No medical life insurance is a category of life insurance that people can purchase without having to go through a medical examination. A lot of people with pre-existing conditions like this kind of life insurance compared to the “standard” type because it’s less time-consuming and it’s easier to buy. If you don’t have a pre-existing condition, you can still apply for and buy a no medical life insurance policy if you so choose!

How does no medical life insurance works?
Generally, there are two options for no medical life insurance; guaranteed issue life insurance and simplified issue life insurance.

Guaranteed Issue Life Insurance: As long as you continue making payments when you buy guaranteed issue life insurance, your policy will remain in effect. This type of life insurance does not require any medical exams or questionnaires, and your coverage will usually be around $25,000 for a non-accidental death. Many guaranteed issue life insurances, if you die within the first two years of your policy your beneficiaries will only receive a benefit amount equal to the payments you have made on your policy.

Simplified Issue Life Insurance: The main difference between guaranteed issue life insurance and simplified issue life insurance is that the simplified issue life insurance may involve a medical questionnaire. Although there is no medical examination by your family doctor, you will be asked a few questions when you first apply for this type of policy. These questions could include if you have been hospitalized, if you have been diagnosed with a serious illness, or if you have been turned down for another life insurance policy. Another major difference is that you can buy a simplified issue life insurance as either a term or whole life policy.

Why should I buy a no medical life insurance policy?
If you need life insurance but have been denied a standard policy for whatever reason, a no medical life insurance policy will be best for you. Here are some reasons why people may be denied a standard life insurance policy:

  • Chronic illness like heart disease, diabetes, HIV, or cancer
  • You have been convicted of impaired driving
  • You are uncomfortable with medical exams
  • You work in a dangerous occupation

Can I be denied no medical life insurance?
Since you do not have to go for a medical examination for a no medical life insurance policy, insurance companies only have a limited amount of information to set your premium, meaning there are fewer circumstances that lead to you being denied your policy. The most common reason why an insurance company would deny you coverage is if you are older than the maximum age of enrolment, which is generally 75 years old.

How are the rates for no medical life insurance influenced?
Your rates will be factored by your age, sex, your smoking habits, and how much coverage you want. If you choose the simplified issue life insurance option, your rates will also be affected by your answers on the medical questionnaire.

How do I buy no medical life insurance?
At Beaver Street, buying no medical life insurance has never been easier! There are only three steps you need to take:

1)  Answer a few questions (we only ask you about what really matters for your policy),
2)  Customize your policy by deciding what works for you with a multitude of pricing and coverage options, and
3)  Get covered! When you buy your policy you are instantly covered, there is no waiting period!

Visit our website or call us at 1-833-358-6473 for more details about our policies or to find out how you can buy you no medical life insurance policy today!