What is No Medical Insurance?
No Medical Insurance is a term life insurance policy available without a medical examination. While these types of policies are easier and less time-consuming to acquire, there are some drawbacks to this type of insurance — specifically, higher premiums to accommodate likely pre-existing conditions.
Types of No Medical Insurance include:
- Simplified Issue Life Insurance: This type of coverage does not require a medical exam, but may require a basic health questionnaire. It’s also available as both as a Whole Life or Term Life policy.
- Guaranteed Issue Life Insurance: This type of coverage does not require a medical exam or questionnaire but offers a limited level of coverage (typically around a $25,000 death benefit). Your coverage will continue as long as you continue making payments, but should you perish during the initial two years of your policy, your beneficiary will only be entitled to the total amount you’ve paid into your policy at that time.
Get no medical insurance coverage in 3 easy steps
Why choose No Medical Insurance from Protect Your Wealth?
- You would like to apply for life insurance with no medical questions required.
- You want insurance, but you’ve had some hurdles while trying to qualify for life insurance previously, often due to poor health.
- You’d like to have a life insurance plan where your coverage and monthly payments remain unchanged for life.
- You want reliable, licensed insurance advisors with partners who have helped Canadians for more 150 years.
- You want adequate life insurance to cover your funeral costs and don’t want to leave your loved ones with a surprise bill. The costs associated with funeral expenses can amount to thousands of dollars.