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?
Matt Hands, Business Director, Insurance
No medical life insurance is a kind of life insurance policy that you can buy without having to undergo a medical examination. Many people prefer this kind of life insurance because it’s easier and less time-consuming to get and because it’s an option if you have a pre-existing condition. No medical life insurance is often more expensive than standard life insurance because insurance companies have less information to evaluate your health, and because people who are in good health tend to opt for standard life insurance policies.
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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There are two main types of no medical life insurance: simplified issue life insurance and guaranteed issue life insurance.
Simplified issue life insurance doesn’t require a medical examination by a doctor, but may involve a questionnaire about your health. When you apply for simplified issue life insurance, you’ll be asked questions about yourself, including if you’ve been diagnosed with any serious illnesses, if you’ve been hospitalized, and if you’ve been turned down for another life insurance policy. Simplified issue life insurance can be bought as either whole life or term policies.
Guaranteed issue life insurance doesn’t require a medical examination or a medical questionnaire, but you’ll be limited to a much lower level of coverage—often around $25,000 for non-accidental death. For many guaranteed issue policies, if you die within the first two years, your beneficiary will only receive a benefit equal to the payments you’ve made on your policy. Usually, when you buy guaranteed issue life insurance, your coverage stays in effect for as long as you continue making payments.
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No medical life insurance is one of a few things that need 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 a 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
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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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