No Medical Life Insurance Canada
Have You Been Declined Life Insurance Before?
If you have trouble qualifying for life insurance due to health concerns, then Guaranteed No Medical Life Insurance might be right for you.
For many people in Canada and all of Canada, getting a life insurance policy isn’t an easy proposition. Insurance companies are in the business of insuring healthy people, not the unhealthy. Once you have had a major health event, like heart disease, cancer, spinal injury, stroke, etc. it will be very hard for you to qualify for normal life insurance.
Even if your medical condition is not immediately life threatening, the insurance company might rate your policy. This means you would pay a higher premium than a standard, healthy person in Canada. If you want to avoid the problems of medical underwriting, and ultimately getting rated or declined for life insurance, there is another option. Guaranteed No Medical Life Insurance.
Companies like the Canada Protection Plan, IA Pacific and BMO Insurance offer excellent no medical life insurance in Canada.
Your options for no medical life insurance in Canada
There are a few important features to consider when buying no medical life insurance.
Deferred No Medical Life Insurance
For those who have serious health concerns, you are limited to buying a policy with a return of premium if you died within the first 2 years. This is a deferred no medical life insurance policy. This allows the insurance company to limit its risk when insuring seriously ill people by not having to pay a claim in the first two years. If you lived even one day longer than the two year window, your no medical life insurance policy will pay out in full.
Simplified No Medical Life Insurance
This kind of policy also does not require medical evidence and no nurse will visit. There is usually a health declaration made by the person applying for the no medical life insurance that they are generally in good health at the time of the application. This would mean there are no recent hospitalizations, no ongoing treatment for a serious condition like cancer, you can physically take care of yourself without assistance, etc. If these standard health questions can be answered positively, then you are immediately covered for the no medical life insurance.
What coverage can you get?
Death Benefit coverage is maximum $150,000 on some plans, but more commonly you can only get up to $50,000 of coverage.
Accidental Death coverage will increase the base amount of insurance by 3 to 5 times in the event you died from an accident, not an illness. For some no medical life insurance plans this is an included benefit and others it is an additional rider which will increase your premiums.
Terminal Illness Benefit provides up to 25% of your death benefit paid out early if you are diagnosed with a terminal illness after you have had the policy for two years. Not available with all insurance companies or policies.
Policy Cash Values begin to accumulate inside your policy once it has been in force for a number of years (starts at 3 years for some companies and 5 years for others).
Automatic Premium Loans allows the insurance company to borrow money, automatically, from your accumulated cash value if you accidentally miss a payment. This protects your no medical life insurance policy from lapsing if you missed a payment and you can always catch up any missed payments in the future. Loans that are not repaid will accumulate interest inside the policy.
If you live in Canada and are interested in finding out more about Guaranteed No Medical Life Insurance, please contact us here at Life Guard Insurance.