The definition of life insurance without medical examination (also known as guaranteed issue life insurance): life insurance without an exhaustive questionnaire on your state of health guaranteeing your acceptance and protecting you immediately upon receipt of your application at the insurer.
This targets people who find it difficult to take out a standard life insurance policy. The instant issuance and immediate protection of this policy make it increasingly attractive in our ever-aging society. A study conducted in 2017 by Life Happens and LIMRA highlights a reality of the world of life insurance: only 30% of respondents felt comfortable disclosing their medical information to insurance companies. The remaining 70% considered buying life insurance if the medical exam disappeared.
The personal information required by these rigorous forms exposes the weaknesses of each individual and inflates the price of the bonuses.
Nowadays, consumers know the products and analyze the offers of the companies by searching the Internet. They are increasingly looking for personalized services from companies and the simplification of the acceptance process is appealing to many. The industry must adjust to the demands of their customers and thus, we see more and more types of insurance adapted to targeted groups.
Life insurance without medical examination adds an important option to people previously abandoned by a system biased towards young and healthy people.
Here are the main benefits of guaranteed issue life insurance :
- Clarity of benefits
- Immediate coverage at the signature
- Premiums will always be fixed
- Most companies offer it up to age 70
- Speed of emission (instantaneous)
- Ease of subscription
- Product online accessibility
Check how close it is to you to take out life insurance without a medical exam by filling out the form on this page. One of our partners (quality insurance brokers) will quickly develop a proposal. He’ll let you know right away.
Who is No Medical Exam Life Insurance targeted for and what are the prices?
Guaranteed issue insurance (called 50+ life insurance at Desjardins) is increasingly featured in the media in the form of radio and television advertisements. Advertising inserts adorn the handles of several neighborhoods of large cities announcing the convenience of this or that life insurance policy without a medical examination.
If you occasionally visit hospitals or need to take pills on a regular basis, you may need to consider life insurance without a medical exam. Scales are established on a multitude of in-depth studies in statistics. Carried out by insurance companies, they justify the increase in premiums according to the risk assessment.
Risks based on :
- ✓ the age of the insured
- ✓ tobacco consumption
- ✓ the presence or absence of health problems
In the event that you have not yet crossed the 50-year mark and that you have concrete health, try to find a less expensive alternative to insurance without a medical examination. Regular types of insurance (term or permanent life insurance) often serve as a springboard to investments or allow for significant savings on premiums.
If you wish to obtain an amount to cover your funeral expenses without resorting to the exhaustive examination that follows the application for any life insurance, you have come to the right place. The simplicity of the process remains disarming if you have already tried to subscribe to other alternatives. Your age, sex, and if you smoke: are the only questions and the only criteria that will vary the costs associated with your premiums.
What variations are found in the prices of life insurance without medical examination?
- About 20% separates the cost between men and women. (a man is more at risk)
- About 20% separates the cost between a smoker and a non-smoker. (the smoker being more at risk)
- A variation of about 14% for each year of difference from age 50.
So between a 50-year-old non-smoker woman and a 65-year-old smoker man, the price difference is generally calculated as follows:
Medical examinations in life insurance: what are they exactly?
When we mention life insurance in this section, we are only referring to standard types of life insurance (not immediate issue life insurance).
Do not panic! Everything is normal. However, the insurance company you are dealing with will ask you a few questions. They spend a sum of money for each of its completed forms, as they hire medical professionals to validate the results. Nurses or doctors even come to your home to carry out blood tests, urine tests, or any other examination they deem necessary.
You don’t have to leave home to take these tests, contrary to popular belief.
Insurance companies must assess the risk of each of their clients in order to offer them tailor-made insurance. By paying so much money to analyze your physical condition, they really believe in the chances of getting you insured. They do not want to see you refused, quite the contrary.
Ask to have the results of these tests sent to your doctor. An annual update is still a very good idea and this data could shed some light on it.
