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No Medical Life Insurance in Chilliwack

Written by Shelter Bay

No Medical Life Insurance in ChilliwackNo Medical Life Insurance in Chilliwack

Living in Chilliwack, B.C., you probably love being in the country with beautiful farms, lakes and rivers but also near enough to Vancouver for if you want to see a show or major sporting event.

You may also like the idea of getting life insurance but not want to deal with medical exams of finding a life insurance broker that can deliver quality independent advice.

No Medical Life Insurance – The Perks

No medical insurance means exactly that – you can purchase a life insurance policy without having a medical exam. With everything being so complicated in life, and even more so with the different types of life insurance products, it’s a relief to be able to benefit from this simple process.

Since there is no medical exam, another benefit is that it only takes a few days to process.

There are two types of no medical life insurance in Chilliwack. One asks you a few standard medical questions (simplified issue) and the other one doesn’t (guaranteed issue). The one with medical questions has some perks that the other product doesn’t, and we will address the pros and cons later in this blog.

You should be able to answer ‘no’ to most, if not all, of the questions for simplified issue in order to qualify. If you can’t answer no to most of them, you should look into guaranteed issue insurance. Both plans are designed to ensure those that hate medical exams, along with those that are difficult to insure, can get some level of coverage.

For simplified issue insurance, the questions aren’t exactly the same on every application (some companies have more than four questions) but below is a sample of common questions:

  • Do you smoke?
  • Do you reside in a long-term-care institution or a hospital?
  • Have you been diagnosed as terminally ill?
  • Do you have AIDS or HIV?

One more benefit with no medical life insurance is the underwriting process is broader, so more people qualify for it than for traditional life insurance.

Pros and Cons of No Medical Life Insurance

Simplified Issue (Short Questionnaire)

Pros:

  • The face value of the policy (death benefit) is available immediately after the policy is issued
  • It is cheaper than guaranteed issued
  • You can purchase insurance from $25,000 to $300,000

Cons:

  • Higher premiums when compared to traditionally underwritten life insurance policies

Guaranteed Issue (No Questionnaire)

Pros:

  • You’re guaranteed to be covered with life insurance protection

Cons:

  • Your benefits are graded. This means if you die within a set amount of time, your beneficiary will only receive a portion of the death benefit, or the premiums will be returned
  • It is the most expensive type of life insurance
  • Coverage ranges from $5,000 to $25,000 – which is lower than most policies, but still enough to offset costly end-of-life and funeral expenses

You Still Have to Shop Around

Even with the simplicity of no medical life insurance products in Chilliwack, you should still shop around. As with traditional life insurance products, there is competition. Even though rates are higher, you still need to compare prices among insurance carriers to get the best benefits and premiums.

At Shelter Bay Financial Corp., we’re focused on finding our clients the best life insurance products at the best rates. We will help you find a no medical life insurance policy and you don’t even have to leave your house. We offer all our services online or by telephone.

We use screen share technology for the application process so you can see our computer screen and the application we are completing together.

To learn more, please call us toll free at 1.888.498.5288

Shelter Bay Financial Corp
Shelter Bay Financial Corp

Life & Health Insurance brokers working for Canadians

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