Top 5 Reasons No Medical Life Insurance Makes Sense

Life insurance product choices are vast and complicated. There’s term life insurance, whole life insurance, universal life insurance, and no medical life insurance. So, what are the top 5 reasons no medical life insurance makes sense over the others?

When to Get No Medical Life Insurance

1. When you Don’t Want to Undergo a Medical Exam
   There has been an increase in families who want no medical life insurance, even though it can be a little more expensive than traditional life insurance. The main reason is that a medical exam is an inconvenience for families, so much so that it can stop them from getting any type of life insurance. Additionally, some people don’t like needles (blood work), and some are intimidated by the thought of visiting a doctor. This makes the option of no medical insurance ideal if you don’t have coverage because you are too busy (or just unwilling) to book a medical exam.
2. When You’re Pressed for Time
   Traditional life insurance policies take time to process. First, you have to apply and gather medical information, and then you have to go through a medical exam. After you hand in your application, it goes through a stringent underwriting process. The entire process can seem like an eternity if you want life insurance coverage right away, and can be problematic if you need to have life insurance before a sudden overseas trip or to cover a large loan (like a mortgage). Since you don’t have to have a medical exam with no medical life insurance, you can get your policy quickly.
3. When You’re a Canadian Senior
   Traditional life insurance increases significantly as you age. Thus, there is even a major cost difference after the age of 70 years; and this increases more if you have health issues. No medical life insurance can still be affordable, but the coverage amounts are smaller. If you’re a senior with health issues, guaranteed issue is a preferable product, and if you’re in good health, simplified issue makes more sense.
4. You Have Health Problems or You’re Hard to Insure
   If you have health issues that make getting traditional life insurance too expensive or is you’ve been denied coverage, no medical insurance is a way to get a policy. For example, if you’re obese, a heavy smoker, and have a pre-existing condition, consider no medical insurance.
5. You Have a Dangerous Job or Dangerous Recreational Hobbies
   Sometimes traditional life insurance is too expensive if you have a dangerous job such as an underground miner; or have a dangerous hobby such as an amateur race car driver.

When no medical life insurance makes the most sense is when it is the option you qualify for or the option you are most comfortable with.