No Medical Life Insurance

There are many
deferred term
insurance options.
Photo by Ed Yourdon

The insured is covered for the length of the term when it comes to deferred term life insurance. However, should death occur within the first two policy years, the death benefit payment is limited to a return-of-premium plus interest.

The two primary deferred term policies providers in Canada are Industrial Alliance and Canada Protection Plan, underwritten by Foresters.

The following is a snapshot of the difference between the two carriers:

Canadian Deferred Term Life Insurance Solutions continued ...

Fish for a non-medical plan
from Wawanesa Life.

A non-medical life insurance plan, available to applicants ages 45 to 75, is available from Wawanesa Life.

The plan is a simplified issue plan, meaning there are no health tests and, in this case, a series of five health questions. The plan is called an Instant Issue Plan.

The insured can choose between 19 coverage levels ranging from $5,000 to $50,000 of coverage.<!--more-->

The premiums are guaranteed to never increase and are payable for 20 years. The death benefit is fully paid-up even if the insured is living after the first 20 years or to age 85. All proceeds are paid out tax-free and the policy provides late payment protection after three years through the plan's automatic loan provision.

One caveat with the plan is that the death benefit is limited, in the first two years, to return-of-premium, plus interest. It should be noted that the interest during this two-year period is 10%, which is higher than most carriers.

For more details on no medical life insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

No medical tests are necessary
with these Assumption Life plans.
Photo by Montage Communications

One of Canada's leading insurance carriers for non-medical life insurance solutions is Assumption Life.

Its basic non-medical policy is called Total Protection and is available with as few as four questions. Face amounts can range from 5,000 to 50,000 and for amounts over $30,000, additional health questions are required. The policies are available to applicants age 18 to 80 and they come with a multi-life discount.

The policies are available on a deferred basis, that is, if death occurs within the first two years, by non-accidental means, the payout is limited to a return of premium, plus interest.

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Assumption Life's flagship non-medical life insurance plan is Golden Protection. The policy is available with a level death benefit and an increasing death benefit. Face amounts can range from 5000 to 50,000 on its level death benefit plan and 30,000 on its increasing death benefit plan.

Its increasing death benefit, called Golden Protection Plus, has level premiums and the death benefit goes up by 3% per year, capping at a maximum of 60,000. Both policies are also available on a deferred basis, or an immediate payout basis. The questions are the same for each plan, but if the insured has been declined in the last two years, only the deferred policy would be available to them.

For more details on No Medical Life Insurance in Canada, please contact us on 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

insurance. Photo by Garry Knight.

 A non-medical, simplified issue life insurance policy with only two health questions is being offered by Canada Protection Plan. However, Acceptance Life, as it is called, is only available on whole life plans.

The policy is available with the following face amount for individuals:

Those ages 40 to 69 are eligible for a minimum of $ 5,000 and a maximum of $50,000.

Those ages 70 to 74 are eligible for a minimum of $2,500 and a maximum of $40,000.

Those ages 75 to 80 are eligible for a minimum of $2,500, and maximum is $30,000.

The minimum monthly payment amount is $15 a month, while the maximum annual payment amount is $150 a month.

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The premiums on the policy are guaranteed to never increase and the plan offers guaranteed cash values after the fifth policy year, as well as an automatic premium loan provision. However, the one caveat with the plan is that if death occurs by other than accidental means, within the first two years, there is a return of premium, plus interest, at a simple rate of 3%.

If death occurs in the third year, 50% of the face amount will be paid to the beneficiary. But, if death occurs from the fourth year onward, the full face amount will be paid.

For more details on Non-medical Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.

Photo by Michal Osmenda

There is a life insurance policy for people receiving cancer treatments available from Canada Protection Plan.

Non-medical life insurance policies like the ones they offer are typically broken down into the following two categories:

1. Simplified-issue life insurance, which has no medical tests and anywhere from three to 12 health questions.

2. Guaranteed-issue life insurance, which has no medical tests and no health questions.

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Simplified-issue policies offer higher face amounts and lower premiums, and some also provide coverage from day one. The challenge for people with cancer is that most of these policies require the insured to be treatment-free for two or three years. However, Canada Protection Plan has a Simplified-issue, non-medical life insurance policy for people who are still undergoing cancer treatments. The plan is called Acceptance Life and the coverage is available to applicants ages 40 to 80. The coverage face amounts range from $5,000 to $50,000.

The one caveat with the plan is that the death benefit is limited for non-accidental death to a full refund of the premium plus interest in the first two policy years. If death occurs in the third year, 50 per cent of the face amount is paid out to the beneficiary. Thankfully, the full death benefit is paid out thereafter.

For more details on no-medical life insurance in Canada, please contact us at 1-866- 899-4849 or visit our Non-medical Life Insurance Quote Page.

Gerber Life offers
burial expense insurance.
Photo by pareeerica

 A burial expense life insurance policy is being offered by Gerber Life to potentially insured individuals age 50 or older up to age 75.

In addition, the policy can offer face amounts of $3,000, $5,000, $7,000 or $10,000 in coverage. Thankfully, there are no health questions and no medical tests and the plan has a built-in guaranteed cash value.

Gerber Life Offers a Burial Expenses Life Insurance Policy continued ...

No medical tests are
included with Union
of Canada's Protection Plus.
Photo by Montage Communications.

A non-medical life insurance policy called Protection Plus is now available from Union of Canada.

