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Top 10 No Medical Exam Life Insurance Tips

No medical exam life insurance isn’t as easy as it seems.  Based on our experience, here’s our top 10 tips you need to consider prior to purchasing no medical exam life insurance.

  1. Be aware that there are 2 different types of no medical exam insurance – some have qualifying questions (no medical exam life insurance) and some have no questions (guaranteed or instant issue life insurance). No medical exam often means no physical component, but can still require many qualifying questions.
  2. Regular life insurance is often touted as ‘no medical exam life insurance’. Simply the medical questionnaire is required, and that is often completed by phone.  Called no medical insurance, in reality it is regular full-featured life insurance with simplified requirements.
  3. There’s no coverage if you die for medical reasons in the first two years – only accidental death coverage in the first two years.
  4. Read any qualifying questions carefully and answer them fully. When in doubt don’t overlook but instead clarify with your advisor or the life company.
  5. Expect coverage amounts to be limited. No medical exam life insurance coverage often tops out in the 10’s of thousands.  If you need hundreds of thousands of coverage (i.e. for a mortgage) you will have difficulty getting enough coverage.
  6. Higher premiums. You are paying for simplicity with premiums. Expect no medical exam life insurance to have substantially higher prices than a regular life insurance policy.
  7. Generally only lifetime, permanent coverage is available. If you are seeking term life insurance, expect your options to be severely limited.
  8. Riders, options, and additional coverages won’t be available for the most part. Rarely are traditional riders (or options) available on no medical exam life insurance.  Examples would be coverage for children or spouse, layer of durations,  and others – these are not readily available for no medical exam life insurance policies.
  9. Difficult to compare premiums. There are few if any tools available to compare prices. Generally life insurance brokers have their one or two favourite companies that they’re familiar with and the often restrict their offerings to those companies.
  10. Difficult to compare qualifying questions. If you have a condition that’s often the subject of qualifying questions, you may have difficulty comparing policies that don’t ask questions related to your condition. There’s no industry tool that will easily compare these questions to find the most suitable policy.

Are you seeking no medical exam life insurance policy?  Our life insurance advisors are experts on this type of coverage.  Call now for a free evaluation and appraisal toll free at 1-877344-4011 or email info@lifeinsurancecanada.com.

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