WATCH VIDEO BELOW! MILITARY ARRESTS CALIFORNIA GOVERNOR GAVIN NEWSOM AFTER SHORT GUN BATTLE
The Basics of Instant Decision Life Insurance
Top 6 Fastest Instant Decision Life Insurance Providers In 2022
Instant decision Life Insurance Vs. Simplified Issue Policies
Instant Decision Life Insurance Vs. Guaranteed Issue Policies
Frequently Asked Questions About Instant Decision Life Insurance
The internet has made it possible to complete all kinds of different transactions instantly. Things that used to take weeks or months to get done can now be completed within the same day.
Face-to-face appointments can be made using video chat platforms like Zoom, and the days of snail-mailing paper forms have been replaced by sending a quick email. These instant methods of doing things online are done with just a few clicks of the mouse button.
While technology has made our lives much easier, the question you’re likely interested in is, can you also instantly get a life insurance policy?
Traditionally, the average timeline for a life insurance approval is four to six weeks. This accounts for completing the application, scheduling the medical exam appointment, completing the medical exam, the time it takes underwriting to review lab results, approval, and then finalizing the actual policy.
Fortunately, the process doesn’t have to take this long for everyone. Most life insurance companies are doing an excellent job keeping up with the digital age we live in and adjusting their products and underwriting methods to offer a streamlined process for insurance shoppers to conveniently get life insurance coverage online and without the need for a medical exam.
This is all done by utilizing advanced technology, obtaining data from major consumer databases, and information from other third-party vendors to help speed up the underwriting process. Faster underwriting means it is possible to get life insurance instantly.
That means many people who need life insurance coverage can get a policy with a high amount of coverage without leaving their home or waiting several weeks to receive a response regarding approval.
Instant decision life insurance policies are a convenient way to get coverage without the traditional 4-6 week average timeline to get life insurance coverage. However, they are not the best choice in all situations, and not everyone will qualify for instant approval when applying for a life insurance policy.
Here at No Medical Exam Quotes, we love putting together in-depth guides for our readers covering different insurance topics. This article is all about what you need to know about fast instant decision term life insurance approval.
Keep reading to learn more about how these policies work, who will benefit the most when applying, and which life insurance companies can offer instant approval term life insurance.
Instant decision life insurance policies are the fastest way to start a life insurance policy. As the name implies, you’ll get a decision if you have been approved for life insurance coverage nearly immediately after completing an application.
The entire application process takes about 10 minutes and is done completely online and often without the need for a life insurance agent. That means you can receive your quote for coverage and easily transition to filling out the actual life insurance application from the comfort of your home and without the need for a medical exam.
Despite the non-traditional speed of the applying process, instant decision policies are still the same coverage offered with traditional term life insurance policies that would require a medical exam.
Rates and coverage amounts are just as competitive, and many instant decision policies also include some of the same policy riders available with traditional term insurance plans.
So how does it work?
When you apply for instant decision life insurance, your application goes through a unique process known as accelerated underwriting. Much of the accelerated underwriting process relies on advanced technology combined with the help of third-party data sources to process and underwrite life insurance applications for rapid approval.
Once an application for life insurance coverage has been submitted for an instant decision, that is when the algorithmic underwriting process alongside third-party data requests work together to evaluate the overall risk to make a quick decision for approval.
The data received from these third-party sources and the responses to the application questions are used to determine your level of risk of insurability without having to go through any medical exam requirements.
Remember that your insurability is how the insurance company views your overall risk of dying during the term of your policy when it comes to life insurance. It’s calculated from information about your health, job, lifestyle, and even your driving history.
The insurance company will only obtain data when consent has been provided, which would occur during the initial application stage and after all disclosure forms have been electronically signed off by the proposed insured.
The data from the third-party data sources used to underwrite an instant-issue life insurance policy will vary depending on the company. However, there are few sources that almost every life insurance provider will use to evaluate eligibility for coverage. Many of these sources, if not all, are the same used in helping to underwrite non-instant issue plans also.
When applying for an instant decision life insurance policy, the data received from the following sources will need to come back in good standing. If there are discrepancies within the reports, it is unlikely that the insurance company will offer instant approval.
Instead, you may be required to apply for a policy that requires full medical underwriting so the insurance company can get a clearer picture of your lifestyle habits or medical history.
Below are third-party data sources used by nearly all life insurance companies to help process and underwrite life insurance applications.
Medical Information Bureau Database (MIB): An MIB report contains information on any previously submitted insurance applications that have been underwritten within the past seven years. An insurance company would utilize the information provided on the MIB report to look for any fraud or misrepresentation to the current life insurance application questions.
For example, if you said you were a nonsmoker on your life insurance application but a previous application for, let’s say, health insurance disclosed that you were a smoker, the insurance company would question why the life insurance application was marked non-tobacco use.
Since instant issue life insurance plans do not require a medical exam, the insurance company would likely not offer coverage under instant issue guidelines. They would require further information on past tobacco use. Instead, you may be given the option to go through full medical underwriting so they can view lab results for any nicotine in the lab results.
LexisNexis Report: LexisNexis is a company that collects consumer data and compiles it for insurance companies and other businesses to evaluate risk on a potential client.
Whereas MIB looks for potential application fraud from information on prior insurance applications, LexisNexis compiles data such as financial details like any history of bankruptcy, liens and judgments, criminal history, professional licenses, property ownership, and any other public data to create an insurance score.
Your insurance score is similar to a credit score. It represents a view on how risky LexisNexis feels it would be for the life insurance company to offer you a policy based on their collection of data. A low insurance score tells the insurance company that there is a degree of risk to offering coverage.
Prescription Database: Also known as an Rx Check, is a report that provides a detailed history of any prescribed medications. The report generally contains information on the prescribed medication, the amount of medication prescribed, the last prescription refill date, and the doctor who prescribed the medication.
Motor Vehicle Report: The MVR will provide the insurance company with a history of speeding tickets, reckless driving, license suspensions, or DUI/DWI history. A negative MVR report could raise your rates or even lead to denial of coverage.
Criminal Record: The insurance company will review public records to look for any recent arrests, convictions, felony, or misdemeanor charges that would result in a denial for an instant issue life insurance policy.
The insurance company will run all of this data through algorithms and give you an instant answer. If you’re approved, your policy will be active as soon as you sign your paperwork and pay your first premium. This means the entire process can take less than 10 minutes.
Most instant issue term insurance plans offer coverage to eligible applicants between the ages of 18 and 65. Applicants over age 65 are likely to require a medical exam to qualify for term life insurance coverage.
If you are over 65 and are looking for a non-medical life insurance policy and require less than $50,000, consider looking into a burial insurance policy.
A burial insurance policy is a form of whole life insurance coverage designed for seniors focused on covering small final expenses. Medical exams are not required, and approval can often be made within 24-72 hours.
Instant decision term insurance offers contract lengths from 10, 15, 20, or 30-year durations. When you choose a contract length, your premiums will remain the same price until the end of the last policy year.
While there are several different contract lengths to choose from, your options will be limited depending on your age when you apply for coverage. Younger applicants will generally have a wider range of contract lengths to choose from, while older applicants will be limited to fewer options.
Generally, coverage amounts on instant decision term insurance plans will range from as low as $25,000 to as high as $1,000,000. Older applicants may be limited to lesser amounts than younger applicants.
For example, an applicant between 18 and 50 may be eligible for coverage up to $1,000,000. In contrast, an applicant between the ages of 51-65 may be limited to a maximum amount of $500,000.
Minimum and maximum coverage amounts will depend on the life insurance provider guidelines, which we will provide examples a little later in this article.
If you qualify for instant decision approval, there will be no medical exam requirements needed. The third-party data combined with the application questions will have been enough for the insurance company to consider you a non-high-risk applicant for life insurance coverage.
Depending on the provider, if you do not meet the underwriting guidelines for instant decision approval, you could be provided with the option of full underwriting, which would require a medical exam.
Other instant decision life insurance providers will underwrite coverage based on an accept or reject basis, meaning if you do not meet the underwriting guidelines for a policy, no offer for coverage will be made, and the application will be closed out.
If provided with the option of taking a medical exam, it will be your choice. The insurance provider provides the medical exam at no cost. An examiner will contact you to work out a date to visit and complete the medical exam. Most medical exams take about 20-30 minutes and will consist of:
Accelerated underwriting is ridiculously fast. Most applications take 10 minutes to complete, and a decision is made within minutes of applying. If approved, you will have the option to review your coverage, make changes, and then accept your policy if you are satisfied with the price.
Payment for coverage is often made via credit card, with an electronic copy of your life insurance policy emailed to you. The entire process is very impressive and changing the old-school ways of applying for life insurance.
Underwriting is the process of looking at data from an application and other sources to help with the approval or denial of an application. Many things you apply for are underwritten, including car insurance, loans, and mortgages.
Life insurance underwriting is traditionally a long process because it considers many factors such as your health, finances, lifestyle habits, and more. However, technology has allowed this process to speed up significantly.
You might see the terms automated underwriting or accelerated underwriting when you’re comparing life insurance policies. These underwriting terms refer to a computer being able to handle the brunt of the underwriting process rather than a human.
So, when you submit an instant decision life insurance application, there typically no agents or underwriters at the insurance company reading it line-by-line. Instead, your application is run through a computer made up of algorithms and cross-checked with third-party data like LexisNexis and MIB to approve or deny your application instantly.
Instant decision life insurance applications ask many of the same questions as traditional life insurance applications. You’ll still need to provide information about your health, hobbies, job, and other lifestyle factors.
Since there is no medical exam required, you’ll need to be prepared to answer questions about any medical conditions when completing the application. Be prepared to answer questions regarding any diagnosis of any medical conditions, any medications you currently take, and any family history of serious medical conditions that would have lead to death before age 60.
