Updated - March 15, 2022
Do you have a pre-existing condition and are looking for life insurance? Not sure what your life insurance options are? Maybe this is for you. You can still get life insurance without taking a medical exam, which means that even if you have a pre-existing health condition, you can still get proper coverage. Let us guide you through the process of how this is possible.
Here's how to qualify for life insurance without a medical exam
Are you in the market for life insurance but not sure whether you want to go through the hassle of medical exams?
Having a pre existing condition may be deterring you from getting life insurance. Let's take a quick look at the most common pre existing conditions in Canada at the time this article was updated in March of 2022.
- In 2021, an estimated 229,200 people were diagnosed with cancer and 1 in 5 adults currently are undergoing treatment
- Smokers make up 15% of the Canadian population in 2021. This number has increased from 13.1% in 2015
- Diabetes is currently on the rise as 2 million Canadians are living with their diagnosis and it's predicted that tens of thousands more are undiagnosed
- 1 in 5 Canadians are living with high blood pressure. That's half a million people.
No exam life insurance, sometimes called guaranteed acceptance life insurance or no medical life insurance, provides significant coverage for anyone, without discrimination.
Let's discuss what exactly no exam life insurance is, the options, the benefits, and who should apply for this type of policy.
What is No Medical Exam Life Insurance?
This type of life insurance provides coverage for anyone, despite pre-existing health issues or multiple rejections by other insurance agencies.
Historically, no exam life insurance was designed and targeted for seniors, providing older adults with more access to life insurance policies.
However, health conditions now affect 51% of the non-elderly population in the United States. As of 2021 in Canada, research showed that 37.8% of adults (18+) had a health condition. Thus, insurance providers have designed life insurance without medical exam policies for people of all ages and health.
Since medical conditions do not influence whether someone qualifies for the coverage, there are no exams or doctor's reports involved.
They are no longer necessary.
In addition, applicants do not have to provide a list of their prescription medications, something that is known to hinder insurance approval.
There are two different types of life insurance without medical exams: permanent and term.
Both options typically have many sub-options under them. In addition, they both have the option to add on accidental death.
There is really something for every need and budget.
Permanent no medical exam life insurance provides coverage for one's entire lifetime. It is ideal for covering things like outstanding debt, funeral expenses and possibly to assist your loved ones move ahead in their lives.
There are lots of monetary options under permanent, and some go up as high as $1,000,000.
In addition, permanent life insurance often comes with more benefits than other policies, such as terminal illness and transportation benefits.
No medical exam term life insurance provides coverage only for a certain amount of time. The periods of coverage are typically 10 years, 20 years, or 25 years.
This policy is beneficial for those who know how long they will need insurance coverage. For example, some people get term life insurance to cover exactly how many years left they have to pay their mortgage.
"Life happens" situations can always occur, and you may find yourself needing longer life insurance without medical exams.
Luckily, term policies can be renewed at the end of the period, even for no medical exam policies.
Benefits of Life Insurance Without Medical Exam
No medical exams means no worries.
Your qualification will not be influenced by medical conditions, large or small. You don't have to worry about rejection and you don't have to worry about what will happen to your family if something happens to you.
Another benefit to no exam life insurance policies is the pace at which they provide coverage, which is generally very quickly.
Without the exams and reports, there are no application or approval delays. Some no exam life insurance providers even claim same-day coverage.
There are some disadvantages, however, that are necessary to mention.
To start, life insurance without medical exams can mean higher premiums. It can also reduce the face amount available for purchase.
However, having the guarantee that your family and debts are taken care of after you're gone will quickly outweigh any potential disadvantages.
How Does Life Insurance Without a Medical Exam Work?
No medical life insurance policies use a process called underwriting.
Underwriting is a process that calculates how much a person is at risk, the cost of those risks, and then matches that risk cost to the cost of coverage. So, the coverage is based on risk assessment.
People who have similar medical conditions, for example, will have similar risks and they will, therefore, pay a similar premium for life insurance.
With no medical life insurance, the risks are assessed using a general medical history questionnaire rather than a physical exam.
Who Should Consider No Medical Life Insurance?
Guaranteed acceptance life insurance isn't just for people who have serious health concerns. It also isn't only for the elderly.
• Applicants with serious medical conditions
• People with less-serious medical conditions
• Anyone who takes prescription medications
• Applicants who have been refused by other insurance policies or providers
• Those who do not want to take a medical exam or provide a physician's report.
• Healthy people that simply want fast coverage
If you fit into any of the categories above, then you should consider applying for life insurance without medical exams.
Want to Learn More About How to Use Our Life Insurance Quoter?
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What are the Qualifications?
The qualifications for no medical exam life insurance in Canada and the U.S. are simple. You must be a citizen, permanent resident, or a legal working resident and 18 years of age or older.
Sometimes there is an age maximum, typically 75 to 80 years, but this depends on the provider.
All you have to do is decide what type of life insurance coverage you need, what will fit into your budget, and then apply for a quote online.
It's that simple.
Insurdinary’s Life Insurance Quoter
Insurdinary is proud to share our new and easy to use Life Insurance Quoter. This tool makes it incredibly easy to get a free Life Insurance quote online in minutes. It’s designed specifically for people with pre-existing conditions in mind. By choosing to go with Simplified Underwriting, you will not have to undergo a medical exam. You simply have to fill out a questionnaire answering a few basic health questions to get yourself a quote. By using the Life Insurance Quoter, you could find the perfect Life Insurance policy to fit your needs all by yourself, without even having to speak to an agent. Of course, if you have any questions or prefer the personal touch of an agent, our experts are just a phone call away to help you with all of your insurance needs.
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Get an Insurance Quote Today
Now that you can be assured there are life insurance options for you without the fuss of medical exams, you are ready to get a quote!
Insurdinary compares insurance policies across the country to find you the best policy with the best rates.
Yes, that's right. You no longer have to spend hours searching, quoting, and comparing yourself.
With Insurdinary, you will get an experienced and licensed insurance broker to assist you with your selection.
Visit our website or contact us today!