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Non-Medical Life Insurance Consumer Report
Couple by Masahiro Hayata
Non-medical life insurance plans can be purchased instantly, without medical exams. No doctors or nurses will need to visit. You just need to answer yes or no to a series of questions. Traditionally, only a limited number of companies offered these types of plans in Canada, but competition is heating up among insurance providers.
Non-medical life insurance plans can be purchased instantly, without medical exams.
The list below analyzes the pros and cons of six different carriers:
Assumption Life
Golden Protection
Pros:
- Coverage starts from day one
- Built Paid up and guaranteed cash values
- Insures applicants up to age 85
- Multi-life discount
- Very well priced among non-smokers over 50
- Accidental fracture option
Cons:
- Maximum issue $50,000
(E.g. $25,000, 55, female, non-smoker @ $65.57 a month)
Total Protection
Pros:
- Only four health questions
- Face amounts as low as $5000 and applicants can be 18 to 80
- Multi-life discount
Cons:
- Death benefit is limited in the first two policies to a return (plus interest) unless by Accident.
(E.g. $25,000, 55, female, non-smoker @ $108.37 a month)
Canadian Protection Plan - Underwritten by Unity Life
Simplified Life
Pros:
- Pay for life, or 20 year pay option
- Free transportation benefit
- Face amounts as low as $1000 and as high as $50,000
Cons:
- Maximum issue of $50,000
- An extensive list of health questions
- No multi-life option
(E.g. $25,000, 55, female, non-smoker @ $60.26 a month)
Deferred Life
Pros:
- Pay for life or 20 year pay option
- Free terminal illness benefit
- Face amounts as low as $1000 and as high as $50,000
- Same rates as Simplified Life
Cons:
- Death benefit is limited in the first two policies to a return (plus interest) unless by accident.
- No multi-life option
(E.g. $25,000, 55, female, non-smoker @ $60.26 a month)
Manulife
Cover Me - Guaranteed Issue Life Insurance
Pros:
- No health questions
- Paid up at age 95
- Fixed premiums
Cons:
- Limited to applicants age 40 to 75
- Maximum Face amount is limited to $20,000
- Death benefit is limited in the first two policies to a return (plus interest) unless by accident.
(E.g. $20,000, 55, female, non-smoker @ $57.44 a month)
Bank of Montreal
Guaranteed Acceptance Life Insurance
Pros:
- No health questions
- Pays out double by accident
Cons:
- Applicants must be to 50 to 75
- Death benefit is limited in the first two policies to a return (plus interest) unless by accident.
- Maximum face amount for a 55-year-old is $4500
- Can only buy the policy over the phone
(E.g. $4,500 (maximum issue) 55, female, non-smoker @ $12.57 a month)
Wawanessa Life
Final Expense Plan
Pros:
- Only five health questions
- Policy is paid up after 20 years or age 85
- Automatic loan provision available in year three
Cons:
- No discount for non-smokers
- Maximum face amount is $25,000
- Death benefit is limited in the first two policies to a return (plus interest) unless by accident
(E.g. $25,000 55, female, non-smoker @ $89.44 a month)
Industrial Alliance
The Perspective
Pros:
- Multi-life discount
- Coverage from day one
- Discount for non-smokers
Cons:
- Face amount limited to $35,000
- Insulin Diabetics do not qualify
(E.g. $25,000, 55, female, non-smoker @ $72.05 a month)
The Alternative
Pros:
- Multi-life discount
- Policy is paid up in 20 years
Cons:
- No discount to non-smokers
- Death benefit is limited in the first two policies to a return (plus interest) unless by accident.
- Very high premiums
(E.g. $25,000, 55, female, non-smoker @ $160.65 a month)
Direct line: 905.248.4849 Email:
need term life for an 18, 60 & 68 year old all for $100,000 each let me know the premium also a family pkg for travel insurance for all of especiaolly to go to USA a yearly premium for coverage 15 day then can add extra days if need to email me thanks
Hi Terry,
Thanks for the note. I’m happy to help out and will send a separate email shortly.
