Top 5 No-Medical Life Insurance Plans in Canada

Discover the top 5 life insurance plans that don’t require a medical exam to qualify in Canada.

5 Minute read

Originally published: May 10, 2024

Top 5 No-Medical Life Insurance Plans in Canada Logo

Top 5 No-Medical Life Insurance Plans in Canada

Discover the top 5 life insurance plans that don’t require a medical exam to qualify in Canada.

5 Minute read

Originally published: May 10, 2024

Top 5 No-Medical Life Insurance Plans in Canada Logo

The best type of life insurance for Canadians who are difficult to insure due to pre-existing medical conditions, a criminal record, a hazardous occupation, and so on, is guaranteed life insurance, also known as no-medical life insurance. This type of insurance does not require a medical exam and is much easier to qualify for than traditional insurance. Keep reading to discover which of these top 5 no-medical life insurance plans is right for you.

In this article:

Overview of the Best Canadian No-Medical Life Insurance Plans

When choosing which of these no-medical life insurance plans is right for you, consider the amount of coverage you need, what length of coverage you would like, and if you are the right age to qualify for the policy. Here is a quick summary of the features of each of these plans:

Top 5 No-Medical Life Insurance Plans Overview

Canada Protection Plan (CPP) Simplified Elite Term Insurance

Canada Protection Plan, also known as CPP, is well known for its no-medical life insurance products which are easy to apply to and qualify for. The simplified elite term plan is their best no-medical term life insurance plan as it offers flexible coverage amounts and term lengths and allows policyholders to convert their policy to permanent life insurance which offers lifetime coverage.

  • Coverage Amount: $25,000 – $500,000

  • Length of Coverage: 10, 20, or 25 years

  • Issue Ages: 18-70

  • Renewable until age 80 and convertible to permanent life insurance until age 70.

Sun Life Simplified Term Life Insurance

This simplified life insurance plan doesn’t require a medical exam and is easy to qualify for similar to other no-medical life insurance products. However, this plan does require applicants to answer three simple health questions to understand an applicant’s overall health better. This plan has an easy online application process and allows policyholders to cancel at any time. After the initial 10-year term, your policy will automatically renew yearly. While your premiums stay level during your term, they may increase upon policy renewal.

  • Coverage Amount: $50,000-$100,000

  • Length of Coverage: 10 years

  • Issue Ages: 18-69

  • Renewable until age 85 but does not offer the option to convert to permanent life insurance.

RBC Simplified Term Life Insurance

This simplified term insurance plan offered by RBC Insurance offers the highest maximum coverage and the longest term lengths of all the no-medical plans in this list. It is a great option for Canadians who are interested in more flexible coverage without having to undergo a medical exam.

  • Coverage Amount: $50,000 – $1,000,000

  • Length of Coverage: 10 to 40 years

  • Issue Ages: 18-70

  • Renewable terms with an option to convert to permanent life insurance until age 70 without providing additional medical evidence.

Assumption Life Golden Protection Elite Term

This standard no-medical life insurance product does not require a medical exam, blood tests, or any medical information to qualify for. This plan is offered through a well-known no-medical life insurance provider and offers a flexible range of coverage amounts. This policy is a great option for those looking for a standard no-medical life insurance plan.

  • Coverage Amount: $25,000 – $150,000

  • Length of Coverage: 10 or 20 years

  • Issue Ages: 18-70

  • This policy does not offer the option to renew coverage or convert to permanent life insurance.

iA Access Life

The Access Life Plan offered through Industrial Alliance (IA) has a quick and easy application process and guarantees acceptance regardless of an applicant’s health. This plan can either be offered as term life insurance with coverage lasting a specified time frame or be offered as permanent life insurance which offers coverage for a policyholder’s entire life.

  • Coverage Amount: $10,000 – $500,000

  • Length of Coverage: Lifetime coverage, or 15, 20, or 25 year terms

  • Issue Ages: 6 months to 80 years

  • Term life insurance plans can be renewed or converted to permanent insurance until age 80.

Frequently Asked Questions (FAQs) About No-Medical Life Insurance

No-medical life insurance is a type of insurance policy that does not require applicants to undergo a medical exam or testing and typically asks little to no medical questions. Most traditional life insurance policies will require applicants to answer medical questions, get a medical exam, undergo blood and/or urine testing, and submit an attending physician’s statement, but this is not the case with no-medical life insurance plans. These plans are also known as guaranteed issue or simplified issue life insurance policies.

The most well-known Canadian life insurance provider to offer an array of no-medical life insurance products is Canada Protection Plan. This insurer specializes in no-medical life insurance policies and has a wide variety to choose from, offering difficult-to-insure applicants flexible options and affordable insurance.

While CPP is the most well-known provider of no-medical life insurance, many of the best life insurance providers in Canada offer no-medical life insurance plans. Which life insurance provider is best for you will depend on what your personal financial goals are. Different providers offer different coverage maximums, term lengths, ages of eligibility, premium rates, and so on.

Yes, no-medical life insurance is typically more expensive than a traditionally underwritten life insurance policy. This is because this type of insurance does not require a medical exam and is much easier to qualify for, meaning there is more risk for the insurer. While this type of plan is more expensive, it is a great option for Canadians who have had difficulties getting insured due to mental health conditions, cancer, diabetes, hazardous occupations, addictions, a criminal record, and more.

Find a Solution That’s Right For You

If you are interested in one of these top 5 no-medical life insurance plans in Canada and want to know what options are available to you, consider reaching out to one of our expert financial advisors.

At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including no medical life insurance, term life, critical illness insurance, or permanent life insurance, since 2007. As your life insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers all your needs.

Contact Protect Your Wealth online or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Hamilton, and service clients across Canada in Ontario, Alberta, Manitoba, and British Columbia including areas such as Kitchener, Burnaby, Brandon, and Ottawa.

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