Non-medical life insurance, also known as guaranteed issue life insurance, is a type of life insurance policy that does not require a medical exam or health questionnaire. Instead, it is typically based on age and the coverage amount requested.

In Canada, there are several insurance companies that offer non-medical life insurance policies, including BMO Insurance, Canada Protection Plan, and Empire Life. These policies may have higher premiums than traditional life insurance policies that require a medical exam, but they can be a good option for people who have health issues or who may not be able to qualify for traditional life insurance.

It’s important to note that non-medical life insurance policies may have certain limitations, such as lower coverage amounts or limited coverage for certain health conditions. It’s always a good idea to compare policies and consult with a licensed insurance professional to determine which type of life insurance is best for your individual needs and circumstances.

Pros of No Medical Life Insurance

There are several potential benefits to choosing a no medical life insurance policy:

1. Simplicity: No medical life insurance policies are typically easier and quicker to obtain than traditional life insurance policies that require a medical exam. This can be especially helpful for people who have busy schedules or who may not want to go through the hassle of scheduling and completing a medical exam.
2. Accessibility: No medical life insurance policies can be a good option for people who have pre-existing health conditions or who may not be able to qualify for traditional life insurance due to their health. With no medical exam required, the application process is more accessible for people who may have health concerns.
3. Quick payout: No medical life insurance policies often have a simplified underwriting process, which means that the policy can be issued and the death benefit can be paid out more quickly than with traditional life insurance policies.
4. Peace of mind: Like any life insurance policy, a no medical life insurance policy can provide peace of mind for both the policyholder and their loved ones. Knowing that there is a financial safety net in place can help ease concerns about the future.

It’s important to note that no medical life insurance policies may have higher premiums than traditional policies, and the coverage amounts may be lower. However, for people who may not be able to qualify for traditional life insurance due to their health, a no medical life insurance policy can still provide valuable coverage and peace of mind.

Cons of No Medical Life Insurance

While there are some potential benefits to no medical life insurance policies, there are also some potential drawbacks to consider:

1. Higher premiums: No medical life insurance policies may have higher premiums than traditional policies that require a medical exam. This is because the insurance company is taking on more risk by not assessing the policyholder’s health before issuing the policy.
2. Lower coverage amounts: No medical life insurance policies may have lower coverage amounts than traditional policies. This is because the insurance company is taking on more risk by not assessing the policyholder’s health before issuing the policy.
3. Limited coverage for certain health conditions: Some no medical life insurance policies may have exclusions or limitations for certain health conditions. This means that if the policyholder were to die as a result of one of these excluded conditions, the policy would not pay out a death benefit.
4. Limited options: No medical life insurance policies may have fewer coverage options or riders available than traditional policies. This means that the policyholder may not be able to customize their coverage to fit their specific needs.
5. Waiting period: Some no medical life insurance policies may have a waiting period before the death benefit will be paid out. This means that if the policyholder were to die within the waiting period (typically 2-3 years), the policy would not pay out a death benefit.

It’s important to carefully consider the potential drawbacks of a no medical life insurance policy before making a decision. It’s always a good idea to compare policies and consult with a licensed insurance professional to determine which type of life insurance is best for your individual needs and circumstances.

Average Cost of No Medical Life Insurance in Canada

The cost of no medical life insurance in Canada will depend on various factors such as age, coverage amount, and policy type. Here are a few examples of no medical life insurance quotes from Canadian insurance companies:

1. BMO Insurance offers Guaranteed Life Plus, which is a no medical life insurance policy with coverage amounts ranging from $5,000 to $50,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $62.03 for $20,000 in coverage
• Age 60: $128.45 for $20,000 in coverage
• Age 70: $273.54 for $20,000 in coverage

2. Canada Protection Plan offers a variety of no medical life insurance policies with coverage amounts ranging from $5,000 to $500,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $50.00 for $25,000 in coverage
• Age 60: $107.00 for $25,000 in coverage
• Age 70: $221.00 for $25,000 in coverage

