Welcome to your guide on non-medical life insurance and heart attack life insurance. This page will give you a good understanding of this topic, will inform you of savings opportunities and also provide a number of other useful tips based on our publications. We will also help you to ind best life insurance quotes across more than 20 top Canadian insurers.
As the name suggests, non-medical life insurance assumes no medical tests when issuing a policy, as opposed to a traditional policy where medical tests (blood test, blood pressure, etc.) are required. Some types of non-medical life insurance do not require a completion of a health questionnaire either, thus, non-medical life insurance is a good choice if you have had a heart attack in the past (though it is typically more expensive than traditional life insurance) or if you have a heart condition or desease.
Types of non-medical life insurance to consider
There are basically two types of non-medical life insurance that may be available if you have had a heart attack or have a heart condition or desease:
1. Simplified issue life insurance: This policy requires no medical exam but still has a number of health-related questions you will have to answer. Typically, the longer the health questionnaire, the lower the insurance premiums are. An average policy limit is $150,000 and if you were denied life insurance in the past 2 years, this policy might be not available for you. It is important to know that if you have applied for traditional life insurance and were declined, simplified issue life insurance might not be available to you, since there is typically a question related to past heart attacks. Coverage can, however, still be available if the heart attack took place more than 2 years ago. Simplified issue insurance is put in place from day one, unlike guaranteed issue life insurance, which is discussed below.
2. Guaranteed issue life insurance: This policy has neither a medical exam, nor health-questions to answer. It is available for you even if you were declined for a policy during the last 2 years. Typically the coverage (face value) will be limited to $25,000, and there are a few limitations in terms of payouts (in case an insured dies within the first 2 years).
How can you save on heart attack life insurance?
- Bundles can be cheaper: Getting several insurance products from one provider e.g. Life insurance together with Disability Insurance and Critical Illness can be often rewarded by lower premiums. Or you can sometimes bundle Life insurance with Non-Life insurance (e.g. Home or Auto) – that depends from insurance provider.
- Got Life, Disability and Critical Illness? Cancel Mortgage insurance: Mortgage insurance is a fascinating product created by money lenders. Simply said, it is a different name of Life, Disability and Critical Illness insurance policy associated with payments for your mortgage. Got a mortgage of $500k together with mortgage insurance for that? Well, if you have a Life policy large enough, you can save yourself mortgage insurance.
- Member of something? Some insurers reward it: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies will offer you a discount.
- Driving safe, save on life insurance: Ensure you have a good driving record before applying – a bad driving record is punished by life insurance provider (as by auto insurers) – your premiums will go up by extra 25-50%.
- Rounding mathematics matters: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 50 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 49 and not 50.
- Don’t drink excessively and reduce your low insurance rates: If you do not have any drinking issues, you can benefit from lower insurance rates – otherwise your premiums can increase by up to 50%. An intensive drinker would be considered somebody who drinks 3-4 beers a day.
- Other tips: Contacting an experienced, licensed broker (see a button below) will help you to find other ways to reduce insurance premiums of your heart attack life insurance. Discussion with broker is entirely free and there is absolutely no obligations to buy.