There three types of insurance in Canada that have no medical exam products available – no medical exam life insurance, no medical exam disability insurance, and no medical exam critical illness insurance. These products are discussed specifically on individual pages.
The insurance industry uses a variety of terminology that frequently gets confused and mixed up with the no medical exam insurance phrase. Here are some of the different phrases and their meanings:
No medical exam insurance – life insurance that does not require a medical physical exam. Note that this type of insurance may (and normally does) require qualifying via a medical questionnaire. It’s still possible to be declined for this type of coverage.
Simplified Issue insurance - simplified issue is insurance that requires a much shorter questionnaire than regular insurance. Again, acceptance is not guaranteed and there are generally medical questions. No medical exam insurance is frequently simplified issue insurance. Some simplified issue insurance may have only 5 very general medical questions required to qualify for a policy.
Guaranteed issue insurance or guaranteed acceptance – these policies have no questions or medical criteria in order to get a policy. These policies are normally sold directly by insurance companies (i.e. not through insurance brokers) and as you might expect have much higher premiums and limited benefits.
Instant issue insurance - insurance that is in force as soon as you apply and pay. No medical exam insurance does not necessarily fall into this category as many no medical exam policies still require a review and acceptance by the insurance company.