No Medical Life Insurance

All You Need to Know About No Medical Life Insurance In 2022

Insurance companies have strict criteria for life insurance policies. No Medical Life Insurance can help you secure an insurance policy without a medical exam. Usually, the insurance company will ask for a medical exam to ensure you’re not at risk of disease or have a history of drug or alcohol abuse. If you’ve been denied life insurance for any reason, this is where no medical life insurance can come in.

You don’t have to undergo a medical examination or worry about being denied life insurance because of a pre-existing medical condition. There are many benefits to purchasing a no medical life insurance plan, one of which being that you do not have to pay higher premiums just because you have a health condition, particularly if you work with an experienced individual life insurance broker like Shelter Bay. We can guarantee that you will not end up having to pay a fortune or having to wait a long time to be accepted by an insurance company.

Ending The Stigma Around Purchasing Life Insurance Policies

While it’s definitely difficult to think about for many, there comes a point in your life where you should think about getting life insurance. There’s no doubt about it: there is a lot of unnecessary stigma around purchasing life insurance. That’s why we’re here to ensure that there is real value in purchasing this insurance product, but more importantly, we want to reduce the stigma around it and help Canadians with realizing that they are making a great decision for their future and for their families. We’ll also be discussing the differences between no medical life insurance and simple life insurance.

Here are the top five myths around life insurance and why they simply just aren’t true:

Myth # 1: Life Insurance Is Just For Seniors

No, life insurance policies are definitely not just for seniors. In fact, you can actually purchase a life insurance product when you turn 18. No matter your age, there is the right life insurance policy for you but finding the right one for you will depend on what stage of life you’re at and if you have a medical condition. The older you are, the more expensive your policy will be, so it may actually be better to invest in a policy when you’re younger and have fewer health issues.

Myth #2: It’s Too Expensive

There are many different kinds of life insurance packages that will all have different prices, therefore, there is a policy that can work well within your budget. Depending on the lender, you may also have the option of paying either monthly or annually. The cost will vary depending on a few factors such as age, gender, medical conditions and if you smoke or not, but paying monthly still won’t make you break the bank. You can actually end up paying as little as $13 per month.

Myth # 3: It’s Only Needed If You Have Children

While life insurance policies can definitely help protect your children after your passing, this myth isn’t true. Life insurance is for anyone. Even if you don’t have children, there are still many benefits to purchasing a life insurance policy, particularly if you have a spouse that passes away unexpectedly or due to an illness. Your policy will help you pay for outstanding expenses due to loss of income. It can also be incredibly helpful for business owners who don’t have children to pass their legacy down to.

Myth # 4: You Can’t Qualify If You’re A Smoker

Is it true that your policy costs can increase if you’re a smoker? Yes, but that doesn’t mean you can’t qualify for life insurance in general. Even if you’re a smoker, there are still policies that you can sign up for that are affordable. This is where no medical life insurance can come into play, but we’ll get into that more later!

Myth # 5: It’s Too Difficult & Time-Consuming

Purchasing a life insurance policy doesn’t have to be difficult, especially if you work with an independent insurance broker like Shelter Bay. Rather than working for one company, we have access to a variety of packages from various trusted lenders across the country. This means we can shop around for the best rate and the best coverage options for your needs.

The Different Kinds of Life Insurance

While there are two main types of life insurance plans as mentioned above, there are different varieties of plans within those main types that you can choose from. The names of the life insurance plans may seem straightforward, but we’ll go into more detail about them below so you can continue to make a well-informed decision:

Permanent Life Insurance

This type of life insurance plan is exactly how it sounds: permanent. Meaning, it provides lifelong coverage. While this is typically a more expensive plan because it lasts for the duration of your life, it can build a high, tax-free cash value that you can borrow against overtime, or just let it continue to build slowly over the years.

Below are the different varieties of permanent life insurance policies: