Buy a term plan and secure your family
In this fast-paced world, we are so used to getting things done at the tap of a mere finger, that even getting insurance has become instantaneous. Traditionally, the lengthy application and approval process associated with the insurance industry often seems tiring to many. There is a ton of paperwork that one needs to fill up that is composed of in-depth questions. Other than that, one also has to go through a bunch of medical tests and procedures. Even after that, getting your application approved can involve a long waiting period to finally get an approval.
But just like the world is changing, so is the insurance industry. Many companies have come forward to offer an instant life insurance policy. One can skip through the long and tedious process of getting a life insurance cover, and in some cases even skip the medical examination.
While applying for such an insurance cover, you have to know that the insurance provider will try to retrieve information about you from various sources like your driving records, past medical records, and medical history among many others, as a part of their verification procedure. This sensitive information is vital as it influences whether your application is approved or not or how high your premium rates are going to be.
The quotes for these policies are easily available across various domains online. Once you submit your basic information as well as your application, the insurance provider will soon let you know if you are approved for a cover or not.
In exceptional cases, you might even have to undergo a physical medical test like several blood tests and urine samples. In other cases, you might be spared the hassle of even a medical test but this depends purely on your insurance provider.
The procedure involved in getting instant life insurance is not that complicated. It’s pretty easy. Let’s see the steps involved in getting this type of an insurance policy:
It’s that simple and instantaneous!
With extensive computing tools available today, insurance providers have become masters of predicting the life expectancy of an individual, thereby ascertaining a premium rate with greater accuracy. The young and healthy are able to reap the benefits of low premium rates, that too without undergoing a medical examination, while the older have to pay slightly inflated rates.
These policies can be compared to simplified issue life insurance, which is given approval with minimal questioning related to your medical issues and does not require the applicant to clear a medical test. But the simplified issue life insurance can prove to be way more expensive than those life insurance policies that mandatorily require a medical exam.
Similarly, a guaranteed issue life insurance also does not require a medical examination. One only has to answer a few simple questions during the application process and viola! You get a life insurance cover. However, it is quite expensive and the death benefit is also not payable for the first two to three years that the policy is active.
As opposed to these, the instant life insurance policy keeps its rates competitive with the life insurance policies available in the market traditionally.
Instant Life Insurance
Traditional Life Insurance
Offers a term option of 5, 10, or 20 years
Offers a term option of 5, 10, 15, 20, or 30 years
No waiting period
3-4 weeks waiting period
No need to deal with insurance agents
Have to deal with insurance agents
Comparatively higher premiums
Real-time and instantaneous underwriting process
Lengthy underwriting process
No medical exam required
Medical exam required
There are several benefits to such an insurance policy. Here are a few of them-
These benefits set apart the instant life insurance policies from their counterparts. If you are in dire need of an insurance policy, such a policy could prove to be your knight in shining armour!
In order to offer you a complete understanding of these policies it is vital to list some of their drawbacks as well. So here are certain downsides to choosing these policies-
Practically anyone can choose to avail of the benefits of an immediate life insurance cover. Regardless of that, it is important to know that these policies are targeted towards the more younger sections of the society who are fairly in good shape and keep fit. If you are a senior citizen or you suffer from some chronic health issues, you might not be approved for such policies. However, if your medical issues are not that severe, the insurance provider might request you to undertake a physical medical test but you are most likely to get approval. Once approved, your cover will be instantly active but the ultimate price you are going to pay for the policy will only be decided once you get your test results back. Some companies might even wait for the results before activating coverage. Nevertheless, anyone who does not qualify to get a traditional life insurance policy can choose these policies instead. You can also opt for these if you are simply afraid of needle or anything to do with a hospital!
There are obvious reasons to apply for an immediate life insurance cover. In most cases, your coverage will be activated as soon as the application is approved after a background check. Hence these policies are tempting to those who are looking for instantaneous coverage without having to wait weeks for approval. Those who want the cover to be effective without indulging in the long and tedious process involving excessive paperwork. Other than these people, this type of life insurance policy is also appealing to those who are planning to achieve certain milestones like take a trip, or perhaps have a baby, and so on.
In a Nutshell
The option of instant life insurance makes the process of getting a life insurance cover extremely easy. No lengthy waiting periods and coverage that’s instant! It reduces the amount of procrastination people often indulge in while trying to buy a life insurance policy despite it being a necessity. Hence, there is no longer an excuse for you to not get a life insurance cover that protects you and your family.