{Instant is the watchword of the present generation – instant food, instant communication with cell phones or instant information on the Internet. In such a world, it was only expected that before long instant life insurance policies will be introduced. This is meant to help people get insurance policies quickly without having to go through a time-consuming application process. One of the many types of instant life insurance available is called instant-issue term life insurance.|Today we are all looking for immediate solution to all our problems and so it is natural that we will be looking for life insurance policies that provide immediate coverage as well. Indeed, in these days of instant food, instant communication one may find it irksome to wait for traditional life insurance policies that take ages to extend the coverage. The underwriters are aware of this; so to hold on to those who hate waiting endlessly, they now have instant life insurance policies to take care of their insurance need.|Speed is the watchword now. We must have everything instantly. Coffee or tea does not need brewing, food items come semi-cooked; communication has become faster; send an email and it reaches its destination instantly. Under this circumstance, it is natural that many will not want to fill up long and detailed forms, appear for medical tests and then wait for weeks to get life coverage. If you too are one of those who want everything to happen instantly, there is good news for you. We now have instant life insurance policies to take care of our insurance needs.
This policy was introduced when it was realized that many Americans in the middle and lower income group did not have any kind of life insurance term life insurance. To remedy this situation, this new policy was introduced to make it simple to get life insurance. Those who do not have the time to spend in an elaborate application process can apply for instant-issue term life insurance and get one approved in an amazing 10 minutes. While this does not mean that everyone will be eligible for this policy, it does mean that the process will be expedited within 24 hours at least.
These instant policies do not require you to undertake any medical test. Of course, that does mean that everyone can qualify for this policy; the carriers have their own way of checking out the insurability of the candidate. Those with terminal illness will definitely be rejected. However, it does mean that, without the medical test, the process can be rounded up within 24 hours at the most. Otherwise, just as any other term life policies, the coverage amount can vary from $25,000 to $100000 while the coverage term can vary in multiples of 5 years for a maximum of 30 years.
For example, when you request an instant-issue term life insurance quote on line, you will be asked about 40 questions concerning various health issues. This will include whether you smoke, drink or take drugs, age, sex and other questions. The premiums will be based on the information you provide. Invariable those who do not smoke or drink will get better rates as also will women. This is because it is generally perceived that women live longer as they lead healthier and more responsible lives.
One factor you must consider is that since the process is instant, the precise calculating process involved is reduced greatly. This could result in the applicant paying higher premiums per month. Also, since insurance companies do not require a complete medical exam to be done, they will automatically consider you are a high risk candidate and will charge higher premiums to protect themselves. The coverage amounts will also be smaller with this type of term life insurance. To protect your interests, ask for several life insurance quotes that will help you make the right choice.
While it is true that term life insurance no medical is much more expensive, it benefits certain people for otherwise it will not be offered by insurance companies. So, here are some ways to get one:
• Contact your current insurance provider
• Visit online websites
• Obtain a quote
• Submit the quote
• Complete application
The first step to finding out who offers term life insurance no medical is to ask your own insurance provider from whom you may have taken a health insurance policy. Very often, these health insurance companies also have life insurance policies. It is good to go with a known company so that you will not be cheated.
As with traditional policies, shopping around is the essential part of policy purchase. There is no other way you can find a suitable policy. Therefore, if you want the widest coverage at the cheapest rate, receive quotes at least from three different sources. In addition, as I have repeatedly told you, be honest while filling up the forms, especially in case of health related questions. Also, determine the coverage term and coverage amount carefully; there is no point of buying a policy, which falls short of your requirement.
Now, what will happen if you supply misinformation? As I have already told you twice before, the carriers have their own way of finding out. They are after all here to make profit and so they do not work blindly. If you are caught lying, you will not only be deprived of your coverage, but will suffer monetarily as well. That is why, it is far better to tell the truth; it may increase your life insurance rates a little, but whatever happens, your family will always remain financially protected. Isn’t that a very big gain?
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life ins quotes and term life insurance no medical exam, visit his site today.
