Whether a person is single or has a family,.every Canadian should have life insurance coverage. When you have life insurance coverage, you ensure financial security for loved ones by leaving them a financial gift as well as avoid leaving a burden of debt to your family due to outstanding bills and final expenses. Unfortunately, not every Canadian is accepted for traditional life insurance coverage. In these situations, No Medical Life Insurance Coverage becomes an option for Canadians looking for financial security.
If you are hard to insure, an elderly senior, have previously been denied traditional life insurance coverage, are nervous about medical exams or needles, no medical life insurance coverage is worth exploring. By simply answering a few questions on an application, no medical life insurance coverage is easy to obtain, often in a matter of days or less. This type of insurance allows you to get the coverage you need, even if you have health conditions. And, best of all, there are no medical exams, medical tests, or medical reports required.
Because there are various life insurance companies in Canada offering no medical life insurance coverage, it is important to learn what each company offers with their no medical life insurance coverage. For instance, there are no medical policies referred to as Simplified Issue in which you are asked health questions ranging from about 3 to 12.. Leading simplified issue life insurance companies include Industrial Alliance, Assumption Life, Wawanessa, Canada Protection Plan,and Equitable Life.
There are Guaranteed Issue life policies available to Canadians. Smaller coverage amounts are offered with these policies and they cost more. They also have a limited death benefit. This means if the insured person passes on in the first two years by a no- accidental death, the pay-out is limited to a return of the premium. The great advantage of using an online no medical life insurance broker is they have established good working relationships with the leading insurance carriers to get fair prices on policies.
If you have a family, it is important to make sure they are financially covered for such expenses as: day-to-day expenses, loans, mortgage, and education. With no medical life insurance coverage, your acceptance is guaranteed if you are a Canadian Citizen or Permanent Resident/landed immigrant. There is also the benefit of flexible coverage amounts such as $3,500, $5,000, $10,000, $15,000, $20,000 and $25,000, and higher. The flexible coverage amounts allows you to choose an insurance policy that fits your particular needs and budget.
With no medical life insurance coverage, your policy can never be cancelled or changed, and your premiums will never increase. You just have to make sure you always pay your premiums.As well, you can get coverage if you have certain health conditions such as: heart attack, stroke, anemia, high blood pressure, high cholesterol, Diabetes, depression, and more, depending on the conditions outlined in the specific policy.
There are many benefits to getting no medical life insurance coverage. It ensures that dependents and loved ones will not be financially burdened by final expenses and other expenses. No medical life insurance proceeds can be used to pay off your debts. As well, it allows you lo leave a legacy to your loved ones. No Medical Life Insurance Coverage gives Canadians peace of mind.