Best no medical life insurance Canada plan in 2024
- No medical examination
- Fixed premiums
- Tax-free death benefit
- Guaranteed renewal
- Option to convert to permanent life insurance
Access Life by iA is a simplified issue, no medical life insurance product designed to provide quick and straightforward coverage for individuals facing challenges in obtaining traditional insurance due to health concerns. It offers both permanent and term insurance options without the need for medical exams, accommodating a wide range of needs with coverage amounts from $10,000 to $500,000. This flexibility makes Access Life particularly appealing to those in good health seeking immediate coverage, individuals with serious health conditions, parents of children with significant health challenges, and newcomers to Canada who may be restricted in standard underwriting processes.
- Simplifies application with no medical exams, accessible for those with health issues.
- Offers both permanent and term options, convertible to permanent.
- Coverage assured for all applicants, regardless of health.
- Potential for same-day insurance approval.
- Premiums are fixed, predictable, and do not increase over time.
- Health status affects maximum coverage eligibility.
- Generally more expensive due to increased insurer risk.
- Insurance calculator on the website
- Quick quote
- Comprehensive protection from day one
Canada Protection Plan's Simplified & No Medical Life Insurance provides a streamlined approach to securing life insurance for those who may face difficulties with traditional policies due to health issues, lifestyle choices, or the need for quick coverage. This plan stands out for its accessibility, offering immediate protection without medical exams or health questions. It's designed to accommodate various needs—from covering final expenses and outstanding debts to providing a legacy. Whether applicants have serious medical conditions or are in peak health, this plan aims to offer the right coverage quickly and efficiently, making it ideal for Canadian residents who value simplicity and speed in obtaining life insurance.
- Quick application process with no medical exams or health questions required.
- Wide range of coverage options suitable for both temporary and permanent needs.
- Immediate full protection from day one for most plans.
- High coverage limits up to $1,000,000 for eligible applicants.
- Flexible terms with options for 10, 20, 25, 30, or 100 years, catering to various life stages and needs.
- Higher premiums compared to medically underwritten policies due to the increased risk without health screenings.
- Limited options for those with the most severe health issues or very advanced ages.
- Guaranteed rates with level premiums
- Guaranteed Cash Surrender Values
- Reduced Paid-Up Values
Empire Life Guaranteed Life Protect™ offers a permanent life insurance solution designed for individuals aged 40 to 75 who may face difficulties obtaining traditional life insurance due to health concerns. This product guarantees acceptance without medical exams or health questions, featuring fixed premiums and the assurance of cash surrender values beginning at the fifth policy anniversary. It's an excellent choice for those looking to secure permanent coverage to manage final expenses or leave a modest legacy, especially for those who have been previously declined insurance due to health issues.
- Guaranteed acceptance for Canadian residents aged 40-75, regardless of health.
- Level premiums that are guaranteed not to increase.
- Policy includes guaranteed cash surrender values and options for reduced paid-up coverage.
- Provides lifetime coverage with premiums ceasing at age 95 while coverage continues.
- Simplified application process with no medical exams or health questions.
- Limited to a maximum coverage amount of $50,000, which might not suffice for all financial needs.
- If death occurs within the first 24 months from natural causes, benefits are limited to the return of premiums paid.
- Not convertible to other types of life insurance policies.
- No medical exam
- Instant issuance
- Immediate protection
Humania Assurance's Insurance Without Medical Exam offers a straightforward and expedient solution for those who have faced challenges in securing life insurance due to medical or other reasons. This product streamlines the application process to just six eligibility questions and allows for completion online in under 15 minutes, issuing coverage instantly. With options for 10, 20, or 100-year terms and coverage amounts up to $300,000, it meets the needs of a diverse clientele, including those previously declined insurance. Ideal for individuals aged 18 to 70 seeking quick life, critical illness, or disability coverage, it's particularly well-suited for those who prefer a hassle-free application process without medical examinations.
- Only six questions required, with the entire application process online.
