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The process of buying life insurance is becoming faster. Some companies offer instant coverage for people who qualify.
Buying life insurance can seem painfully old-fashioned when you are used to ordering everything online.
If you wanted to buy a lot of life insurance at a low price, you usually had to complete paperwork, submit to a medical exam, provide a urine sample or blood sample, and wait 30 to 90 days for a policy.
However, this is changing. Insurtech startups, and even traditional insurers, are helping make the process of obtaining life insurance easier. Getting instant life insurance online takes only a few minutes, and you can obtain coverage worth millions of dollars without having to undergo a medical exam.
What Is Instant Life Insurance?
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In other words, instant life insurance, which is sometimes called instant decision insurance or fast life insurance, is coverage that’s issued quickly, usually through accelerated underwriting.
Even though it uses numerous data points and advanced algorithms to accelerate the process, the process evaluates the same risk factors as a traditional life insurance policy. Furthermore, the process is usually automated to eliminate human error.
Online and over the phone, instant decision policies are typically purchased without the assistance of an agent or broker. Typically, you’ll be asked questions about your health, lifestyle, and other factors that may increase your risk of death.
A combination of this information and data retrieved from multiple industry databases enables the insurance company to assess your eligibility within minutes, so they can approve or deny your policy request.
A term life insurance policy, which can be purchased in five-year increments, typically covering a period of 10 to 30 years, is typically instant life insurance coverage offered by most insurance companies.
It is in part determined by the outcome of the accelerated underwriting process whether you qualify for coverage and how much your premiums will be.
Instant Life Insurance: How Does It Work?
Online instant life insurance is typically quick and contactless, and most consumers apply online. Phone applications are also accepted by some companies. Generally, the following steps are involved during the application process.
You can apply online by providing your personal and contact details, answering some health and lifestyle questions, and submitting the application.
The company retrieves information about you from a variety of databases with your permission. It can, for instance, search prescription databases to find out what medications you’ve been taking. Your motor vehicle record can be checked to see if you have committed any traffic violations.
As well as checking the MIB Group’s data to determine if any health conditions were disclosed when you applied for individual health or life insurance with other companies. MIB is owned by its member companies and maintains a database of information about insurance applications.
Once the application has been submitted, you will typically receive a decision within minutes.
A possible outcome is one of three:
- VERIFIED. Your application didn’t contain anything that made the insurer hesitant to cover you. Your coverage will begin once you sign off on your policy and pay the first premium – which can all happen on the same day. A medical exam is not required.
- Refused. It’s free to apply for an instant life insurance policy, but coverage isn’t guaranteed. Your health, lifestyle, or age may prevent you from qualifying for a policy. Even if you are denied, you can still apply for a traditional life insurance policy, which may take a few weeks. You can also apply for a guaranteed-issue policy and skip the medical exam and health questionnaire.
- Underwriter referred. It is sometimes necessary for insurers to obtain a bit more information about you before making a decision. Your case will be sent to an underwriter, a professional who is assigned to evaluate your risk, rather than relying on algorithms. He or she may contact you with more questions.
Underwriting Types Of Life Insurance
Depending on where you look, you may see terms such as “automated underwriting,” “accelerated underwriting,” and “simplified issue.” These terms refer to similar features.
Under automatic underwriting, there is no human involvement in the approval process.
In the context of underwriting, accelerated underwriting means using algorithms and increasing data points to speed up the application process.
To determine whether to issue you a policy and how much you will pay, simplified issue underwriting generally relies on fewer data points than accelerated underwriting.
A policy that uses more data tends to be more competitively priced and offer higher coverage amounts. When the insurer assesses risk based on only a few data points, the cheapest rates may not be available.
Are There Any Exceptions To Coverage In Instant Life Plans?
Sure. Almost always, no-wait policies come with coverage exceptions just like traditional life insurance plans. In these situations, the company may be legally able to refuse to pay out the death benefit.
These are some common exceptions to life insurance coverage:
- Death by suicide
- Involvement of a beneficiary or related party in a homicide
- Excessive participation in extreme sports and other risky activities
- Engagement in criminal activity, especially if it involves the use of firearms
- A misrepresentation or falsehood on the initial insurance application
- A prescription medication prescribed by the insured’s physician but not used by him or her
The contract terms of your policy may provide more information about specific coverage exceptions and how they may affect your death benefit.
How To Buy Instant Life Insurance
A life insurance policy that is instant might be the best option for you if you need life insurance ASAP or don’t want to go through the medical exam.
Make sure you buy the right coverage by keeping these tips in mind:
Determine how long and how much coverage is needed. Calculate how much and how long you need life insurance before applying. Some insurers only offer short-term or small-term policies, which may narrow the variety of options available to you.
Consider your chances of approval realistically. A healthy applicant who leads a safe lifestyle is usually eligible for instant life insurance. A traditional life insurance policy is a better option if you have a pre-existing health condition, a hazardous job, or a poor driving record.
Examine the features of the policy. Would you like to customize your coverage with life insurance riders, or would you like to have the option to convert to a permanent policy in the future? Think about these features when choosing a life insurance policy.
You should shop around. Because some companies use more data than others to calculate your eligibility and price, premiums are likely to vary widely. Before you purchase life insurance, it’s useful to compare quotes.
Is A Medical Exam Ever Required For Instant Decision Life Insurance?
A company’s guidelines will determine how it handles such issues. Following your initial assessment, the underwriter may request that you undergo a medical exam before approval can be granted. Some companies may still request a medical exam even if they have already approved you. This medical exam may be a condition of policy approval.
Life Insurance Coverage Starts Immediately With Instant Life Insurance?
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Regardless of how quickly you are approved, most companies require a waiting period before coverage begins. The death benefit is not paid if the insured dies within this time frame, which may be as long as four or five years.
In addition to avoiding insurance fraud, the waiting period protects insurance companies from paying out death benefits on policies on which consumers have not yet paid premiums.
It is a policy requirement to pay premiums during the waiting period, and policy documents should outline the details of the waiting period.
While it may be difficult to find one, some insurance companies do offer plans that don’t require waiting periods. These policies are typically more expensive, however.
How Often Should I Contact My Insurance Agent?
You may still be able to obtain instant-decision life insurance through your insurance agent, though you can easily do so directly from the issuing company.
Finding a suitable life insurance policy with a reputable insurance agency can be facilitated by a licensed agent, financial advisor, or other trained industry professional. Any questions you have about your current policy or a plan you’re considering can be answered by a trusted industry professional.