Specifically, you’ll be asked if you’ve ever been diagnosed with any of the below medical conditions. It will be doubtful that you will be able to qualify for instant approval if you have been diagnosed with one of the following medical conditions:
You’ll need to provide additional information about any diagnosis you have, including the medications you take for it and how long you’ve had the condition.
In addition to health questions, the application will ask you about:
Your finances – You’ll need to list some basic information about your income. Life insurance is meant to be income replacement, so the insurance company will want to ensure the amount of coverage you’re applying for is supported by your income.
If you have a high-risk job – Some jobs are considered higher risk than others. These are jobs that are more likely to put you in physical danger. This includes firefighters, police officers, farmers, loggers, and fishermen.
If you have high-risk hobbies – Just like some jobs are more dangerous than others, some hobbies carry a definite risk. This generally includes any hobby that takes you far off the ground, like piloting private planes, parachuting, or bungee jumping. Other high-risk hobbies include most kinds of racing, mountain climbing, and deep-sea diving.
Tobacco use – Smokers always pay more for life insurance. Smoking has been proven to increase your risk of cancer, stroke, diabetes, heart disease, and many other diseases.
Alcohol consumption – When it comes to alcohol, insurance companies are more concerned with how much you drink than whether you drink at all. Most companies will consider your drinking to be high risk if it’s above current CDC guidelines. That means no more than 2 drinks a day for men and no more than 1 drink a day for women. Drinking heavier than this has been shown to increase your risk of multiple serious conditions.
Illegal drugs – Any illegal drug use will increase your risk to insure and increase your rates. This includes using prescription drugs that were not prescribed to you or for purposes that are not what they were prescribed for.
Criminal record – Most insurance companies won’t grant policies to anyone who has had a felony conviction or has been incarnated within the last five years. Older criminal charges will likely not prevent you from getting a policy.
Driving violations – A few parking tickets or a speeding ticket won’t affect your life insurance rates. However, if you’ve been charged with reckless driving or a DUI, you could have trouble securing a policy. Just like your criminal record, insurance companies are mostly concerned with your driving record from the last five years. Older violations won’t be counted against you.
It’s always recommended to answer these questions as accurately as possible and to provide details when you can. For example, let’s say a man named Marcus has a history of high blood pressure being managed by his doctor and is well controlled with medication.
Conversely, Anna is also applying for life insurance but has a history of high blood pressure and is not on any medications to keep it under control.
Although Marcus and Anna both have high blood pressure, insurance underwriting will look at them very differently. Marcus will likely get much better rates because he has taken steps to see a doctor, leading to him keeping his blood pressure well controlled.
That’s why it’s important to put the details on your life insurance application.
It can be tempting to lie on a life insurance application. After all, your rates are based on your risk of dying. So some people think that presenting that risk as lower than it really is will save them money. This can seem like a smart move, especially if you know you won’t be taking a medical exam. You might think it’s not a big deal, not to mention a diagnosis or leave out the reckless driving charge.
It is a big deal, and it’s never a good idea. The insurance company will look into your medical history, and they’re likely to uncover your lie.
How?
First, your records with the MIB will show any conditions you’ve listed on previous life insurance applications. They’ll also show your applications for health and other types of insurance, making it even more likely the insurance company will spot information you left out.
Plus, many insurance companies check prescription databases. If you have a prescription for a condition you didn’t disclose, the insurance company will notice.
The same rules apply to your driving and criminal history. The insurance company will check public data sources such a LexisNexis, which contains information about criminal history. Any lies could cause your application to be rejected. A rejected application will show up in your MIB file. That means other insurance companies will see the denial and the reason why. This could make it very hard to get coverage.
Even if you don’t get caught during the application process, lying on an insurance application is dangerous. If the company finds out later, your policy could be canceled. If the company finds out after your death, the payout could be denied, especially if the death has occurred within the two-year contestability period.
For example, let’s say you didn’t disclose your drinking on your life insurance application. If you die of liver failure caused by alcohol a year later, the insurance company can refuse to pay the death benefit to your beneficiary. This could leave your family unprotected.
So, no matter what type of policy you’re applying for, it’s always important, to be honest on your application.
We work with the top A.M. Best Providers
Compare life insurance rates from the top AM Best rated life insurance companies.
Most instant decision term life insurance plans allow applicants to apply for coverage through a 100% online application process and without the assistance of an agent. The process makes it extremely convenient for busy families looking for an affordable option to get life insurance coverage on their own time and without the need for a medical exam.
A few life insurance providers will require applicants to apply for their coverage with the assistance of an agent, but the application process is still as easy and quick as if you were to do it on your own.
Below is a breakdown of what you can expect when applying for an instant decision term life insurance policy from start to finish.
The first part of the process will be determining the right amount of life insurance coverage you will need. You will generally have a dropdown box located on the website to choose from different coverage amounts and contract lengths.
If you are unsure about your life insurance needs and how much coverage you may require, we highly recommend using the help of a life insurance needs calculator, which works as a question-and-answer style form based on financial needs that would require the help of life insurance.