The policy is available to insured people age 45 to 75 and the amount of insurance can range from $5,000 to $25,000 of coverage. The premiums on the policy are guaranteed paid-up at the end of 20 years.

A Non-Medical Life Insurance Policy from Union of Canada continued ...

A funeral planning company
with a 'No Medical' insurance plan
Photo by Michal Osmenda

Western Life has partnered with Everest, a funeral planning and concierge service company, to offer a guaranteed issue, 'no medical' life insurance policy.

The plan is underwritten by Western Life and provides guaranteed issue coverage with no required medical tests or health questions for policy face amounts of $5,000.00, $7,500.00 and $10,000. The premiums on the policy are guaranteed to never increase and the plan itself provides lifetime protection.

‘No Medical’ Guaranteed Issue Life Insurance Plan from Everest continued ...

Photo by Ed Yourdon

Many insurance buyers don't understand the meaning of no medical life insurance. They assume that since there are no medical tests anyone can qualify, which isn't necessarily the case. Unfortunately, only some no medical plans have this perk. This is because No medical life insurance plans are generally broken down into two categories:

‘No Medical’ Doesn’t Always Mean No Questions continued ...

Burial is not only sad,
but expensive.
Photo by TheGiantVermin

The cost of burial services in Canada are significantly higher than cremation. According to canadianfunerals.com, cremation typically equals about a quarter of the cost of a burial. A decently attended burial can start at $3,000 but can run you up to as much as $15,000.

The expense is a big reason why the rate of burial in Canada has declined. According to the Cremation Association of North America, the burial rate was at 45% in 2010 and 32% in 2009, compared to 95% in the 1970s.

The cost of dying has increased right along with the cost of living over the years, which is why many Canadians are looking at life insurance to reduce their final expense cost. The life insurance approach is a very effective way to cover burial services.

The benefits are paid out tax-free and, in most instances, the coverage can be obtained for a very affordable monthly premium. Life insurance plans are generally broken down into the following three categories:

How Life Insurance Can Ease Your Burial Costs continued ...

Cemetery Angel by pareeerica

More Canadians are choosing cremation these days because of the economics of it.

Although a cremation costs significantly less than a burial in Canada, the cost of cremation can still vary widely depending on the complexity of the cremation ceremony you select, the province you live in, and the funeral home you select. According to an article on canadianfunerals.com, a direct cremation has an average cost of $700, but with an obit, service, viewing, and flowers, the average cost can jump to $2,500.

According to the Cremation Association of North America, cremation rates continue to rise steadily in Canada, from 5.89% in 1970 to 68.4% in 2009. An article from Sun Media asserts that half of those buried in 2010 chose cremation. The rise in the popularity of cremation over the years can be attributed to one thing – affordability.

At LSM Insurance, we know that many Canadians are looking at alternatives to the traditional funeral as a means of reducing their final expenses. We also know that life insurance can be a very effective strategy for covering the wide range of costs associated with cremation across the country.

Life insurance benefits are paid out tax-free and, in most instances, the coverage can be obtained for a very affordable monthly premium. Life insurance plans are generally broken down into the following three categories:

The Cost of Cremation and How Life Insurance Can Help continued ...

No matter the sickness,
you'll still qualify for this policy.
Photo by Hygiene Matters

A new non-medical simplified issue term 20 policy comes from Industrial Alliance. This policy offers face amounts from $10,000 to $100,000. The coverage provides level premiums for a 20-year period. There are no medical tests and only four health questions. It should be noted that even though there are only four health questions, these questions do have sub questions within them.

As for the plan's pricing, the following are the rates for both a 50-year-old male and female non-smoker or smoker for $100,000 of Term 20 coverage for the span of a year.

No Medical Simplified Issue Term 20 Policy from Industrial Alliance continued ...

Non-Medical policies
give you insurance
no matter your health situation.
Photo by e MagineArt com

A new non-medical life insurance plan simplified issue policy can be had through  Industrial Alliance. The policy is geared to the hard to insure market and applicants who have been declined for life insurance can still qualify. The premiums are guaranteed to never increase, but the death is limited in the first two years for non-accidental deaths to a return-of-premium plus interest.

Industrial Alliance’s Guaranteed Acceptance Coverage continued ...

You won't have to see the doc
with IA Excellence's non-medical plan.
Photo by Heipei

There's a non-medical insurance plan from IA Excellence.The plan is geared towards people who have health problems and are unlikely to qualify for traditional life insurance, as well as people who prefer being able to obtain life insurance without a medical.

The main policy features include:

1. Eligibility for insurance ages one to 80.

2. Face amounts range from $2,000 to $20,000.

3. No medical test, but there is a health declaration where you must declare your current level of health.

IA Excellence: No Medical Life Insurance Policy continued ...

What you need to know
about Medavie Blue Cross's
Access policies. Photo by Lobster Stew

The Easy Access and Preferred Access Simplified-Issue policy are two Non-medical insurance plans offered by Medavie Blue Cross. Below are details you need to know if you're considering purchasing these plans:

* Both plans are available to insured ages 40 to 85.

* Face amounts are a maximum of $35,000

* The policies provide lifetime protection and the premiums are guaranteed to never increase.

* There are a short series of health questions, but there are no medical exams.

* The plan has a built-in accidental death feature at no extra cost.

Medavie Blue Cross: Easy Access and Preferred Access Simplified-Issue Policy continued ...