No Medical Life Insurance Canada: Can I Get It?

Many people assume that an insurance company will require you to take a medical exam to qualify for life insurance policies. However, did you know that you can get no medical life insurance in Canada?

This can be highly appealing to anyone who wants to get life insurance coverage but doesn’t want to reveal their medical history or take any exams.

That said, no medical life insurance in Canada isn’t for everyone. Keep reading to learn how no medical life insurance policies work and if they’re the right fit for you.

What is no medical life insurance Canada?

No medical life insurance is a life insurance policy that can be purchased without you having to do a medical exam. With a traditional term life insurance policy, you’d have to take an exam to ensure you have no health issues such as high blood pressure. Each exam policy is different, but with no medical life insurance, you don’t need to worry, as your medical history is not important during the underwriting process.

How does no medical exam life insurance work?

A no medical exam life insurance policy comes in different forms and would appeal to people in the following situations:

• You are terrified of physical exams
• You’re in poor health
• You’re looking for convenience and need a policy quick
• Your lifestyle puts you at higher risk 
• You have a dangerous job
• You have pre-existing health conditions
• You’ve been denied life insurance before

Some people will naturally think that a no medical life insurance product is the way to go since you won’t need to provide urine samples, fill out a health questionnaire, or do a physical exam. However, since life insurance companies are taking on more risk by providing this type of policy, they’re going to charge you higher premiums for lower coverage amounts.

If you’re in good health, there’s no reason why you shouldn’t go through the medical exam policies that come with a term or whole life policy. Underwritten policies are the more popular types of life insurance and the application process is quite simple. Admittedly, there’s no guaranteed acceptance with traditional life insurance policies, but you should still apply since it’s a better and cheaper product compared to a no medically underwritten policy.

Types of no medical life insurance

There are two main types of no medical life insurance: simplified issue life insurance and guaranteed issue life insurance. Both allow you to skip the medical exam, but one requires you to answer some health questions

Simplified issue life insurance policy

Simplified issue life insurance policies require you to complete a health questionnaire that’s related to your medical history. Some questions you can expect include:

• Do you have any pre-existing medical conditions?
• Have you been diagnosed with a disease in the last 24 months?
• Have you ever been denied life insurance?
• Has your driver’s license been suspended or revoked within the last five years?

Guaranteed issue life insurance policy

Guaranteed issue life insurance has no medical questions whatsoever for you to answer. While this is the quickest way to get life insurance, your coverage will be low.

Also note that no medical life insurance policies typically have a graded death benefit.  For example, if you were to pass away within the first two years of purchasing your policy, your beneficiaries may only get the premiums, plus interest. That likely won’t even cover your final expenses.

How much no medical life insurance can I get?

How much no medical exam coverage you can get depends on the insurance provider and policy. Generally speaking, a simplified issue policy provides life insurance up to $500,000. Guarantee issue policies typically at $50,000.

How much you’ll pay depends on various factors such as the policy type, life insurance provider, your age, your lifestyle, and how much insurance you want. As you can imagine, the higher the death benefits you want, the more your life insurance will cost. Older people should also expect to pay more.

You can also purchase additional riders that could give you a payout for specific reasons, such as a terminal illness.

To be clear, no medical life insurance will always be more expensive than term life insurance. Even whole life insurance policies can be cheaper than no medical ones.

How much life insurance do I need?

Generally speaking, most people who purchase life insurance will want to leave enough, so their dependents are beneficiaries will no longer need to rely on their lost income.

They’ll purchase enough to cover things such as funeral costs, the remaining mortgage balance, education costs for kids, and some additional money to help with expenses while the surviving partner is off work grieving.

Pros and cons of no medical life insurance

Now that you understand how no medical life insurance in Canada works, you can decide if it’s right for you. That said, before you make a decision, be sure to look at the pros and cons of a no medical life insurance policy.

No medical life insurance pros

• Almost guaranteed to get coverage
• No medical exam is required to be approved. 
• A good option for those who are afraid of medical exams or can’t do blood work for religious reasons.
• Can get additional coverage, such as accidental death insurance.

No medical life insurance cons

• Premiums can be very costly, so not great for those who lack financial strength
• Only a small amount of coverage compared to traditional life insurance policies.
• Not the best option for anyone in good health.
• Health questions are often still required.

No medical vs term life insurance

Let’s be real, there’s no comparison when it comes to term life insurance vs no medical insurance. With term life insurance, you get better coverage, and you’ll pay lower premiums. 

Getting a medical exam may be a pain for some people, but the benefits you get from completing the medical diagnosis are worth it. Keep in mind that the medical exam is usually quite easy. You’ll fill out a medical questionnaire, and often a nurse will come to your home to do the exam. The exam itself is usually just blood work, blood pressure check, and a few other small things that are no different from a regular visit to your doctor.

Getting life insurance is easy as it can be done online in just a few minutes. Get a quote note to see how much your premiums will be for your desired coverage.