What Is The Best No Medical Life Insurance in Canada?

^{This page provides general information about no medical life insurance. For some applicants, a fully-underwritten life insurance policy from PolicyMe makes a sensible, affordable alternative (though a majority of applicants don’t require a medical exam). All information provided here is for educational purposes only and should not be considered financial or legal advice.
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What is the best no medical life insurance in Canada?

We’ve reviewed over 20 of the best life insurance companies in Canada, and found Beneva, Canada Protection Plan, IA (Industrial Alliance) and UV Insurance to be the top contenders. 

No medical life insurance covers policies with an eligibility questionnaire (also known as simplified issue) and those that accept all applicants (also known as guaranteed issue). Both tend to carry high premiums.

Applying for fully underwritten life insurance first can yield big savings, and even if you’re rejected, it won’t affect your application for a no medical product later.

^{* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 10-year no medical term life insurance policy with $50,000 of coverage.
** Figures show the approximate monthly cost for a 30-year-old female non-smoker seeking a no medical permanent life insurance policy with $50,000 in coverage.}

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Best no medical term life insurance in Canada

^{* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 10-year no medical term life insurance policy with $50,000 of coverage.}

Term Simplified by Beneva

Term Superior+ Express/Immediate by UV Insurance

Simplified Elite Life by Canada Protection Plan

^{*We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between 30-44 shopping for a 10-year no medical term life insurance policy with $50,000 in coverage.}

Best no medical permanent life insurance in Canada

^{* Figures show the approximate monthly cost for a 30-year-old female non-smoker seeking a no medical permanent life insurance policy with $50,000 in coverage.}

Access Life L100 Immediate Plus by Industrial Alliance

Simplified Whole Life by Beneva

Guaranteed Issue Term 100 Life by Manulife

^{* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a 30-year-old female non-smoker shopping for a no medical permanent life insurance policy with $50,000 in coverage.}

Best alternative to no medical life insurance

Many Canadians qualify at standard rates, even with some pre‑existing conditions. Even a mild rating often costs less than simplified or guaranteed issue. 

Before opting for a simplified or guaranteed issue policy, it’s worth applying for a fully underwritten policy or one with accelerated underwriting. Around 96% of Canadians qualify for the coverage they apply for at standard rates. 

Term life insurance by PolicyMe

TL;DR

Unless you’ve already been rejected, there’s no reason to apply for no medical life insurance except convenience. PolicyMe makes it easy to find fully underwritten term life insurance at an affordable price with a 100% online application process. Most applicants under age 50 qualify for instant coverage options up to $2 million with no medical exam.

What is no medical life insurance?

“No medical life insurance” refers to any life insurance policy that doesn't require a medical exam. There are two types of plans under the no medical umbrella:

• Simplified issue life insurance requires no medical exam, but may include a short medical questionnaire.
• Guaranteed issue life insurance requires no medical exam or questionnaire.

Medical exams and questions are part of the underwriting process insurance companies use to assess risk. Think of it as a scale from the most thorough to the least thorough screening process: fully-underwritten is at one end, guaranteed life insurance is at the other, and simplified life insurance falls somewhere in between.

With no medical life insurance, even if you have pre-existing medical conditions or are concerned about the results of a medical exam affecting your eligibility, you can still secure life insurance protection for yourself and your loved ones.
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Simplified vs. accelerated underwriting

In between simplified and fully underwritten life insurance, there’s a third type of underwriting that can eliminate medical exams for some applicants. Accelerated underwriting employs technology, algorithms, and predictive modeling to evaluate applicant risk with less invasive procedures, such as blood and urine draws, than traditional underwriting requires. It’s a more accurate way of predicting mortality than simplified underwriting, and it carries premiums nearly as low as those achieved through full underwriting.

Accelerated underwriting is the method PolicyMe uses to estimate applicants’ risk. Through PolicyMe’s accelerated underwriting, more than 60% of applicants qualify instantly for coverage with no medical exam.

Who is no medical life insurance for?

No medical life insurance can be a great option for Canadians with an urgent need for coverage who have pre-existing conditions or high-risk lifestyles, including:

• People with a family history of health conditions, such as stroke or heart disease
• People living with cancer or cancer survivors 
• People who engage in extreme sports
• People who travel to high-risk destinations
• People with a history of dangerous driving or criminal behaviour
• Seniors from age 50-75

When you pass away, your beneficiaries will receive a lump sum, tax-free death benefit equal to your coverage amount. Depending on the amount of coverage you chose, that benefit can be used to cover everything from funeral expenses and estate taxes to ongoing living expenses for your loved ones.