As you fill in the question with dollar amount responses, the life insurance needs calculator will compute your answer to provide a suggested amount of coverage. Another option would be to work with an agent before applying for coverage.
Once you have your death benefit amount, you will need to choose a term length. Remember, term insurance is temporary life insurance coverage based on a contract with an end date.
For example, most term insurance plans come in contract years of 10, 15, 20, or 30-year plans. If you choose a 10-year contract length, your premiums will be locked in for the next 10 years, but the rate will increase after the 10th policy year if you choose to continue the coverage.
After you have selected a coverage amount and contract length, you will need to provide a few extra pieces of information such as gender, birth date, height and weight, tobacco use, and the state you reside in for rates to display for the coverage and contract length you have chosen.
It’s important to understand that the initial rates are only an estimate until you have applied, have gone through underwriting, and have been approved. If your application was approved as applied, your estimated rates should be the same as your approved rates.
Instant decision term life insurance is supposed to be fast, so rather than filling out multiple paper forms, applications are completed 100% online. From receiving an initial quote, you easily go right into filling out an application to apply for coverage.
Completing an online life insurance application can often be broken into four different parts:
The process of finalizing an instant decision life insurance policy is also quick and easy. You’ll generally need to sign your final documents electronically. Your final documents will detail your premiums, your term length, your coverage amount, and any riders you’ve selected. Make sure you look over all the details carefully before you sign.
You’ll also need to pay your first premium at the time of approval. Once your policy documents are signed and your premium is paid, your policy will be active. There’s generally no waiting period before an instant decision policy will payout. Your coverage will begin immediately.
Some instant decision life insurance companies only use accelerated underwriting with no optional medical exam alternative. Other companies will use accelerated underwriting but might ask you to take a medical exam if you do not meet the programs underwriting guidelines for instant approval.
If your application requires a medical exam, the insurance provider will notify you that one is requested. This doesn’t mean your application is denied or that you should expect high rates. It just means the insurance company needs more data, and the medical exam will help provide a clearer picture to help assist in approving coverage.
It is completely your choice to continue with the application by completing the medical exam. You may choose to stop the application entirely if you do not want to take a medical exam.
If you continue with the application, the medical exam will be ordered by the provider and scheduled with you around your schedule. The medical exam is provided at no additional charges, and you will have access to the lab results for your own personal records.
Instant decision policies have the same underwriting standards as traditional life insurance, if not even stricter. In fact, because accelerated underwriting is based on algorithms, some people will have more trouble getting an instant decision policy than a traditional policy.
However, despite the name, not all instant decision policies are instantly approved or even denied. In some cases, depending on the provider, your application may be referred to an underwriter for further review.
This is exactly what it sounds like. It means the algorithm couldn’t come to an instant conclusion on your application, so it’s sent to an underwriter to have the application looked over closely.
The underwriter may even reach out to you for additional information on specific application questions if further information is needed. Your final approval or denial will depend on the underwriter.
If you are declined for an instant approval policy, you should seek the help of a licensed insurance agent. An agent or agency will learn about the reasons for your decline and shop your coverage with the other providers they are contracted with to see what other potential options are available with those other insurance providers.
Instant decision life insurance is a great way to get coverage fast. Some of the fastest options to getting term life insurance right now are coming from digital online brokers that have partnered with at least one major life provider to issue an instant decision life insurance policy.
These direct-to-consumer online brokers are backed by some of the biggest investors and have spent millions on perfecting the online life insurance buying experience from how you are quoted, the ease of filling out the actual application, and how the algorithmic underwriting process occurs quickly.
If you have spent some recently shopping for term life insurance, you have also likely seen a few of these providers pop up as well.
To help you learn more about your instant decision term life insurance options, we at No Medical Exam Quotes have put together a list of the top online life insurance broker offering the fastest term life insurance coverage.
” alt=”” width=”768″ height=”300″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Bestow-Black-Logo-768×300.png 768w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Bestow-Black-Logo-300×117.png 300w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Bestow-Black-Logo.png 933w” data-lazy-sizes=”(max-width: 768px) 100vw, 768px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Bestow-Black-Logo-768×300.png” />
Bestow officially launched in 2017, offering a completely 100% online instant decision term life insurance application process with policies issued and backed by North American Company for Life and Health Insurance.
North American has been in business since 1886 and has an AM Best Rating of A+ Superior. A rating that is the second-highest rating out of 16 potential ratings.
Until recently, Bestow only offered two contract lengths of 10 and 20 years. Now Bestow offers all traditional term lengths to include 10, 15, 20, 25, and 30 years.
