No Medical Life Insurance Q&A

Life insurance, like many of our life decisions, is a deeply personal decision. Everyone out there who has made the decision to seek life insurance coverage does so because of a desire to protect something dear to them. Whether that be family, friends, or a business, life insurance remains one of the most effective ways to ensure that your loss won’t burden those around you.

Income Replacement - Without you around to pay the bills, how will your spouse or children continue to provide for themselves? Life insurance can provide a lump sum benefit that ensures that your family’s quality of life is not affected.

Debt Protection - Leaving your loved ones with burdensome debt can cause considerable financial hardship. Your coverage can help ensure that your debt does not outlive you.

Cover Final Expenses - Losing a loved one is hard enough without worrying how to cover funeral costs and legal fees. For seniors in particular, life insurance is an effective means of guaranteeing final expenses will be covered.

Covering Capital Gains Taxes - If you have something you wish to pass on to the next generation, it’s wise to make sure your life insurance can cover the taxes your beneficiaries may face when passing down property, investments, or cherished mementos.

Your life insurance coverage amount will depend on:

• what you need your benefit for
• for how long time you want it to be used
• and how many savings and debts you already have.

Your family's circumstances should be your primary consideration. Start by assessing the number and ages of your children, as this directly impacts the financial support they'll need for daily expenses and education in your absence.

Next, evaluate your debt situation. Consider your mortgage and other outstanding debts, and determine how long it would take for your loved ones to settle them.

Additionally, remember to account for your final expenses and burial costs.

Typically, when applying for a life insurance policy, you would be required to submit to a medical exam. What that medical exam entails for you varies depending on the provider. However, you would be required to undergo blood tests, a doctor’s examination, and other physicals which determine what policies you are eligible for, and what your premiums would be.

No Medical Life Insurance is life insurance that can be bought without the need for a medical exam. Typically, these policies fall into one of two categories: Simplified Issue Life Insurance and Guaranteed Issue Life Insurance.

Simplified life insurance replaces that medical exam with a series of health questions that are included on your life insurance application. This may range from several dozen questions about your medical history to a simple declaration that you do not currently suffer from a serious illness.

Guaranteed life insurance is a type of policy that guarantees you will be accepted, as long as you meet the age requirements. You cannot be denied for this type of policy, making it an ideal solution if you would be denied coverage due to health or insurance history.

Why you may wish not to undergo a medical exam depends on your personal circumstances, and there are many reasons why someone would want to avoid undergoing this process. However, for many, these reasons are legitimate concerns, both due to a personal motivation and from an insurance standpoint.

Personal Reasons - Many individuals may not wish to undergo a medical exam due to religious or cultural reasons associated with blood tests or needles. In this case, No Medical insurance offers an alternative for these people.

Fear of Being Rejected For Coverage - If you have been rejected for life insurance, it may be very difficult to qualify for future policies. A No Medical policy will tell you immediately if you are eligible for the policy you have chosen.

Concerns about Being Rated High - While traditional life insurance is generally more affordable than No Medical life insurance, some aspects of your personal life or health may cause you to be “rated” on your traditional application. This means you would be paying higher premiums than normal, and this would also affect future application as well. For many, No Medical life insurance offers a flat rate that can be lower than if you had submitted to a medical exam.

Being declined for coverage can limit your life insurance options in the future in the eyes of most insurance providers. In this situation, you may elect for one of two avenues to get covered even in the face of a declined application.

A Deferred Life Insurance Policy - Many life insurance providers offer a deferral period as an option on their No Medical applications. The length and detail of this deferral period vary from insurer to insurer, but typically last around two years.

A Guaranteed Life Insurance Policy - These policies do not ask about whether or not you’ve been declined coverage in the past. Many of these policies also include a deferral period as well.

Yes, it’s possible. With No Medical Life, you have life insurance options even if you were declined coverage with other providers due to health issues.

A deferral period is a period of time that would be eligible for full benefits should death occur during that time. The typical deferral period lasts about two years from the beginning of the policy. After this period, full benefits may be claimed.

Should death occur before the deferral period has ended, you are generally entitled to a refund of all premiums paid plus interest. Some policies that do not contain deferral periods may include specific deferral periods for suicide, accidental death, or other causes of death.

