Do you want to buy life insurance online without a medical exam?
Well then, you’re joining the legions of people who are looking for the same ease! Hey, who doesn’t want a quick and simple answer to protecting their family?
Life is busy, I get it, which makes life insurance a LOW priority for most people.
When your “to do” list is growing by the day it’s tempting to cut corners when you can.
…BUT are the promises non-medical life insurance companies make too good to be true?
…IS it possible to get affordable life insurance without a medical exam?
Find out right now!
But before I get started on life insurance with no exam and no questions
I'd like to give 'ya some heartfelt advice!
Contact an independent agency like those at Policy Architects today. Insurance is our business and we know the ins and outs of the underwriting processes for the top life insurance companies.
You may THINK that no exam life insurance is your ONLY option - but I'm here to tell you that may not be true.
The "simplicity" of no exam or guaranteed issue insurance comes at a price and it may be steeper that you want to pay.
Now back to the business of whether or NOT you should Buy Life Insurance Online Without a Medical Exam!
What is No Medical Life Insurance?
Buying life insurance online without a medical exam sure is a tempting option!
It’s a little bit like having your cake and eating it too!
This type of insurance was created for people just like you and me, who are busy with kids or career and have too many things they’re juggling.
The process is fast, simple, hassle-free and can provide you with immediate insurance coverage. In fact, you can apply RIGHT NOW and have protection for your family in place in as little as 24 – 48 hours!
…and sure you can complete the application right on the website of the insurance company you pick…RIGHT???
Hmm, maybe not – if it seems simple there’s usually a catch!
There's a ALWAYS a price attached to convenience...
No medical exam life insurance can be costly. Please remember, the higher the risk the more expensive your premiums will be.
It' makes sense. The less information an insurer has about you - the more likely they are to increase your monthly payments.
For most people traditionally underwritten policies save them some serious money.
Even if no medical life insurance is your best option. NOT all life insurance companies are created equal. If you want the best bang for your buck give Policy Architects a call today at 1.888.501.9583 and we can help you find affordable life insurance without a medical exam.
So what the heck is no exam life insurance anyway?
Now before I get into the BEST reasons to buy life insurance online without a medical exam, I want to explain what no exam life insurance really is.
No medical life insurance means absolutely, NO needles, NO urine samples, NO tests and NO forms to fill out. BUT, there’s no such thing as no exams no questions life insurance, it doesn’t exist…
…Mmmmm well actually it does, it’s called Guaranteed Issue no medical exam life insurance.
...Wait a minute, I thought you said there was no medical exam??
I did! But no medical exam doesn't mean "no questions"...
...AND questions reveal a LOT about your health.
The thing is, life insurance is a business and no company is going to underwrite you sight unseen without performing a bit of due diligence or adding some caveats.
The application process involves answering 3 or 4 groups of yes or no questions. The fewer “yes” answers you provide the more coverage you’re eligible for at a lower cost.
In other words, answering ‘no’ to all the questions is the best case scenario. This allows you to qualify for the most coverage at the best possible rates.
Worst case scenario? You answer “yes” to a question in the very first section, this will limit you to the highest cost insurance with the lowest death benefit which is Guaranteed Issue.
It’s also important for you to know that you aren’t going to pull a fast one on the insurers. They also have access to prescription and medical databases so they know more about you than you even know.
NOTE: It’s imperative that you answer these questions honestly, misrepresenting anything on a no medical exam life insurance application is fraud and your beneficiaries won’t get a penny.
No medical exam insurance comes in three tiers:
Tier 1: Those with "serious insurability conditions"
If you answer “yes” in the first group of questions you immediately default to Guaranteed Issue Life Insurance.
The good news is, everyone is eligible for guaranteed issue, you can’t be denied. So this is a fantastic safety net for those who have serious medical problems and are looking to cover debts and final expenses.
Guaranteed Issue is a permanent Life Insurance product with absolutely no medical exam or health questions required to begin coverage.
BUT as with anything that looks too good to be true – there’s a catch.
These policies have a 2-year waiting period.
