In the past, if you had a medical history that left you predisposed to serious illness, your ability to purchase life insurance was limited. In fact, depending on the extent of your medical history, you may have been completely denied any form of life insurance. This could be devastating for anyone raising a young family. Just knowing that if you died unexpectedly, your loved ones would suffer great financial loss as well having to work through the mourning process, can be debilitating. However, in Canada there is now an option for people who may not qualify for a traditional life insurance plan. Life insurance plans without a medical exam are providing people with imperfect health histories the ability to provide some financial support for their surviving family members.
Nobody ever thinks they will get sick or die suddenly at an early age! That is probably why, when your brother’s friend tried to sell you life insurance when you were 22 years old, you politely said “No, thank you.” At the time, purchasing life insurance when you were young, healthy and responsible for no one but yourself seemed utterly ridiculous. Now at 38, with a wife, two young children, a mortgage, a car payment and a health history that is a bit less than perfect, you are wishing that your 22 year-old self could have foreseen your need. Luckily, you still have options. Being able to purchase life insurance without a medical exam can give you the peace of mind of knowing that your family is protected.
What Does “Without Medical Exam” really mean?
In most cases, “without medical exam” really means that there is no required doctor’s visit, urine test or blood test. However, some insurance companies may apply conditions clause, so do your research.
If having no medical exam is an important part of getting life insurance, then check out a few different insurance companies. Make sure that they honour their word, and that they truly provide life insurance without medical exam or other medical disclosure. Some insurance companies may offer policies for life insurance without a medical exam, but the potential insured is still required to disclose previous medical history, and if you have a medical history this could mean that your application is denied.
Is Life Insurance Without a Medical Exam More Expensive?
Life insurance without a medical exam can cost more than a policy that requires a proof of health. The assumption with no medical life insurance is that you may have a health history. This health history would do one of two things:
- Preclude you from qualifying for traditional life insurance.
- Cause a dramatic increase in the premiums you would have paid if you were in good overall health and had qualified for a traditional plan.
If you need life insurance, but you don’t want to have too many questions asked the increase in premium for life insurance without a medical exam is a win-win situation for you and your family.
Life insurance without a medical exam is a very valuable product. It allows people who may be considered uninsurable an option for leaving some financial support for surviving family members. This can provide the insured and the family with a sense of security and hope for the future that they didn’t have before. By providing life insurance for a person with a less than perfect health history, insurance companies are allowing those people to live without fear for the future. Worries about potential medical expenses, funeral costs and the cost of living for the surviving family members can be dismissed for peace of mind.
