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No Medical Life Insurance: Insurance Without the Examination

For individuals from age 20 to 85, life insurance coverage is available without a medical examination.  No medical life insurance is a legal contract which does not exclude or implement limitations based on the requirement of a medical examination.

Life insurance is a contract held between the insured policy holder and the insurer, where the policy holder pays a premium, either as a regular payment or as a lump sum, on the guarantee that the insurer will pay the designated beneficiary a sum of money upon the death of the insured individual.  The sum of money, otherwise known as the “benefits”, may also be triggered by the critical or terminal illness of the policy holder, and may also include funeral coverage.  No medical life insurance is a life insurance policy that is available to individuals without need of a medical examination.

Records of insurance date back to as early as 1750 BC in Babylon and 2000 BC in China.  It can be traced back to ancient Rome, where “burial clubs” covered the cost of their members’ funeral expenses and provided financial contributions for survivors.  Modern life insurance, however, began in England in the 17th century as a means of providing financial security to traders and their families.  Life insurance was first sold in the US in the late 1760’s.  Several organizations were formed, including the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers by the Presbyterian Synods, and a similar fund created by the Episcopalian priests, in Philadelphia and New York for the relief of widows and their families.  Prior to the American Civil War and the Emancipation Proclamation, many insurance companies even insured the lives of slaves for their owners.  Currently, there are multiple forms of life insurance available, including no medical life insurance.

The life insurance company calculates policy prices with the intent to fund claims, administrative costs, and to make a profit.  The cost of the policy holder’s premium is determined using the mortality tables, tables based on probability and statistics that show expected annual mortality rates.  These mortality rates can be used to derive life expectancy, and provide a baseline for cost of the insurance.  Insurance companies consider three main variables within the mortality table: age, gender, and use of tobacco; however, these mortality tables are often used in conjunction with the health and family history of the applicant to determine premium rates and insurability.  Insurance companies alone determine the insurability of the applicant, and are able to decline or increase the premiums of policies based on the results of the medical examination.  No medical life insurance, however, is an insurance opportunities that is available for individuals without the requirement of a medical examination.

NoMedicalLifeInsurance.ca is an initiative of independent insurance expert Tamara Humphries and LSM Insurance. They have unique expertise in finding the best possible rate for individuals with no medical life insurance. Their team has access to and uses the most up-to-date financial planning software from their insurance carrier partners. They focus on preparing the best possible package for each client’s specific situation and needs. For more information, visit NoMedicalLifeInsurance.ca or call 1-866-899-4849.

Peter Christopher

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