Have you applied for traditional insurance but been turned down? You’re not alone. There are many reasons you could be turned down from a preexisting condition to your age. Until recently you’d probably be out of luck. Luckily there’s a relatively new product that can help protect you and provide for your loved ones.
Let’s take a look at no medical life insurance and when you might consider it.
What is No Medical Insurance?
Sometimes you don’t fit into the cookie cutter qualification criteria to qualify for traditional life insurance, disability insurance and critical illness insurance, but don’t despair. As mentioned, there’s an another insurance product that may be able to help protect you called no medical insurance.
No medical insurance is a special insurance policy. It’s not about not having any insurance coverage. That would be risky. It’s about protecting yourself with a different type of insurance.
Unlike a traditional insurance policy, you don’t have to go through the hassle of a medical exam. (No need to give blood or bodily fluids.) There are even some policies out there where you don’t have to answer any questions about your medical history. In a nutshell, this makes it a lot easier to qualify for insurance than a traditional policy.
Similar to traditional insurance, no medical insurance comes in different types, including life, disability and critical illness to meet all your insurance needs.
Why Apply for No Medical Insurance?
The main reason you’d apply for no medical insurance is that it’s a lot easier to qualify compared to a traditional policy. Most people don’t initially choose to apply for no medical insurance as a first choice. But it shouldn’t be seen as an insurance of last resort. It still can provide you with the protection that you and your loved ones are looking for.
Being in poor health is one reason you might seek out no medical insurance. Let’s say your health takes a turn for the worse and you don’t have any insurance coverage. Getting insurance coverage after the fact can be tough if you suffer from cancer or diabetes. That’s where no medical insurance can help fill the void.
Likewise, if your employer’s insurance policy lapses when you switch jobs, you may no longer be able to qualify for traditional insurance. That’s when no medical insurance can help.
Another instance where no medical life insurance can come in handy is if you’re a senior. The older you get, the more likely you are to pass away. If you’re in your 70’s or 80’s and in poor medical condition, you may have a tough time getting life insurance for seniors. That’s when no medical insurance can help.
How Much Does No Medical Insurance Cost?
It shouldn’t come as a surprise that no medical insurance costs more than traditional insurance, but it only makes sense since you’re more likely to make a claim.
It’s important to shop around when you’re looking for no medical life insurance. The cost between insurers can vary a lot. Some insurers may specialize in providing no medical insurance for those with preexisting conditions, while others specialize in providing seniors life insurance Canada.
By shopping around you can help ensure you’re getting the best insurance policy for your family and you.
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.