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No Exam Life Insurance

There are numerous life insurance options available for Canadians in the present era.

They can conveniently explore and compare different policies online, and also educate themselves about the functioning of various life insurance types.

Consequently, it comes as no surprise that they experience the natural evolution of convenience when it comes to shopping for insurance: a life insurance policy without medical requirements.

Although the concept of obtaining life insurance without undergoing the hassles of medical underwriting may seem enticing, it can result in increased expenses and decreased coverage based on the method of acquisition.

Therefore, it is imperative to gain clarity about the workings of no medical life insurance in Canada. Please refer to the following information for essential insights.

What is non-medical examination life insurance?

No exam life insurance refers to a life insurance policy that does not necessitate a medical assessment in order to qualify for coverage.

Going through a medical examination for life insurance can be bothersome. If you are in good health and physically fit, it may seem like an unnecessary process (although if you are in excellent health, it is advisable to consider completing the medical component if possible).

If you happen to have an existing ailment, you may be worried about how the findings of the examination will affect your medical life insurance rates.

However, a life insurance policy without a medical examination allows you to skip the examination. Yet, this convenience comes at a price, as non-medical life insurance plans often carry higher costs compared to standard life insurance policies.

You will still be asked medical questions by insurance companies, and you must offer accurate answers.

If the insurance company discovers that you were untruthful during your application, they may reduce your payout or even reject your claims entirely.

What is the reason for a medical exam when applying for life insurance?

First and foremost, let’s establish the reasons behind the necessity of a medical evaluation for individuals applying for life insurance coverage.

In conventional practice, life insurance companies mandate a medical examination to assess and appraise potential health hazards that may be associated with the applicants.

Information about an applicant’s medical condition, smoking habits, drug use, family medical history, and other factors helps the insurance company determine how risky it is to insure them.

If an applicant passes the medical exam and is deemed to be in excellent health, the insurance company may offer them a lower premium rate.

On the other hand, if the exam reveals potential health concerns, the insurance company may add a rating to the policy, which means the applicant will have to pay a higher premium to compensate for the increased risk of insuring them.

Types of no life medical insurance

Below are the two class of life insurance opened  for Canadians. These include:

  1. simplified-issue life insurance
  2. guaranteed-issue life insurance.

Simplified issue life insurance

Simplified-issue life insurance, as its name implies, does not require a medical examination conducted by a doctor but may involve responding to a health questionnaire.

To apply for this type of insurance, you will need to answer a series of questions about yourself, such as

  • whether you have received diagnoses for any major illnesses.
  • undergone hospitalization, or been declined for other life insurance policies.

Simplified-issue life insurance policies are available in both whole-life and term-life options.

Guaranteed issue life insurance

On the flip side, this type of life insurance does not necessarily ask the insured for a medical examination or health questionnaire.

Nevertheless, the coverage amount for non-accidental fatalities is frequently capped at a lower sum, typically approximately $23,500 to $26,500.

Furthermore, in the event of your demise within the first two years of most guaranteed issue policies, your beneficiary will only obtain a benefit equivalent to the payments you have contributed to your policy.

When you procure guaranteed-issue life insurance, your coverage remains in force as long as you consistently fulfill the payment obligations.

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Benefits of no medical life insurance

No medical examination life insurance provides numerous advantages, such as:

1. Rapid approval

While purchasing a television may not require much time for approval, life insurance policies typically take up to six weeks. Nevertheless, certain individuals may require urgent insurance coverage due to personal or business circumstances.

No medical exam life insurance policies can receive an approval within 48 hours or even instantly, making it a suitable choice for individuals lacking the luxury of time.

2. Coverage even with health issues

If an individual is denied traditional coverage due to underlying health conditions, they can opt for other non-medical-exam life insurance institutions.

 Simplified-issue life insurance only requires a few health-related questions to qualify, while guaranteed-issue life insurance may be the only option for those who are too unhealthy or old.

3. Accessible protection without a medical examination

Those with an aversion to needles can choose an expedited life insurance plan that solely entails responding to a few eligibility inquiries.

The premium rates associated with this policy align with those of life insurance plans necessitating comprehensive medical evaluations.

