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No Medical Exam Life InsuranceNo Medical Exam Life Insurance is great way to get coverage without worrying about going through the inconvenience of medical tests. No medical life insurance policies are also called “life insurance no physical” policies. This is because no doctor’s appointment or paramedical exam is required. And you don’t have to give any blood or urine samples. All you have to do is answer some very basic yes or no health questions to get coverage. Did you think no medical meant you are guaranteed to get coverage? Well, that’s not quite true, you do have to be able to answer some basic questions to show that you are not suffering any major and life threatening illnesses. Aside from that, many no medical life insurance plans are widely available in Canada. If you are in superb health but simply don’t want the inconvenience of medical exams there are plans that ask more health questions and offer lower rates. These plans offer lower rates because the higher number of questions gives the insurance company more certainty that their clients will live longer (which keeps rates down). What To Look For In A No Medical Exam Life Insurance Policy?Whenever you buy life insurance you should look for a plan that allows you to have a “ten day free look”. This means that once you have the policy you are allowed ten days to look it over and decide if you truly want the coverage. If you decide you don’t want the coverage you can return the policy for a full refund. Beyond that, you should look for a plan that can not be cancelled by the insurance company and can be cancelled by you anytime.What No Medical Life Insurance Plans Are Available?No medical life plans are available in term and permanent life policies. The benefit amount available can be as low as $10,000 and as high as $250,000. This depends on the exact plan you are looking at and the amount of health questions you are willing to answer. The younger you are and the more questions you are willing to answer – the higher the coverage available is.It’s really quite easy - just pick a plan that is right for you, answer some basic questions, and you’ll have coverage!
Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. The Canada Insurance Source website is a free information source provided by an insurance broker from the Niagara Region in Ontario. So use this site to gain a general understanding of insurance with your own area and situation in mind. Even residents of Ontario should keep in mind that this insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page Return to Canada Life Insurance
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