What is “No Medical” required life insurance?
In response to the current state of the world due to the COVID-19 pandemic, many insurance companies have adapted and are now offering life insurance policies that do not require medical exams or fluids. These “no medical” life insurance policies provide competitive rates without the need for blood tests, urine tests, or blood pressure results. While insurers may take on more risk by not requiring testing, the cost to consumers remains the same. This has become a popular option for those who want to secure life insurance quickly and without the hassle of medical exams, especially during these uncertain times.
Types of “No Medical” Life Insurance
Life insurance policies that do not require a medical exam typically have coverage limits to lower the risk for insurers. There are two primary types of non-medical life insurance available:
- Simplified Issue Life Insurance: This type of policy does not mandate a medical exam but comes with a health questionnaire. The length of the questionnaire determines the cost of the coverage; the longer it is, the lower the cost.
- Guaranteed Issue Life Insurance: This policy doesn’t require a medical exam or answers to any health-related queries. It’s an option even if you’ve been declined insurance previously. The face value of a Guaranteed Issue Life Insurance policy usually ranges from $5,000 to $50,000. Typically, there’s a deferred period of coverage for one or two policy years, which means if the insured passes away during this period, the premiums paid (sometimes with added interest) will be returned to the beneficiary.
How does “No Medical” life insurance work?
Canada Protection Plan offers a variety of insurance policies that do not require a medical examination. Guaranteed Issue plans are designed for people with significant health conditions who might not qualify for coverage otherwise. Guaranteed Issue policies are available to anyone who has a serious illness and may be difficult to insure.
As these insurance plans are considered high-risk by the insurance company, they are usually more expensive than standard policies that require a medical exam. However, this “no medical” life insurance can be an excellent option for individuals who want to cover their final expenses and potential funeral costs.
Why is Experior Financial the best?
Experior Financial Group stands out as a great option for those seeking life insurance policies that do not require a medical exam, but do require answers to medical questions. While there is no need for a paramedical, fluid test, or doctor’s report, the death benefit levels are limited, and premiums are generally higher than standard life insurance policies. The policies offered by Experior Financial Group are suitable for individuals between the ages of 20 to 85 years old, and our goal is to provide the best protection at affordable prices. Our brokers work with many Canadian life insurance companies to offer the best value for our clients’ unique needs.
Because “No Medical” Life Insurance policies can vary so much across different Canadian life insurance carriers, it is advisable to consult with an expert insurance broker who can help determine the coverage that best suits your needs. You can provide your phone number and email address via the contact form on our website, and a licensed associate will contact you soon after. Our associate will be happy to guide you through the application process and help determine the coverage that is best for you.
In certain situations, purchasing term life insurance without a medical examination can be incredibly convenient and can significantly reduce the time between applying for coverage and receiving policy approval.
FAQ
Is it possible to obtain insurance without a medical examination?
Yes, it is possible to obtain life insurance without undergoing a medical examination. However, the coverage amount and the age of the insured may affect the eligibility for this type of policy. Instead of a medical exam, the insurance provider may ask health-related questions to assess the risk and cost of the coverage. No medical exam policies can be beneficial for applicants who meet the provider’s requirements, as they save time and avoid the stress of an exam.
How does “No Medical” Life Insurance function?
To obtain a simplified issue life insurance policy in Canada, the applicant must answer a set of questions regarding existing health conditions, such as type 2 diabetes, heart disease, and heart attacks, among others. The insurance provider uses the answers to determine the client’s eligibility for coverage, without the need for a medical exam. However, these policies may have a higher premium.
Does “No Medical” Life Insurance cover funeral arrangements?
In Canada, funeral expenses can be costly, and cremation expenses have increased with inflation. “No Medical” coverage is ideal for pre-need plans to cover funeral expenses. The minimum burial coverage amount is typically between $4,000 and $15,000, while more elaborate funerals may cost significantly more.
Can smokers apply for coverage?
Yes, smokers are eligible for coverage. However, insurance costs are higher for smokers, and it is recommended to verify coverage options with an Experior Associate to find the most competitive life insurance rates available.