No medical tests are required
for Guaranteed Life Insurance.
Photo by Montage Communications
Guaranteed Issue life insurance always seems like the most no fuss insurance choice for those who hear about it for the first time.
The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums are quite high.
The best fit for these type policies are individuals who have very serious health issues and are unable to qualify for Simplified Issue or traditional life insurance policies. Simplified Issue life insurance policies also have no medical tests and have anywhere from three to 12 health questions. These policies can have an immediate payout, but the face amounts are also lower and the premiums are also higher than traditional life insurance policies.
Traditional life insurance policies have a full range of health questions and -- depending on the insured's age -- a series of health tests, such as urine sample or blood test.
However, the face amounts on these policies can be up to 20 times the insured's income and the premiums are lower than simplified issue plans and significantly lower than guaranteed issue policies.
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.
Is it possible to approved for a tradition life insurance policy if you have a chronic medical condition such as asthma?
You can expect to be approved for standard rates for traditional life insurance if your asthma is minimal or mild. If your condition is more serious, the insurance underwriter will most likely investigate further with an Attending Physician Statement (APS) from your doctor.
They will likely look into details such as the time of day and frequency of your asthma attacks, the type of medication you take and any other concurrent impairments you may have such as COPD, psychiatric disorder, alcohol abuse, CAD, etc.
Some other things that the underwriter will look into is your results from any recent pulmonary function tests or details of any asthma related hospitalizations. A typical premium rating for asthma can be anywhere from 150% to 250% for moderate cases and possibly a decline for more severe cases.
Hopefully that helps answer your question, Thanks!
Hi, information provided by you on non-accidental insurance and accidental is good.
Thanks.