The best life insurance companies for no medical applicants are Canada Protection Plan, Humania and PolicyMe.
No medical can be referred to as guaranteed acceptance life insurance, accelerated issue life insurance or simplified issue life insurance.
These policies are suited for people that have been denied coverage before, have health issues or are senior in age.
No medical policies are much pricier than "traditional" underwritten coverage, like term life insurance.
No medical vs. traditional life insurance policies: cost comparison
The industry average rate for an applicant with pre-existing conditions, for $500,000 in coverage for someone aged 40 starts at:
$42.75 per month for a woman
$56.70 per month for a man
Policies that don't require a medical exam often cost much more because the insurance companies won't know much about your health and the “risk” they're taking on.
On the other hand, traditional underwritten policies (i.e. term or whole) can offer better coverage and lower costs. And you may not need to do a medical exam. Let's compare no medical life insurance and term life insurance quotes:
See how much you could save by going with term life insurance. Get a quote in just a few clicks – your rate might surprise you!
Best no medical life insurance companies in Canada
Let's review the best life insurance companies with no medical options in Canada, along with tips for choosing the right company and policy for you.
Canada Protection Plan no medical life insurance
Canada Protection Plan (CPP) is the leading insurer for no medical life insurance in Canada.
They have a big variety of guaranteed acceptance and simplified issue products. But no medical life insurance is much more expensive compared to standard term policies.
Canada Protection Plan's two main categories of no medical life insurance plans are as follows:
Term life insurance:
Deferred Elite Term Life: Up to $350,000 in coverage. For people with serious health conditions.
Simplified Elite Term Life: Up to $500,000 in coverage. For people with good health but with a high risk hobby or occupation.
Express Elite Term Life: Up to $750,000 in coverage. For people in good health that need coverage within a day.
Preferred Term Life: Up to $1,000,000 in coverage. For people in relatively good health.
Preferred Elite Term Life: Up to $1,00,000 in coverage. For people in good health that don't need urgent coverage.
Permanent life insurance:
Guaranteed Acceptance Life: Up to $50,000 in coverage. Anyone who applies will be approved.
Deferred Life: Up to $75,000 in coverage. Accumulates cash value.
Deferred Elite Life: Up to $350,000 in coverage. For those with less-serious health conditions.
Simplified Elite Life: Up to $500,000 in coverage. For those in good health.
Pros and cons of Canada Protection Plan's no medical life insurance policies
Pros of Canada Protection Plan's no medical policies
Lots of options: Both term and permanent options for even hard-to-insure applicants.
Some policies have cash value: Policies tend to accumulate cash value starting in the fifth year.
Refund on premiums: Beneficiaries can get a refund on premiums paid plus three per cent interest if you pass within two years.
Cons of Canada Protection Plan's no medical policies
Waiting period: Beneficiaries can't make a claim on the policy if you pass within two years.
Not for everyone: Good option for the elderly and other hard-to-insure groups. If you're young and healthy, this is likely not the right coverage for you.
PolicyMe Term Life Insurance
PolicyMe term life insurance is a good option for minimal health questions, with a 26-question application.
You'll know instantly if you're approved, declined or if we need more information. This may be a note from your doctor or a quick health exam.
Our term policies are also more affordable because they're risk-assessed and backed by insurance giant Canadian Premier. And our premiums are around 5-10 per cent cheaper than similar policies on the market.
Pros and cons of PolicyMe Term Life Insurance
Pros of PolicyMe Term Life Insurance
Affordable: PolicyMe offers some of the best life insurance rates in Canada.
Fast approval: All online applications get an instant decision.
Great coverage options: $100,000 to $5M in coverage, for terms from 10 to 30 years.
Easy application: Fully online process. Dynamic application only asks for medical information we need, no more, no less.
Free child coverage: $10,000 in free child coverage with each policy – for every child.
Couples discount: Couples who apply together get a 10 per cent discount in the first year.
No upselling: Our non-commissioned advisors are available seven days a week to give advice via email or phone. Speak to them with no pressure to buy.
Renewals: Enables customers to renew their coverage annually without another application or health exam.
