Non-Medical Life Insurance - 15 FAQ [Updated 2022]

Everyone deserves financial protection for their loved ones, regardless of their medical history.

The question is, how do you find the right life insurance policy. This may be difficult if you have a pre-existing condition. No medical insurance can be a great option because it doesn’t require a medical exam.

In this post, we’ll cover the most frequently asked questions about non-medical life insurance policies, including benefits and drawbacks.

What exactly is non-medical life insurance?

The ease and speed with which you can obtain coverage is the reason for its popularity.
No medical insurance refers to a type of policy that exempts an individual from having to undergo a medical examination. This means no blood tests and no intrusive health and lifestyle questions.

You also do not need to have your vitals taken, such as blood pressure, weight, and height. Without these minor impediments, obtaining approval becomes much easier and faster.

Which companies in Canada are offering non-medical life insurance?

Many significant life insurance companies in Canada are provide life insurance policies without a medical exam such as:

Manulife,
Canada Life Desjardins,
Industrial Alliance,
RBC Life Insurance,
BMO Life Insurance
Canada Protection Plan,
Assumption Life, and
Industrial Alliance (iA)

For health individuals, they may provide coverage of up to $5 million.
Several of these businesses also offer a simplified insurance plan. This is for people who have moderate to severe health issues. This is limited to a maximum of $500,000 in coverage.

Is non-medical insurance budget-friendly?

The premiums for no medical life insurance coverage are higher if you have some underlying previous health problems. This is because insurance companies must compensate for the higher risks posed by such candidates.

However, if you are in generally good health and have no prior underlying medical conditions, non-medical life insurance premiums are quite comparable after the vital and blood work is completed.

Who can get non-medical life insurance?

The cost of non-medical life insurance policies varies greatly. This is determined by the candidates’ needs and requirements. Individuals who may benefit from non-medical life insurance include:

You are generally healthy.
Due to some underlying medical issue, you are ineligible to buy a traditional coverage plan.
You don’t want the hassle of undergoing a medical exam and tests and want to get the insurance fast.
You have a dangerous occupation or participate in hazardous sports such as sky diving, car racing, deep sea scuba diving, etc. In such cases, immediate medical attention might become necessary. A faster coverage plan can be the difference between life and death.
You are willing to pay a little extra for a policy that has no underwriting delays.

Why is it beneficial to get life insurance without a medical exam?

Non-medical life insurance policies are typically designed for people who have moderate to severe health problems. The underwriting requirements are more manageable.

Candidates who are difficult to insure or who have been deemed ineligible for insurance can take advantage of them. Furthermore, healthy candidates who want to get approved faster can use accelerated underwriting. This will allow them to avoid the headaches of traditional underwriting.

Is it possible to get joint coverage for me and my spouse without undergoing any medical examination?

Life insurance without medical exams is offered to individuals. Though it is also possible for you and your spouse to get joint coverage. The conditions for this are for you to be healthy and qualify for accelerated underwriting.

Do I still need non-medical life insurance if I have no underlying medical conditions?

A non-medical life insurance policy is advantageous if you are qualified and want a faster approval. This policy has no disadvantages or price differences. You also don’t have to be concerned about blood work or tests.

Furthermore, some insurance companies, such as Canada Protection Plan, offer low rates to customers in good health. For such people, they have a special plan called Express Elite.

Can diabetic individuals qualify for non-medical life insurance?

Many insurance plans cater to those living with diabetes.

Since non-medical coverage takes into consideration candidates with previous underlying conditions, diabetes is also included in it.

Can people who have been treated for cancer get life insurance without a medical exam?

Many insurance plans also cater to candidates who have successfully defeated cancer. Your eligibility is determined by:

your age
the type of cancer you had
how long has it been since the treatment was finished and
some other factors.

Are individuals on a work permit eligible for non-medical life insurance?

You most certainly can. To apply for non-medical life insurance, you do not need to be a Canadian resident or citizen. Several insurance companies offer non-medical insurance to such candidates. Those on a temporary work permit or a student visa can also benefit from this, though the coverage amounts are lower.

What are the available policies for non-medical life insurance?

There are two life insurance policies available.

Term life insurance
Permanent life insurance

Non-medical life insurance coverage is easily available for both types. Moreover, there are further policy options available for both term and permanent life insurance such as guarantee issue policies, simplified issue policies, and deferred issue policies.

How can I apply for non-medical life insurance?

You simply need to submit your application to the insurance provider.

There will be medical and non-medical questions on the application. After submission, approval usually takes one to two weeks. However, in some cases, instant approval is possible. You can also choose to receive your policy electronically.

What are some examples of application questions for non-medical life insurance?

Here are some sample questions that you may have to answer on your application form:

Have you changed your hypertension or diabetes medication in the last 12 months?
Have you had a heart or angina attack in the last 5 years?
Do you have or have ever been diagnosed with cancer?
Have you been treated for drug or alcohol abuse in the last 3 years?
Is your weight more than the maximum weight listed for your height in the given table?

Which factors can affect the cost of non-medical life insurance?

A variety of factors can influence the cost of your non-medical insurance. For example, the type of non-medical insurance you qualify for will have an impact. Some plans have higher premiums than others.

The premium rates for your plan are influenced by your gender, whether you smoke, and the amount of coverage you have. Furthermore, different insurance companies charge different rates for the same plan.

Can the insurance coverage be increased in the future?

You will be required to complete a new application with a new questionnaire for this purpose. If your lifestyle and health situation is the same as in the previous paragraph, you can easily increase your coverage by applying for a new policy.

Conclusion

Getting life insurance with a pre-existing medical condition can be more challenging. However, as mentioned in this article, there are still many great options available.