LIFE INSURANCE
No medical life insurance
Listen to this page
Read aloud by your own browser. Nothing is sent anywhere.
A family of contracts issued without a medical exam. Inside that family there are two routes. Simplified issue asks health questions. Guaranteed issue asks none, and the contract is built differently because of it.
What decides a contract issued without an exam
- Two routes, not one productSimplified issue asks a short set of health questions and can decline an applicant. Guaranteed issue asks nothing and declines no one, and the contract reflects that difference.
- The exam is removed, the assessment is notThe insurer still weighs risk, using the questions, prescription history and other records. The less information collected, the more the unknown shows up in the conditions of the contract.
- Coverage amounts are cappedThese contracts are issued up to limits set by the insurer, generally lower than a fully underwritten policy allows. The limit, not the need, sets the maximum available.
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No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
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What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.
Guarantees come from the insurer, not from the government. Guaranteed values in a life insurance contract are contractual promises of the issuing insurer and depend on that insurer’s financial strength and claims paying ability. Dividends on a participating contract are not guaranteed, are declared at the insurer’s discretion and can change. Policyholder protection in Canada is provided by Assuris within its published limits; deposit insurance does not apply to insurance contracts.
The guarantees written into a contract are real, and they are the insurer’s. The dividend is not a guarantee at all; it is what the insurer decides to declare each year. Know which numbers are which before you make a plan around them.