No Medical Life
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Worry no more even if you have a pre-existing condition with No Medical Life Insurance.
It allows you to live comfortably knowing that your loved ones will be financially secure in the unfortunate event of your passing.
What is No Medical Life Insurance?
No Medical Life Insurance policies are typically issued using simplified underwriting. This means that applicants are not required to undergo a physical examination to gain coverage. No Medical Life Insurance policies are faster to process and have a higher issuance rate compared to fully underwritten Life Insurance plans.
It can be difficult to qualify for regular policies if you have a pre-existing condition. Simplified underwriting Life Insurance provides coverage for people who otherwise would not be able to receive it.
Is No Medical Life Insurance the right choice for me?
It is unlikely to get receive coverage through fully underwritten Life Insurance policies if the following applies to you:
- You have a pre-existing condition (such as diabetes, cancer, HIV, etc.)
- You have been denied coverage for a fully underwritten policy
- You have a dangerous profession (such as miner or commercial fisher)
- You have substance abuse issues
- You have impaired driving convictions
- You do not feel comfortable with your blood being taken
Even if you have a dangerous hobby like skydiving or rock climbing, that can lock you out of traditional Life Insurance plans. If this sounds like you (or if you need immediate coverage), No Medical Life Insurance is a great alternative. Be aware that it is more costly.
Can I name multiple beneficiaries?
No Medical Life Insurance premiums are higher compared to 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 that same reason.
Although No Medical Life Insurance is a good option for individuals who are difficult to insure, we recommend applying for a regular Life Insurance policy for more flexible, more affordable, and greater coverage, if you think you can qualify.
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Types of No Medical Life Insurance in Canada
Depending on which policy suits you best, there are two types of No Medical Life Insurance to choose from.
Simplified Issue Life Insurance
Simplified Issue Life Insurance skips the medical exam and requires you to only complete a medical questionnaire. Questions include personal information and detailed medical history. The answers you provide will influence the amount of coverage you receive and the price of the plan. This is a great option for difficult to insure individuals. However, coverage can still be denied depending on how certain medical questions were answered.
Guaranteed Issue Life Insurance
Guaranteed Issue Life Insurance skips both the medical exam and the questionnaire. The applicant will receive coverage regardless of their health conditions and medical history. However, the insurance company will consider the applicant to be a part of the highest risk group. This will result in low benefit amounts and high premiums. If the insured passes away within the first two years of obtaining their policy, the beneficiaries will only get the amount that the policyholder paid in premiums during that time.
How to Save Money on No Medical Life Insurance?
We want to help you save your money. The best way to save money on No Medical Life Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
What is your age?
Your age bracket has a significant impact on your premiums. The younger you are, the more we suggest purchasing a policy. Avoid higher rates by purchasing Life Insurance before your next birthday.
Are You Healthy?
If you are a healthy individual and can qualify for regular life insurance, apply for a fully underwritten policy to pay notably lower premiums.
Smoker status
Cigarette smokers can pay up to 100% more for the same level of coverage as a non-smoker. To gain a considerable reduction on your premium payments, consider quitting smoking. It will save you money and benefit your health.
Renewing Your Policy?
Over time, rates can change. Instead of renewing your current plan, compare new policies or consider converting your Term plan to a Permanent Life Insurance.
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