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A No-medical life insurance policy (or simplified issue life insurance) only requires passing a short, standardized medical questionnaire to get insurance coverage.
If you meet the criteria after answering the medical questions, you instantly qualify for life insurance without the need for medical underwriting. Pricing is higher than medically underwritten policies: the insurance provider takes on more risk offering you a policy without the underwriting review or asking more stringent questions about your health.
Simplified issue life insurance offers a straightforward coverage option for those who wish to avoid full medical underwriting, which includes exams, bloodwork, needles, or invasive questions about their health and lifestyle.
Simplified underwriting generally means you do not need to participate in the medical examination and instead answer a simple questionnaire (containing basic health questions)..
A simplified issue policy also provides the option for quicker coverage without the need for more stringent qualifications. For example, Canadians looking for a quick and easy insurance application with little chance for hiccups or delays should consider simplified issue life insurance.
However, they should keep in mind this type of coverage involves a higher monthly premium and does not offer as flexible terms, coverage, and options like other traditional insurance policies.
No medical life insurance means you do not have to do a medical exam or produce bloodwork to qualify for your policy. No medical life insurance is another term for simplified life insurance.
Simplified or no medical life insurance offers coverage to those in unique circumstances. They can include:
No-medical term life policies serve a very specific purpose and are priced accordingly. Consider each type of life insurance based on your circumstances.
Term Life Insurance
Simplified Term Life Insurance
You should get simplified issue life insurance if you have an underlying health condition or medical issue, your occupation is considered hazardous, you have hobbies or pastimes that are considered dangerous (like sky-diving), or if you need to get coverage incredibly quickly. It offers life insurance with no medical exam and no waiting period.
In most other circumstances you can save money and obtain more coverage with a traditionally underwritten life insurance policy.
Speak with a licensed insurance advisor if you’re unsure which type of coverage is right for you at this time.
No medical life insurance is definitely worth if any of the following applies to you:
Underwriting is the process a life insurance provider goes through to determine the financial risk involved by insuring your life. This process allows the insurer to price life insurance premiums accordingly or outright deny your coverage altogether depending on your level of risk.
No-medical life insurance policies go through simplified underwriting, which means they usually only require the applicant to answer simple health questions.
Fully underwritten life insurance means an insurance provider goes through a more stringent underwriting process. This process usually includes an extensive medical interview, a medical examination, and lab work where they collect samples of your blood and urine.
Because full medical underwriting is so involved and gathers more information about the applicant, the life insurance company can better evaluate the risk of insuring them. High risk of paying out a death benefit means a higher premium, lower risk of payout (for someone in excellent health) means a lower premium.
Accelerated underwriting uses your answers to a medical questionnaire to determine if you need to through further medical underwriting. In some cases, for healthy applicants, coverage as much as $5 million can be offered without a medical exam using insurance companies’ accelerated underwriting processes. Always remember to use a life insurance calculator to figure out exactly how much you need.
Yes, you can get life insurance without a medical exam. Simplified issue life insurance, guaranteed issue life insurance, and accelerated issue life insurance all offer coverage without a medical exam.
Simplified issue life insurance policies can offer a death benefit from $25,000 all the way up to $500,000. Accelerated issue life insurance can offer up to $5 million.
As part of a fully underwritten insurance policy, an insurance company would request to see your medical records to accurately assess the risk of insuring you. For a no-medical life insurance policy, they may not require it.
Simplified issue life insurance requires you answer a FEW questions about your medical history for the life insurance application, rather than undergoing a full physical medical exam and interview process.
Guaranteed issue life insurance requires NO medical questions or medical underwriting. You qualify for coverage, regardless of your health.
Simplified issue and guaranteed issue life insurance make applying for a policy both quick and easy. However, if you're in excellent health, you'll get a much better rate on your monthly insurance premium by going through a standard application process, which generally includes a life insurance medical exam.
You should consider non-medical life insurance options if you:
Yes, you can get simplified permanent life insurance (also known as whole life insurance) without a full medical exam – just like term life insurance. Keep in mind that permanent life insurance policies are generally more expensive than term life insurance as the insurance provider grants you coverage for life instead of a defined term.
There are many benefits to a simplified issue life insurance policy:
There are some drawbacks to a simplified issue life insurance policy you should be aware of:
The best life insurance companies in Canada offer many options for simplified coverage. Choosing which provider is right for you depends on many individual circumstances and specific details about your life and health. Speak with a licensed Canadian insurance broker to find out which company is best suited to your needs.
Can you get life insurance if you have health problems?
Yes, you can get life insurance if you have health problems. Depending on the type and severity of your specific circumstance you have options including traditional life insurance, simplified, and guaranteed issue policies.
What do I do if I am denied life insurance coverage?
If you are denied life insurance coverage, you still have options. Your best bet is to speak with one of PolicyAdvisor’s licensed brokers and explain when and why you were denied coverage in the first place. We’ll help you determine your next steps, lay out all your current and future coverage options, and create a plan to help you obtain the coverage you want and need.
Will a no medical policy cover accidental death?
Yes, simplified or no medical policies will provide your beneficiaries with a death benefit for accidental death, just like traditional policies!
Can I get insurance if I have a terminal illness?
If you have a terminal illness, there are types of life insurance geared towards this particular need. Guaranteed life insurance is available for those currently receiving medical treatment, although these products usually have a period of time before you can make a claim on the policy (called a waiting or deferral period). Our experienced life insurance advisors are happy to provide advice about insurance needs for those dealing with a terminal illness.
Can I get no medical critical illness insurance?
Yes, you can get critical illness insurance coverage without a medical exam by either adding an optional rider to your life insurance policy or applying for a separate simplified critical illness insurance policy. Talk to our licensed insurance advisors for more details.