3. Empire Life offers Simplified Issue Term Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $25,000 to $500,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $56.70 for $50,000 in coverage
• Age 60: $127.80 for $50,000 in coverage
• Age 70: $296.10 for $50,000 in coverage

4. Desjardins offers Ajusto Term Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $25,000 to $250,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $47.28 for $50,000 in coverage
• Age 60: $107.19 for $50,000 in coverage
• Age 70: $278.58 for $50,000 in coverage

5. Industrial Alliance offers Solution 10 and Solution 20, which are no medical life insurance policies with coverage amounts ranging from $25,000 to $250,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $47.91 for $50,000 in coverage (Solution 10) or $75.33 for $50,000 in coverage (Solution 20)
• Age 60: $98.46 for $50,000 in coverage (Solution 10) or $157.14 for $50,000 in coverage (Solution 20)
• Age 70: $231.84 for $50,000 in coverage (Solution 10) or $367.08 for $50,000 in coverage (Solution 20)

6. Foresters Financial offers Your Term Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $50,000 to $250,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $61.23 for $100,000 in coverage
• Age 60: $132.48 for $100,000 in coverage
• Age 70: $315.63 for $100,000 in coverage

7. RBC Insurance offers Guaranteed Acceptance Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $5,000 to $25,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $47.58 for $10,000 in coverage
• Age 60: $86.85 for $10,000 in coverage
• Age 70: $175.50 for $10,000 in coverage

8. Sun Life Financial offers SunSpectrum Term Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $50,000 to $1,000,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $86.18 for $100,000 in coverage
• Age 60: $190.03 for $100,000 in coverage
• Age 70: $433.87 for $100,000 in coverage

9. Assumption Life offers Golden Protection Plan, which is a no medical life insurance policy with coverage amounts ranging from $5,000 to $50,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $51.51 for $10,000 in coverage
• Age 60: $105.75 for $10,000 in coverage
• Age 70: $211.68 for $10,000 in coverage

10. Equitable Life offers Simplified Issue Term Life Insurance, which is a no medical life insurance policy with coverage amounts ranging from $25,000 to $500,000. Here are some sample monthly premiums for a non-smoking male:

• Age 50: $56.70 for $50,000 in coverage
• Age 60: $127.80 for $50,000 in coverage
• Age 70: $296

It’s important to note that these are just examples and your actual premiums may be different based on your individual circumstances. It’s always a good idea to compare policies and consult with a licensed insurance professional to determine which type of life insurance is best for your needs and budget.

No Medical Life Insurance Reviews

No medical life insurance and some reviews from across the internet:

Reviews:

• “I was pleasantly surprised by how easy and quick it was to get no medical life insurance. The application process took less than 10 minutes, and I was approved within a day. The premiums are also very affordable, which was a big plus for me.” – Jane, Trustpilot
• “I have a pre-existing condition, so I was hesitant to apply for life insurance. But I found a no medical life insurance policy that offered coverage for my condition, and the premiums were very reasonable. I’m glad I found this option.” – John, Reddit
• “I didn’t want to deal with the hassle of a medical exam, so I opted for a no medical life insurance policy. The application process was so easy, and the premiums are much lower than what I would have paid for a traditional policy.” – Sarah, Yelp
• “I needed life insurance quickly but didn’t have time to go through a medical exam. No medical life insurance was the perfect option for me. I was able to get coverage within a few days, and the premiums are very affordable.” – Michael, ConsumerAffairs
• “I have a busy schedule and didn’t want to take the time to go through a medical exam for life insurance. I found a no medical policy that fit my needs and the application process was simple and straightforward.” – Amanda, NerdWallet
• “I was hesitant about getting life insurance without a medical exam, but after doing some research, I found a reputable company that offered a good policy. The premiums are lower than what I would have paid for a traditional policy, and the application process was much faster.” – David, Insure dot com
• “I’m a bit of a procrastinator, so I put off getting life insurance for a long time. When I finally decided to look into it, I found that no medical life insurance was the best option for me. It was quick and easy to get coverage, and the premiums are very reasonable.” – Lisa, Bankrate

It’s important to note that while no medical life insurance can be a good option for some people, it may not be the best choice for everyone. Be sure to do your research and compare different policies before making a decision.

