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Last Updated on July 3, 2024 by Insurdinary Editorial Team | Fact Checked by Rhonda Gary -->
People often associate life insurance with mandated medical exams and long waiting periods before knowing whether the insurance provider will approve or deny their application. Some insurance agencies offering traditional life insurance coverage do have long wait times before approving or denying applications. Still, many people these days prefer simpler processes with quick results.
Instant life insurance is an excellent way to get the convenience you want and still have good life insurance coverage for your family. In most cases, instant insurance can take minutes to get, so it’s a popular option for those who want to establish their future finances now.
Getting this sort of life insurance has many benefits. However, it’s not suitable for everybody. Keep reading to see whether you could benefit from the flexibility and peace of mind that instant life insurance can provide.
Instant life insurance is a type of no-health questions or guaranteed issue life insurance. By applying for rapid insurance access, you can get an approval or denial from the provider within minutes. Many people get immediate coverage without waiting days, weeks, or months for the insurance agency to make a decision.
One of the top reasons people consider instant insurance is convenience. A mandated medical exam is usually unnecessary because the application process is straightforward and online. You may need to answer a few basic questions about your general health and lifestyle when applying.
Below are other important facts about immediate policy insurance that you should know.
You must undergo a physical exam if you apply for a medically underwritten insurance policy. You won’t have to do that with instant life and guaranteed issue life insurance. Since a doctor’s appointment is unnecessary, you can get immediate approval for coverage.
Getting instant approval isn’t the same as having guaranteed approval. An insurance company could quickly deny your application if you:
Rest assured you’ll get fast results if you qualify for instant insurance. You should apply for a no-health questions policy if you want guaranteed life insurance.
Insurance companies take on a higher risk when they don’t know their members’ health status. Therefore, they may limit the amount of coverage they offer instant life insurance policyholders.
Face value amounts for these policies can reach up to $40,000 or more, though most agencies cap instant insurance coverage at around $25,000.
The age range is around 40 to 85 years for most no-health medical life insurance policies. Older adults pursuing coverage to ensure their families can afford their end-of-life expenses usually apply for guaranteed issue life insurance since they have higher age ranges.
Standard instant insurance coverage also has age limitations. It’s less generous than other non-medical policies. Many instant life insurance companies set the range from around 18 to 65.
Each insurance provider has its age restrictions, so ranges may vary drastically. Checking the eligibility requirements with each provider before applying is best.
The top benefit of instant life insurance is speed. You won’t have to wait to learn whether the insurance provider accepts or denies your application. This can lead to immediate coverage.
Not needing a medical exam is another advantage of this type of life insurance. Even if you don’t have to pay out of pocket for an insurance-mandated physical exam, the need to wait for an appointment, undergo different medical tests, and provide sensitive medical documentation to an insurance company isn’t ideal for many. Thankfully, you can skip this step and still get coverage with instant life insurance.
Sometimes, agencies that use accelerated underwriting quickly push people through their application process. Yet, they reserve the right to request a medical exam from policyholders later if they deem it necessary. This could be a drawback if you never want to submit to an intrusive medical exam.
Before seeking quick coverage solutions, it’s necessary to understand pricing. Monthly premiums for instant insurance tend to be higher than traditional policies that require medical exams.
Risky policyholders pay higher prices. The same rule applies to policyholders who don’t provide medical documentation or extensive details about their health status to their insurance provider. The company can’t thoroughly assess the risk with instant life insurance, so the cost of coverage can be competitive yet higher than traditional policies with medical exams.
The lenient and streamlined underwriting process for these policies doesn’t require physicals. However, that doesn’t mean the insurance company won’t ask questions about your health, medical history, financial history, or lifestyle. Again, the less information an insurance provider has about you, the higher your monthly premiums may be.
Coverage limitations can also be a concern. Aside from modest coverage, some insurance agencies limit the policy features they allow with instant life insurance. However, you could change your coverage amount in response to new life circumstances.
Instant insurance may be ideal if you’re a young, healthy adult who doesn’t want to wait to get life insurance coverage. Though you might have to pay more each month than you would with a traditional life insurance policy, instant life insurance is convenient, less intrusive, and doesn’t require a medical exam.
To get instant life insurance coverage, you would follow these steps:
Traditional life insurance coverage usually involves medical underwriting. Though that’s not a standard for no-medical life policies, other types of underwriting might apply to you. Examples of life insurance underwriting you might encounter when pursuing an instant policy include the following:
An instant life insurance policy may be ideal if you’re ready to complete a swift insurance application without taking a medical exam. Before completing the application, follow these tips to improve your chances of approval.
The first thing you should do before researching insurance products is calculate how much you need. Knowing this information will prevent you from paying high premiums for coverage you don’t need.
It also narrows which insurance providers are accessible to you. Some providers have short-term lengths for instant life insurance or policies with small payouts.
Though guaranteed issue life insurance is a type of non-medical insurance that anyone under a certain age can apply for and get, instant insurance doesn’t operate the same way. The ideal candidates for instant, no-medical life policies are young, healthy adults with generally safe lifestyles.
Medically underwritten or guaranteed issued life insurance may be best if you have a pre-existing condition, a hazardous job, or unsafe hobbies.
Your current needs for life insurance can change anytime. When looking for life insurance, it’s best to consider different aspects of your lifestyle and possible future needs.
For example, you might want to fine-tune your policy by adding life insurance riders. Another possibility to consider is the desire to convert your instant policy into permanent life insurance coverage. While exploring your options, be mindful of various policy features and those you might want to include in your coverage.
When looking for instant insurance that doesn’t require a medical exam, you’ll notice that monthly premiums can vary between providers. The personal and medical data these companies collect from applicants are the top two factors determining who is eligible for specific coverage and at what cost.
Comparing insurance quotes from multiple parties is the best way to find the right instant insurance policy for your family’s needs. We at Insurdinary make it easy to compare the top quotes from some of the best insurance providers in the country in one convenient location. Our professional representatives will save you time and help you find affordable coverage for your family’s needs. Start comparing life insurance quotes today by contacting Insurdinary through our online quote form.