Guaranteed issue life insurance: is it right for me?
Various life insurance products have appeared on the market for several years. These newcomers are sometimes called “life insurance without medical examination”, “guaranteed issue life insurance” or even “50+ insurance”. Since you avoid the trap of a medical exam, you turn to Desjardins, Manulife Financial, or even the National Bank.
Thousands of people subscribe to these policies to speed up the process, without realizing two details :
- Some insurers do not issue the policy directly. Several of them set a limit of 24 months before the entry into force of the protection.
- Depending on your state of health, the least expensive option was traditional life insurance.
How to bypass the restrictions to remove the timeout? The answer is simple: by shopping around, you will find other insurance companies that offer such policies.
Who is life insurance without a medical exam really for?
Life insurance without medical exam Traditional life insurance
You move around in a wheelchair. Yes (not all companies) No
You are hospitalized. Yes (not all companies) No
You need help with food or other daily tasks. Yes (not all companies) No
You have had a heart attack, stroke, or transient cerebral ischemia. Yes (not all companies) No (but check anyway)
You have Alzheimer’s disease. Yes (not all companies) No
you have AIDS Yes (not all companies) No
You may be wondering how someone without a medical exam can get turned down if they don’t have to disclose their medical history. This is because the term “without medical examination” does not mean that the company will not ask you questions. From one company to another, the questions asked at the time of your subscription can still sort out the cases that they deem too risky.
For example, Desjardins offers 50+ insurance and the questions determine if you are too great a danger for them. Here is what they are trying to find out:
Have you been or are you…
- ➢ Refused by a life insurance company or accepted with an additional premium?
- ➢ Confined to a wheelchair or bed (hospitalization)?
- ➢ Patient in a long-term care or convalescent facility?
- ➢ Unable to feed or care for yourself?
- ➢ Treated or diagnosed for a heart attack, stroke (cerebrovascular accident), diabetic coma, angina pectoris, malignancy (cancer), or transient cerebral ischemia?
- ➢ Awaiting results or treatments for one of the conditions listed in the previous paragraph?
- ➢ Awaiting follow-up examinations for cancer treated less than 5 years ago.
- ➢ Suffering from Alzheimer’s disease?
- ➢ Suffering from pulmonary emphysema, HIV (AIDS), kidney failure, or cirrhosis of the liver?
In the event of a positive response from you to any of these questions, your acceptance may be refused.
In the eyes of one society, a person is considered too risky, while for another, the risk is worth the effort. Don’t despair if you’ve been turned down. As mentioned above, insurance companies determine the risk associated with each age group and all conditions every year. The same company may accept you next year.
We notice that the details of the offers are very similar. On the other hand, small differences in the price of the premiums according to one factor or another can benefit one or the other of the companies. Depending on your medical condition, the path that will be the most advantageous for you will be the most economical.
In life insurance without medical examination, you should not expect to receive your full amount during your last days. Half of your coverage can be paid to you if you meet all the conditions. Some companies add the difficulty of a period of 24 months following the signing of the contract before it really covers you. In this case, the death benefit will only refund the premiums paid up to that time.
Insurance companies try to protect themselves as much as possible because they do not always know the state of health of their customers. By receiving two years of bonuses, they take advantage of a comfortable waiting time in the event of a serious diagnosis among their clients.
More expensive than other forms of life insurance, life insurance without a medical exam still protects you if something bad happens to you. By choosing a higher amount, you are planning to pay off your debts, cover the costs of your funeral, and even leave some money for your loved ones. Study well the benefits of life insurance without medical examination, because for a person with fragile health, it may be the only option.
On the other hand, if after reading this text, you are still wondering if life insurance without a medical exam is for you, try the experiment with a term life insurance quote. The medical form will be longer, but you will never have to travel. You have everything to gain. Passing a medical examination these days is child’s play. If you fail, you can always turn to guaranteed membership life insurance (life insurance without a medical exam).
