Like the name suggests, no-medical insurance provides coverage without any needles and medical exams. This coverage works well for seniors that do not prefer undergoing medical tests.
Since no-medical insurance provides insurance coverage without fully assessing the health of the applicant, this coverage usually commands a higher premium as opposed to traditionally underwritten coverage.
The two types of no-medical insurance for seniors in Canada is as below.
Simplified Issue Life Insurance: Simplified Life Insurance can be obtained with minimal health questions and no physical health exams. It is quick, simple, and works well for individuals with pre-existing medical conditions.
Guaranteed Issue Life Insurance: Guaranteed Issue Life insurance, like the name suggests is a guaranteed form of life insurance coverage irrespective of your medical health. Unlike Simplified Life Insurance, this type of coverage does not even require any health questionnaire for approval. You simply apply by filling out the appropriate paperwork.
Even if you have been denied a life insurance policy in the past, you will be eligible to apply for Guaranteed Life Insurance thereby making it a nearly zero hurdle policy to obtain. However, this also makes it more expensive than Simplified Life Insurance.
If you would like to know which type of insurance works best for you, schedule a call with a licensed advisor at Life Simpli.