Lorne Marr from LSM Insurance shares his experience:
“No Medical Life Insurance is exactly that – it’s life insurance that’s available without a medical (exam). Now, because it does not have a medical, there still are, generally, still some health questions. We have a guaranteed issue type policy where there are no health questions but that’s really limited to people with very severe health issues and then there is Simplified Issue which also has no medical tests but has a series of health questions and a key point with a No Medical Life Insurance with Simplified Issue policy is that you wanna find a plan that’s best for you and you wanna find a plan that offers you the best overall coverage.
So, if you someone who can qualify for a plan and answer “No” to 15 or 20 questions, that’s gonna provide you with a lot better plan than if you can only answer “No” to 5 or 6 questions. So, that’s where a broker can really come in. They can find the best No Medical Life Insurance policy for your specific needs and that’s gonna result in you getting a lot more coverage at a lot lower premium.
As a side note, a lot of the carriers have really upped the issue limits on No Medical Life Insurance policies, so now you can get a lot more coverage than you were able to years gone by.”
No medical life insurance is a type of life insurance that does not require medical tests. Some no medical life insurance types go even further and do not even require a medical questionnaire.
This is an ideal type of insurance for those who would not be approved for traditional (also called standard) life insurance that comes with medical tests and a questionnaire to complete.
The drawbacks of no medical insurance are lower insurance coverage and more expensive premiums when compared with the premiums for the same coverage of a traditional life insurance policy.
There several cases when you might consider no medical life insurance:
No medical life insurance comes in a few forms:
A simplified issue no medical life insurance policy does not require a medical exam, but still requires answering a medical questionnaire.
A guaranteed issue no medical life insurance policy does not require a medical exam or a medical questionnaire.
These policies offer various levels of coverage and have a waiting period before you can make a claim.
| Standard (Traditional) Life Insurance | Simplified Issue Life Insurance (No Medical) | Guaranteed Issue Life Insurance (No Medical) | |
|---|---|---|---|
| Rates | Low | Medium | High |
| Coverage amount (Maximum) | Up to $5,000,000 | Up to $300,000 | Up to $25,000 |
| Medical Exam | Yes | No | No |
| Medical Questionnaire | Yes | Yes | No |
| Waiting period (no claim is paid during this period) | None | Either none or 1-2 years (depending on a policy) | 2 years |