Available coverage amounts range from $50,000 up to a maximum of $1,500,000. However, Bestow does not offer a conversion option or any policy riders. Bestow term life insurance coverage is pure, affordable death benefit protection.
| Bestow Instant Decision Term Life Insurance | |
|---|---|
| Company: | Bestow |
| Insurer: | North American Company for Life and Health |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 15, 20, 25 and 30-Years |
| 10-Year Plan: 15-Year Plan: 20-Year Plan: | Ages 18-60 Ages 18-55 Ages 18-50 |
| 25-Year Plan: | Ages 18-45 (non-tobacco) Ages 18-38 (female tobacco) Ages 18-37 (male tobacco) |
| 30-Year Plan: | Ages 18-40 (female non-tobacco) Ages 18-39 (male non-tobacco) Ages 18-31 (female tobacco) Ages 18-30 (male tobacco) |
| Coverage Amounts: | Minimum – $50,000 Maximum – $1,500,000 |
| Policy Riders: | None |
| Conversion Option: | None |
| Medical Exam Potential: | No medical exam required at all |
| Application to Decision Time: | 9 Minutes |
| State Availability: | All states except NY |
See just how easy applying for life insurance really is!
Click the below button to learn more about Bestow term life insurance, compare rates and apply online.
” alt=”” width=”768″ height=”143″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-768×143.png 768w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-300×56.png 300w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-1024×191.png 1024w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-1536×286.png 1536w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-2048×382.png 2048w” data-lazy-sizes=”(max-width: 768px) 100vw, 768px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ethos-Life-Black-Logo-768×143.png” />
Ethos officially launched in 2016. While most direct-to-consumer digital life insurance providers contract with one life insurance provider to offer instant term life insurance coverage, Ethos has gone ahead and partnered with three different top-rated life insurance providers to offer its customers various coverage options.
Banner Life (AM Best Rated A+) is responsible for issuing the majority of the fully underwritten instant decision plans offered by Ethos. Term lengths range from 10, 15, 20, and 30 years. Applicants between the ages of 20-65 are eligible to apply for coverage with death benefit protection amounts ranging from $100,000 to $1,000,000.
Ameritas (AM Best Rated A) handles most of the simplified issue term life insurance policies. These policies require no medical exam and are a good alternative for applicants that would not qualify for a policy issued through Banner Life. Issue ages range from 20 to 70, with coverage amounts starting as low as $5,000 up to $500,000.
TruStage (AM Best Rated A) offers simplified issue term insurance and is also responsible for issuing policies for simplified issue whole life and guaranteed acceptance whole life insurance.
For more information: Ethos Life Insurance Review
| Ethos Instant Decision Term Life Insurance | |
|---|---|
| Company: | Ethos |
| Insurer: | Banner Life Ameritas TruStage |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 15, 20, and 30-Years |
| 10-Year Plan: 15-Year Plan: 20-Year Plan: 30-Year Plan: | Ages 20-65 Ages 20-65 Ages 20-60 Ages 20-50 |
| Coverage Amounts: | Minimum – $5,000 Maximum – $1,500,000 |
| Policy Riders: | Term insurance plans issued by Banner Life will include a free Accelerated Death Benefit Rider that allows for a portion of the death benefit to be taken while alive if diagnosed with a terminal illness. |
| Conversion Option: | Not available on plans issued by Banner or Ameritas. TruStage simplified issue plans are convertible to whole life insurance coverage if elected by age 80. |
| Medical Exam Potential: | Coverage over $1M will require medical exam. Some applicants that do not meet the accelerated underwriting guidelines may be give the opportunity to take a medical exam. |
| Application to Decision Time: | 10 Minutes |
| State Availability: | All states except NY |
See just how easy applying for life insurance really is!
Click the below button to learn more about Bestow term life insurance, compare rates and apply online.
” alt=”” width=”450″ height=”142″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Fabric-Life-black-Logo.png 450w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Fabric-Life-black-Logo-300×95.png 300w” data-lazy-sizes=”(max-width: 450px) 100vw, 450px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Fabric-Life-black-Logo.png” />
Fabric Life officially launched in 2017. The digital online broker has partnered up with Vantis Life, an AM Best A+ rated life insurance provider, to issue its instant term insurance and instant accidental death insurance plans.
Vantis Life is also part of the Penn Mutual company, an established insurance provider since 1847.
Fabric instant decision term life insurance plans are available in three different term contract options of 10, 15, and 20 years. Eligible issue ages are the same for all contract options, age 21-60.
Coverage amounts range from $100,000 up to $5,000,000. Applicants applying for $1,000,000 or less in coverage will be eligible to receive an instant issue approval. If the amount of coverage is greater than $1,000,000, a medical exam will be required.
Although Fabric does not offer any policy riders with its term insurance plans, they include a conversion benefit that allows for the term insurance contract to be switched to a permanent life insurance plan anytime before the policy anniversary following the insured’s 65th birthday.
In addition to instant decision term life insurance, Fabric also offers accidental death insurance plans issued through Vantis Life. These plans are available to applicants aged 25-50 with three coverage options of $100,000, $250,000, and $500,000. Underwriting is guaranteed acceptance, so you cannot be turned away due to poor medical history, and prices are the same for everyone regardless of age.
Need another reason to like Fabric?
