policy types and coverages to choose from (term and permanent).
  • insurance   Marketplace is very competitive which has made rates very affordable.
  • insurance   Most life insurance companies offer a conversion option within the policy.
  • insurance   Most life insurance companies offer a conversion option within the policy (see below for more information).

Recommendation

When purchasing no medical life insurance it is very wise to seek out independent, unbiased advice from a life insurance broker who represents all of the life insurance companies in Canada. Feel free to reach out to us by email or phone at 1-877-344-4011 to speak with one of our licensed brokers and determine what product is best for you and your family.

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