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Non-Medical Life Insurance
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Non-medical Life Insurance in Canada
Non-medical life insurance is a coverage that allows individuals to choose a policy without any medical testing or underwriting. The decision on the amount of life insurance qualification will depend on a series of yes/no questions and even if the individuals have serious underlying health problems, they will still be qualified for a small amount of life insurance.
Individuals who are unable to purchase traditionally underwritten life insurance coverages can consider non-medical life insurance as a means to cover their loved ones for the final expenses.
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What is non-medical Life Insurance?
Typically, purchasing life insurance involves a process of health and medical investigation through which the insurance providers examine the risks associated with the proposed insured. Insurance companies add additional medical testing such as paramedical examination (urine and blood) for a higher amount of coverage. But with non-medical life insurance, the process is simple and quick.
With non-medical life insurance, individuals skip the paperwork and exams related to obtaining the coverage and have the ability to get coverage, usually $25,000 even if they have some medical and health problems. The process of completing the non-medical life insurance application involves answering yes/no questions and your expert AplusWealth life insurance advisor will be able to tell you the total amount of coverage you are qualified for application.
No medical exam life insurance policies are similar to term life insurance policies, often with lower insurance coverage and higher premiums. Non-medical life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years. Non-medical exam policies often have lower face values, but can be purchased for larger amounts, such as $250,000 to $500,000 depending on the insurance provider.
Who should consider Non-Medical Life Insurance in Canada?
Non-medical life insurance is designed for individuals who cannot get their insurance needs through traditional life insurance policies. Usually, individuals who have some medical and health conditions that might cause a decline for their life insurance can consider non-medical life insurance to cover their needs. If you have any of the following, you may want to consider non-medical life insurance.
- If you don’t want to wait to go through the underwriting process and do not like needles and want to get a life insurance policy, then non-medical life insurance policy is a good option for you.
- If you have a chronic health condition such as diabetes that is not in a stable condition, purchasing traditional life insurance can be expensive or impossible. You may be able to purchase guaranteed issue life insurance in these cases.
- If you are older or have a serious medical condition, you can use non-medical life insurance to help your loved ones pay for your final expenses.
- If you have been diagnosed with cancer, the traditional life insurance coverage will not approve your policy, but you may be able to get some coverage through non-medical life insurance.
What is the process of buying a Non-Medical Life Insurance Policy?
Purchasing life insurance with Apluswealth advisors will take place through 3 important steps. First and foremost, we start with a needs analysis. Clients need to know how much coverage they need based on their current financial standing and purchase a non-medical life insurance policy that matches their needs. We ensure that our clients are not buying too much or less than the amount they truly need. This step involves reviewing the goal behind obtaining non-medical life insurance, going through the current financial standing of the family (income, liabilities, and so forth), and understanding how the needs of the client might change in the years to come. (e.g a beautiful newborn on the way or purchasing an apartment)
The second step is to review the health status of the proposed insured individuals. It is often overlooked that insurance is bought with the health condition of the client and not with money. We will go through a quick health questionnaire to understand the overall health condition of the proposed insured. This step is vital because once we know the health condition of the proposed individual, we will be able to determine the most efficient route to obtain non-medical life insurance coverage. While all insurance companies follow a close guideline regarding health and medical underwriting of the proposed insured individuals, there are some distinctions between how they look into some conditions versus others. We work with known and proven insurance providers and we keep ourselves up-to-date with the most current underwriting changes the providers make in their decision making. In addition, we are able to get in touch with the providers to examine how they would look at the application for the proposed insured and get a rough answer before even submitting the application. All because we care about the time of our clients and we ensure to make the process as quick and painless as possible.
The final step is to complete a policy that is designed specifically for you once we have the necessary financial and health information. Our expert advisors will simplify the process and create handpicked options that meet your needs to make your decision easy and quick. With access to the well-known insurance providers, you will be sure that your non-medical life insurance will be the best policy and value that you could get.
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