If you’re a modern consumer who is used to getting things with a click of a button then this article is for you. Getting life insurance fast is now a reality due to innovation in technology. Many carriers saw a huge demand for digitized applications with quick approval times. Traditional life insurance underwriting is a very lengthy and tedious process. Not only do you have to fill out a paper application that needs to be signed by mail. Then you’d have to complete a medical exam where the nurse will draw blood, collect urine and check your vitals. If that wasn’t enough the approval time takes 3 to 6 weeks. More than 90% of the companies are still working like this.
The great news is that there are some key players who streamlined the life insurance process. Now, you can get a life insurance plan up to $1 Million dollars instantly. The best part is you don’t have to complete a medical exam and the application is digital. This is a great option for people who don’t want to wait, have to get life insurance due to court order or need a policy for collateral loan assignment.
Quick Summary:
-You can apply electronically and get approved within 2 minutes
-Coverage amounts available up to $1 Million for Instant Approval and $3 Million for Accelerated Approval
– As long as you’re in good health you can qualify for no exam plan.
-Best Option is Sagicor’s Non-Med Life Insurance
Who Fast Life Insurance Is Not Ideal For?
Fast life insurance coverage is acquired by skipping the medical exam. This type of life insurance is one of the fastest-growing life insurance products. However, it is important not to confuse a no exam plan as no questions asked approval. Many consumers look for fast no exam life insurance as a way to get approved with preexisting conditions. This couldn’t be further from the truth. What you must keep in mind, is that getting a life insurance policy fast would actually have the most stringent requirements. So basically if you have any moderate to severe medical conditions, more than one prescription or adverse background/driving history you’ll most likely be turned down.
The ideal candidate is someone who is in great health with clear background and no recent declined life insurance applications. Now, this doesn’t mean that you can’t get approved if you take one or two prescriptions for controlled conditions or have a few tickets. For example, if you have high blood pressure or cholesterol and are controlled with medications you’ll be easily able to get approved for a policy. If you have for instance type one diabetes you’re better off applying for a traditional plan with a medical exam. So basically fast life insurance is designed for applicants with a great or good overall risk profile from the eyes of the insurance company.
You also must note that just because these plans don’t’ require an exam and is a quick approval that they don’t underwrite. Anytime you apply for a life insurance plan with fast approval expect the company to have access to more information than you can imagine. The carriers with fast life insurance options will immediately be able to tell everything about your health, driving history, credit, and criminal records. That’s because they set up databases and vendors that they have digital access to pull your information. Because they don’t use a medical exam the carriers have gotten much better at painting a picture of your risk profile from data.
If you’re on the fence because you’re not sure whether you’ll qualify, don’t be. An experienced agent will be able to tell you right away.
Types of Fast Life Insurance Policies
Before we get into which type of plan and companies are the best for a fast life insurance policy. You need to learn that not all fast life insurance plans are the same. Although they may be much quicker than the traditional option with 3 to 5 week wait time, they also vary in speed. In life insurance lingo they are called instant issue, simplified issue and accelerated underwriting. Every option is going to be available without having to do a medical exam and with fast approvals. However, they do have different processes, qualifying criteria and approval speeds.
Instant Issue Life Insurance (Coverage NOW!)
Just like the name implies this is a no exam life insurance plan that will give you a decision right after you hit the “Apply” button. Depending on the life insurance company approval times can be as quick as 2 minutes to 30 minutes. Most companies will offer between $250,000 to $500,000 of term life insurance. There is one company currently offering $1 Million of life insurance instantly and will discuss it in detail below.
Due to its convenience and speed, of course, this type of plan will have the most strict underwritings. The key to getting approved is being under age 65 with great health and lifestyle. With instant issue the companies guidelines are set to either approve or deny. It is quite common for even healthy people to get turned down because at one point they took a narcotic pain killer. This is because with instant issue there is no human underwriter and is all data based. This should not cause an alarm since a lot of applicants get approved with instant issue life insurance and get their policies on the spot.
In the event you get turned down for an instant issue plan, you can try one of the other fast life insurance options.