There is also one big caveat you have to understand if you are going to buy a guaranteed issue policy. In most cases, if you die (other than as a result of an accident) within two years of buying the policy, you only get your premiums refunded. You won’t get the full death benefit. This is the insurance company’s way of protecting itself from very bad risks. Who Should Buy Guaranteed Issue Life Insurance – A Surprising Answer, Wealth Pilgrim
So if you die within the first 2 years, the insurance company won’t pay out the death benefit. They will, however, refund all the premiums you paid to your beneficiaries to date – minus administrative costs of course!
Please note, if you die because of an accident the life insurance company has to shell out.
Hey, this is a pretty good deal if you ask me.
What’s the worst that could happen? You pay the premiums and if you die within the first 2 years, your beneficiaries get a refund of those premiums.
…or better yet, you make it past the 2-year mark and the full death benefit is paid out.
Guaranteed issue coverage amounts usually begin around $5,000- $10,000 and cap out at $25,000.
There are some exceptions such as Specialty Life (SLi) that will go up to a $50,000 death benefit. This is another reason to contact an independent life insurance agent. We know all the deets!
Once again, the only real no exam, no questions life insurance is guaranteed issue and it may be the right fit for you if you’re otherwise uninsurable.
The downside? Because you know there always is one. It’s really expensive and you’re limited to lower coverage amounts.
To give you an idea of what can be expected, $25,000 of Guaranteed Issue with Canada Protection Plan, for example, will run a 65-year-old non-smoking man $216.86 per month.
Tier 2: Those with serious health issues - but are deemed insurable
This means you answered “yes” in the 2nd or 3rd group of questions.
Deferred or Standard are a couple of the terms insurance companies use to identify this category, which offers face amounts from $75,000 up to $350,000.
This coverage is available as Term or Permanent life insurance. The insurance company you select may have waiting periods and/or conditions. This is something you should completely understand before you sign on the dotted line.
Just so we’re comparing apples to apples, that 65-year-old male non-smoker we talked about before will pay $120.04 per month for $25,000 of Standard Protection Permanent Insurance with SLi Insurance if he qualifies.
Tier 3: Those in pretty good health
You’re in pretty good health and you answered “no” to almost all of the questions on the application. As a result, you’re eligible for the most inexpensive coverage, Simplified Issue Life Insurance.
Just like Tier 2, you have the option to buy term or permanent life insurance depending on certain factors. You can also get up to $500,000 of coverage.
To give you an idea of the premiums you’ll pay, let’s use that 65-year-old male non-smoker again. His premiums are $108.59 per month for $25,000 of permanent whole life insurance through the Canada Protection Plan.
Again, It’s important to keep in mind that No exam life insurance is more costly because you’re paying for the convenience of not having any medical tests.
Which brings me to my most valuable piece of advice
YOU'RE not an underwriter. Well, maybe you are, but I sincerely doubt you would have gotten this far into my article if that was the case.
How you feel about your health isn't the way an underwriter will evaluate you. I've met far too many people who have chosen to purchase no exam life insurance because they were afraid they'd be turned down.
The thing is MOST medical conditions won't throw you into the Guaranteed Issue pool. I wrote a detailed article about high risk life insurance that you can read if you click here.
The agents at Policy Architects are happy to shop around for the BEST policy for YOU.
NOTE* Medical Exam vs No Medical Exam Life Insurance
The primary focus of this article is to give people some seriously good reasons to buy life insurance online without a medical exam.
I have to warn you that in most cases, No medical exam life insurance should be your PLAN B. If you're healthy, not afraid of needles and you're not in a hurry you should always apply for traditional life insurance with a medical exam.
It's preferable because:
- the underwriting is done up front
- it's less expensive
- you get more coverage
- you have more options.
My #1 piece of advice is to contact Policy Architects today and we'll help guide you through the entire process. Get the right coverage and save time & money! Call us today 1.888.501.9583!
Oh and if you want to see what sort of savings I'm talking about check out the sample rates below!
