What is Instant Life Insurance?

Did you know that almost all life insurance websites have a bit of a misconception about getting quotes for immediate life insurance? Most people think that when a user provides an email address or phone number, the agent starts the competition to contact the user until the user asks to stop.

And when you finally make a decision and start the application process, they immediately start discussing your medical exam schedule and want specific information about your family’s medical history.

What is instant life insurance?

You may have heard of instant life insurance. This insurance is usually life insurance that does not require a medical exam, and the company uses insurance data from sources such as the MIB or Medical Information Bureau, national prescription databases, and sometimes driver’s licenses.

Today, insurance companies are adopting 21st century technology that can speed up the life insurance underwriting process and reduce underwriting costs. In doing so, they will be able to compete, be fully covered by life insurance rates (including scary medical exams) and disclose their policies quickly and efficiently.

Don’t confuse instant life insurance with life insurance, which is usually taken out by seniors with multiple or serious medical problems. Instant life insurance is much less expensive than life insurance, and most companies offer coverage up to $1 million or more.

How does instant life insurance work?

Because the entire process is online, the task of applying for and purchasing a policy is fairly simple.

Follow these steps:

You can apply online by filling out your personal information and contacts on a life insurance application form and answering a few basic questions about your health and lifestyle.

With the user’s permission, the company retrieves information about the user from various databases. For example, you can search a prescription database to see what medications you have taken. You can look up your car history to see if you’ve had a driving violation. You can also check your MIB group data to see if your medical condition shows up when you apply for private health or life insurance with another company. MIB, owned by member insurance companies, maintains a database of information for insurance claims.

Typically, a decision can be made within minutes of submitting your application.

A simple online application for instant life insurance.

One of the biggest benefits of instant life insurance is how simple and straightforward the procedure is.

Your application can do the following:

• Check out some basic contact information, including your name, address and date of birth.
• Enter your health information.
• Give your insurance company permission to search for more information about your career in the medical database.
• Operator scans of the FCRA consumer database. Medical Information Bureau (MIB). No need to archive medical files by checking vehicle reports (MVRs) and prescription records.

That’s it!

How do instant life insurance rates compare to traditional term insurance?

Instant life insurance used to be much higher than traditional term life insurance, but in today’s market, it is slightly higher than traditional life insurance.

Thanks to technology adopted by most insurance companies, the insurance process is faster and cheaper thanks to a national database that stores medical information and prescription history of many U.S. citizens.

But don’t get me wrong. This information is not taken from your doctor’s records, but from the insurance company that is a member of these information providers. Also, when you fill out your life insurance application, it is noticeable that the insurer agrees to share the medical information listed on the application.

Tips for taking out instant life insurance.

If you need life insurance right away or want to waive a medical exam, you can get instant life insurance.

To purchase the right coverage, keep the following tips in mind:

Determine the length and scope of coverage. Before you apply, calculate how much life insurance you need and how long you want it to last. Since some insurers only offer short-term or small instant coverage, this may narrow down your options.

Think realistically about the possibility of approval. Generally, instant life insurance covers healthy applicants who have a safe lifestyle. If you already have health problems, a dangerous job or poor driving record, it may be better to take out an existing life insurance policy.

Check policy features. Do you want to customize your coverage for life insurance subscribers or do you want to switch to permanent coverage later? If so, consider these features and make a decision.

Store around. Premiums can vary widely because some people use more data than others to determine your eligibility and price. As always, it’s a good idea to compare life insurance estimates before signing up for coverage.