4. Suitable for high-risk jobs or hobbies

Traditional insurance institutions may quote higher rates for anyone who has a very high-risk job or even risky hobbies. No-medical-exam life insurance policies can be more affordable for healthy individuals with high-risk jobs or hobbies.

5. Funeral expense coverage

A no-medical-exam life insurance policy may be a better option for those over 50 who are in excellent health and need coverage for funeral expenditures.

Traditional life insurance plans often provide larger death benefits than no-medical policies, and a payment of $25,000 or $50,000 may sufficiently cover one’s requirements.

In summary, no medical exam Life insurance policies offer several benefits that make them a viable option for individuals who need quick approval, coverage despite health issues, affordable coverage without a medical exam, high-risk jobs or hobbies, and funeral expense coverage.

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Drawbacks of no medical life insurance

When compared to life insurance plans that need extensive medical underwriting, no-medical life insurance policies are less common. Let us investigate the causes behind this disparity.

1.  Increase expense

Traditional life insurance plans are the obvious victor in terms of affordability. To be eligible for such plans, you must first pass a comprehensive medical check.

The results of this test enable the life insurance company to precisely assess your risk profile and, as a result, calculate your premium rates. The quantity of coverage you desire is directly related to your degree of risk.

However, the life insurance company cannot completely estimate your risk level in the event of a no-medical policy. As a result, they assume a higher level of risk when insuring you, resulting in a higher premium.

To conclude, if cost is your major concern, it is best to get a life insurance policy that requires full medical underwriting.

2. Lower benefit amounts

No medical life insurance policies typically offer lower benefit amounts than traditional policies.

Although each life insurance company is unique, there are few no-medical policies available with a benefit amount exceeding $5 million.

If you require more coverage, you may be better served purchasing a fully-underwritten term life policy.

Summary of no exam life insurance

Since they don’t need a physical examination, no medical life insurance plans are the best option for those with pre-existing problems that would exclude them from other forms of life insurance policies.

On the other hand, traditional life insurance plans provide greater benefits and cover a larger amount of risk.

Additionally, some people may find it difficult to obtain coverage with no medical life insurance policies if they have significant health issues.

Other types of insurance

Life Insurance in AlbertaLife Insurance in British ColumbiaLife Insurance in ManitobaLife Insurance in New Brunswick
Life Insurance in Newfoundland and LabradorLife Insurance in Nova ScotiaLife Insurance in OntarioLife Insurance in Prince Edward Island
Life Insurance in QuebecLife Insurance in Saskatchewan

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August 29, 2023
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FAQs about no exam life insurance

What Is no medical life insurance?

In a simple term, "no exam Life insurance is typically a form of life insurance that doesn't require the insured to undergo a medical exam. This form of life insurance is preferred by many individuals because it's more convenient, takes less time to acquire, and is an alternative for those with pre-existing conditions. The cost of no medical life insurance is usually higher than that of regular life insurance because insurance providers have limited data to assess your health and because individuals in good health typically choose standard life insurance policies.

How does no medical life insurance work?

No-exam life insurance policies allow applicants to avoid a medical examination, but they typically come with a higher price tag compared to traditional life insurance providers' quotes. While no-exam life insurance may seem attractive to many, it is most suitable for individuals who do not meet the eligibility criteria for a standard life insurance policy. No-exam life insurance can be a beneficial option for Canadians dealing with:

  • chronic illnesses (such as heart disease, diabetes, or cancer),
  • having a family history of severe medical conditions,
  • substance abuse problems,
  • engaging in dangerous hobbies (like scuba diving) or jobs (like logging).

How much does no medical life insurance cost?

The amount you'll need to pay for a non-medical insurance plan varies based on the type of policy and the life insurance provider you choose. For example, the price of accelerated-issue life insurance is nearly identical to that of policies that are traditionally underwritten. However, guaranteed-issue life insurance and simplified life insurance are much more expensive.

How much life insurance can I get without a medical exam?

The quantity of life insurance that one can obtain without undergoing a medical examination is contingent on the specific policy one selects and the insurer they opt to apply with. The sheer multitude of insurance alternatives available can be overwhelming, necessitating the assistance of an insurance advisor. Such an expert can aid in the comparison of various policies across numerous providers, but we will delve into that aspect subsequently.

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