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No medical life insurance

If your medical history is complicated, no medical life insurance might be worth considering - but there are downsides. So what is no medical life insurance?

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What is no medical life insurance

No medical life insurance, compared

For a lot of reasons, not all of us are able to access a mainstream life insurance policy. That's part of the reason no medical life insurance exists - it allows people to get coverage without having to undergo a medical examination. It may not be the cheapest or the most flexible coverage, but it's important for lots of Canadians who otherwise would not be covered.

If you're thinking about no medical life insurance, read the information on this page to understand what it is, and whether or not it's the right decision for you.

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FAQ

No medical life insurance: common questions

What is no medical life insurance?

Types of no medical life insurance

When should I buy no medical life insurance?

What factors influence no medical life insurance rates?

When can I be denied no medical life insurance?

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Before you think about no medical life insurance, you should compare quotes to see everything you're eligible for. Get a quote today, and we'll help you through the process.

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When to think about no medical life insurance

By Mika Castaldo. Updated 6th February 2020

No medical life insurance is one of a few things that needs to exist, but you never want to use, if you can avoid it. That said, if you can't get life insurance any other way, you shouldn't feel bad about checking out no medical life insurance. You can still get good coverage for a great rate.

Here are a few additional things to consider.

Additional coverage options

Some no medical life insurance providers allow you to purchase extended coverage, or riders, to cover you for other circumstances:

  • Critical illness provides payout if you develop a life-threatening illness like heart disease, stroke, or cancer
  • Accidental death pays an additional benefit if your death is the result of an accident
  • Some no medical life insurance policies also specify an age at which you no longer make monthly payments—usually around age 95.

How to buy no medical life insurance

You can buy no medical life insurance in a few different ways:

  • Direct underwriters, who work for specific insurance companies
  • Insurance agents, who are independent but only sell the products of one insurance company
  • Insurance brokers, who sell the products of multiple insurance companies
  • Some providers offer online applications

 


Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.

When to think about no medical life insurance

No medical life insurance is one of a few things that needs to exist, but you never want to use, if you can avoid it. That said, if you can't get life insurance any other way, you shouldn't feel bad about checking out no medical life insurance. You can still get good coverage for a great rate.

Here are a few additional things to consider.

Additional coverage options

Some no medical life insurance providers allow you to purchase extended coverage, or riders, to cover you for other circumstances:

  • Critical illness provides payout if you develop a life-threatening illness like heart disease, stroke, or cancer
  • Accidental death pays an additional benefit if your death is the result of an accident
  • Some no medical life insurance policies also specify an age at which you no longer make monthly payments—usually around age 95.

How to buy no medical life insurance

You can buy no medical life insurance in a few different ways:

  • Direct underwriters, who work for specific insurance companies
  • Insurance agents, who are independent but only sell the products of one insurance company
  • Insurance brokers, who sell the products of multiple insurance companies
  • Some providers offer online applications

 


Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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