April 2023 – 15 min read
No medical life exam insurance is exactly what the name implies: It’s life insurance where you don’t have to undergo a medical exam to get coverage.
Medical exams help insurance companies manage the risk of insuring someone. A medical exam gives them a full picture of your overall health, which means they’re able to make a more accurate assessment of how “risky” you are to insure.
The biggest advantage is that you don’t have to deal with the hassle (and sometimes needles!) of a medical exam. This can also mean that approval times for coverage are quick and can even be instant in certain situations.
Because these policies aren’t based on specific risk profiles, premiums might be higher and coverage limits lower than in some situations than you’d pay for a life insurance policy that requires a medical exam. For instance, if you’re young, healthy and don’t work in a high-risk job, you might get a better deal – lower premiums and more coverage – by looking into a life insurance policy with a medical exam.
You might consider a no medical exam life insurance policy if:
- You have severe anxiety around medicalized situations, like a phobia of needles
- You have certain pre-existing health conditions
- You’re older when you’re applying for life insurance
- You work in a high-risk job, or have high-risk hobbies like skydiving
Think about your current situation – including your age, health and lifestyle, and decide whether no medical exam life insurance makes sense for you
If you’re not sure, speak to a licensed professional who can look at your unique needs
If you have workplace benefits, check to see if your employer offers no medical exam life insurance
If you have workplace benefits with Canada Life, you may be eligible for portable no medical exam life insurance. Check your online account to see if you are eligible
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. Full details of coverage, including limitations and exclusions that apply, are set out in the certificate of insurance provided on enrollment policy of insurance.