No Medical Life Insurance
Discover the benefits and types of plans for no medical life insurance at Dundas Life.
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What is No Medical Life Insurance?
What is it?
No medical insurance is exactly what it sounds like a life insurance policy that doesn't require a medical-related exam to qualify for coverage. Nis a straightforward option for individuals aged 40 to 75 seeking coverage without the need for a medical-related exam.
Although a no medical life insurance plan lets you avoid a medical test, this convenience comes at a cost. No medical life insurance policies usually cost more than a traditional insurance policy.
Insurance providers may still ask you medical questions. You must answer these questions truthfully. If the insurance company finds out you were dishonest during your application, it can reduce the death benefit payout or even deny your claims.
Although a no medical life insurance plan lets you avoid a medical test, this convenience comes at a cost. No medical life insurance policies usually cost more than a traditional insurance policy.
Insurance providers may still ask you medical questions. You must answer these questions truthfully. If the insurance company finds out you were dishonest during your application, it can reduce the death benefit payout or even deny your claims.
How does it differ from regular life insurance?
No-medical life insurance grants coverage without the need for a medical exam, which is required in the application process for regular life insurance. Because of this, no medical life insurance policies typically have higher premiums than policies that require a medical exam. It is also relatively harder to qualify for because policies might include limits or exclusions for pre-existing conditions. Other than that, the coverage is very similar to that of traditional life insurance.
No Medical Life Insurance Features
No medical life insurance offers a variety of features:
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Simple, easy application process
No medical exam required
Coverage even with health issues
Quick policy approvals
We’ll help you implement a plan that works for you.
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Term Life vs No Medical Life Insurance
No Medical Life Insurance Pros & Cons
There are both pros and cons to no medical life insurance, and it is a good idea to consider the benefits and tradeoffs before deciding if it is the right choice for you.
Pros:
Fast approval
Get coverage even with health issues
More affordable than traditional life insurance if you have a risky job
Can help cover funeral expenses
Cons:
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More expensive premiums for the average person
Lower maximum coverage amounts
Less potential for customization through riders and add-ons
We’ll help you implement a plan that works for you.
Book a CallWho needs No Medical Life Insurance?
Clearly, no medical life insurance isn't the perfect choice for everyone due to its higher costs and lower coverage amounts. However, many people can benefit from a life insurance policy that doesn't require an exam.
Health
concerns
Health concerns
If you have been denied other plans or worry a medical condition will prevent you from passing an exam, no medical insurance may be your best option for coverage.
Risky
job/hobby
Risky job/hobby
If you have a high-risk job or hobby, traditional insurance institutions will likely quote you higher rates. No medical life insurance could be a cheaper option.
Covering funeral costs
If you're over 50 and in good health, a no-medical insurance plan can be a practical way to cover funeral expenses. Its lower death benefit makes it an affordable option for burial costs.
Medical exam aversion
If you're young and healthy, a medical exam may not be required. However, no-medical insurance is a good option if you need quick coverage, such as for travel, or prefer to avoid medical exams.
Types of No Medical Life Insurance
Simplified issue has no medical exam but still includes a health questionnaire, so you could still potentially be denied coverage.
Guaranteed issue has no physical exam or questionnaire, so you are guaranteed to get a policy as long as you are within the insurer's age limit.
Accelerated issue includes a series of health questions, but it is affordable and has a short waiting period.
Use Our Life Insurance CalculatorGuaranteed issue has no physical exam or questionnaire, so you are guaranteed to get a policy as long as you are within the insurer's age limit.
Accelerated issue includes a series of health questions, but it is affordable and has a short waiting period.
How Much Will it Cost?
Life insurance costs are always unique to the insured. How much you will pay for coverage depends on many factors, such as:
Like other insurance products, whole life insurance costs increase with age, typically by 8% to 10% per year.
Age
Healthy applicants receive better rates, while conditions like diabetes or high blood pressure raise costs.
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Health
Men pay 38% more than women for the same coverage because of their lower life expectancy.
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Gender
The greater the death benefit, the higher the premium payments.
Amount
If you have a job or a hobby that puts you at risk, expect to pay more
Job/Hobbies
Smoking raises the risk of early death, increasing premiums by two to three times.
