Calculate the amount of life insurance you need
An instant no-exam policy may not be able to provide the full amount of coverage you need, especially if you are looking to cover many years of work or years spent raising a family.
Before you start getting quotes, figure out how much life insurance you need. A policy without a review on its own may not be sufficient coverage.
Know your chances before applying
Getting life insurance without a long application process is appealing, but don’t go through an application without a review without understanding your chances of getting approved. Many no-exam policies require very good or excellent health to be approved. A refusal is entered on your insurance file and could hinder future requests.
“Customers who want instant decision life insurance should ask the seller to reveal underwriting instructions before applying so you don’t accidentally get an unwanted rate increase or decrease on your insurance record.” says Bob Bland, CEO of Life Quotes, a national online life insurance agency that offers a variety of policies, including no-exam, instant-decision, and traditional policies.
“Instant decision life insurance plans have strict acceptance guidelines. Successful applicants for these plans tend to be in excellent health, with no serious pre-existing conditions, no dangerous hobbies, are under 45, and claims for coverage do not exceed $ 250,000, ”observes Bland.
Don’t be surprised if you end up going through a more traditional application process, including a life insurance medical exam, if you’ve had any health issues.
Look beyond the tariffs
Of course, you don’t want to pay too much on life insurance, but don’t look at the price alone. There are coverage options that can be very useful long after the policy is purchased, such as the option to convert term life insurance to permanent life insurance. Also check if there is an accelerated death benefit, which gives you access to your own death benefit if you become terminally ill.
“The instant decision life insurance market is new, evolving and represents an exciting area of growth due to the ease with which a purchase can be made,” says Bland at Life Quotes. “But don’t neglect the fundamentals. There are differences in policy features and always ask to see the company’s AM Best rating before purchasing.
Be honest about the app
Whatever type of life insurance you request, be honest about the request. Intentional misrepresentation can result in the denial of the claim or, worse yet, the denial of a claim by beneficiaries.
Life insurance companies have many ways to verify claim information. The technology on the backend allows them to verify data from additional sources. This additional data may include your prescription drug history, responses to past life insurance claims, and your driving record.
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