Simplified Issue Life Insurance (Coverage within Days)
This is the second quickest option to get life insurance and has a lot of similarities with instant issue. Actually, in some cases, you can apply for an instant issue life insurance policy and be switched over to a simplified issue. Some no exam life insurance companies will offer you instant life insurance and if you don’t qualify with the automated system they will assign an underwriter to review. The difference between instant and simplified is that with simplified there is some human review, unlike the fully automated instant issue process.
With a simplified issue, you have a little more flexibility with your overall risk profile. So if you take some medications you can still get approved for coverage as long as it’s nothing severe. The approval can be anywhere from 24 to 72 hours depending on the company. You can secure up to $1 Million of all-cause life insurance. The application is digital with e-sign and most companies can deliver your policy electronically.
Accelerated Underwriting Life Insurance
This is a traditional life insurance option that simply allows companies to allow some to skip the exam. It works with you doing a short application and doing a phone interview with the carrier. If the company decides that you are in great health they will allow you to get approved without an exam. In some cases, they will decide that an exam is necessary. Unlike instant and simplified issue which are 100% no exam, there is no guarantee with accelerated underwriting. A huge plus with this type of option is that you can get up to $3 Million of life insurance without an exam. This is the highest amount to get without needing an examination.
A big reason why many people may opt for this option is due to more competitive rates. Unlike the two others with accelerated plans, you can get the same top rate classes as with exam plans. The quicker your process the more the premiums are usually. Many of our clients will start out with an accelerated death benefit plan. If for any reason they don’t get approved for no exam option they can go with the simplified issue option instead.
Top Life Insurance Companies with Fast Approvals
Instant and Simplified Issue
1. Sagicor Life
It allows you to get up to $1 Million of Life Insurance coverage with no exam and digital application. If you qualify you can get approved within 2 minutes. Not only this is one of the highest amounts of instant coverage available but with insane approval speeds. This is our go-to carrier when it comes to getting life insurance yesterday. You also get your policy in a PDF format delivered via email which saves the mailing time.
Plans Available: Term, Guaranteed UL and Whole Life
Type: Instant and Simplified Issue
2. Foresters
Another really easy and fast life insurance carrier. You can secure up to $400,000 of life insurance depending on your age with instant or short approval times. Applications are done electronically but your policy does get mailed out upon approval. Their rates are not as competitive as Sagicor but they do have very rich living benefits with their plan. So if you’re interested in having multiple uses for your policy this may be a good option.
Plans Available: Term, Whole, and Universal Life
Type: Instant and Simplified Issue
3. SBLI
Provides coverage up to $500,000 for ages 18 to 60. You can get approved within 1 to 2 days and get your policy delivered electronically as well. One of the great things about SBLI is that they will issue all risk categories. This means that if you have some medical conditions they won’t simply turn you down but assign a different rate category. You should know that this company does require a phone interview.
Plans Available: Term and Whole Life
Type: Simplified Issue
4. Fidelity Life
One of the first life insurance companies to offer a no exam life insurance policy. Their plan offers up to $250,000 of coverage with guaranteed decision within 48 hours. You also apply digitally and get your policy delivered electronically. If you don’t need much coverage this is a good option from a reputable company.
Plans Available: Term and Whole Life
Type: Simplified Issue
Accelerated Underwriting
Although we recommend that you go with carriers that offer instant or simplified issue coverage when you need life insurance fast. There are some circumstances, where you need a higher amount of life insurance or multiple policies. Here are some good options that can be acquired without an exam.
1. John Hancock
One of our most popular accelerated plans due to the ability to get up to $3 million of life insurance for qualifying applicants. By completing a short phone interview the company will evaluate you and decide if you can be approved without an exam. In most cases, if you’re in good health you’ll be approved without an exam. Approval times can be as quick as 3 days post-interview.
Plans Available: Term
Type: Accelerated or Traditional
2. Banner Life
Another great option with the availability to get up to $750,000 exam free. Policies are approved within 1 to 2 days after the phone interview. Also, you can qualify for different rate classes so more flexibility with pre-existing conditions. The best part, Banner Life has crediting criteria where if you have enough positive underwriting points you can get boosted to a better rate class.