Fabric has developed an app that is downloadable from the Google and Apple app stores. The app provides the ability to create a legally binding last will and testament and manages all your financial accounts through a service called the Fabric Vault.
| Fabric Instant Decision Term Life Insurance | |
|---|---|
| Company: | Fabric |
| Insurer: | Vantis Life |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 15, and 20-Years |
| 10-Year Plan: 15-Year Plan: 20-Year Plan: | Ages 21-60 Ages 21-60 Ages 21-60 |
| Coverage Amounts: | Minimum – $100,000 Maximum – $5,000,000 |
| Policy Riders: | None |
| Conversion Option: | Conversion option to switch from term to whole life insurance is available and can be elected any time prior to the policy anniversary following the insured’s 65th birthday. |
| Medical Exam Potential: | Coverage over $1,000,000 is likely to require a medical exam. Those that do not meet underwriting requirments for an instant descision approval may also be given the opportunity to complete a medical exam including coverage amounts under $1,000,000. |
| Application to Decision Time: | 10 Minutes |
| State Availability: | All states except MT and NY |
See just how easy applying for life insurance really is!
Click the below button to learn more about Fabric term life insurance, compare rates and apply online.
” alt=”” width=”768″ height=”383″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Haven-Life-Black-Logo-768×383.png 768w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Haven-Life-Black-Logo-300×150.png 300w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Haven-Life-Black-Logo.png 800w” data-lazy-sizes=”(max-width: 768px) 100vw, 768px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Haven-Life-Black-Logo-768×383.png” />
Haven Life officially launched in 2014. The digital online broker has partnered up with MassMutual, an AM Best A++ rated life insurance provider, to issue its instant term insurance plans entirely online.
If considering term life insurance coverage with Haven Life, you will have the choice of applying for their fully underwritten term insurance coverage or their simplified issue term insurance plan. Both term life insurance plans are available to applicants that are between the ages of 18-64.
Fully underwritten plans offer coverage that can range from $100,000 up to $3,000,000 unless you are between ages 60-64, then you will be limited to a maximum of $1,000,000.
Contract lengths are available in 10, 15, 20, and 30-year durations. While Haven Life’s traditional term insurance plans are fully underwritten and likely to require a medical exam, select applicants may qualify for their InstantTerm underwriting, resulting in immediate approval for coverage.
InstantTerm approval is only available to applicants up to age 59 and applying for $1,000,000 or less in coverage. Not everyone will qualify for InstantTerm approval, and a medical exam will be required as part of the underwriting process.
If you’re looking for a term life insurance plan that does not require a medical exam at all, then you would want to consider the second term insurance option referred to as Haven Term Simplified.
Haven Term Simplified plans to require no medical exams but are limited to a maximum coverage amount of $500,000 and are only available in term durations of 10 or 15-year contracts. These plans will be more expensive than the full underwritten options as the risk classification is greater than if you chose to apply for a fully underwritten plan that would have required a medical exam.
If you’re looking for an instant decision term life insurance plan that can offer some extra benefits, then Haven Life is one company that should be at the top of your list. Included is an Accelerate Death Benefit rider that allows early access to the death benefit if diagnosed with a terminal illness and an optional waiver of premium rider that would waive all premium payments due to illness or injury that has caused the insured to become totally disabled.
One other final benefit that is offered with Haven Life term insurance is their unique Haven Plus Rider. Included in the cost of coverage, this rider provides living benefits such as free access to certain healthy lifestyle apps, trust and will services, and discounts to MinuteClinic services.
| Haven Life Instant Decision Term Life Insurance | |
|---|---|
| Company: | Haven Life |
| Insurer: | MassMutual |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 15, 20, and 30-Years |
| 10-Year Plan: 15-Year Plan: 20-Year Plan: 30-Year Plan: | Ages 18-64 Ages 18-64 Ages 18-64 Ages 18-49 |
| Coverage Amounts: | Minimum – $100,000 Maximum – $3,000,000 / $1,000,000 (Ages 60-64) |
| Policy Riders: | Accelerated Death Benefit – Included Haven Life Plus – Included Waiver of Premium – Optional |
| Conversion Option: | None |
| Medical Exam Potential: | Medical exams are likely to be required. Some applicants will qualify for immediate coverage who are under the age of 60 and are applying for $1,000,000 or less in death benefit coverage. |
| Application to Decision Time: | 10 Minutes |
| State Availability: | All states |
See just how easy applying for life insurance really is!
Click the below button to learn more about Haven Life term life insurance, compare rates and apply online.
” alt=”” width=”640″ height=”175″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ladder-Life-Black-Logo.png 640w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ladder-Life-Black-Logo-300×82.png 300w” data-lazy-sizes=”(max-width: 640px) 100vw, 640px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Ladder-Life-Black-Logo.png” />
Ladder Life officially launched in 2015. The digital online broker has partnered up with Fidelity Security, an AM Best A- rated life insurance provider, along with Allianz Life, an AM Best A+ rated life insurance provider, to issue its instant term insurance plans fully online.
The term insurance plans offered through Ladder Life are available to applicants age 20-60 with contract lengths ranging from 10, 15, 20, 25, and 30-year durations.
