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No Medical Life Insurance
No Medical Life Insurance is a life insurance plan that you can buy without undergoing a medical examination. It is a simplified way to get life insurance coverage and does not require a medical exam or medical report from your doctor but a simple health questionnaire to get the coverage. Due to the fact that there is no medical exam, the application process becomes faster and you can get coverage in a matter of days, not weeks or months. These policies are meant for people who find it challenging to get insured through standard coverage options due to pre-existing health conditions. No Medical Life Insurance is becoming popular these days as these policies are easier and faster to process compared to fully underwritten life insurance plans.
If you have ever been turned down for life insurance coverage due to a pre-existing medical condition, No Medical Life Insurance may be the answer for you. People with the following health conditions may still qualify for Non-Medical Life Insurance:
Non-medical life insurance is offered without a medical exam and that’s why it is often more expensive than standard life insurance. The insurance company is taking on more risks as medical exams are not done to evaluate your health. Insurance companies also know that people who are in good health will opt for standard life insurance policies and assume that you pose a higher risk to the company. This means that premiums will be higher than traditional life insurance and death benefit amounts are also limited depending on the health of the applicant. These policies are not the best choice for most people, because they are expensive. However, No Medical Life Insurance is usually recommended for you if:
Types Of No Medical Life Insurance
There are two types of No medical Life insurance.
Simplified Life Insurance: It’s a No Medical Insurance plan without a medical exam but you may need to answer some questions to qualify. It can be offered as a term or whole life plan with limited face amount and usually higher premiums, than Standard Life Insurance. Always make sure that you check the payout option of the No Medical Life Insurance as there are immediate claim payouts and deferred claim payouts. As the name suggests immediate claim payout will pay immediately upon death without any waiting period but if there is a deferred claim payout then there will be a 2 year waiting period for natural death. Premiums with interest would be returned if natural death occurs during the first 2 years, but there is no waiting period for accidental death. Simplified Issue Life Insurance is usually the least expensive type of No Medical Life Insurance.
Guaranteed Life Insurance: It’s a No Medical Life insurance plan without a medical exam and without a medical questionnaire. You don’t have to answer any questions or see a doctor and anybody can qualify for this plan but insurance premiums are higher than the Simplified Life Insurance. Guaranteed Life Insurance is tailored mainly for funeral expenses where your acceptance is guaranteed without a medical and is the most suitable product for seniors. The coverage is usually limited between $5,000 and $50,000. Make sure to check the payout options for these policies as most guaranteed issue life insurance policies come with “deferred payouts” meaning that these policies will not pay a death benefit within the first one or two years for natural death. Whereas there is no waiting period for accidental deaths and payout will be immediate. Guaranteed Life Insurance is the most expensive type of No Medical Life Insurance. These plans are suitable for seniors and people suffering from serious illness who are not able to qualify for any other type of life insurance.
Is No Medical Life Insurance Right For Me?
Although no medical life insurance is gaining popularity these days, we don’t recommend it to everyone. It might appeal to lots of people, due to its simplicity and faster process but it’s best for those who don’t qualify for a standard life insurance policy due to a chronic illness, a family history of serious medical issues, substance abuse, a dangerous occupation or a dangerous hobby. You should always opt for standard life insurance if you are healthy and can qualify for it because you will save a lot! No Medical Life Insurance is a great option for those hard to insure individuals as it’s always better to have some insurance than none. The comparison table below can give you a brief idea of which insurance type will be a suitable option for you:
Non-Medical No Yes Yes
Faster Application Process No Yes Yes
Medical Exams Yes No No
Medical Questionnaire Yes Yes No
Waiting Period No Depends Yes
Anyone Can Qualify No No Yes
Coverage Up to $20,000,000 Up to $50,0000 Up to $50,000
Premiums Least Expensive Less Expensive than Guaranteed Life Most Expensive
We at Family Care Insurance work directly with leading Canadian providers of No Medical Exam life insurance plans. We can compare pricing from multiple companies to ensure that you are getting the right product at the lowest possible price. Let’s sit together to discuss your life insurance needs today. We will be happy to assist you.
We will help you find the right coverage & policy.