When it comes to finding the right life insurance in Canada, there are plenty of options. Depending on your health, age and living situation, however, the options can become fewer and fewer, which is why many people are looking to no-medical life insurance. Canada has many different brokers that offer this kind of life insurance, which requires considerably less underwriting compared to many other policies.
What is underwriting?
In the insurance world, underwriting is the practice of assessing the risks of insuring an applicant. This can include many different tests, usually performed through interviews, that can help an underwriter and insurance provider figure out what coverage is best for the applicant.
Underwriting is extremely beneficial for all parties involved. For applicants, it helps insurance providers offer the right policies that match the situation for their clients. For the providers, it can help them insure people responsibly without taking considerable financial risks.
Underwriting comes in multiple types, which include:
- No-medical: While called “no-medical,” this policy, unless it is guaranteed issued, has a questionnaire that asks about a person’s medical history and current health. These can be long or short questionnaires depending on the coverage requested and the age of the applicant.
- Paramedical: Paramedical underwriting is a medical examination, usually performed by a nurse in the comfort of the applicant’s home. The nurse may take height and weight, draw a blood sample and other simple medical tests.
- ECG: Depending on the applicant, an ECG may also be required as part of the underwriting process. An ECG can detect many heart health issues, including defects, irregular heartbeats and damage to the heart.
- Inspection report: For very high coverage amounts, an inspection report may be required. This is usually a short phone call that enquires about personal information related to the applicant’s health, business and finanical
- Motor vehicle record: This is a record of an applicant’s driving record, including everything from speeding tickets to hit-and-runs or records of driving under the influence.
- Cognitive test: Exclusively for long-term care insurance, this is a phone call interview that assess the client for any potential cognitive impairment.
Reasons to Opt for No Medical
With many different tests and underwriting requirements happening for policies today, many people have simply opted to go for no-medical life insurance policies. These policies, while sometimes more expensive, allow participants to not go through the usual underwriting process and instead skip ahead to get life insurance coverage faster.
People opt for life insurance with no medical exam in Canada for many reasons, including:
- Speed: When you get life insurance in Canada with no medical exam, you can get coverage much faster.
- Privacy: Many people who opt for no-medical life insurance in Canada do so to protect their privacy and to avoid the invasive nature of some types of underwriting. By going for no-medical, they can avoid the tests that they do not want to take.
- Numbers: Many people seeking no-medical life insurance are doing so because their policies would be too expensive otherwise. This option allows people with medical situations or vulnerabilities to still get some coverage without breaking the bank.
No-medical life insurance, in Canada in particular, is becoming more and more popular for a number of reasons. It can help people get some coverage while making sure that they do not have their privacy invaded by myriad underwriting tests. If you are looking for a cost-effective life insurance policy, then be sure to reach out to No Medical Life Insurance to see what kinds of benefits are involved. With the right broker helping you, your next policy could be perfect for you and your future.
More information about this special type of insurance is available at nomedicallifeinsurance.ca