The stipulations of a deferral period and the interest rate on a return vary from policy to policy, so we encourage you to examine your policy closely to ensure that you understand what exclusions are a part of your plan.

The death benefit in life insurance means the money provided to the beneficiaries after the policyholder's death.

It is the main aim of life insurance itself — to financially secure the loved ones with a replacement of income the policyholder was bringing to the table.

You can find your death benefit amount in your life insurance contract.

Most No Medical Life Insurance policies offer more than simply a death benefit and include additional benefits which are either provided as part of the policy, or available as an additional rider. Here are some of the most common benefits you may encounter on a No Medical policy.

A Living Benefit - This benefit pays a portion of your coverage early if you are diagnosed with a serious condition and given 12 months or less to live. A Living Benefit is paid directly to you, tax-free, as a means of supporting you and your family through this difficult time.

Accident Benefit - Some policies pay a portion of coverage in the event you should become seriously injured or disabled as a result of an accident. How much of your coverage is paid out depends on the nature of the policy and the extent of the injury. This type of protection commonly includes fracture protection.

Disability Waiver of Premiums - This benefit will pay your premiums on your behalf should an injury or disability negatively impact your ability to earn an income and pay for your insurance.

Cash Surrender Value - Some policies build a cash value over time. This cash value may be collected by surrendering coverage, and may provide a helpful living benefit if your insurance needs have changed since you started coverage. However, be advised that this means your coverage will discontinue.

They can be. We offer permanent life insurance plans with fixed premiums. So, with No Medical Life, you don't have to worry that you experience any surprise increase in monthly payments.

For term plans, premiums are fixed and won't change unexpectedly during the term.

After the end of the term, you will be able to renew your policy. But, your rates will be adjusted due to new circumstances, such as your age and/or smoking status.

When your term life insurance coverage ends, you can renew your policy or convert it to a permanent plan.

You will not need to take a medical exam or get a doctor’s report for it; there also will be no medical underwriting.

One advantage of No Medical Life Insurance plans is that they are issued typically much quicker than traditional life insurance.

Traditional Life Insurance: May take up to 6 weeks to receive full coverage.

No Medical Life Insurance: Issuing a policy may take as little as 24 hours.

The quick issuing aspect of No Medical Life Insurance can help put your mind at ease, knowing that when you choose to get protected is when you will get protection.

At No Medical Life, we look beyond traditional life insurance. We offer life insurance options uniquely designed to cater to the specific needs of seniors in Canada, ensuring they receive the coverage they require.

Navigating life insurance options for seniors in Canada can be complex, with age and health status playing pivotal roles in determining eligibility and premiums.

At No Medical Life, we transcend traditional offerings to provide tailored solutions for Canadian seniors. Our specialized life insurance options are designed to meet the unique needs of this demographic, ensuring comprehensive coverage.

With our guaranteed life insurance plans, eligibility is extended to all Canadian residents aged 18 to 80. Coverage spans lifetime or selectable periods of 10, 20, or 30 years, providing flexibility to match individual preferences and circumstances.

For more information on our no medical life insurance options for seniors, please visit this page .

After two years, M.A.I.D. would be covered. But keep in mind that in Canada, all life insurance policies are subject to a two-year suicide and incontestable period.

• The two-year suicide clause means the insurer may not pay the death benefit if the policyholder dies by suicide within the first two years.
• Additionally, there's a two-year incontestability period during which the insurer can contest the policy's validity based on misrepresentation.

After this period, the policy becomes incontestable, ensuring claim payouts cannot be denied due to innocent mistakes or omissions.

The life insurance premiums a smoker and a non-smoker pay could have a significant difference. It also adds to other crucial factors, such as age.

Good news: your rates could be recalibrated to "non-smoker" if you've been nicotine-free for a set time, usually at least 12 months.

There are some ways you can lower your life insurance premiums.

• One way is to maintain a healthy lifestyle by exercising regularly, eating a balanced diet, and avoiding risky activities. Start with quitting smoking: a non-smoker status can lower your rates significantly.
• Another way is doing a thorough needs analysis to ensure the coverage amount matches your needs and you are not overpaying for high coverage you might not need.
• Finally, compare different life insurance policies. Check out what kinds of no-medical plans we offer and their main advantages.