- Policies are issued immediately upon application completion.
- Available in 10, 20, or 100-year terms to suit various coverage needs.
- Includes critical illness and disability insurance without extra questions.
- Coverage is renewable up to age 80 for shorter-term policies.
- Only available to those under 70 years old.
- Potentially higher costs for older applicants as age-based premiums.
If you're hesitant to share your medical history or worry about pre-existing conditions affecting insurance costs, no medical life insurance might be a good choice for hassle-free coverage.
Also known as no exam life insurance, it has its share of advantages and drawbacks. So, let's dive into everything you need to know about no medical life insurance, from how it works, to the best plans, and beyond.
Once you know what's in store, you can use our free comparator to explore the best no medical life insurance Canada plans, compare their coverage, and get free personalized quotes right here in a few seconds.
Top 5 no medical life insurance plans
- iA Financial Group
- Canada Protection Plan
- Humania Insurance
- RBC Guaranteed Acceptance No Medical Life Insurance
- Sun Life Guaranteed No Medical Life Insurance
- Manulife No Medical Life Insurance
What is no medical life insurance or no exam life insurance?
Simply put, “no exam” life insurance is a type of life insurance that does not require a medical exam in order to purchase coverage. Instead, the insurer will assess your overall health and level of risk based on your responses to a health questionnaire, your prescription history, your age and other indicators.
If you’re young and healthy and hoping to purchase life insurance with no health exam in order to speed up the application process, this may be a reasonable option for you. Likewise, if you’re in poor health or prefer to keep your medical history confidential for personal reasons, purchasing life insurance with no medical exam can protect your privacy and your wallet.
Some insurers will compensate for a lack of information by limiting your coverage or, in some cases, charging higher premiums. These may still be lower than what you would pay if you underwent a medical exam, however.
What is the difference between no medical and guaranteed life insurance?
No medical life insurance simplifies the application with a health questionnaire, offering quick approval for diverse health conditions. Guaranteed life insurance requires no medical details, ensuring approval for everyone, but it may have lower coverage and higher costs, making it suitable for those with health challenges.
What are the types of no medical life insurance?
No medical exam life insurance in Canada comes in three varieties, each with its benefits.
- Simplified issue life insurance. Simplified issue life insurance may be the most efficient route to a life insurance policy. No waiting periods, no extensive medical questionnaires and no medical exam. Because insurers can only approximate the risk of issuing a policy, you’ll pay higher premiums than for other types of life insurance.
- Guaranteed issue life insurance. Guaranteed-issue life insurance policies provide a small amount of permanent insurance to anyone who applies, regardless of age or health. Policies usually don’t exceed $50,000, and many people purchase them to cover funeral expenses, estate taxes or other end-of-life costs they don’t wish to pass on to loved ones.
- Accelerated underwriting life insurance. Sometimes called “express underwriting”, accelerated issue life insurance streamlines the application process by eliminating the need for a medical exam if you’re in good health. Instead, the insurer reviews a lengthy questionnaire and verifies your responses against medical databases to assess the risk of insuring you. Policy premiums usually match what you would pay for a regular term life insurance or whole life insurance policy. If you’re looking for affordable life insurance with no medical exam, accelerated underwriting is your best bet.
To better understand the different types of whole life insurance with no medical exam and term life insurance with no medical exam available, it may help to see a side-by-side comparison:
| Features | Simplified Issue Life Insurance | Guaranteed Issue Life Insurance | Accelerated Underwriting Life Insurance |
|---|---|---|---|
| Questionnaire? |
Yes, though very short and non-invasive. |
Yes, comprehensive and verified against medical databases. | |
| Waiting period? | |||
| Full coverage? |
Benefits are capped at between $25,000 and $50,000. | ||
| Higher premiums? | |||
| Guaranteed coverage? |
Some insurers will also require a waiting period before extending coverage. These waiting periods can last up to two years, during which you will need to pay premiums. If you should pass away before the policy comes into effect, however, the insurer may refund these payments.