40 Year Old Male, Non-Smoker, with Elevated Cholesterol, 20 Lbs Over Weight: No Exam Route
$500,000 of Term 20 Life Insurance with a No Medical through an insurer like Canada Protection Plan would cost approximately:
40 Year Old Male, Non-Smoker, with Elevated Cholesterol, 20 Lbs Over Weight: Traditional Life Insurance Route
$500,000 of Term 20 Life Insurance with a traditional carrier like Ivari at a standard rate would cost approximately:
WOW! In my humble opinion a savings of $8,000 is well worth the inconvenience of a medical exam. Call Policy Architects today! 1.888.501.9583
A Peek at No Medical Exam Sample Questions
I think a lot of confusion comes from people that simply don’t have enough information about the process.
Seriously, I think half the battle to get people insured is lifting the lid on the many myths that are floating around.
The underwriting medical exam really is a very simple process. It’s not some crazy invasive physical. Not to mention that fact that if you qualify for a fully underwritten policy you’ll save a BOAT load of cash.
Another thing to bear in mind, you’re never going to pull a fast one on a life insurance company. If you’re on your deathbed and apply for No Exam Life Insurance, the insurer will figure it out.
Let’s take a look at the questions they ask to shed some light on my thoughts:
What Sort of Questions to Expect
In no particular order here are examples of questions you might expect to see on a non medical life insurance application:
- Are you incapable of independently carrying out two or more of the basic activities of daily living such as getting up, walking, washing, toileting, dressing or feeding?
- Are you currently the resident of a nursing home?
- Have you ever been diagnosed with a critical or terminal condition for which a doctor has estimated that you have 24 months or less to live?
- Within the past three years have you been treated for the use of drugs and alcohol?
- Has your medication for diabetes or high blood pressure changed within the last 12 months?
- Have you within the last 5 years been told to have or received treatment for cardiac chest pain, heart attack, coronary artery disease,...stent insertion or more than one TIA (transient ischemic attack or a mini stroke)?
- Has your driver's license been suspended in the past 2 years?
- Is your weight outside the range shown for your height in the table below?
Can't I just skip these questions?
Sure! But you're options are limited to guaranteed issue I'm afraid.
If you're looking for no exam no questions life insurance, Guaranteed Issue is definitely for you.
The downside is that Guaranteed issue life insurance is the most expensive option out there. Not to mention the fact that you're limited to lower coverage amounts of $25,000 - $50,000. If I were you, I'd answer the questions, what do you have to lose?
...except some serious cash and coverage if you qualify for a better product!
Why Buy Life Insurance Online Without a Medical Exam
Hmm why the heck would I want to buy life insurance online without a medical exam anyway?
Well there are some VERY good reasons! But as I said there are never pros without cons....
Ok, now that we've gotten the basics out of the way, let's find out if no medical is right for you.
Here are 7 reasons you should buy life insurance online without a medical exam.
Life insurance shouldn't be like ordering Dominoes Pizza - but do you have 4 to 6 weeks for your application to get approved?
Personally, I wish the insurance industry would speed up the application process. C'mon now, it's 2018!
As we speak, I know insurance companies across Canada are working feverishly behind the scenes to streamline their underwriting process. It's obvious this is the way the market is going: consumers want quick results!
If you're one of those people that needs coverage right NOW take heart! This is the number one reason people choose to buy life insurance online without a medical exam.
Today in the 21st century the underwriting process of a life insurance policy is still a mystery to most in the financial professionals and especially to their clients. In essence the underwriting process includes the following three steps:
- 1. Examination of the application
- 2. Decision as to whether to insure
- 3. Determination of the premium
Here are some reasons you might need to be speedy Gonzales when it comes to your coverage:
Vacation or Business Trips
You’ve got a trip coming up, perhaps it’s last minute. The life insurance conversation has been on the back burner for months but now you’re antsy because you know you’re leaving the country.
At 50,000 feet in the air, you’re thinking, “Man, I should’ve taken care of my life insurance a long time ago”!
What if something happens to me?”
Applying for no health exam life insurance NOW means you have coverage in place before your flight takes off.
BONUS** Some Carriers like Canada Protection Plan, will issue a policy even if your trip is to a country on the Government of Canada’s Travel Advisory List. (See #7. Below, Travel to Parts Unknown).
