What is No Medical Simplified Life Insurance In Canada | DESC
Canadian residents have the option of taking out a No Medical, Simplified Issue Life Insurance plan – these plans are ones that you can get without needing to submit to a medical exam or to get a doctor’s report.
The Canada Protection Plan is one example of such a plan, but there are others. They offer a rapid way of getting life insurance, with no medical required.
The premiums can vary massively with these plans, but they can be a lifeline for people who have pre-existing health conditions that might mean that on a standard plan they are faced with hefty premiums.
Who Should Have No Medical Life Insurance in Canada?
No medical life insurance is a good option for people who are Canadian residents, or who have work permits and are currently in Canada, and who are hard to insure for various reasons. Someone may be difficult to insure if:
– They have a high-risk job
– They take part in extreme sports
– They have pre-existing health conditions
In addition, some people may want to take out health insurance quickly, perhaps because their existing coverage has expired, and they may not want to have to submit to an exam. In that instance, it can make sense to look for a no-medical policy, because you can open them more quickly since you don’t need to book in with a doctor, have blood tests and other tests, and the wait around for the results.
People who are healthy, lead a healthy lifestyle and do not do anything risky as a pastime or at work may find that it is easier for them to get affordable coverage through a more mainstream provider, but a simplified coverage is a good option if they are looking for something that they can get quickly, and in many cases the coverage is good for people who want lots of benefits, and who are willing to pay a premium for them.
Health insurance is quite a minefield, and there are people who are unable to take out standard policies, and who would look for simplified policies that don’t need detailed medical exams. There are also policies that offer ‘guaranteed acceptance’ for challenging applicants – ones that have serious medical conditions or who have been told that they cannot get mainstream life insurance.
There are policies out there with coverage of up to one million Canadian dollars, and these policies will start from the day that you get approved. They offer fast coverage while still bypassing traditional underwriting, and they are a good option for people who are generally in good health.
Simplified vs. Guaranteed – What’s the Difference?
The terminology that is used by insurance providers can be hard to understand. Simplified Issue Life Insurance is life insurance that does not require you to take a medical exam, but will ask you some questions about your health. The more questions you are asked, the lower the premium you are likely to have to pay. This is a good option if you can truthfully answer that you are in good health, and simply don’t want to have to worry about blood tests, etc. because you’re scared of needles. However, these policies are usually not open to people who have been refused life insurance in the last two years.
Guaranteed Issue Life Insurance
With this kind of life insurance, you do not have to take a medical exam or even answer any questions. There is a coverage limit of $25,000 with a lot of providers, and there will be some payout restrictions as well. This insurance is open to anyone, even those who have been refused a policy in the last two years. The insurance company may place some limits on payouts for the first two years of the plan as well.
There are other elite plans that have very high payouts, but that are limited to people who are in good health and that live healthy lifestyle, with low-risk factors.
Reducing Your Premiums
Often, the premiums are based on things like weight and lifestyle factors. It’s a good idea to read the build tables if you are overweight or obese so that you can get an idea of the different premiums between different providers. Since the build tables vary from provider to provider, shopping around could be the difference between getting the ‘Standard’ category or the ‘Standard Plus’ pricing, or, if you’re close to your ideal weight, you could be somewhere between ‘Preferred’ and ‘Preferred Best.’
Be sure to look for insurance through a broker so that you can do the ‘preliminary inquiry’ stage, to avoid potential declines. This is important because if you do get declined, it will make it harder to get approved elsewhere – that buffer will help you to avoid that risk. One excellent broker is Blue Country Health Insurance located in New Brunswick but serves all of Canada. You can find them at there homepage or on their facebook page located here. Blue Country Insurance