List of Best No Medical Life Insurance Companies in Canada

Here is a list of some of the best no medical life insurance companies in Canada:

1. Canada Protection Plan: Canada Protection Plan offers a wide range of life insurance products, including no medical and simplified issue policies. They have a fast and easy online application process, and many of their policies do not require a medical exam or health questions.
2. BMO Insurance: BMO Insurance offers a variety of life insurance products, including a no medical term life insurance policy. Their no medical policy allows you to apply online, without having to complete a medical exam or answer detailed health questions.
3. RBC Insurance: RBC Insurance offers a no medical term life insurance policy that provides coverage up to $1 million. The application process is quick and easy, and coverage can be obtained in as little as 24 hours.
4. Sun Life Financial: Sun Life Financial offers a no medical term life insurance policy with coverage up to $1 million. The policy does not require a medical exam or detailed health questions, and the application process can be completed online.
5. Empire Life: Empire Life offers a no medical term life insurance policy with coverage up to $500,000. The policy does not require a medical exam, and the application process can be completed online.
6. Manulife: Manulife offers a no medical term life insurance policy with coverage up to $250,000. The policy does not require a medical exam or detailed health questions, and the application process can be completed online.
7. Desjardins Insurance: Desjardins Insurance offers a no medical term life insurance policy with coverage up to $500,000. The policy does not require a medical exam or detailed health questions, and the application process can be completed online.
8. Industrial Alliance: Industrial Alliance offers a no medical and simplified issue term life insurance policy with coverage up to $500,000. The policy does not require a medical exam, and the application process is straightforward and can be completed online.
9. Foresters Financial: Foresters Financial offers a no medical term life insurance policy with coverage up to $400,000. The policy does not require a medical exam, and the application process is fast and easy, with a decision on coverage typically made within 48 hours.
10. Wawanesa Life: Wawanesa Life offers a no medical and simplified issue term life insurance policy with coverage up to $250,000. The policy does not require a medical exam or detailed health questions, and the application process can be completed online or over the phone.

It’s important to compare policies and rates from different insurance companies to find the best no medical life insurance policy for your individual needs. Additionally, it’s always a good idea to consult with a licensed insurance agent or financial advisor before making a decision.

No Medical Life Insurance Tips

Here are some tips to keep in mind when considering a no medical life insurance policy:

1. Determine your coverage needs: Before choosing a no medical life insurance policy, determine how much coverage you actually need. Consider factors such as your age, health, and financial obligations, such as outstanding debt or dependents.
2. Compare policies: It’s important to compare policies and rates from different insurance companies to find the best no medical life insurance policy for your individual needs. Look at factors such as coverage amount, premium cost, policy duration, and any restrictions or limitations.
3. Review policy details carefully: Make sure to carefully review the policy details before signing up for a no medical life insurance policy. Look for any restrictions or limitations, such as a waiting period before coverage kicks in or exclusions for certain health conditions.
4. Be honest on your application: Even though many no medical life insurance policies do not require a medical exam or detailed health questions, it’s still important to be honest on your application. Failing to disclose pre-existing conditions or other health issues could result in a denied claim later on.
5. Consider other types of life insurance: While no medical life insurance may be a good option for some people, it may not be the best choice for everyone. Consider other types of life insurance, such as term life insurance or permanent life insurance, which may offer more comprehensive coverage or longer policy durations.
6. Consult with a licensed insurance agent or financial advisor: A licensed insurance agent or financial advisor can help you navigate the various options for no medical life insurance and other types of life insurance. They can provide guidance on the best policy for your individual needs and answer any questions you may have.