Collateral for a Loan
It’s standard practice for banks to require life insurance policies as collateral for the borrower.
Often, the loan process has a tight timeline. By the time you realize you need the insurance in place for closing, it’s too late to wait the 4 – 6 weeks a traditional application requires.
Why not lock in your credit approval with a no medical life insurance policy before your loan offer expires?!
Your Existing Coverage is Ending SOON. SH!!t
Life gets busy…did I mention that before??
You’ve lost track and forgotten when your current life insurance policy expires. Not to mention the fact that your agent hasn’t been in touch!
Oh, by the way…do you even know who that is?
Remember, at Policy Architects, we communicate with our clients after the sale. Your life insurance needs don’t stop when you sign on the dotted line!
Anyway, you finally locate your life insurance policy and realize that it renews in three weeks…
…Believe me, this actually happens!
OMG! Now what? The renewal premium is 8 times higher than what you’re paying now! Don’t sweat it. A no medical exam policy fills the GAP in your family’s protection while you reapply for a traditional policy.
Yep, you’ll pay more than your original premiums for underwritten insurance, but NOT 8 times more. When you get your new coverage in place, simply cancel the no medical exam policy.
NOTE: Always consult an independent agent before canceling ANY life insurance policy. We can give you some sound advice.
Did You Say Blood Test? No Way!
Afraid of needles or visiting the Doctor?
You're not alone 10-20% of the population has Needle Phobia or fear of seeing the Doctor. Well, if you choose this route, there's ABSOLUTELY NO MEDICAL EXAM. NO NEEDLES. PERIOD. GUARANTEED.
Also, it might be smart if you haven't seen the doctor in a few years, to apply for no medical exam life insurance just in case.
That way you have something to fall back on. Regardless of what the test results are you'll have coverage in place for your loved ones. Of course, once your policy is in force, go see a doctor.
Did you know in Canada, a spotty approval history with regular carriers, doesn't automatically mean you're a NO GO for no medical exam life insurance?
This is great news! Most no medical exam applications today don't require you to disclose any previous declines or ratings. More about that later.
You Like Convenience & Privacy
Buying life insurance online without a medical exam is certainly convenient.
No strangers come to your home, you don't have to prepare for a medical checkup and there's no back and forth with your agent if more information is required.
Doctor's offices are notorious for slowing the application process to a crawl. It's very common for insurance companies to request an Attending Physicians Statement (APS).
We all know doctors are busy, justifiably so. This means occasionally it takes a considerable amount of time for the insurance company to get these forms back from the docs.
Sadly, many an application has died on the vine because of delays. I've seen this with my own eyes!
Clients often have to call their physicians to beg them to get the information back to the insurance carrier asap.
A no medical life insurance policy allows you to avoid the inconvenience of this drawn-out application process. You also don't have to share a ton of personal info, you can apply from home or even while you're away!
You Have Health Issues
If you have a health condition and were declined, postponed or rated for traditional insurance all is NOT lost.
In most cases, you still have another kick at the can with No Medical Exam life insurance companies. For example, if you have Type 2 Diabetes with some high blood pressure and you were rated by an insurance company at 200 - 300% it's possible to get those numbers down. If you select No Exam life insurance through Canada Protection Plan, we may be able to get you closer to 160%.
If you're affected by Multiple Sclerosis (MS) or Muscular Dystrophy (MD) you're pretty much guaranteed a decline with regular insurance companies. However with Humania Assurance you're eligible for up to $300,000 of Simplified issue Term 10 or Term 20.
Humania also offers combined Critical Illness and Disability insurance. Again, this is where it comes in handy to speak with an independent insurance agent who knows the ins and outs of the different carriers and the application processes. Think Policy Architects 1.888.501.9583!
There are a lot of people who are worried about their health!
The truth is far too many don't have any concrete concerns - but fear the worst anyway.
If you just can't get past niggling doubts, why not get a No Medical Exam life insurance policy in place, before you see your doctor and go the traditional life insurance underwriting route?
