How To Get Fast Life Insurance Coverage?

Most people look into life insurance at one of two distinct moments in their life; when they have recovered from a medical scare, like an accident or illness, or when they have kids. If you are in the latter camp, you have the least amount of time out of all of us. Between being sleep deprived, trying to keep the house from turning into a pigsty, and attempting to maintain some semblance of a professional career, there is absolutely zero time for anything else. The idea of sitting for a lengthy phone questionnaire or submitting to an in-depth medical exam is basically out of the question. And yet, there’s this new awareness that if anything happens to you, a little human exists in the world…one that you created and swore to provide for.

There’s good news! You are probably a prime candidate for fast insurance. That means, you can fill out a form, pay for your first month’s premium on the spot, and whammy—you’ve got life insurance.

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Is Fast Insurance Different From Traditional Life Insurance?

Yes. The main difference is that immediate life insurance tends to be term insurance (insurance for a predetermined amount of time, like 10 years), rather than permanent life insurance (which sticks with you the rest of your life).

Fast life insurance is also slightly more expensive. In general, the more questions that are asked of you, the lower your monthly premiums will be. Think about it: if a human being is assessing you, they will try to find you the best rate, so they will ask clarifying questions that are actually geared towards benefitting you.

Conversely, a computer is very black and white. An algorithm cannot ask for nuances. Anything that comes up in the behind-the-scenes search that deviates from the expected answer will be assessed as a risk. However, the difference in price will likely only be a few dollars per month. In general, we are talking about premiums that are less than $30 per month.

Why Doesn’t Everyone Do This?

Immediate approval for coverage wasn’t always on the table. Traditionally, insurers required a medical professional to come to your home to complete a medical check, and possibly even obtain a urine sample! Waiting for a medical underwriter to check available databases and draft a policy would then take 4-6 weeks, minimum.

Online databases had to become populated with enough data, and that data had to be tested and proven accurate, before it could become worthwhile to create digital search tools.

The Process To Obtain Immediate Life Insurance

The process is dead simple: You supply your date of birth, social security number, address, the number on your driver’s license, and perhaps one or two more data points depending on the provider.

The search tool will then check in real time if you’ve had numerous speeding tickets, whether you have any prescriptions, if you have a criminal record or any citations, how much debt you carry, etc. Basically a digital portrait will be created in seconds and you will be given a pass or fail grade (or rather an “accepted” or “declined” status) on your request to be covered.

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Who Would NOT Be Approved for Instant Life Insurance?

First and foremost, if you are over 60, you won’t be eligible for immediate life insurance. Secondly, if you have a few too many red flags in the data, you will be declined coverage right away. If this happens, you will be referred to a 1-800 number, most likely, or an agent might even call you to follow up. You can still obtain life insurance, but you can’t purchase an instant life insurance policy. Also, if you’ve ever had a heart attack or undergone treatment for cancer or another major illness, these would disqualify you. But for most of us, if you have a relatively clean bill of health and no public record, approval is likely.

Did you know? You can still obtain life insurance if you have a major illness. Your coverage would be called High Risk Life Insurance, and your premiums would be higher, but it’s not impossible to be approved! Find out more by clicking here.

Who Should Jump at the Chance to Get Fast Insurance?

The majority of the under-60 population should absolutely consider this painless process for obtaining life insurance. The idea of leaving your loved ones behind in a financial disaster as well as an emotional heartbreak is unbearable for most of us. Now that it takes just minutes to be approved, and less than $1 a day for the premium, there is no reason to hesitate to provide for the people you love.

Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.