Yes, its possible to get a life insurance policy in a minute. But is it wise? Just like everything else in life there are pros and cons to getting an instant life insurance policy. In this blog post I’ll explore life insurance that you can get instantly, as well as no medical exam life insurance that isn’t as instant and I’ll tell you when you might want to consider a no exam or instant life insurance vs life insurance that does require an exam.
Instant Term Life Insurance – What’s the Rush?
Why would you need to get a life insurance policy so quickly? It isn’t because you’re about to kick the bucket – if that was the case you wouldn’t get approved anyway. So why would a healthy individual suddenly need to get a policy within minutes? Here are a couple of examples of where time becomes a factor:
Going on Vacation
You and your spouse just had your first child recently and are going on vacation for the first time while leaving your child with a family member. You realize your trip is a couple of days away, and you get an uneasy feeling that you’re about to get on a plane without life insurance. You want to get a policy, but most companies require an exam, and approval takes at least a few weeks. In this case and instant term life insurance policy can be your best friend and come to the rescue.
In Business Time is Money..
Another case where you might want instant term life insurance is if you need to get a policy for business reasons. You have applied for a loan through your bank or the SBA (Small Business Administration) and you’ve been approved. Your bank or the SBA requires that you have a life insurance policy as collateral for the loan – this is the only item keeping you from closing on the loan and getting the money you need for your business. Instant term life insurance will help you close the loan as opposed to waiting a month for a policy that requires an exam.
Instant Term Life Insurance – Pros and Cons
Here are the benefits of instant term life insurance:
- You can apply yourself online – no agent involved
- Can get coverage up to $350,000 without a medical exam
- Get an answer within 2-5 minutes of electronically signing your application
- Get your life insurance policy the same day you apply
Downsides of Instant Term Life Insurance
- Coverage is limited to $350,000 – if you need to have a larger policy, it isn’t for you.
- Can apply up to age 60 – if you are older than 60 there are other carriers that provide no medical exam coverage up to $250,000.
- You might get better pricing for coverage that requires a medical exam – Insurance companies love data and information. The more information they have the less risk they are taking because they know exactly what they are dealing with. A policy you get that requires a medical exam will typically result in a better price for coverage since the insurance company has more information about your current health. Some people just don’t like the having blood drawn, or just want to get a policy with as little effort as possible – typically the convenience and ease factor will cost you more than buying a policy that requires an exam.
ANICO Signature Term Life – An alternative to Instant Term
If you are interested in getting a term life insurance policy that doesn’t require a medical exam that might get you a better price than an instant term life policy I recommend considering American National Life Insurance Company (ANICO).
ANICO offers up to $250,000 of coverage without a medical exam. The results can take up to 7 days, and they may even order your doctor’s records if they want to review more medical information – which can take up to an additional 2-3 weeks. However American National has the best pricing for no medical exam life insurance. In addition since ANICO may order your medical records, you have a better chance of getting approved if you have a pre-existing condition such as type 2 diabetes. While it may take a little longer than 60 seconds to get approved, if you have the time and want a no medical exam policy, American National is a company you should consider.
Term Life that Requires an Exam
If you want the best pricing for life insurance, it will be with a medical exam. Compare rates below using our quote tool and you will see pricing for life insurance policies that require an exam. You can also find ANICO by quoting your self at standard pricing and reviewing what their rates are. We do also offer Instant Term Life Insurance and you can get quotes for that by clicking on the Blue Bar below. We can help you compare rates for instant term life, no medical exam term life vs companies that require an exam and recommend the best option for you.
Latest posts by Liran Hirschkorn (see all)
- Does Having a Stroke Affect Life Insurance? - October 10, 2017
- Protective Term Life Insurance: How Protective Life is Different - October 6, 2017
- Life Insurance For Dummies: Basics You Need To Buy Smart - September 25, 2017