Cons of PolicyMe Term Life Insurance
You may need a health exam: But only 22 per cent of our applicants were referred for a follow-up like a medical exam.
No whole life insurance: We believe most Canadians need life insurance for a specific time in their lives, so we don't sell whole life. However, the option to convert your term policy to permanent life insurance is coming later this year.
Here's why you might want to start the life insurance process with term:
Humania Insurance Without Medical Exam
Humania, an insurance company from Quebec, offers Insurance Without Medical Exam. This product asks just six eligibility questions online and is issued immediately.
Pros and cons of Humania Insurance Without Medical Exam
Pros of Humania Insurance Without Medical Exam
Coverage options: Get from $5,000 to $300,000 in coverage for a 10, 20 or 100-year policy.
Policy bundling: Can include life insurance, critical illness and disability insurance. Sign up for up to five total.
Renewals: Guaranteed up to age 80.
Convert to permanent: Up until age 65.
Cons of Humania Insurance Without Medical Exam
Policy exclusions: No death benefit for a pre-existing condition for one to two years. More stringent than others on the market.
Limited conversion potential: Limit of age 65 to convert to permanent life insurance.
Lacks information online: Difficult for customers to do their own research on their website.
Sun Life Guaranteed Life Insurance
Sun Life Guaranteed No Medical Life Insurance is a guaranteed acceptance life insurance product with coverage for your entire life (can also be called guaranteed issue life insurance). While Sun Life is one of the biggest life insurance companies in Canada, this product is not their specialty.
Pros and cons of Sun Life Guaranteed No Medical Life Insurance
Pros of Sun Life Guaranteed No Medical Life Insurance
No health exam: No health questions, no health checks, no health exams.
Guaranteed acceptance: Guaranteed to qualify no matter your health and even if you have pre-existing health conditions.
Get covered right away: Get instant coverage upon submitting your application.
Cons of Sun Life Guaranteed No Medical Life Insurance
Less coverage options: You can only get $5,000 to $25,000 in coverage, and there are only 10 to 20-year term options.
Waiting period: Claims can be limited if you die within the first two years of your policy being, with an exception for accidental death.
Exclusions: Read the fine print of your policy closely. Sun Life will not pay out in certain instances.
Cover Direct Life Insurance is a life plan that renews every year. They ask about 12 health and lifestyle questions over the phone but there are no medical exams or blood tests.
Because Cover Direct's policies renew yearly, you can't lock in your premiums. The premiums start off cheap and get more expensive every year.
This is because Cover Direct is not fully underwritten (not risk-assessed); they take on more risk not knowing your full health profile, so they charge you more.
Pros and cons of Cover Direct Life Insurance
Pros of Cover Direct Life Insurance
Decent coverage options: You can get up to $1.5M in coverage depending on your age.
Fast: If you're looking for life insurance ASAP, Cover Direct fits the bill.
Cons of Cover Direct Life Insurance
Affordable … at first: Prices start at $9.28 per month but they go up every year.
Phone only application: Everything's done over the phone with an advisor. No online application option.
UV Insurance Simplified Issue Life Insurance
UV Insurance is a small insurance company based in Quebec that specializes in group coverage (life insurance you get through work). Their simplified issue policies are one of their relatively new life insurance products.
Pros and cons of UV Insurance Simplified Issue Life Insurance
Pros of UV Insurance Simplified Issue Life Insurance
Lots of extras: Large range of riders to add onto your policy (i.e. accidental death, critical illness, child rider, etc.)
Transparent website: Lots of documentation on their website to compare term and permanent life insurance policies, along with add-ons you can choose.
Cons of UV Insurance Simplified Issue Life Insurance
Hard to get a quote and apply: No way to apply or get a quote easily online. Must call an advisor.
Coverage limits: More stringent coverage caps than other competitors, especially for their "express issue" option.
Empire Life Guaranteed Life Protect
Empire Life is a century-old insurance company based in Canada with a variety of life insurance products. As the name suggests, this policy is guaranteed acceptance life insurance (or guaranteed issue life insurance).
Pros and cons of Empire Life Guaranteed Life Protect
Pros of Empire Life Guaranteed Life Protect
Cash surrender values: Option to borrow cash from your policy after the fifth year.
