Instant Issue No Exam Life Insurance is Convenient and Quick

Who should get an Instant Issue Life Insurance?

Instant issue is a type of no exam life insurance geared toward people who are in good health and between the ages of 18 and 60. The benefit of such a policy is that it doesn’t require a medical exam as part of the application process, and approval is instant. In some cases, monthly premiums for instant issue can end up being less than those of a policy that is fully underwritten. 

How is that possible? Let’s take a look at how instant issue works. 

No Exam and No Waiting Period

Instant issue no exam life insurance, not to be confused with guaranteed issue no exam life insurance, is a type of term life insurance. This means that you can purchase it for a specified number of years, which usually come in increments of 5. Unlike traditional life insurance policies, no exam is required and there is no waiting period. 

No exam means that getting life insurance transforms from a stressful experience into a hassle-free one. You can skip the blood test, urine sample, and invasive questions about your health. No waiting period means that as soon as you submit your application, you’ll have your answer immediately. If you’re approved, your coverage can start from that day. 

How Insurers Gather Information About You

For traditional life insurance policies, insurers require a medical exam because that’s how they gather information about your health. By gathering information about you, the insurer can determine how much of a risk you pose to the company and whether insuring you is worth that risk. 

Generally, if someone is in great shape, they get approved and get the lowest monthly rates. People who have minor health issues might get slightly higher rates, while those with more serious health issues will get very high rates. Some health issues are so serious that the insurer will deny coverage. 

With instant issue insurance, there’s no medical exam, so insurers need a different way to gather information about you. To do this, they turn to public records like credit, driving, and pharmacy reports. You’ll also be asked to answer a few health questions, and from there, insurers are able to get a rather complete picture of you and assess their risk. 

Guaranteed issue is a different type of no exam life insurance which doesn’t collect information about you from third-party sources. Therefore, insurers don’t get a full picture of your health and the rates are very high. Due to the high rates, this type of life insurance is usually considered a last resort for older people. 

Since instant issue policies offer a fairly complete picture of your health, you can get low rates if you are in good health. And these rates can equal or beat those of traditional policies. 

Instant Issue For Fast Approval

Instant issue offers immediate approval, which means that many people turn to it if they need life insurance in a pinch. Common situations in which people need life insurance quickly include:

• They need an SBA loan, which requires life insurance
• They’re going through a divorce that requires life insurance

Applying for Instant Issue Life Insurance

Instant issue is a type of term life insurance and common terms are 10, 15, and 20 years. Coverage can go up to $500,000. When applying for instant issue, it’s important to be completely honest in your application. If the details you provide are not accurate, the life insurance company can contest the payout should it ever be claimed. Additionally, since insurers gather information about you from public records, they can easily compare your answers against those records. If there are inconsistencies, that may result in denial.

Feature Photo by Andrea Piacquadio