Best Regards … Lorne
Am 72 with some medical issues but under control. I would like a quote on Golden Protection (non medical).
Hi
I am 68 years old and looking for life ins. on myself. I am a diabetic not taking insulin and have high blood pressure controlled by meds. There is a family history of heart problems in the males but not the females in my siblings. There are 12 siblings. Can you help me find a policy preferably term 20 years and 25-50 thousand,or whole life for 20-25thousand.
Thanks for your help
Glenda
Hi Glenda,
Thanks for the note. Based on the information you shared if you have not been declined for insurance in the last 2 years you should qualify for Assumption Life Golden Protection coverage.
I will send you a seperate email shortly. Regards … Lorne
Hi, Lorne:
I am looking for non-medical term (10 or 20 years) life insurance with affordable premiums for my husband, who is 69. His only health complaint is hypertension, controlled by medication. We have never been declined life insurance. I look forward to hearing from you. Kind regards.
Hi Leslie,
Thanks for the note.
You’re husband would be better off with a traditional life insurance if his only health issue is controlled high blood pressure. Term 20 plans would not be available in his age bracket.
The rates would also be dependent on his smoking status.
Regards … Lorne
I am looking for non medical term life insurance
for myself & my husbad. I am 39 and smoke but no illness. My husband is 45 with some medical issues (on meds) and he is a smoker.
Can you tell me what you have available?
Regards,Veronica
Hi Veronica,
Thanks for the note if you have no health issues you would be better off with a traditional life insurance (health questions and possible medical tests). The rates are lower.
For your husband depending on his health issues he may qualify for a simplified issue plan (3 to 12 health questions and no medical tests)
Guaranteed issue coverage (no health questions and no medical tests) is the most expensive type of coverage and should be your last option.
Regards … Lorne
I am looking for either mortgage or term life insurance for approx. 250,000.00 as we are thinking of taking equity out of our property to buy a condo for three of our children who will be attending post-secondary school in BC. My concern as a 53 yr old female is that in July 2006 I was diagnoised with early Stage 1 Node Negative Breast Cancer with an excellent prognois. Will it be difficult for me to get insurance? Thanks!
Hi Linda,
Thanks for the note - traditional insurance may be a challenge depending on the pathology report.
We do offer several non medical solutions that may be a good option. I will send you a seprate email.
I am interested in a term policy for my husband, age 65 and insulin dependent. What is available. Regards
Hi Helen,
Thanks for the note. Most simplified issue insurance carriers will insure diabietics I’ll send you a separate email now.
i’m 43 was a smoker . I have heart issues being controled by meds. Very active person so i’m very healthy besides family history. I need some life insurance but have no idea where to start.
Hi Scott,
Thanks for the note. We are happy to help and we’ll send an email now.
I am interested in finding the best guaranteed life or some insurance like it for my husband who is 64 years old, non smoker, non drinker, in good health. He is a permanent resident in Canada at present and not a citizen yet. I don’t know what the phrase means: death benefit is limited in the first two policies to a return (plus interest) unless by accident. Do you know what the best plan would be or can you provide suggestions about which might be best and an approximate monthly rate for his insurance? Thanks very much!- Melanie
Hi Melanie,
Thanks for the note - your husband would likely be better off with a traditional life insurance if he is good health. Guaranteed issue (no medical tests and no health questions) and simplified life (no medical tests and no health questions) are geared towards people who have health issues.
We will send you a separate email now.
Been turned down for life insurance.
One company sent a nurse and all was fine except I booked off work due to stress being a single parent with a 5 year old boy with extreme behaviour issues.
Shortness of breath was a factor and I was referred to a respitologist.
He referred me for an ECG which shows a possible concern with mitral valve mildly directed regurgitation.
Been referred to cardiologist.
54.
non smoker.
Crohens disease, not active over 3 years.
Asthma, under control
270 pounds
5′8″
Anything you can offer?
Gary
Thanks Gary - We should be able to assist. We will send you a separate email now. Regards, LSM