What is Instant Quote Life Insurance?

We never know when something can happen, so it’s good to be prepared. That’s why most individuals opt to get life insurance. It can help with future expenses in the event of a tragedy.

But, getting a life insurance policy can be difficult. It usually revolves around an application, interview, and medical exam, determining if your eligible for insurance.

Is there another way to get life insurance without the hassle? Yes, there is. Most people are getting an instant quote for their life insurance policies.

It removes the hassle of the standard life insurance procedure, allowing you to get a quote in minutes. Continue reading to learn more about instant life insurance quotes.

What is Instant Quote Life Insurance?

Instant quote life insurance is an insurance policy that you can get without a medical exam. Here’s how it works:

  1. Find an online life insurance provider
  2. Fill out the application online
  3. Wait a few minutes for your various coverage options

You won’t have to see a doctor and be given a lengthy waiting period for your claim to get accepted. It’s an excellent option for those looking to get affordable coverage instantly.

Life Insurance Underwriting

When you’re shopping for instant life insurance online, you will see terms that say “automated underwriting” or something similar. They let you know the algorithm being used to determine your policy. Here are phrases to look out for:

  • Automated underwriting – Done without human involvement
  • Accelerated underwriting – The increased use of algorithms and data to determine policy

Underwriting is usually the last stop before your life insurance policy gets approved or denied. Upon approval, you’ll get the terms of your policy. But if you’re rejected, you’ll be sent a letter stating reasons for your denial.

Differences Between “Regular” and Instant Life Insurance

People decide to get life insurance for various reasons. However, it’s important to learn how the different life insurance policies can affect your financial output.

“Regular” life insurance policies often come with larger payouts than instant quote insurance would. That’s because of the extensive medical check that you go through to determine your premiums. But again, it’s this hassle that many people want to avoid.

Using instant quotes allows you to gain an insurance policy in no time at all. Term lengths for instant life insurance are the same length as “regular” life insurance policies. There’s also no medical exam required.

Since you don’t have to submit a medical exam for instant life insurance, your premiums can be slightly higher. Your max payout will also be lower than that of “regular” life insurance.

Life Insurance Is Important

If you’re considering getting life insurance and don’t want to go through traditional measures, instant quote life insurance may be a better option.

Sign up online and get a beneficial policy without the long wait and requirements needed for traditional insurance. It’ll benefit your family in the long run.

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