The catch: Simplified issue and guaranteed life insurance can cost anywhere from a few dollars more per month to 2–3x the cost of fully underwritten life insurance plans. Depending on the premiums you qualify for, the cost of no medical life insurance may not be worth it for everyone. 

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Weigh your options

Don’t let the fear of high premiums discourage you — life insurance often costs far less than Canadians predict. But if you’re rejected by multiple insurance providers, treat guaranteed life insurance as a last resort.

How much does no medical life insurance cost?

The cost of life insurance with no medical exam required depends heavily on your individual risk level, the type of life insurance you’re applying for, as well as key factors like your age and sex assigned at birth. 

For example, the policies we’ve highlighted above cost between $11/month and $39/month for healthy, non-smoking females between 30 and 44 years old. But older Canadians, anyone assigned male at birth, smokers, and those with serious health conditions may face much higher premiums for the same coverage. 

In general, you can expect guaranteed issue life insurance to cost more than other types of coverage. Since guaranteed issue policies involve no individualized risk assessment at all, they essentially assume the worst and price your coverage as though you carried the maximum level of risk. Simplified issue plans, on the other hand, typically sort applicants into risk tiers based on their overall mortality risk. Those with minor health issues may pay less than those with serious conditions. 

Do I need no medical life insurance?

No medical life insurance is an attractive option because it foregoes medical exams and offers a simplified application process. With PolicyMe term life insurance, healthy Canadians can hold onto these advantages while enjoying the discounts of a fully-underwritten policy.

PolicyMe’s online application process typically doesn’t require a medical exam or extensive medical tests. It takes 20 minutes or less to complete the 26-item questionnaire, and you’ll know instantly if you’re approved, declined, or if we need further information (like a doctor’s note or nurse visit).

With a term life insurance policy from PolicyMe, you’ll be covered for 10-30 years with up to $5 million of coverage at a lower price than no medical insurance.

Can I be denied a no medical life insurance policy? 

As the name suggests, guaranteed issue life insurance accepts every applicant, regardless of their age, health, and medical history. You can’t be denied for this type of policy if you apply and pay your premiums. 

Simplified issue life insurance usually uses a short questionnaire to determine eligibility. These policies do come with a risk of rejection if you don’t meet underwriting eligibility criteria. 

For example, the life insurance companies mentioned above may refuse applicants who:

• Cannot independently bathe, feed, dress, and otherwise care for themselves
• Exceed height and weight restrictions
• Have a history of driving accidents or criminal misconduct
• Have a history of suicide attempts
• Have been diagnosed with or experienced symptoms of cancer, epilepsy, congenital heart defects, and other medical conditions
• Recently completed a stay in a hospital, nursing home, psychiatric facility, or other health-related facility
• Recently experienced a heart attack, stroke, or an illness or injury that caused them to miss work for two weeks or more
• Recently underwent bariatric surgery

Even if you're approved, the no medical policy in question may include so little coverage and such high premiums that it doesn’t make financial sense to take on. What’s the point of paying for a policy that doesn’t meet your life insurance needs?

Next steps: ready to start looking for life insurance?

1. Assess your familial and financial situation to determine how much life insurance you need.
2. Use a life insurance calculator to find the right amount of coverage for you.
3. Decide between term life or permanent life insurance.
4. Shop around to compare companies and find affordable life insurance quotes.

FAQ: Best no medical life insurance in Canada

‍^{The prices listed in this article have been researched and fact-checked with both internal and external sources. Prices are based on publicly available rates.}

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

• Best life insurance in Canada
• Biggest life insurance companies in Canada
• Best bank owned life insurance
• Best term life insurance in Canada
• Best whole life insurance in Canada
• Assumption life insurance review
• American Income life insurance review
• Beneva life insurance review
• Canada Protection Plan life insurance review
• Costco life insurance review
• Desjardins life insurance review
• Equitable life Insurance review
• Foresters life insurance review
• Humania life insurance review
• Industrial Alliance life insurance
• Ivari life insurance review
• Manulife life insurance review
• PolicyMe life insurance review
• Primerica life insurance review
• UV life insurance review

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