How much does no medical life insurance cost in Canada?
The cost of no medical life insurance in Canada can vary based on factors such as age, coverage amount, and health condition.
For example
As an estimate, a 40-year-old non-smoker may pay around $30-$75 per month for a no medical life insurance policy with coverage ranging from $100,000 to $250,000. It's important to obtain personalized quotes from insurance providers to get accurate pricing based on individual circumstances.
Here is a table to give you an idea on how much you should expect to pay for a no medical life insurance Ontario plan.
| Age | Coverage Amount | Monthly Premium (Non-Smoker) | Monthly Premium (Smoker) |
|---|---|---|---|
| 30 | $100,000 | $20 | $35 |
| 30 | $250,000 | $40 | $70 |
| 40 | $100,000 | $30 | $50 |
| 40 | $250,000 | $60 | $100 |
| 50 | $100,000 | $50 | $90 |
| 50 | $250,000 | $100 | $175 |
These figures are estimates, and it's advisable to consult insurance providers for accurate and personalized quotes based on individual factors. Or you could simply use our free comparator below to compare the best life insurance plans and get multiple no medical life insurance quotes right here.
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What are the pros and cons of no medical life insurance?
Before purchasing life insurance in Canada with no medical exam, it may help to evaluate the pros and cons of this type of financial protection.
While most people, particularly those with financial dependents, need life insurance, the time saved by skipping a medical exam may not be worth the increased monthly premiums. For those who need insurance quickly, however, or who prefer to avoid invasive questionnaires, no exam insurance may be the better choice.
Pros of life insurance with no exam
- No invasive medical exam, just a questionnaire.
- Accessible despite health issues.
- Quick approval due to automated assessment.
- Options for risky jobs or hobbies.
Cons of life insurance with no exam
- Limited coverage, often up to $25,000-$50,000.
- Higher cost due to increased risk assessment.
Who should buy no-exam life insurance?
While the idea of term life insurance with no medical exam may seem convenient, particularly if you’re in a hurry or prefer not to share personal information, it’s often a more expensive option than a traditional policy.
For non-smokers in generally good health with conventional jobs and low-risk hobbies, conventional life insurance is likely the better bet. The time and effort involved in completing a medical exam pay off in the form of more comprehensive coverage and lower monthly premiums.
If, however, you have a health condition and worry that disclosing this information might lead to a denial of coverage altogether, the higher premiums attached to no medical exam life insurance may be worth the peace of mind. Likewise, if you’re purchasing insurance primarily to ensure that your loved ones won’t bear the financial burden of a funeral or estate taxes, a simple guaranteed life insurance policy can be cost-effective.
Can you get life insurance for seniors over 75 with no medical exam?
Yes, some insurance providers offer no medical exam life insurance for seniors over 75. However, eligibility and coverage options may vary, and premiums could be higher due to age. It's advisable to explore offerings from companies specializing in senior life insurance.
What is the best no medical life insurance in Canada?
The best no medical life insurance in Canada depends on individual needs and preferences. Here are some top picks based on coverage and several no medical life insurance Canada reviews from customers online.
Here's a table consolidating the information on the selected life insurance options:
| Company | Policy Name | Coverage Limits | Eligibility | Premium Options | Additional Features |
|---|---|---|---|---|---|
| iA Financial Group | Access Life | Up to $500,000 | From 6 months to 80 years old | 15, 20, or 25 years | Contact the insurer, No medical examination, Tax-free death benefit |
| Canada Protection Plan | Simplified & No Medical Life Insurance | Up to $1,000,000 | From 18 to 70 years old | 10 or 20 years or until age 100 | Contact the insurer, Insurance calculator, Quick quote |
| Humania Insurance | Insurance without medical exam | Up to $300,000 | From 18 to 70 years old | 10 or 20 years or until age 100 | No additional coverages, Instant issuance, Immediate protection |
| RBC Insurance | RBC Guaranteed Acceptance No Medical Life Ins. | $5,000 to $40,000 (in $5,000 increments) | Canadian citizens, Permanent residents, Ages 40-75 | Not specified | Accidental death benefit, Two years' waiting period |
| Sun Life | Sun Life Go Guaranteed Life Insurance | $5,000 to $25,000 (in $5,000 increments) | Legal Canadian residents, Ages 30-74 | Not specified | Accidental death benefit, Two years waiting period |
| Manulife | CoverMe Easy Issue term life insurance | Up to $75,000 | Not specified | 10 years, renewable up to age 85 | Fast approvals, Guaranteed renewable, Terminal illness advance |
Please note that the information provided here is a summary, and it's crucial to review the specific terms and conditions of each policy before making a decision. You could use our comparator below to explore their full coverage and get personalized quotes right here.