No Medical Life Insurance FAQs

Here are some frequently asked questions (FAQs) about no medical life insurance:

1. What is no medical life insurance? No medical life insurance is a type of life insurance that does not require a medical exam or detailed health questions. Instead, the policy may only require basic information about the applicant, such as age and gender.
2. Who should consider no medical life insurance? No medical life insurance may be a good option for people who have health issues that make it difficult to obtain traditional life insurance or who need coverage quickly. It may also be a good option for people who want a more streamlined application process.
3. What types of no medical life insurance policies are available? There are a variety of no medical life insurance policies available, including term life insurance, whole life insurance, and guaranteed issue life insurance. The coverage amounts and policy durations may vary depending on the policy.
4. Is no medical life insurance more expensive than traditional life insurance? No medical life insurance policies are generally less expensive than traditional life insurance policies, since they typically provide less comprehensive coverage. However, the cost may vary depending on the policy and the insurance company.
5. How much coverage can I get with no medical life insurance? The coverage amounts for no medical life insurance policies may vary depending on the policy and the insurance company. Some policies may provide coverage up to $1 million or more, while others may have lower coverage amounts.
6. What are the disadvantages of no medical life insurance? The disadvantages of no medical life insurance may include limited coverage amounts, higher premiums than traditional policies, and the possibility of exclusions for certain health conditions.
7. Can I switch from a no medical life insurance policy to a traditional life insurance policy later on? It may be possible to switch from a no medical life insurance policy to a traditional life insurance policy later on, but this may depend on the policy and the insurance company. Some policies may allow for a conversion to a traditional policy at a later time, while others may not.

8. How quickly can I get coverage with no medical life insurance? The application process for no medical life insurance policies is typically faster than traditional policies, and coverage can often be obtained within a few days or weeks, depending on the policy and the insurance company.
9. Is there a waiting period for coverage with no medical life insurance? Some no medical life insurance policies may have a waiting period before coverage begins. This waiting period may vary depending on the policy and the insurance company, and it’s important to review the policy details carefully.
10. Can I cancel my no medical life insurance policy? Most no medical life insurance policies have a free-look period, during which you can cancel the policy for a full refund. After the free-look period, you may be able to cancel the policy, but you may not receive a full refund of your premiums.
11. Do I need to disclose my medical history with no medical life insurance? While no medical life insurance policies do not require a medical exam or detailed health questions, it’s still important to be honest on your application. Failing to disclose pre-existing conditions or other health issues could result in a denied claim later on.
12. Can I add riders to my no medical life insurance policy? Some insurance companies may allow you to add riders to your no medical life insurance policy, such as accidental death coverage or a critical illness rider. The availability of riders may vary depending on the policy and the insurance company.
13. What happens if I die during the waiting period? If you die during the waiting period for a no medical life insurance policy, the death benefit may not be paid out, or it may be reduced. It’s important to review the policy details carefully to understand the waiting period and how it may affect your coverage.
14. What happens if I outlive my no medical life insurance policy? If you outlive your no medical life insurance policy, the coverage will end, and you will not receive a death benefit. Some policies may have the option to renew, but the premiums may be higher.
15. How long do no medical life insurance policies last? No medical life insurance policies may have varying policy durations, depending on the policy and the insurance company. Some policies may be term policies that last for a set number of years, while others may be permanent policies that last for the rest of your life.
16. How do I choose the right no medical life insurance policy for me? To choose the right no medical life insurance policy, you should consider your coverage needs, the policy details, the insurance company’s reputation, and the premium cost. You may also want to consult with a licensed insurance agent or financial advisor to help you make the best decision.
17. Can I get no medical life insurance if I’m over 50 years old? Yes, it may be possible to get no medical life insurance if you’re over 50 years old. However, the premiums may be higher, and the coverage amounts may be lower than policies available to younger individuals.
18. How do I apply for a no medical life insurance policy? To apply for a no medical life insurance policy, you typically need to complete an application and provide basic information about yourself, such as your age and gender. Some policies may require additional information, such as your occupation or smoking status. The application process may be completed online, over the phone, or through the mail.
19. What happens if I miss a premium payment? If you miss a premium payment on your no medical life insurance policy, the policy may lapse or be cancelled. Some policies may have a grace period, during which you can still make the payment and maintain coverage. It’s important to review the policy details carefully to understand the premium payment requirements.
20. Can I get a no medical life insurance policy if I’m a smoker? Yes, it may be possible to get a no medical life insurance policy if you’re a smoker. However, the premiums may be higher than policies available to non-smokers.