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Life, Health, Disability & Term Insurance

No Medical Life Insurance


For many people in Canada, getting a life insurance policy is a difficult proposition. This is because insurance companies provide insurance policies only to healthy people. Hence, in the event of a major health event, like heart disease, cancer, spinal injury, stroke, etc. it becomes difficult for you to qualify for normal life insurance.

 In the event of your medical condition not immediately life threatening, the insurance company could rate your policy. This means, you need to pay higher premium in comparison to a healthy person in Canada. To avoid any medical underwriting, you have the option to go for Guaranteed No Medical Life Insurance.

Options for No Medical Life Insurance in Canada

There are certain features to consider before planning to buy no medical life insurance.


Deferred No Medical Life Insurance

This kind of policy is for those who have serious health concerns and can buy deferred no medical life insurance policy that provides a return of premium in the event of death within the first 2 years. Through this policy, insurance company limits its risk of not having to pay a claim in the first two years when insuring seriously ill people. If you live for even one day longer, you will be paid in full with your no medical life insurance.


Simplified No Medical Life Insurance

There is no need of any medical evidence or nurse visit with this kind of policy. Normally, a health declaration is needed by the person applying for insurance policy stating that they are in hood health at the time of application. This means you did not have any hospitalizations, and there is no ongoing treatment for any serious condition like cancer. You are able to take care of yourself without the need of any assistance.  If answers to these questions are satisfactory, then you can buy this insurance immediately.


No Medical Life Insurance Coverage

There is a maximum coverage of $150,000 as death benefit on some plans. However, in most cases, the coverage available is up to $50,000.

 By having

accident death coverage

, the base amount of insurance will increase by 3 to 5 times if you die from an accident and not from an illness. This means, having no medical life insurance coverage is an included benefit whereas in other cases, the premium only increases.

If you buy terminal illness benefit policy, and you continue the policy for two years, then in the event of diagnosis  with a terminal illness, you will be paid out early up to 25% of your total death benefit. However, this is not available with all insurance companies or policies.

Policy cash values accrues within your policy once it crosses a number of years (for some companies, it begins at 3 years while for some it is 5 years)

In the event of you missing a payment accidentally, the automatic premium loans provide the insurance company the power to make use of your accumulated cash value automatically. This helps you to draw level with your missed payments in the future and protect your no medical life insurance from lapsing. The unpaid loans will accrue interest inside the policy.