Life insurance ownership in Canada isn’t at an incredibly high level. According to statistics collected and published by LIMRA, less than half of households in the country have individual coverage. However, more and more people are interested in getting a life insurance policy. The problem is that the application and underwriting process can be daunting.
There are a lot of questions you have to answer, and sometimes a medical exam is required. However, if you’re not comfortable with needles or providing a blood sample, a no medical exam life insurance policy could be good.
This article will look at Canada’s current top no medical exam life insurance policies for 2022.
How Does No Medical Exam Life Insurance Policy Work?
A no medical exam life insurance policy is a type of life insurance that doesn’t require a medical exam. That means you don’t have to answer any questions about your health, and you don’t have to provide a blood or urine sample.
Instead, the insurance company will use other methods to assess your risk. For example, they’ll look at your age, smoking habits, and family health history. In some cases, they may also request access to your medical records.
No medical exam life insurance policies tend to be more expensive than traditional policies because the insurance company takes on more risk. However, they’re also much easier and quicker to get approved.
What Can Disqualify You from a No Medical Exam Insurance?
Even though a no medical exam life insurance policy doesn’t require a medical exam, some things can disqualify you from getting coverage.
If you have a pre-existing condition, for instance, you may not be able to get coverage. And if you have a high-risk occupation – like being a professional athlete, for example – you may not qualify for a no medical exam policy.
10 No Medical Exam Life Insurance Policies
There are many options available when looking for life insurance, and making a choice can be hard. To help you make the right decision on the first try, we’ve compiled a list of Canada’s top 10 no medical exam life insurance policies for 2022.
Here are the top 10 no medical exam life insurance policies in Canada:
1. Manulife – Quick Issue Term
Let’s start the list with the company that has been around for 135 years. Manulife’s no medical insurance option is called Quick Issue Term. The application can be completed entirely digitally, and the insurer can receive their policy within one business day. The coverage goes up to $500,000 for clients aged 18 and 50.
2. Wawanesa – Instant Issue Life Insurance
The product is defined for people aged 45 to 75 who are harder to insure due to existing medical conditions. To qualify for the Instant Issue insurance policy, you need to answer five quick questions and get guaranteed acceptance. Then, you can select coverage amounts between $5,000 and $50,000.
3. Canada Protection Plan (CPP) – Simplified Issue Life Insurance
Canada Protection Plan has been around for 30 years, which may seem long, but in terms of the insurance market, the company’s pretty new. They offer a wide range of insurance products, requiring no medical examinations. Their plans have great rates, with coverage up to $1,000,000 starting as soon as you’re approved.
4. Equitable Life of Canada – Simplified Issue Term Life Insurance
Equitable Life is one of Canada’s leading life insurance companies, with a history that dates back over a century. They offer a wide range of products, including no medical exam life insurance of 10 to 20 years in length. Their policies are some of the most affordable on the market, and they offer coverage up to $10,000,000.
5. RBC Insurance – No Medical Term Life Insurance
Are you looking to protect your family as soon as possible? Do you need $1,000,000 or less in coverage? In that case, you should look into RBC Term Life insurance. The company’s website allows you to register and apply in less than 15 minutes. You can select 10, 15, 20, and 40 years of coverage. If you want a more specific number between those, you can pick that.
6. Sun Life Financial – Guaranteed Life insurance
Here we have one of the most popular life insurance companies in Canada: Sun Life Financial. The company offers a no medical exam life insurance policy called “Guaranteed Life.” It’s available to people between the ages of 40 and 75. You can get up to $25,000 worth of coverage, and the policy doesn’t expire until you’re 85 years old.
Those are our picks for Canada’s top medical exam life insurance policies for 2022. Don’t let the thought of a medical exam stop you from getting the life insurance coverage you need. A no medical exam policy could be the perfect solution. No matter your needs, there’s sure to be an option on this list that’s right for you.
Should you have further inquiries on No Medical Exam Life Insurance in Canada and want to get quotes from these above-mentioned companies, please refer to Insurance Direct Canada to contact the experts or use their insurance calculator.