What is No Medical Life Insurance?
Depending on your situation in life, you may find it difficult to find the right life insurance for you and your family. If you’re someone who has a medical condition, you might have seen a product called “no medical life insurance” while searching for life insurance.
There are different types of life insurance, and the best one for you and your needs will depend on your situation. As the name implies, no medical life insurance aimed to help those who are looking to avoid the medical exam process in underwriting due to their pre-existing health related reasons. Although slightly more costly than traditional life insurance, no matter your current health and wellbeing, you can find a no-exam life insurance policy that fits your needs and budget.
In this Article:
What is No Medical Life Insurance?
No medical life insurance is becoming an increasingly popular option for individuals seeking coverage without the hassle of a medical exam during underwriting. This type of policy is particularly well-suited for those who may have pre-existing medical conditions or who simply do not want to undergo a medical examination. Some no medical life insurance policies are also the fastest life insurance to get approved for – it can take hours or just a few days at the most! There are two types of policies: simplified issue or guaranteed issue.
In simplified issue no medical life insurance policies, the insurer may ask a few basic health-related questions when you apply for coverage, but you won’t need to undergo a medical examination or provide an Attending Physician Statement (APS). Approval for this type of policy can typically take a few days, and coverage amounts can be as high as $1 million.
On the other hand, guaranteed issue no medical life insurance policies require no health-related questions and can be approved in just a few hours to a couple of days. However, the coverage amount is typically much lower, maxing out at around $25,000 to $50,000. It’s important to note that if you pass away within the first two years of the policy, you will only be entitled to the total amount you’ve paid into your policy.
Simplified Issue
- No medical examination or Attending Physician Statement (APS) required.
- Will ask some basic health related questions, questions differ by each company.
- Approval can take up to a few days.
- Available as a Whole Life or Term Life policy.
- More coverage – maximum coverage typically up to $1 million.
Guaranteed Issue
- No medical examination or Attending Physician Statement (APS) required.
- No health related questions asked.
- Fast approval, typically within a few hours to a couple of days.
- Least amount of coverage – maximum coverage typically around $25,000 – $50,000
- If you pass away in the first two years of the policy, you will only be entitled to the total amount you’ve paid into your policy.
How to get simplified or guaranteed issue life insurance
If you’re looking for no medical life insurance, there are a few steps you can take to make the process smoother. First, research different insurance providers and compare their offerings. Some companies specialize in no medical life insurance and may offer better rates or more flexible coverage options. Next, be prepared to answer questions about your health and lifestyle to help determine your eligibility and premium. While you won’t need to undergo a medical exam, the insurer may ask about pre-existing conditions, smoking habits, and other factors that could impact your coverage. Finally, make sure to read and understand the terms of your policy before signing up. Look for details on coverage amounts, premiums, and any exclusions or limitations that may apply. With a little research and preparation, you can find a no medical life insurance policy that provides the coverage you need to protect your loved ones.
PolicyLife Advisor | Life Insurance Company Rep |
|
|
Is Simplified or Guaranteed Issue Life Insurance Right For You?
When it comes to finding the right life insurance policy for you, it can be tough because you’ll want a policy that provides the coverage you need for your family at the best price possible. So understanding whether you should get no medical life insurance or a traditional (fully underwritten) life insurance policy will depend on you and your wellbeing. As you learned above, no medical insurance softens the impact of your medical factors/conditions on your eligibility of getting life insurance. So, if you are consistently denied traditional life insurance for health related reasons, then no medical life insurance will be your answer to getting the best policy to protect your family. Also, keep in mind that each company has their own underwriting guidelines when it comes to life insurance applications – meaning that one company can deny you for one factor while a different company wouldn’t deny you for that factor, or alternatively some insurers will simply rate you higher for a medical condition.
The easiest and best way to find a life insurance plan to suit you and your family is to get expert advice from a life insurance brokerage. Here at PolicyLife, we are experienced in finding the right life insurance policy and getting a plan that benefits you and your family the most – especially if you are likely to get denied traditional life insurance policies. PolicyLife services clients anywhere in Ontario (ON), Alberta (AB), and British Columbia (B.C.).
Frequently asked questions (FAQ)
You are usually denied life insurance if you are applying for traditional or simplified life insurance policies. This is because they require more information, therefore taking more time to analyze your risk to the company to decide the cost for your policy or will deny you for various reasons related to your wellbeing or lifestyle. Your best option is to find out why you were denied and based on that you either need to find a different type of life insurance or a different company – as each company has their own guidelines that they must follow.
No medical life insurance is not for everyone, and it is more expensive than traditional life insurance. If you are looking for life insurance and are denied traditional life insurance, then no medical life insurance may be the answer for you – most people are denied for health related reasons and no medical is meant to overlook health conditions that impact your application process.
The cheapest life insurance mainly depends on your wellbeing and lifestyle – generally, the healthier you are, the younger you are, and the better habits you have (such as not smoking), the lower the cost of your life insurance is. Traditional life insurance policies like term life and whole life insurance can provide you the best prices if you are qualified. Otherwise, depending on your life situation other life insurance packages may offer what you are looking for at a better rate. The best and easiest way to get the life insurance package to suit your needs is to contact our life insurance brokers – they are very experienced in finding the best price for the life insurance package that benefits you and your family the most by comparing many types of policies and companies at once.
Yes! No medical life insurance is meant for those denied traditional life insurance especially if they were denied from health related reasons. No medical life insurance does exactly what it says, it has no medical examination and even the option for no medical questions if you need it. By removing the medical exam from the application process, the life insurance company will be more lenient and allow medical conditions that are typically denied in traditional life insurance underwriting guidelines – the catch is, it costs more. They base the price of your policy on your risk and many factors like your health, job, hobbies, and more will determine if you are denied a policy or not. So, the higher the risk is for your dying before a certain age based on your health and lifestyle choices, the more likely you will be denied or it will increase the premium.
Depending on what you are looking for more coverage for and your situation in life may have options for more coverage. Typically if you are covered by a no medical life insurance plan like guaranteed issue, you may have very little coverage that may only help your funeral expenses. To find out if you can get more coverage contact an advisor today to look into your policy or available options to help financially secure your family’s future.
Find the perfect policy in seconds with PolicyLife
Finding affordable life insurance to help protect your loved ones has never been easier. Get instant quotes with our tool and apply online – it’s that easy! Or, talk to our licensed advisors and compare policies from Canada’s major insurance companies. We service clients anywhere across Canada incl AB, BC, and Ontario.