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Tobacco Use
A family history of illnesses like heart disease, diabetes, or cancer can mean higher premium rates.
Family History
Compare No Medical Life Insurance Quotes
Monthly no medical simplified life insurance rates for a 20-year term of $500k coverage for a healthy adult based on Dundas Life policies.
Get QuoteWhat Customers Are Saying
Got Questions?
We have answers.
Our licensed advisors are here to discuss your personal situation and needs.
Why does life insurance usually require a medical exam?
Life insurance companies use medical exams to assess your overall health and life expectancy, helping them set accurate premium rates. A thorough health check can reveal potential illnesses, which may lead to higher premiums or recommendations for critical illness insurance. Conversely, those in above-average health may receive lower rates. While a medical exam provides insurers with key insights, unexpected results could mean paying more for coverage.
Should I get no medical insurance if I am healthy?
Whole life insurance is permanent coverage that lasts a lifetime with paid premiums. It includes a cash value component that grows over time. Unlike term insurance, it never expires, ensuring a guaranteed death benefit and lasting peace of mind for policyholders and their beneficiaries.
Is no medical life insurance worth it?
No medical exam life insurance is a good option for young, healthy people who don't need a lot of coverage. Those who don't qualify for traditional coverage due to underlying health conditions should also consider it. It can be a good way to guarantee approval. If you need a life policy quickly or don't want to take a physical exam, opt for no medical exam insurance. In most other cases, insurance with full medical underwriting is a better option.
Can I get life insurance if I have health concerns or pre-existing conditions?
Having health concerns or a pre-existing condition doesn’t mean you can’t get life insurance. Many policies are designed for individuals with medical conditions, though coverage amounts may be limited, and premiums are often higher.
Option 1: Apply for traditional life insurance: Many people assume they won’t qualify for traditional life insurance and opt for non-medical policies out of fear of rejection. However, an underwriter may assess your health differently than you do, and you could qualify for better rates and more options. It’s wise to try traditional coverage first, as it often provides more benefits. If you don’t qualify, then a no-medical policy can serve as a backup option.
Option 2: Apply for no medical life insurance: In the event that you are declined traditional life insurance, or if you suspect that your pre-existing condition will disqualify you, no medical insurance is a great option available to you.
Option 1: Apply for traditional life insurance: Many people assume they won’t qualify for traditional life insurance and opt for non-medical policies out of fear of rejection. However, an underwriter may assess your health differently than you do, and you could qualify for better rates and more options. It’s wise to try traditional coverage first, as it often provides more benefits. If you don’t qualify, then a no-medical policy can serve as a backup option.
Option 2: Apply for no medical life insurance: In the event that you are declined traditional life insurance, or if you suspect that your pre-existing condition will disqualify you, no medical insurance is a great option available to you.
How can I buy a no medical life insurance policy?
Shop around as much as possible. Each insurance company calculates risk differently. Comparing quotes is the only way to ensure you get the best possible rate. Speak to our insurance advisors at Dundas Life, who will assess your situation and recommend the most suitable non-medical life policy for you. We will also ensure you receive personalized quotes from leading insurers in Canada.
What questions will be asked on the application?
You may have to answer questions similar to these on a no medical life insurance application:
- Has your medication for hypertension or diabetes changed in the past 12 months?
- Have you been treated for angina or heart attack in the past five years?
- Have you ever been diagnosed with cancer?
- Has your driver’s license been revoked, suspended, or canceled in the last 24 months?
- Have you received treatment for drug or alcohol abuse in the last three years?
- Do you weigh more than the maximum weight listed for your height in the given table?
Is it possible to get no medical whole-life insurance?
Yes, it is. No medical insurance policies are available both as whole life insurance and term life insurance. Dundas Life works with some of the leading insurance companies in Canada. We can help you find whole life or term life insurance coverage that's right for you.
Can no medical life insurance be used as funeral insurance?
Yes, it is. No medical insurance policies are available both as whole life insurance and term life insurance. Dundas Life works with some of the leading insurance companies in Canada. We can help you find whole life or term life insurance coverage that's right for you.
Further Reading
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