Preferred smoker rates: Possibility to get a better rate on your insurance policy than you would elsewhere as a smoker.
Cons of Empire Life Guaranteed Life Protect
Restrictions on waiting period payout: Most providers return premiums paid if policyholder passes within two years. Empire Life has exceptions to this.
Non-competitive prices: Cost of no medical life insurance products are higher than other alternatives on the market.
What companies offer the most life insurance coverage without a medical exam?
The maximum life insurance coverage you can get without a medical exam ranges from $1M-$2M, depending on your age. Most life insurance companies in Canada will put an age cap on the available coverage without a medical exam.
For example, PolicyMe's maximum possible death benefit without a medical exam is:
Ages 18-50: $1,000,000
Ages 51-60: $500,000
Get a quote for a term policy in seconds, apply in minutes and find out if you've been approved right away (or if we need more information!).
Here's a further breakdown of the insurance companies with the maximum coverage amount by age group:
That's not to say that you're necessarily guaranteed to get that coverage amount. These are just the maximum possible death benefit amounts available without required medical exams.
Do you have to do a medical exam to get life insurance?
Not every life insurance applicant needs to get a medical to get their policy approved.
If you apply for term life insurance through PolicyMe, you might have to undergo a medical exam. In your application, you’ll be asked a series of medical questions related to your history and lifestyle.
Most will be approved without having a medical exam if they're:
A Canadian citizen or permanent resident.
Of average health for their age and gender.
Between 30 to 50 years old and looking for a policy under $1M.
Between 50 to 60 years old and looking for a policy under $500,000.
Can I be denied a no medical life insurance policy?
Guaranteed acceptance life insurance policies approve anyone regardless of their medical history. But there are other no medical life insurance policies that can deny applicants, like simplified issue life insurance.
Even if you're approved, sometimes no medical policies some with such heavily restricted coverage (lower death benefit amounts) and expensive premiums that they don't make financial sense for you to take on.
If you choose no medical, evaluate the coverage, premiums, and terms carefully to ensure it covers your family's life insurance needs.
What can disqualify me from no medical life insurance policies?
What disqualifies you from no medical life insurance differs from company to company. It can be as simple as not being a permanent resident or Canadian citizen.
Before disqualification, they'll vet your application with some kind of medical review. A medical review is just a questionnaire instead of an exam or interview to get an idea of your medical history. Based on your responses, you can still get denied by no medical life insurance providers.
FAQ: Best guaranteed no medical life insurance Canada
How does no medical life insurance work?
No medical life insurance works by letting applicants skip a medical exam, but they come at a much greater cost when comparing quotes to traditional life insurance providers.
Although no medical life insurance might appeal to lots of people, it's best for those who don't qualify for a standard life insurance policy.
No medical life insurance is a good choice for Canadians who have:
A chronic illness (e.g., heart disease, diabetes, or cancer)
A family history of severe health issues
Substance use problems
A dangerous job or hobbies
No medical life insurance is used to:
Cover final expenses like funeral costs, which can cost thousands of dollars
Leave some financial support for your children or grandchildren
Cover any end-of-life medical expenses
When should I buy a no medical life insurance policy?
The best time to get any type of life insurance is as soon as possible. As you age, your premiums will increase. The longer you wait to apply, the more expensive your policy will be. And if you have people in your life who rely on your income, it's worth it.
No medical is also a good option for those needing coverage quickly or those that want to skip a medical exam because of health concerns. But if you're in good health and can qualify for a traditional life insurance policy, it may be more cost-effective in the long run. Ultimately, the decision of when to buy a no medical life insurance policy depends on your individual needs.
Should I get no medical life insurance if I’m healthy with no pre-existing conditions?
In general, you shouldn't get no medical insurance if you are healthy without pre-existing conditions or a family history of health conditions. But you can if you're willing to pay premiums that are almost double to avoid the nurse visit. But in most cases, shoot for the best with regular life insurance and, if it doesn't work out, you always have other options.
While this is ultimately a personal decision, it's important to know exactly what no medical insurance means for your premiums and coverage.
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