Best No Medical Life Insurance Canada 2024: Updated
- 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.
- Coverage from $5,000 to $25,000
- Cancel anytime
- Accepted even with pre-existing health conditions
Sun Life Go Guaranteed Life Insurance offers permanent coverage designed for individuals who may face challenges in obtaining traditional life insurance due to health conditions. With no medical examinations or health questions required, the application process is straightforward and can be completed online, making it accessible for those between the ages of 30 and 74. This policy provides a death benefit ranging from $5,000 to $25,000, making it an ideal solution for covering final expenses and providing a small financial legacy. It's particularly suitable for those with significant health issues or older individuals who want to ensure their funeral costs are covered without burdening their loved ones.
- Easy online application with instant approval, ensuring quick coverage.
- Guaranteed acceptance for applicants with pre-existing health conditions.
- Fixed premiums and coverage amounts throughout the policy's duration.
- Option to cancel anytime with a full refund if done within the first 30 days.
- Maximum coverage of $25,000 may be insufficient for some needs.
- Potential to pay more in premiums than the death benefit received.
- Restrictions on payout within the first two years unless death is accidental.
- Higher cost due to the guaranteed acceptance feature.
- 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.
No medical life insurance in Canada is a simple and accessible way to get the coverage you need without the hassle of medical exams or tests. Whether you’re looking for quick approval, have health concerns, or just prefer a straightforward process, this type of insurance could be a great fit for you.
But what does no medical exam life insurance in Canada cost? How does it work? What are its pros and cons? What are the best policies? Find all this information in our complete guide.
You can use our free comparator to explore the best no medical life insurance Canada plans, compare their coverage, and get free personalized quotes in a few seconds.
Best No Medical Life Insurance Canada Plans
- iA Financial Group: Up to $500,000
- Canada Protection Plan: Up to $1,000,000
- Sun Life Guaranteed No Medical Life Insurance: Up to $100,000
- Empire Life Guaranteed Life Protect™: Up to $50,000
- Humania Insurance: Up to $300,000
- RBC Guaranteed Acceptance No Medical Life Insurance: Up to $1,000,000
- Manulife No Medical Life Insurance: Up to $100,000
What is no medical life insurance in Canada?
No medical life insurance is a type of life insurance that does not require a medical exam 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 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 are the types of no medical life insurance in Canada?
No medical life insurance is designed for individuals who prefer to skip medical exams or have health conditions that might make it difficult to qualify for traditional policies. The three main types are:
Simplified Issue Life Insurance
- What it is: A type of no medical life insurance with a short health questionnaire. No medical exams are required.
- Who it’s best for: People with minor health concerns or those who want quicker coverage approval.
- Features:
- Higher coverage limits compared to guaranteed issue policies (up to $1 million with some providers).
- Lower premiums than guaranteed-issue life insurance.
- Coverage approval is faster than traditional policies.
Guaranteed-Issue Life Insurance
- What it is: A policy that does not require any medical exams or health-related questions.
- Who it’s best for: Individuals with significant health issues or those who have been declined for traditional life insurance.
- Features:
- Guaranteed acceptance regardless of health.
- Typically lower coverage limits (usually up to $50,000).
- Higher premiums due to minimal underwriting.
- Limited payout during the first two years (often a return of premiums plus interest).
Accelerated Underwriting Life Insurance
- What it is: A hybrid approach where insurers use technology and personal data to assess risk without requiring a medical exam.
- Who it’s best for: Healthy individuals who want quick approval without a lengthy process.
- Features:
- Coverage limits are higher than other no medical options (up to $2 million with some providers).
- Premiums are comparable to traditional life insurance.
- Faster approval compared to fully underwritten policies, sometimes within hours.
Good to know
There are both no medical term life insurance and permanent coverage options in Canada. The term coverages can be typically converted into permanent options without the need for medical evidence in most cases.
Comparison of the different types of no medical exam life insurance in Canada
| 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? |
Good to know
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.
What does no medical exam life insurance in Canada cost?
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 of 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. You can use our free comparator at the top of this page to compare the best no medical life insurance Canada plans and get multiple quotes from Canada's top companies, instantly.
What are the pros and cons of no medical exam life insurance in Canada?
Advantages of no medical life insurance
- Quick Approval Process: Coverage can be approved within days or even hours in some cases, making it ideal for those who need insurance urgently.
- Accessible to All Health Conditions: Guaranteed-issue policies offer acceptance regardless of your health status, making it a good option for those with pre-existing conditions.
- Convenient and Hassle-Free: No medical exams, lab tests, or lengthy questionnaires simplify the application process.
- Flexible Coverage Options: Offers a range of coverage types, including simplified issue, guaranteed issue, and accelerated underwriting, catering to different needs and budgets.
- Predictable Premiums: Premiums are fixed, providing financial stability over the policy term.
Disadvantages of no medical life insurance
- Higher Premiums: The lack of medical underwriting means insurers take on more risk, resulting in higher premiums compared to traditional policies.
- Lower Coverage Limits: Guaranteed-issue policies often have low maximum coverage, typically capping at $50,000.
- Limited Benefits Initially: Many policies have a waiting period (e.g., two years) where only the premiums paid plus interest are returned if the insured passes away.
- Fewer Customization Options: Riders and additional features may be limited compared to fully underwritten life insurance.
