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No medical life insurance is a type of life insurance that doesn't require a medical exam for you to get approved. It has a simplified application process, making it a decent option for those who want coverage without the hassle of medical tests or paperwork.
With no medical life insurance, even if you have pre-existing medical conditions or are concerned about the results of a medical exam affecting your eligibility, you can still secure life insurance protection for yourself and your loved ones.
But because no medical life insurance typically costs much more than a traditional life insurance policy, it's not the best life insurance option for everyone.
Generally, you don't need to take a medical exam for insurance if you are in good health without pre-existing conditions or a family history of health conditions. But you can if you're willing to pay almost double premiums to avoid the medical questionnaire, medical tests or nurse visit. But in most cases, shoot for the best with regular life insurance and, if it doesn't work out, you always have other options.
While this is ultimately a personal decision, it's important to know exactly what no medical insurance means for your premiums and coverage.
Term life insurance policies can be much more affordable than the average no medical life insurance policy on the market in Canada.
Why? Policies that don't require a medical exam often cost much more because the insurance companies won't know much about your health and the “risk” they're taking on.
Conversely, traditional underwritten policies (i.e. term life insurance or whole life insurance) can offer better coverage and lower costs. And you may not even need to do a medical exam.
See how much you could save by going with term life insurance. Get a quote in just a few clicks – your rate might surprise you!
Let's review the best life insurance companies with no medical options in Canada, along with tips for choosing the right insurance company and life insurance policy for you.
Canada Protection Plan (CPP) is the leading insurer for no medical life insurance in Canada.
They have a big variety of guaranteed acceptance and simplified issue products. But a no medical life insurance policy is much more expensive compared to a standard term life insurance policy.
Canada Protection Plan's two main categories of no medical life insurance plans are as follows:
Term life insurance:
Permanent life insurance:
PolicyMe term life insurance policy is a good option for healthy people. It typically doesn't require you to take a medical exam or undergo extensive medical tests. Instead, it has minimal health questions, you'll fill out a 26-question application, which includes a medical questionnaire. You'll know instantly if you're approved, declined, or if the insurance company needs more information. This may involve providing a note from your doctor or undergoing a quick health exam.
Our term life insurance policies are also more affordable because they're risk-assessed and backed by Securian Canada. And our premiums can be up to 5-10% cheaper than similar term life insurance policies on the market.
Sun Life Guaranteed No Medical Life Insurance is a guaranteed acceptance product with life insurance coverage for your whole life, providing a death benefit to your loved ones in the event you pass away (can also be called guaranteed issue life insurance). While Sun Life is one of the biggest life insurance companies in Canada, this product is not their specialty.
UV Insurance is a small insurance company based in Quebec that specializes in group coverage (life insurance you get through work). Their simplified issue policies are one of their relatively new life insurance products.
Empire Life is a century-old insurance company based in Quebec with a variety of life insurance products. As the name suggests, this policy is guaranteed acceptance life insurance (or guaranteed issue life insurance). Generally, their insurance premiums are not that competitive, so they may not be a good selection if you're looking for cheap life insurance without a medical exam or medical tests.
The maximum life insurance coverage you can get without a medical exam ranges from $1M-$2M, depending on your age. Most life insurance companies in Canada will put an age cap on the available coverage without a medical exam.
For example, PolicyMe's maximum possible death benefit without a medical exam is:
Here's a further breakdown of the insurance companies with the maximum coverage amount by age group:
That's not to say that you're necessarily guaranteed to get that coverage amount. These are just the maximum possible death benefit amounts available without required medical exams.
Not every life insurance policy applicant needs to get a medical to get their policy approved.
If you apply for term life insurance through PolicyMe, you might have to undergo a medical exam. In your application, you’ll be asked a series of medical questions related to your history and lifestyle.
Most will be approved without having a medical exam if they're:
While it's not guaranteed, you may very well get term life insurance with no medical exam.
Guaranteed acceptance life insurance policies approve anyone regardless of their medical history. But there are other no medical life insurance policies that can deny applicants, like simplified issue life insurance.
Even if you're approved, sometimes no medical policies come with such heavily restricted coverage (lower death benefit amounts) and expensive insurance premiums that they don't make financial sense for you to take on.
If you choose no medical, evaluate the insurance coverage, insurance premiums, and terms carefully to ensure it covers your family's life insurance needs.
What disqualifies you from no medical life insurance differs from company to company. It can be as simple as not being a permanent resident or Canadian citizen.
Before disqualification, they'll vet your application with some kind of medical review. A medical review is just a questionnaire instead of an exam or interview to get an idea of your medical history. Based on your responses, you can still get denied by no medical life insurance providers.
How long does it take to be approved for no medical insurance in Canada?
The approval process for no medical insurance in Canada is designed to be pretty quick. Often, you can expect to get a decision (approved/denied) within a few days or weeks after submitting your application.
But the speed of approval will vary depending on factors like the insurance company you choose and the completeness of your application.
No medical life insurance works by letting applicants skip a full medical exam, but they come at a much greater life insurance cost when comparing quotes to a traditional life insurance company.
While no medical life insurance might appeal to lots of people, it's best for those who don't qualify for a standard life insurance policy.
No medical life insurance is a good choice for Canadians who have:
No medical life insurance is used to:
The best time to get any type of life insurance is as soon as you can. As you age, your premiums will increase. The longer you wait to apply, the more expensive your policy will be. And if you have loved ones in your life who rely on your income, it's worth it.
No medical is also a good option for those needing coverage quickly or those that want to skip a medical exam because of health concerns. But if you are in relatively good health and can qualify for a traditional life insurance policy, it may be more cost-effective in the long run. Ultimately, the decision of when to buy a no medical life insurance policy depends on your individual insurance needs.
Choosing between a guaranteed issue life insurance policy and a simplified issue life insurance policy really depends on your particular situation.
A guaranteed issue life insurance policy doesn't ask health questions or need a medical exam, so it's great for folks with serious health issues. But keep in mind: this comes with higher premiums and less coverage because the insurer is taking on more risk. Simplified issue life insurance skips the medical exam but does ask a few basic health questions.
With simplified issue, you might get more coverage than with a guaranteed policy but these policies are both comparatively more expensive than a traditional term life insurance policy. Get a term life insurance quote first before going with a no medical option.
Life insurance policies that ask minimal or no medical questions will typically fall under the category of "guaranteed issue" or "simplified issue" policies. These policies are designed to provide coverage without your comprehensive health background.
In a guaranteed issue life insurance policy, you're usually not asked health-related questions and there's no medical exam or medical tests. This type of life insurance policy is often chosen by individuals with serious health conditions. But it's worth noting that these policies usually have lower coverage limits and much higher insurance premiums due to the increased risk for the insurer.
On the other hand, simplified issue policies may ask a few basic health questions but don't require a medical exam. These policies often offer quicker approval times and might provide larger coverage amounts than guaranteed issue policies.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