Hey, you have no way of knowing if your cholesterol, sugar or blood pressure is our of whack. A No Medical Exam policy will allow you to sleep at night. No matter what your blood work results are, your loved ones are protected.
Dangerous Job or Extreme Sports
Have you seen the movie A Perfect Storm or The 33? These flicks show how hazardous some jobs can be.
It's not surprising that someone in industries such as commercial fishing, logging or underground mining might find it difficult to get life insurance without receiving a rating.
The same is true for people who regularly enjoy skydiving, alligator wrestling or other high risk leisure activities.
Even if you're in a high risk profession or enjoy edgy sports, it's always best to go the traditional insurance route first and see if you can get a decent quote.
BUT - you can always use a No Medical Exam life insurance policy as plan B if you're healthy. I think you'll be pleasantly surprised to see how affordable the rates can be if you already have these risk factors.
Non Resident Status
Canada is a country of immigrants from every corner of the globe! Hey I'm married to one.
We take a lot of pride in the diversity and richness of our towns and cities. My grandparents were German Mennonites from the Crimea and they came to Canada in the 1920's to escape the violence and chaos of the Russian Revolution.
So how do life insurance companies underwrite applications from non-Canadian citizens?
If you're new to Canada, it may be a challenge to get fully underwritten life insurance if you're not a permanent resident or a Canadian Citizen.
Guidelines for Non-Canadian citizens are complex.
Your approval and the cost of your premiums also depends on your country of origin, how long you've been in Canada and other factors. However, things are changing and Canadian insurance companies are creating more products to fill the gap.
As some of you know, applying for Canadian Citizenship can be a painstakingly slow process and for some it may even take years. A no medical exam life insurance policy can help protect your family while you're in limbo.
If you're a landed immigrant, refugee, foreign worker, student, Nanny or otherwise you may be eligible to buy life insurance online without a medical exam - even if you've been in Canada for less than 6 months.
Here are just a few companies (there are more) whose products may benefit you:
This well known Canadian insurance company, has a simplified, no medical life insurance plan called Access Life.
Non-residents are eligible for up to $300,000 of term coverage and $100,000 of permanent protection!
*Industrial Alliance is one of the few carriers who offers no medical term (up to $300,000) insurance to those WITHOUT a work permit.
The Canadian Protection Plan (CPP)
Canada Protection Plan is probably the best known simplified, non-medical life insurance provider in the country.
They currently offer non-residents with a valid work permit up to $250,000 in affordable term life insurance with no medical exam required.
Humania Assurance, based in Quebec, offers Permanent Residents up to $300,000 in term 10 & term 20 life insurance. No medical exam required.
*You must be a Permanent Resident to be eligible, even if you have a valid work permit.
Super Visa Canada
What the heck is a super visa?
It's a long-term entry visa for parents or grandparents of permanent residents or Canadian citizens. The super visa allows these relations to stay for up to 2 years in Canada per visit and is valid for up to 10 years.
Do you have a super visa or are you trying to secure a super visa for your parents or grandparents?
If so, who will pay the end of life expenses for a visiting relative if something happens? A no medical life insurance policy can ensure that funeral costs are covered!
To obtain protection the applicant needs a valid super visa, and must answer “no” to all of the relevant application questions. The best part? Specialty Life Insurance offers $300,000 in Preferred Coverage!
SLi Insurance has a suite of simplified products that are fast and easy to apply for. In fact, If you've only been in Canada for a short period of time you can get coverage.
You may also opt for Guaranteed Issue
If you're between the ages of 28 - 74 and have a permanent Canadian address you can get Guaranteed Issue. The coverage is a lot lower at $25,000 to $50,000.
Of course, before you make any decisions, it's important to consult an independent life insurance agency such as Policy Architects. We'll give you unbiased advice on the ins and outs of the various carriers and what products you may qualify for as a non-resident.
The best part is our advice is free! Call today 1.888.501.9583!
Traveling to Parts Unknown
Because Canada is a country of newcomers, many Citizens or permanent residents travel back to their countries of origin to visit family or do business.
BUT - what happens when those countries are on the Government of Canada's Travel Advisory List?
