To avoid any confusion these types of policies are sometimes called Guaranteed issue life insurance, Guaranteed acceptance life insurance, Final expenses insurance, No medical life insurance
Guaranteed life insurance
The following list refers to the same type of no medical life insurance policies marketed to hard to insure audiences:
No Medical life Insurance
Guaranteed issue life insurance
Guaranteed acceptance life insurance
Final expenses insurance
No medical life insurance
Seniors life insurance
What is Guaranteed Life Insurance in Canada?
Guaranteed issue life insurance is a no medical life insurance for those folks who have insurability challenges
Also called guaranteed acceptance life insurance is designed to provide a limited amount of whole life financial protection (usually $10,000 to $50,000) for previous challenging health conditions. Conditions preventing you from buying regular term life or whole life insurance.
Its designed for people with previous medical issues and insurability problems. And, provides enough money for final expenses including funerals, lawyers and limited taxes that may be needed. Some insurance companies call this final expenses insurance
How much life insurance can I get without a medical exam?
Many of these policies have features such as:
no medical life insurance
a 30 to 60 day waiting period for accidental death claim
up to a 2 year waiting period to make a death benefit claim
up to $50,000 of guaranteed whole life insurance under the age of 60
up to $25,000 if you are over the age of 50
up to $10,000 for children ages 0 to 16
increasing premiums (Specialty Life)
accidental death benefit
terminal illness benefit
Can I apply for life insurance without a medical exam?
Yes, you can apply for no medical life insurance in Canada life (no medical)assessment; depending on the type of policy you're considering and your health status. We provide life insurance quotes for guaranteed acceptance life insurance no medical question policies from 15 companies. Answer 1 to 2 pages of questions with no requirements for a medical
Canada life insurance with no medical
This section explains how guaranteed issue no medical insurance life insurance works
High risk activities are insured in the guaranteed issue no medical insurance
There are three main categories of life insurance that offer different options regarding medical assessments:
1. No Medical Exam Guaranteed issue: Some insurance companies offer life insurance policies that don't require a medical examination. These policies may only ask a few health-related questions or require you to provide some basic medical information. They are often referred to as guarantied acceptance - no medical life insurance policies. These life insurance policies are easier to apply for but cost much more when you compare the premiums to fully underwritten policies with a full medical exam. Is the most expensive form of life insurance with higher premiums compared to policies that require a medical exam. Each life insurance company has less detailed health information to assess the risk
2. Simplified Issue Life Insurance Policies: Up to $750,000 do not require a medical exam or doctors file
3. Traditional Policies with full Medical Exams: All life insurance policies with higher life insurance insurance coverage amounts, require a fell medical examination and doctors health notes from your file as part of the underwriting process. Full medical exams are used to help the insurance company assess your health status and premium. This examination typically includes measurements like urine analysis, blood pressure, blood tests for a full blood profile and an EKG
When deciding whether to go for a policy with or without a no medical examination, consider the following:-
Convenience: Policies without medical exams are quicker and more convenient to obtain both in person or on the internet online
No Medical: Answer a few pages about current and previous health conditions then your ready to go. Instant issue life insurance to obtain coverage on the spot
Pre existing condition: Many pre existing conditions are insured and covered with no medical life insurance
Health Condition: If you're in good health, a medical exam will help you secure lower premiums when compared to fully medical underwritten policies
Permanent Coverage Amount: No medical exam policies have coverage limits in the ranges of $5,000, $10,000, $15,000, $20,000, $25,000, $30,000, $35,000, $40,000, $45,000 and $50,000 if you need a higher amount of coverage, a simplified issue life insurance policy with more detailed medical questions or traditional policy with a full medical exam might be a better way to go. There are several guaranteed issue life insurance companies to consider
Budget: Policies without medical exams might have higher premiums due to the increased risk for the insurance company. It's a good idea to shop around, compare quotes from different insurance companies, and consider the trade-offs between convenience and cost when deciding whether to apply for a life insurance policy with or without a medical assessment
Guaranteed Acceptance if your a Canadian Citizen between the ages of 18 and 75
Benefits & Premiums Never Change. Your coverage can never be cancelled or changed by us and your premiums will never increase.
Here is a sample of RBC Guaranteed Acceptance Whole Life Insurance (no medical required) offer
Details: up to $40,000 of guaranteed coverage for Canadians from age 40 to age 75
Highlights
Guaranteed Acceptance: Canadian citizens and permanent residents/landed immigrants age 60 to 75 are guaranteed coverage without a medical exam
Coverage Available: $5,000 to $50,000 (in $5,000 increments)
Lifetime Coverage: Coverage is for life and cannot be cancelled or changed by us; your premiums will never increase. Help your family pay for your final expenses with a lump sum tax free benefit
Convenient: Get an online quote and apply online
For no medical life insurance in Ontario we also work with the following companies:
Canada Protection Plan
Manulife
TD insurance
RBC Insurance
Sun Life insurance
Canada Life insurance
Beneva
Empire Life
Equitable Life
Industrial Alliance
Edge Benefits
Specialty life
Assumption Life
Wawanesa
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