No Medical Life Insurance is sometimes referred to as "Simplified Issue Life Insurance". It is for individuals with a current or pre-existing health issues that under the traditional life insurance policy cannot be covered. It is comforting to know that there are Insurance Companies in Canada that can provide life insurance at very competitive rates if you currently have an illness, disease, or have a medical history of health conditions.
Who should consider this insurance
If you have some health problems such as heart disease, cancer, diabetes, multiple sclerosis, etc.
If you are hard to insure
If you have been previously declined or rated
If you have a dangerous job
If you participate in hazardous or extreme sports
If you hate needles or medical exams
If you require coverage fast
What does the term "No Medical" means
No Medical Life Insurance means no medical tests and no needles or fluids. This is a most simple and quick method for purchasing Life Insurance for individuals considering this insurance. There are however medical questions on the insurance applications that should be answered truthfully for the insurer to asses insurability.
Is No Medical Life Insurance coverage for a term or is it permanent
Fortunately, most insurance providers offering No Medical Life Insurance or Simplified Issue Life Insurance products have Term Life Insurance (10, 20, 25, or 30 years), and Permanent Life Insurance (such as Whole Life Insurance) options are also available.
What you need to know before completing a No Medical Life Insurance application
Since you are not required to do any medical exams or bloodwork, you should start by gathering your medical history and medication list from your family physician. If you are currently undergoing treatment then get an accurate status of the treatment and recovery time frame. This information is used by insurance providers to assess your application and provide life insurance coverage. As such the information provided on the application should be accurate and truthful.