Coverage amounts start as low as $100,000 and go up to $8,000,000. If applying for coverage under $3,000,000, Ladder may be able to make an instant decision for coverage.
For applicants who do not meet instant decision approval they may be offered the option to complete a medical exam provided by Ladder.
While Ladder Life does not offer any additional policy features, rider, or conversion option to permanent coverage, the company makes it easy to decrease your death benefit if insurance needs change later in life.
For example, let’s say you apply for a 30 year $1,000,000 policy, but 10 years into having the coverage, you realize you no longer need a million-dollar policy.
Instead of canceling coverage with Ladder Life, you can log into your online account and decrease your coverage. This would allow you to reduce the death benefit to an amount you need and lower your premium payment.
Along with decreasing your coverage, you can also easily increase your death benefit by applying for more coverage. Ladder has made the overall process of applying and adjusting coverage to meet ongoing changes to life insurance needs as easy as it can get.
| Ladder Instant Decision Term Life Insurance | |
|---|---|
| Company: | Ladder Life |
| Insurer: | Fidelity Security Life – Primary Allianz – New York Residents |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 15, 20, 25, and 30-Years |
| 10-Year Plan: 15-Year Plan: 20-Year Plan: 25-Year Plan: 30-Year Plan: | Ages 20-60 Ages 20-55 Ages 20-50 Ages 20-45 Ages 20-40 |
| Coverage Amounts: | Minimum – $100,000 Maximum – $8,000,000 |
| Policy Riders: | None |
| Conversion Option: | None |
| Medical Exam Potential: | A medical exam would be needed if the total amount of coverage being applied for is over $3,000,000 or an applicant does not meet the underwriting guidelines for instant decision coverage. |
| Application to Decision Time: | 10 Minutes |
| State Availability: | All states |
See just how easy applying for life insurance really is!
Click the below button to learn more about Ladder term life insurance, compare rates and apply online.
” alt=”” width=”768″ height=”138″ data-lazy-srcset=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Policygenius-Black-Logo-768×138.png 768w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Policygenius-Black-Logo-300×54.png 300w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Policygenius-Black-Logo-1024×184.png 1024w, https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Policygenius-Black-Logo.png 1492w” data-lazy-sizes=”(max-width: 768px) 100vw, 768px” data-lazy-src=”https://nomedicalexamquotes.com/wp-content/uploads/2021/05/Policygenius-Black-Logo-768×138.png” />
Policygenius officially launched in 2014. The digital online broker is contracted with over a dozen life insurance providers to help people shop, compare rates and apply for affordable insurance coverage online.
In 2020 Policygenius secured an exclusive partnership with Brighthouse Financial to offer its own competitive instant decision term life insurance coverage called SimplySelect.
Brighthouse Financial is an AM Best A rated life insurance provider and is the company that issues and backs the SimplySelect term insurance plans.
SimplySelect is available in three different contract durations depending on your age when you apply for coverage. The minimum coverage amount starts at $100,000 up to as high as $2,000,000 without the need for a medical exam.
The term life insurance plan features are the included Accelerated Death Benefit Rider and the conversion option.
| Policygenius Instant Decision Term Life Insurance | |
|---|---|
| Company: | Policygenius |
| Insurer: | Brighthouse Financial |
| Type of Coverage: | Term Life Insurance |
| Contract Lengths: | 10, 20, and 30-Years |
| 10-Year Plan: 20-Year Plan: 30-Year Plan: | Ages 20-60 Ages 20-55 Ages 20-50 |
| Coverage Amounts: | Minimum – $100,000 Maximum – $2,000,000 |
| Policy Riders: | Accelerated death benefit rider included at no additional costs. Advances a portion of the death benefit if diagnosed with a terminal illness. |
| Conversion Option: | Convertible to permanent coverage after the first policy year. |
| Medical Exam Potential: | No medical exam required at all. |
| Application to Decision Time: | 24 Hours |
| State Availability: | All states |
See just how easy applying for life insurance really is!
Click the below button to learn more about Policygenius term life insurance, compare rates and apply online.
You might be wondering if all no medical exam policies are instant decision policies. It’s easy to get the two confused, but they’re not the same. Many traditional life insurance companies that offer no medical exam policies will utilize either accelerated underwriting or simplified issue underwriting.
While both underwriting options will provide a quicker approval for coverage than a policy that would require a medical exam, you’re likely not to get an answer as quickly as an instant decision policy with simplified issue underwriting.
Simplified issue underwriting is a slower underwriting process but will generally never require a medical exam. This is what sets this type of non-medical underwriting apart from accelerated underwriting plans which can require a medical exam if you’re unable to meet the underwriting guidelines set by the insurance company.
With simplified issue underwriting, approval times can vary from a few days to a few weeks. This is mainly because simplified underwriting will often require a more hands-on underwriting approach, as it is often acceptable for applicants with health conditions to apply.
Remember, instant decision policies are fast because they utilize algorithmic underwriting rather than actual human underwriters.