Let's say you applied for traditional life insurance with a major insurance carrier in Canada and disclose during the application process that you will be travelling to Egypt. This country is listed as an "avoid non-essential travel" country by the Canadian travel advisory.
Well six weeks pass (whew!) and you are given a preferred rating by the life insurance company you chose.
....hmmm hold up a minute. When the policy arrives you discover it comes along with a foreign travel exclusion amendment.
Quite simply, this means when you travel back to Egypt, your life insurance won't cover you should you happen to die there. Not only that, death due to complications arising from any illness or injury that you contracted in Egypt won't be covered either.
This is standard with all traditional life insurance companies.
If you want to make sure you're protected no matter where you go, a no medical exam policy may be your only option.
If you think this situation is an issue, give Policy Architects a call and we can help steer you in the right direction.
...and drum roll please! I've got a bonus reason to consider buying a no exam life insurance policy online!
We all know life insurance premiums, especially Term, get more expensive as we get older.
If you’re younger, even in your 40’s, you should do your best to lock in lower rates while you still can!
Once you reach the age of 50, the cost starts to go up significantly year after year…
…even if you don’t have health issues.
However, if you’re healthy and looking for a smaller amount of life insurance to cover final expenses, the cost difference between traditional and non medical life insurance can be pretty narrow.
So it may make sense for you to consider this route for your funeral.
Funerals can be one of life’s largest expenses, costing an average of $7,000. But people often avoid thinking ahead about expenses, and they usually aren’t in the mood to comparison shop just after a death. Instead, they face funeral spending decisions while consumed by grief and short on time, says Josh Slocum, executive director of the Funeral Consumers Alliance (FCA), a nonprofit advocacy group that promotes transparency in funeral pricing. Smart Ways to Save on Funeral Costs, Kiplinger.com
So to give you a better idea of what I am talking about let's use a real life example!
A Healthy 67 Year Old Female Non-Smoker
Let's say she is looking for $25,000 of permanent insurance for burial expenses. Her premiums will be in the neighbourhood of $90 per month for a traditional policy.
For as little as 5$ more per month, this same 67-year-old can get $25,000 of no medical exam insurance for $95 per month.
If you've got better things to do like plan your next cycling trip to Europe or hang out with the grandkids, you might want to skip the hassle and get a simplified Issue policy to cover funeral costs. In this case, this is definitely affordable life insurance without a medical exam.
Even if you are in your 60's or 70's you don't have to resign yourself to being unprotected.
Health issues, are a fact of life for many of us. That's when No Medical Exam life insurance factors in as a useful tool and it doesn't have to break the bank! Quite frankly I think it's a pretty good choice for covering typical funeral costs.
Did you know you can even apply for as little as $5,000 of coverage! Get a free quote from Policy Architects today to see if this is the right route for you!
To Sum It Up
Well, I think it's clear that No Exam Life Insurance has its place when it comes to life insurance products. There are some VERY good reasons you would purchase it.
However, and this is a big red flag for me, it can be costly and isn't the right choice for everyone.
Unfortunately, way too many people play Google doctor and erroneously believe their medical issues will have more of an impact than they actually do.
You would be surprised just how little influence conditions like high blood pressure and elevated cholesterol have on your premiums when they are properly managed.
Also in my humble opinion avoiding the doctor isn’t worth spending thousands more over the course of your term.
Either way, it’s in your best interest to contact Policy Architects to get some FREE advice about which product works best for your particular circumstances.
Shopping around is the ONLY way to find a policy that’s a perfect fit.
Why Policy Architects?
As you can see, health issues and fear of needles aren't the only reasons to buy life insurance online without a medical exam.
I've given you 7...actually 8 GREAT REASONS, but who's counting?
The thing is, although it may be a wonderful fit for some that doesn't necessarily mean it will work well for you!
Even if you think no exam life insurance is the way to go it's a hot market and the choices can be overwhelming!
Our experienced agents know the ins and outs of all the companies offering no exam life insurance. Which means they will identify the right product for your situation at the best possible price.
A simple call to Policy Architects can save you thousands over the term of your policy!
If you want to keep your promises, get in touch with us today!