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NO MEDICAL LIFE INSURANCE QUOTE AND EXPERT TIPS
Why Choose LSM Insurance for no medical life insurance?
- We work with experienced and reputable independent brokers across Canada
- LSM Insurance is one of the most respected life insurance brokerages in Canada
- We work with more life insurance companies than the majority of brokers (15+ insurers)
- We have been serving Canadians for over 25 years
LSM Insurance is accredited by:
Get a no medical life insurance quote today or ask questions
Sample no medical life insurance quotes
Male, 35 years old, non-smoker, Term 20 Life Insurance, $200,000 coverage, serious diabetes pre-condition
$62 per month
Male, 50 years old, non-smoker, Term 20 Life Insurance, $200,000 coverage, average heart attack pre-condition (i.e. no recent heart attack)
$179 per month
Female, 35 years old, non-smoker, Term 20 Life Insurance, $200,000 coverage, serious heart attack pre-condition
$49 per month
What is no medical life insurance?
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.
When do you need no medical life insurance?
There several cases when you might consider no medical life insurance:
- You have a serious a health (e.g. diabetes) or fitness (e.g. overweight) pre-condition that does not allow you to qualify for a standard life insurance policy.
- Your age is an obstacle in getting a traditional life insurance policy because some policies only cover their policy holders up to a particular age.
- A medical exam is not something you want to go through due to personal reasons.
- You want a “quick” insurance solution that offers a small amount of coverage without any delays.
What types of no medical life insurance exist and how do they compare?
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)|
|Coverage amount (Maximum)||Up to $5,000,000||Up to $300,000||Up to $25,000|
|Waiting period (no claim is paid during this period)||None||Either none or 1-2 years (depending on a policy)||2 years|
What are the most frequent no medical life insurance myths?
- If I have a health pre-condition, no medical life insurance is my only option.
This is incorrect. Often, you can still apply for standard life insurance or rated traditional life insurance (same coverage but higher rates). For example, many people with diabetes still qualify for this type of insurance.
- No medical life insurance always comes without any medical exams or questions.
This is incorrect. Only guaranteed issue no medical life insurance comes without a medical exam and questionnaire. A cheaper version of no medical life insurance (that also offers more extensive coverage) still requires answering a medical questionnaire, though it does not require a medical exam.
- Once you’ve purchased a no medical life insurance policy, you are automatically covered.
Not always; it depends on the policy. Some simplified issue insurance policies will cover you immediately, others may have a deferred coverage for 1-2 years. A guaranteed issue insurance policy typically comes with a two-year waiting period.
Should you have any other questions about no medical life insurance, our specialists are happy to help.