Life insurance policies generally come in two formats: traditional life insurance policies, which include a medical test and anywhere from 25 to 30 health and lifestyle questions, and no-medical life insurance policies, which don’t.
No-medical life insurance policies are broken down into two plans:
An illness doesn’t necessarily mean you can’t qualify for or obtain life insurance of any kind.
There are simplified-issue plans, which have no medical tests and three to twelve health questions, and guaranteed-issue policies, which have no medical tests and no health questions.
Depending on the severity of the illness, the insured can qualify for traditional life insurance. Conditions such as diabetes, high blood pressure, and high cholesterol often do not disqualify applicants from traditional life insurance policies.
However, more serious health conditions — especially those that were diagnosed recently, such as heart attack, stroke, or cancer — likely will disqualify applicants from traditional life insurance policies.
Still, the insured would be well served to check out simplified-issue options before choosing a guaranteed issue policy. Simplified Issue policies have higher face amounts and lower premiums than guaranteed-issue policies, and some of the plans pay out from day one.
It’s true that guaranteed-issue life insurance does offer guaranteed acceptance — but at a price. These policies should be the insured’s last option because the premiums are the highest and the face amounts are the lowest. To make matters worse, all guaranteed-issue life insurance policies also have a waiting period on non-accidental deaths.
For more details on no-medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.
