Should You Get No Medical Life Insurance in Canada?

Learn more about the advantages and disadvantages of No Medical Life Insurance. Get a quote or talk to an advisor.

No medical life insurance is a popular type of life insurance for those struggling to be approved or do not want to do a medical exam

Should You Get No Medical Life Insurance in Canada?

Learn more about the advantages and disadvantages of No Medical Life Insurance. Get a quote or talk to an advisor.

No medical life insurance is a popular type of life insurance for those struggling to be approved or do not want to do a medical exam

No medical life insurance is life insurance where you are not required to do a medical exam or doctor visit when applying for coverage. This is attractive to many looking to avoid medical exams, but it’s also important to note that the premiums for this type are usually higher. As with all life insurances, it has its advantages and disadvantages.

While not everyone in Canada qualifies for traditional life insurance, it still remains critical for you to have life insurance and the right type of insurance. This is where no medical insurance steps in. It’s designed for individuals who are harder to insure, individuals who want to get coverage but wish for no medical tests, and persons with a poor medical history, which would make them not qualify for the traditional insurance.

But should you get life insurance with no medical exam? That depends on your circumstances, and if you deem that it is right for you. We’ve broken down the advantages and disadvantages of No Medical life insurance below.

Advantages of no medical life insurance coverage in Canada.

Advantages of No Medical Life Insurance in Canada

If you are considering no medical life insurance, here are some of the advantages that come with this type of policy:

  • A shorter approval time

    Often, applying for coverage does not happen overnight, and waiting for it to be approved can get frustrating. Traditional life insurance often takes months, of course, under certain conditions.

    This may not be considered the ideal situation, especially for those who are looking for coverage as soon as possible. The delays can affect other underlying processes as well. For instance, it can delay the completion of a divorce process if the parties seek a divorce decree.

    Whatever the process is, no medical life insurance will not get in the way. The approval process can be completed in a day or sometimes quicker, giving you peace of mind that you’re protected and do not need to wait weeks.

  • More chances of approval

    There are several reasons that would make an insurance company decline your application. Your personal and family health history could get in the way, or other reasons like age, occupational hazards, financial constraints, and a history of other rejected life insurance applications.

    However, existing health conditions remain top of the list of the reasons why your life insurance application would be denied. The good news is that this type of insurance does not focus on medical exams whereby an undiagnosed condition could show up last minute. The fact that you don’t need a medical exam increases your chances of approval, as this is the one factor that causes most declines. No medical life insurance eliminates the stress of whether or not you will get the coverage you want.

  • Less tedious application process

    If you are looking for a stress-free way to apply for life insurance, then this should be the direction to take. The long process, which includes booking an appointment with a doctor for a medical exam and waiting for the results is usually discouraging. Traditional life insurance also often requires the applicants to fill a mountain of papers. What makes the no medical life insurance easy to apply for is that it is less detailed in the questions to answer, making it easy and quick to fill out.

  • It is great if you hate needles

    Most people dread needles. If you fall in this category, then the no-medical life insurance will work perfectly for you because there are no needles involved in the process. This fear often makes it difficult for people to go for medical exams for insurance applications. It’s not uncommon to see people with no life insurance just because of the fear they have for needles. No medical life insurance is a comfortable way of getting coverage.

  • Poor medical history

    Having high cholesterol or conditions such as high blood pressure will make insurance companies skeptical of approving your application. Skipping the tests, in this case, would be a great idea, and that is only possible if you are going for this kind of insurance.

Disadvantages of no medical life insurance coverage in Canada.

Disadvantages of No Medical Life Insurance in Canada

Although there are many benefits of no medical life insurance, it doesn’t come without its disadvantages.

  • It is expensive

    While the process of application is very smooth, there is a price to pay. Compared to traditional insurance, the no exam one is typically more expensive. Remember that giving you coverage without a medical exam is a risk on the insurance company’s end. In exchange, the insurance company has to cushion this risk by making the premiums more expensive than for insurance types with medical exams.

  • Limited coverage options and benefits

    The other downside of no exam insurance is the coverage options are limited, meaning the death benefits amount is limited. If you die, the amount that your beneficiaries will receive from this plan is less compared to other traditional life insurance products. For this reason, you may be forced to have different insurance, either privately or with your employer.

  • The policies are shorter

    Traditional life insurance policies usually have longer term lengths available. While you might get up to 30 years with a traditional term life plan, most no exam life insurance companies will give you about 15 years.

How do you know if a no exam medical insurance is the best option for you?

As mentioned before, as much as you don’t need to go through a medical exam to get this coverage, it still has approval requirements of its own. Not everyone who applies for this insurance gets approved. If you are interested in getting no-medical life insurance, here are things to keep in mind if you’re not sure if this type of insurance is right for you.

You should consider no medical life insurance if you don’t mind a smaller death benefit, are looking for coverage as fast as possible, you do not qualify for traditional coverage, or you don’t want to do a medical exam.
  • You are looking for a larger death benefit

    If you are not looking for a huge death benefit for your family, this will work for you. Remember that the death benefits of this kind of insurance are limited: they’re usually up to $500,000, while regular insurance can go beyond $1,000,000. If you feel that this amount would be suitable for your beneficiaries, it is safe to go ahead with the no exam insurance.

  • You need to get coverage within the shortest time possible

    Life insurance coverage is often required for processes such as divorce and loan applications. The traditional policies usually take a lot of time and techniques before they are approved. This can interfere with your loan application or divorce process.

    A no exam life insurance is approved much faster and will be available when you need it. This makes it the best choice if you need quick approval for whichever process.

  • You don’t qualify for traditional coverage

    At the end of the day, you need to have life insurance. However, things often don’t go as you imagined them, especially when it comes to traditional life insurance applications. Your medical condition and history, lifestyle choices, and occupation are some of the things that will make you ineligible for conventional life insurance.

    More so, if you get it, you might end up paying very high premiums. The no exam life insurance is the ideal pick if you are unable to get traditional life insurance.

  • You are not for the idea of exams

    There are several reasons why an individual would be reluctant to go for the exams, one of them being privacy. If you are not elated about going for medical exams for either privacy reasons or because you’re not a fan of needles, then the no exam life insurance is for you. It will provide you with the convenience of no exams or needles when getting coverage.

Do you have life insurance questions?

There are many types of life insurance policies out there for you to choose from. However, you need to put your thoughts into the selection process to get something that works for you. You can start by defining your goals and asking yourself what you plan to achieve with the plan.

As mentioned before, it’s important to note that not everyone qualifies for no medical life insurance. Working with a life insurance broker can help you find out if you’re eligible for non-medical life insurance, and help you find a plan that’s right for you. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007, including no medical life insurance. We will gladly work with you to create a plan for your family or business that covers and meets your needs. If you are interested in learning more about the best life insurance companies in Canada, check our our intuitive guide.

Speak with one of our advisors or get a quick quote, today!

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today or complete our life insurance quote form. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Aurora, Guelph, and Waterdown.

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