Non Medical Life Insurance

The Truth About Non-Medical Insurance 

  Non-medical insurance does come with some restrictions & limitations, so it is not recommended for every-one. Unless you have one of the following situations, you may be better off to take a medical and get a much better price on your life insurance.  To find out more, call to talk to an experienced licensed agent at 1-800-683-5423

 

 Who should consider non-medical life insurance?

 

  •        Have you previously been declined, rated or postponed
  •       Don’t like medical exams or needles
  •       Do you have time issues ie can’t wait for medical/doctors report
  •       Exiting or previous medical conditions you are concerned about
  •       Weight issues
  •       Alcohol or drug abuse issues
  •       Criminal record/traffic violations
  •       Bad credit or declared bankruptcy
  •       participate n hazardous hobbies or occupations

 

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 Pitfalls to watch with non-medical insurance plans:

  • Some of the policies don’t provide full coverage until 24 months from the start of the policy (2 year waiting period). If you pass away in the first 2 years, only your premiums would be paid back. This is the one you want to avoid if at all possible (you will need to speak to us to identify the right plan for you).
  • Many companies have misleading TV ads, that don’t tell you the whole story, also say things like “premiums are as low as $5/week (but don’t tell you that is only for $1000 of coverage…
  • Some of the plans are easier to qualify for than others. What many people don’t realize is that even though they are called “Non-medical” applications, most of them still have some qualifying medical questions that have to be answered.
  • Usually, the less questions there are, the more expensive the policy is. This is why it is so important for you to speak to an experienced broker, who is familiar with all the policies, companies and questions, and can advise you on which one is best for your situation (call us at 1-800-683-5423 for a no-obligation consultation).
  • If you don’t buy the right policy, you will either be paying too much, or get the wrong coverage, or limited coverage.
  • Most non-medical policies are limited to how much you can buy, most of them only up to $30,000, but more and more there are new policies coming on the market with higher face amounts even up to $1Million dollars if you are under the age of 40.

The companies to consider are:

  • Foresters Life EZ term, you can buy up to 250,000 of 10 year term insurance buy just answering 9 questions over the phone or online. The problem is, that if you answer any one of the questions with a “YES”, you automatically don’t qualify.
  • CPP (Canada Protection Plan), they have many different options, all the way from first day coverage (up to 150,000), to deferred coverage (this is the only policy that I know of where you can buy term insurance with a 2 year waiting period), and also they offer Whole Life, all non-medical.
  • Cover Me by Manulife, very few questions, but 2 year waiting period
  • Assumption Life – have both instant issue policies that cover you right away, and also deferred life plans, that have a waiting period.
  • QUICK ISSUE TERM by Manulife is one of the least expensive and least restrictive policy. You can buy up to 500k of 10 or 20 quick issue year term insurance from Manulife just by answering a few questions over the phone.

If you have a health condition that you think may prevent you from being insured (maybe you have been declined already), you most definitely need to talk to us. There are a lot of specialty products out there, but getting the right one for you is key, because I see a lot of people buy the wrong policy, here are some examples:

  • One 60 year old man with Diabetes applied for a policy that required a medical. After a 2 months evaluation, he was rated 250% and the premium was just out of reach for him so he declined the offer. Had he talked to us first, we would have recommended a policy with CPP, who actually can insure a diabetic that is not on insulin without a medical exam, and no waiting period.
  • Another lady I spoke to did the opposite, she thought that she couldn’t get insurance because of her high blood pressure and high cholesterol, so she bought one of those guaranteed issue plans on TV, which was extremely expensive, and she was not covered for the first two years. What we did is applied at a couple of companies for her after (yes, she did need a medical for that), but one of the Insurers gave her a regular health rate because all her medical problems were well controlled with meds, and she saved a lot of money, and had coverage starting right away (no waiting period).

So you see, because of so many variables, knowledge and experience is key, and we have it, so take advantage of it!

There is an art to getting the best No Medical Life Insurance rates, and very few Life Insurance Agents have perfected that.

We believe that with over 25 years of experience in Shopping for Life Insurance, we have developed the knowledge, wisdom and relationships with many great Canadian Life Insurance Companies, to be able to get YOU the absolutely BEST medical or non medical life insurance rate, no matter what your situation or health condition is.