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How long do no-medical life insurance policies last?
The length of your no-exam life insurance policy depends on whether you’ve purchased permanent insurance.
For example
Patricia purchased a guaranteed issue life insurance policy with $25,000 worth of coverage to pay for her funeral expenses. Because her beneficiaries will receive a death benefit no matter when Patricia passes away, she has a lifetime, permanent coverage.
Jean purchased simplified term life insurance valid for 25 years. Once the term passes, he will need to either renew his coverage or purchase a new policy, Jean, therefore, does not have permanent coverage.
In general, if you purchased no exam whole life insurance, you can assume that your policy will cover you for the remainder of your life - whether that’s five or fifty years. If you purchased no exam term life insurance, however, your coverage lasts for the validity - the “term” of the policy.
Can you borrow money from a no medical life insurance policy?
In order to borrow against your life insurance policy, the policy must accumulate a cash value. Whole life insurance and universal life insurance policies both include a cash savings component from which you can borrow, regardless of whether or not you underwent a medical exam.
Term life insurance, on the other hand, does not have a cash savings mechanism. Whether you visited a doctor when applying for coverage or purchased your term life insurance with no exam, you can’t borrow against these kinds of policies.
Good to know
Learn more about whole vs term life insurance to see how you can save on your life insurance.
How much life insurance can I get without a medical exam?
Coverage amounts for no-exam life insurance vary depending on the insurer, however, most policies don’t exceed $500,000. Some accelerated underwriting life insurance policies can reach $1 million, but these are the exceptions.
Compared to conventional term and whole life insurance policies, which can reach millions of dollars in value, this may not seem like much. If it’s your only option, however, that’s certainly better than no coverage at all.
Why less coverage? Because insurers have less information about you than they would if you completed a medical exam, it’s more difficult to accurately assess the costs of insuring you.
Remember, all insurance works by pooling risk. When insurers don’t have much information about you, they have to assume that you’re a high-risk candidate in a pool of other high-risk individuals to protect their liquidity. In practical terms, this means higher premiums and lower coverage.
Can I get life insurance with a pre-existing health condition?
Individuals with pre-existing conditions, including diabetes, asthma, or high blood pressure can still qualify for term life insurance if they opt for guaranteed or simplified life insurance policies. Both of these no-medical exam options forego a medical exam and comprehensive questionnaire in favor of a quick series of basic questions about your overall health.
Note that guaranteed life insurance coverage seldom exceeds $500,000. Simplified life insurance usually charges higher monthly premiums than a conventional policy due to the higher risk.
Can I be denied a no medical life insurance policy?
While insurers can deny you coverage when you apply for a no-medical life insurance policy, it’s rare.
Companies understand that many people opting to purchase no medical life insurance may have pre-existing health conditions or other lifestyle factors that make obtaining traditional coverage difficult and have developed sophisticated tools to help evenly distribute costs and risks to make life insurance available for all Canadians.
If you’re applying for guaranteed issue life insurance the insurer cannot deny you coverage provided you’re not above a maximum age. On the other hand, you may be denied accelerated underwriting life insurance if a review of your medical records reveals discrepancies in your application questionnaire.
