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As life insurance sales become more competitive, the process is becoming quicker. People who qualify for immediate coverage are available from some companies. You may find buying life insurance to be prohibitively old-fashioned if you are used to shopping online for everything.
The application process for buying a lot of life insurance at a low price usually involves filling out paperwork, undergoing a medical examination, providing a urine sample or blood sample, and waiting 30 to 90 days for a policy to come through. In recent years, this has begun to change.
Startups in the insurance industry are helping ease the process of getting life insurance, and so are traditional insurance companies. You can obtain cover worth millions of dollars without taking a medical exam by getting instant life insurance online in just a few minutes.
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What Is Instant Life Insurance?
Another way of describing instant life insurance, which is sometimes called instant decision insurance or fast life insurance, is coverage that is transferred quickly, usually through accelerated underwriting. The process evaluates the same risk factors as a traditional life insurance policy, albeit using numerous data points and advanced algorithms to accelerate the process.
Additionally, most of the process is automated in order to eliminate human error. In this type of policy, you can purchase an instant decision policy over the phone or online, without involving an agent or broker. A health exam will usually ask you about your health, lifestyle, and other factors that could increase your chances of dying.
The insurance company can assess your eligibility within minutes by combining this information with data drawn from multiple industry databases, so they can approve or deny your policy request. Life insurance policies, offered by most insurance companies,
that are purchased in five-year increments generally cover a period of 10 to 30 years, are the most common type of instant life coverage available. The outcome of the accelerated underwriting process is one of the factors that influence whether you are eligible for coverage and what will be your premium.
Instant life insurance: How does it work?
Consumers typically apply online for instant life insurance because it is quick, contactless, and typically does not have a waiting period. Some companies accept phone applications as well. When submitting an application, the following steps must be completed.
The application process can be completed online by providing personal and contact information, answering health and lifestyle questions, and submitting the form. You grant the company access to a variety of databases containing information about you.
Such a program can, for example, search prescription databases for medications you’ve taken in the past. To determine if you have committed any traffic violations, you can check your motor vehicle record. The MIB Group can also check its own data to determine if you disclosed any health concerns when you applied for life or health insurance with other companies.
In addition to managing a database of insurance applications, MIB is wholly owned by its member companies. Within minutes of submitting your application, you will typically be notified of the outcome. Possible outcomes are one of the following:
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- VERIFIED. You did not include anything in your application that would cause the insurer to be reluctant to cover you. Signing up for your policy and paying your first premium – which can all happen on the same day – will enable you to begin receiving coverage. The process does not require you to undergo a physical.
- Refused. It’s free to apply for an instant life insurance policy. However, there is no guarantee of coverage. If you have health issues, a certain lifestyle, or you are too old, you cannot purchase insurance. In the case that you are not accepted, you can still apply for traditional life insurance, which could take a few weeks. Furthermore, guaranteed-issue policies can be obtained without medical exams and health questionnaires.
- Underwriter referred. A bit more information about who you are is sometimes needed by insurers before making a decision. Instead of relying solely on algorithms, your case will be sent to an underwriter, a professional tasked with assessing your risk. The underwriter will get back to you if there are any additional questions.
Underwriting types of life insurance
Some sources refer to automated underwriting, accelerated underwriting, and simplified issues as “automated underwriting.” These terms are synonymous. No human intervention occurs during the approval process under automatic underwriting.
Using algorithms and increasing data points to speed up the underwriting process is considered accelerated underwriting in the underwriting world. A simplified issue underwriting process usually relies on fewer data points than accelerated underwriting in deciding whether to issue a policy to you and how much it will cost you.
Data-driven policies tend to offer higher coverage amounts and lower prices than those that utilize fewer data. Only a few data points are considered when an insurer assesses risk, thus leading to the most expensive rates.
Are there any exceptions to coverage in Instant Life plans?
I agree. Just like traditional life insurance policies, no-wait policies usually have some exclusions. Depending on the circumstances, the company may legally be permitted to refuse to pay the death benefit. Below are some examples of exceptions to insurance coverage:
- The suicide of a person
- Homicide committed by a beneficiary or member of the family
- After excessively participating in extreme sports or other risky activities
- Or engaging in criminal activity, especially one associated with firearms
- On your first application for insurance, you falsified or misrepresented facts
- The insured’s physician prescribes a prescription medication but the insured does not take it
You may be able to find out more about specific coverage exceptions and how they may affect your death benefit in the contract terms of your policy.
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How to buy instant life insurance
When you need life insurance ASAP or don’t want to undergo a medical exam, an instant life insurance policy might be the best choice for you. Below are tips to help you choose the right life insurance coverage:
Calculate the amount of coverage you will need and how long it will last. Before you apply for life insurance, think about how much coverage you will need and how long it will last. You may have to choose between shorter-term or small-term policies if your insurer only offers short-term or small-term policies.
You need to think realistically about your chances of approval. Instant life insurance is typically available to healthy applicants who live a safe lifestyle. In cases such as these, a traditional life insurance policy makes more sense, especially if you have a pre-existing condition or a hazardous occupation.
The policy’s features must be examined. How would you like to customize your life insurance policy with additional riders or to have the option of converting to a permanent policy in the future? You should consider these features when selecting a policy.
Look around before you make a decision. Due to the different methods other companies use to calculate eligibility and price, you may see wide variations in premiums. When comparing quotes, do your research before purchasing life insurance.
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Is a medical exam ever required for Instant Decision Life Insurance?
These issues will be handled according to a company’s guidelines. The underwriter may ask you to undergo a medical exam after your initial assessment.
It is possible that some companies will still request you undergo a medical exam even if your application has been approved. If your application has been approved, you may still have to take the medical exam.
Life insurance coverage starts immediately with instant life insurance?
While companies vary in their waiting periods, most require a period before coverage is started, regardless of how quickly you are approved. If the insured passes away within this time period, which can be as long as five or six years, the death benefit is not payable.
The waiting period has another purpose: preventing insurance companies from paying out benefits on policies where the consumer has not yet paid premiums. Paying premiums during the waiting period is part of the policy, and policy documents should specify how long the waiting period is.
There are some insurance companies that offer plans that do not require waiting periods, but they are not all available. Such policies are normally more expensive, though.
How Often Should I Contact My Insurance Agent?
Although you can easily obtain instant-decision life insurance directly from the company issuing it, you may still be able to get it through your insurance agent.
A licensed agent, financial advisor, or other trained industry professional can assist in finding a suitable life insurance policy with a reputable insurance agency. Whether it’s about your current policy or a plan you’re considering, a trusted industry professional can answer all your questions.
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