Plans Available: Term
Type: Accelerated or Traditional
3. Protective Life
A top-rated carrier with an option to get $1 million of coverage without an exam. Approval times are between 48 to 72 hours. Just like other accelerated plans, a phone interview with the carrier is required.
Plans Available: Term
Type: Accelerated or Traditional
Best Option for Fast Life Insurance
Our go-to choice for most of our clients who want to get a policy fast is Sagicor Life. The company really focused on this market and are considered experts. Not only do they provide some of the best no exam products but they are one of the few companies to always innovate the process of getting life insurance quickly. Here are the reasons that make this the best option:
-Reputable and highly rated carrier
-$1 Million of Instant Life Insurance for Term Plans
-$400,000 of Instant Life Insurance for Permanent Life Plans
-Coverage age from 18 to 65
-Online application and e-signature process
-2 Minute approval times
-Electronic policy acceptance and delivery
-One of the best customer service in the industry
-Preferred Plus to Substandard rate classes available
-Premiums are as low as fully underwritten plans
As an independent agency we work with over 30 top-rated insurers and by far Sagicor is the best choice for a fast life insurance option.
Tips to get life insurance fast
Besides picking the right company there are additional steps you can take to make sure you get your policy faster. The good news is that if you work with an experienced independent life insurance agency they will be able to do this on your behalf. But either way, let’s look over what you can do to make this process even faster.
Be Upfront
The key here is to be upfront with your independent agent about your health, family history, background information and any dangerous hobbies you might partake in. Life insurance companies that work fast can only give coverage to people who are a good risk since they are working with limited time. This will also help your agent to select a company that has the highest chances of approval based on your overall risk profile. Bonus is that you’ll also get the best rate since each company will look at you differently.
Go with N0 Medical Exam Only
Although there are plans that will decide to let you skip the exam when needed coverage fast pick 100% no exam. This means that no matter what your qualifications are the company will not request lab work to be done. This will save you a lot of time since you’ll have a decision in a few minutes or a few days.
Go Digital
We know that when it comes to paperwork with wet signatures it can slow things down drastically. So the key is to work with companies that allow online submissions and electronic signatures. This is a must and good news is that pretty much all the companies we previously mentioned allow online applications. Online applications mean that the agent applies online while you are on the phone or you can complete it yourself. It usually takes about 10 minutes to submit an application. Afterward, you will receive an email to e-sign your application and review the information. We had clients who were on family vacations but were still able to e-sign applications on their smartphones or iPads. Once this is done your application is submitted and the countdown begins. The company will check all your information through a pharmacy report, medical information bureau(MIB) and your motor vehicle report. If everything checks out you can get approved as fast as today or in less than 72 hours.
Set up Payment Immediately
In the typical life insurance application process you’ll be sending the payment or setting it up when the policy is received in the mail. This will delay your policy going into an active status by a week or so. That’s why we recommend that you set up your payment to draft immediately upon approval of the policy. Not only will you have an active policy quicker but avoid less paperwork as well.
By following these extra steps you can shave off another week or two from the life insurance process.
Wrap Up
By now you understand that getting life insurance fast is much easier these days thanks to technology and carrier innovations. Depending on your qualifications you can select instant, simplified or accelerated. With some carriers offering best rate classes you no longer have to overpay for the convenience of a no exam policy. The coverage amounts are also in the millions now compared to $250k max that was originally the cap. Most applications are completed and signed electronically so no more time wasted on mailing. This ability to skip the exam makes no medical exam policies the go-to choice for fast life insurance.
Let Us Help
Here at InsureChance, we are experts in all things life insurance. Not only that, but we also hold a niche in getting life insurance fast. Our agents are veterans in placing life insurance policies in force fast. We do this by working with a large number of companies, having underwriting knowledge and staying on top of the application process. If you’re ready to secure a life insurance policy today while at the same time save money call us or request an application now.