- Not Ideal for Healthy Individuals: Healthy applicants can usually secure better rates and higher coverage through traditional life insurance with medical underwriting.
Good to know
No medical exam life insurance is an excellent choice for individuals with health concerns, those needing quick approval, or those who dislike medical exams. However, for healthy individuals, traditional life insurance may offer more affordable rates and higher coverage.
Who should buy no medical exam life insurance?
No medical exam life insurance in Canada is ideal for individuals who prioritize convenience or face challenges qualifying for traditional policies. Here’s who it’s best for:
- People with Pre-existing Conditions: Those with medical issues like diabetes or heart disease can secure coverage through guaranteed issue policies, avoiding the strict requirements of traditional plans.
- Seniors Seeking Final Expense Coverage: Older Canadians who might struggle to qualify for standard life insurance can use no medical exam options to cover funeral costs or debts. It's difficult to get life insurance for seniors over 75 in Canada, and no medical exam policies can be beneficial.
- Those Needing Fast Approval: If you need immediate coverage for a mortgage or financial obligations, simplified issue policies offer quick approval—sometimes within hours.
- Busy or Privacy-Conscious Individuals: For those with packed schedules or concerns about medical tests, no medical exam life insurance eliminates the hassle of appointments and intrusive questions.
- Parents of Children with Medical Conditions: Parents can secure future coverage for children with chronic illnesses using simplified issue policies.
- Newcomers to Canada: Immigrants with limited medical histories can easily access coverage without a lengthy application process.
While no medical life insurance provides accessibility and speed, it often comes with higher premiums and lower coverage limits compared to traditional plans. But if you're healthy, a traditional term life insurance policy might be more appropriate. You can use our free tool below to compare term life insurance quotes from Canada's best providers.
Compare the best life insurance companies
What is the best no medical life insurance in Canada?
| Company | Coverage Limits | Eligibility | Premium Payment Options |
|---|---|---|---|
| iA Financial Group | Up to $500,000 | 6 months to 80 years old | 15, 20, or 25 years |
| Canada Protection Plan | Up to $1,000,000 | 18 to 70 years old | 10 or 20 years or until age 100 |
| Sun Life | Up to 100,000 | Legal Canadian residents, Ages 30-74 | Not specified |
| Empire Life | $5,000-$50,000 | 40 to 75 years old | Guaranteed up to age 95 |
| Humania Insurance | Up to $300,000 | 18 to 70 years old | 10 or 20 years or until age 100 |
| RBC Insurance | Up to $1,000,000 | Canadian citizens, Permanent residents, Ages 40-75 | Not specified |
| Manulife | Up to $100,000 | 18 to 75 years old | 10 years, renewable up to age 85 |
Please note that the information provided here is a summary. 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 full coverage and compare personalized quotes for the best non medical life insurance Canada policies.
Compare the best life insurance companies
How much coverage can I get under life insurance without medical exam Canada policies?
Coverage amounts for life insurance Canada no medical policies 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.
How long does life insurance with no medical exam policies last?
The duration of no medical life insurance policies in Canada depends on the type of coverage you choose:
- No Medical Term Life Insurance: These policies provide coverage for a specific period, typically 10, 20, or 30 years. Once the term ends, you can often renew the policy or convert it to permanent coverage.
- Permanent No Medical Life Insurance: These policies last a lifetime as long as you keep paying the premiums. They are ideal for those seeking lifelong coverage for final expenses, estate planning, or leaving an inheritance.
- Simplified Issue or Guaranteed Issue Policies: These can be either term-based or permanent, depending on the insurer and policy chosen. Permanent options are more common for these types of no medical insurance.
Can you borrow money from a no medical life insurance Canada policy?
Yes, it is possible to borrow money from a no medical exam life insurance, but only if it is a permanent policy like whole life or universal life insurance that builds cash value over time. For instance, if you have a permanent life insurance Canada no medical policy with $50,000 in accumulated cash value, you could borrow a portion of this amount. The loan would accrue interest, and if not repaid, it would reduce the death benefit paid to your beneficiaries.
For example
For example, suppose John has a permanent no medical life insurance policy with a cash value of $50,000 and borrows $10,000 to cover an unexpected expense. If John doesn’t repay the loan before his death, the insurer will deduct the loan amount and any accrued interest from the policy’s payout.
On the other hand, term no medical life insurance does not build cash value, so borrowing is not an option. If you think you might need access to funds in the future, it’s important to choose a policy with a cash value feature and understand how borrowing may affect your coverage.
Can I be denied life insurance without medical exam in Canada?
Yes, you can be denied non medical exam life insurance in Canada, but it depends on the type of policy and your answers to the health-related questions during the application process.
- Simplified Issue Life Insurance: This type asks a few health-related questions to determine eligibility. If your health history indicates high-risk factors, such as severe pre-existing conditions, recent hospitalizations, or risky lifestyle habits, your application may be denied.
- Guaranteed Issue Life Insurance: This type has no health questions and guarantees approval, but it often comes with lower coverage amounts and higher premiums. It's ideal for individuals with serious health issues or those who have been denied other types of insurance.
For example
For example, if you apply for a simplified issue policy and disclose a terminal illness, you may be declined. However, you would likely qualify for guaranteed issue insurance. If you're concerned about eligibility, it’s a good idea to explore your options using our free tool to find the best fit for your needs.
