One of the biggest hurdles to finding life insurance always has and always will be the barrier of good health. To insurance providers, a clean bill of health is a necessity to qualify for many so-called “traditional” life insurance plans – the plans that often demand full underwriting with a doctor’s visit and blood test.
You can’t control your health, but you can control how you approach life insurance – specifically by considering No Medical Life Insurance, which can offer coverage even if you suffer from these below conditions.
#1: High Blood Pressure
High blood pressure is chief among health problems in Canada in part because its roots causes are often traced to lifestyle problems, and because it’s a leading cause of heart attack, stroke, and cardiovascular disease. A number out of place on your blood pressure readout is a big warning sign to any insurer.
Yet high blood pressure can also be a genetic factor, and it also can be managed through a variety of pharmaceutical and lifestyle changes.
Where No Medical Insurance Comes In: Many No Medical applications, particularly for seniors life insurance plans, do not ask questions about the presence of high blood pressure, merely health issues as a consequence of it (history of heart attacks, stroke). So if you have high blood pressure and it’s under management, you should qualify for a selection of plans.
Obesity is soon expected to surpass smoking as the leading cause of preventable death and disease in Canada, and it’s a problem that’s growing every year. To insurers, obesity is a serious factor of consideration for life insurance because of its comorbidity with various health problems – particularly for seniors.
Where No Medical Insurance Comes In: How accessible life insurance is for obese applicants depends largely on the application itself. While many No Medical life insurance plans do require that you fall within a certain height-weight ratio, other plans may simply ask if you’ve had health issues caused by obesity. Shopping around is the key to finding a policy that will accommodate you.
#3: Heart Disease
Among the largest cause of death in Canada, heart disease can manifest in many different ways, some dramatic and some relatively benign. However the presence of heart disease is anything but benign in the eyes of your insurer.
Fortunately, while traditional life insurance look grimly on evidence of heart disease, no medical life insurance gives you a great deal of flexibility.
Where No Medical Insurance Comes In: While among the more difficult conditions to qualify with, many plans only ask about heart disease events such as hospitalization or heart attack. For applicants whom have had a serious cardiac event, guaranteed life insurance may be required.
Diabetes can come in many forms, not just simply labeled as Type 1 or Type 2. Factors such as level of management and other health factors make an immense impact on the types of premiums you pay or if you qualify for coverage at all.
Where No Medical Insurance Comes In: How diabetes relates to No Medical insurance is largely dependent on type and past events. Typically, no medical applications look at incidents of insulin shock, diabetic coma, and ongoing management or hospitalization for diabetes.
#5: Cancer in Remission
Finding life insurance following a cancer diagnosis would, in years past, be impossible or close enough to impossible. There were far too many health risks associated with cancer, and many traditional life insurance plans would be completely closed off to anyone who showed a history of cancer.
Where No Medical Insurance Comes In: While current sufferers of cancer may have to settle for guaranteed life insurance, candidates who are in remission do have the option of no medical life insurance. In particular, you have to shop around for the remission cut-off length, which can be anywhere from 2 to 5 years depending on the provider.
#6: Mental Illness
No health condition comes in wider shapes and sizes than mental illness, which is too often misunderstood or lumped together. Mental illness isn’t just a spectrum, it’s an extremely wide ranging span of health issues that are still being understood today.
So naturally, suffering even minor mental health issues makes finding life insurance under traditional avenues extremely difficult. This is a trend that has been changing slowly over time, but waiting around may not be possible.
Where No Medical Insurance Comes In: Varies hugely by type of health issue and the provider. Alzheimer’s tends to be a major cut-off for most no medical plans, while depression and anxiety problems are often accepted with no questions asked.
Not having a clean bill of health doesn’t mean you need to settle for the ratings and rejections of traditional life insurance. No medical policies run the gamut from a few simple questions to a long list, and all focus on different aspects of health.