So which policy type is right for you? It depends on your health and time frame. As a rule, instant decision policies will be harder to qualify for if you have certain medical conditions where a simplified issue policy may be more acceptable.
We do believe you should weigh out both options. Many of the no medical exam term life insurance plans that traditional life insurance providers offer many more policy features than what today’s instant decisions plans offer with online-based digital providers.
While the entire process that instant decisions policies offer is excellent, if you don’t need a life insurance policy instantly, traditional non-medical exam plans are still the better options in terms of overall coverage.
| Instant Decision Plans | Simplified Issue Plans |
|---|---|
| Could require a medical exam | No medical exam required at all |
| Death benefits up to $1,000,000 and higher | Death benefits often limited to $500,000 or less |
| Applications completed 100% online | Online and paper applications available |
| Great option for healthy people | Great option for people with low to mild health conditions |
| Limited policy feature and riders | Generally have additional features and riders that are either include or optional |
Guaranteed issue life insurance policies are another type of policy you can apply for entirely online. There is no medical exam to take, and decisions are also instant. However, these are actually very different from instant-issue term insurance plans. Differences include:
Remember that an instant decision life insurance policy is a traditional life insurance policy. The approval time is sped up, but all other aspects are the same as standard policies.
A guaranteed issue policy, by contrast, is expensive coverage designed for people who are having trouble getting a traditional policy. You cannot be turned down for a guaranteed issue policy, making it a costly coverage option.
We work with the top A.M. Best Providers
Compare life insurance rates from the top AM Best rated life insurance companies.
We’ve answered a few more common questions about instant decision life insurance below.
Instant decision life insurance is primarily for term life insurance policies. It is not very common to find an instant issue whole life insurance policy. There are few life insurance providers out there, such as Assurity, Foresters, and Sagicor, that offer potentially fast approval for whole life insurance coverage.
Other options include final expense plans and guaranteed issue policies, which can also provide an instant decision. However, as mentioned above, these aren’t standard life policies, and final expense plans are not recommended for families that require large coverage amounts to protect financial risks.
Just like guaranteed issue policies, accidental death policies are sometimes confused with instant decision policies. This type of policy is generally issued instantly, but it is not standard life insurance.
Accidental death policies don’t cover death related to illness. Instead, they’ll only pay out if death was caused by accident. If you purchase an accidental death insurance policy and pass away from a heart attack or other medical-related death, the insurance coverage will not pay out to your beneficiary.
Accidental death plans can be a good alternative if you cannot qualify for traditional life insurance coverage and need more death benefit protection than what a guaranteed issue policy can offer.
Also, many term life insurance plans offer an optional accidental death benefit rider. Adding the rider would double your death benefit payout if your death directly resulted from an accident. And since the rider is added to the life insurance coverage, your policy would still pay out the full death benefit even if an accident did not cause your passing.
Most companies that offer instant decision policies will make approval for coverage shortly after completion of the application. However, some companies require a medical exam, and other companies will refer some applications to human underwriters rather than algorithms.
Read the fine print before you apply. Most companies will let you know right on the website if there is any chance your decision won’t be instant.
Instant decision policies have the same underwriting standards as traditional life insurance policies. So, unlike guaranteed issue policies, you can often get an instant decision policy for a great competitive term life insurance rate.
Your price will be based on the amount of coverage you choose, your term length, and your life insurance rate classification. Your rate classification is based on your risk of death as determined by your age, health, and lifestyle.
As a rule, if you’re able to qualify for other types of term policies at affordable rates, you’ll also be able to qualify for a low-cost instant decision policy.
However, there are exceptions. As discussed above, instant decision life insurance policies use entirely algorithm-based underwriting. So if you have a complex situation, this might not be the route for you.
In some cases, you might get a high rate or denial from an instant decision policy, but be able to get a great rate at a company with underwriters who review each application.
For example, if you need to provide more information about a hobby you have or a health condition you’ve been diagnosed with, it might be better to apply for a non-accelerated underwriting policy.
You’ll have to wait longer for a decision, but you’re more likely to get approval for an affordable policy.
Instant decision life insurance policies are a great way to get fast life insurance coverage. They can help you set up a vital part of your family’s financial plan in a single evening. They’re a smart option for healthy people who don’t want a drawn-out application process.
If you’re looking for fast coverage without an exam but aren’t sure about instant decision policies, consider a simplified issue policy that requires no medical exam. Simplified issue policies are also fast, easy to apply for, and offer way more policy features than instant issue policies.
Take, for example, Transamerica’s living benefits coverage. Transamerica offers an amazing term life insurance policy packed with policy features such as living benefits, an optional monthly disability income rider, and non-medical underwriting for amounts up to $2,000,000 in coverage.
While you might not get an instant decision with many traditional life insurance companies, you’re going to have a greater selection of coverage options, many of which offer no exams and quick underwriting. You can get instant quotes from several companies, and if you’re ready to get started, No Medical Exam Quotes can help. Just fill out our quick form to get quotes and compare policies.
