How To Find Fast Life Insurance: Top 3 Ways To Secure Coverage

Last Updated: July 2019

Disclaimer: We are not “Fast Life Insurance Agency”. We are an agency that offers all the fast life insurance options available on the market.

In this short article, we’ll show you the 3 fastest ways to secure life insurance. You can have life insurance coverage in as little as 25 minutes if you qualify but read this article first so you know what to expect.

• Why Get Fast Life Insurance Coverage?
• The Fastest Types of Life Insurance You Can Apply For
• Instant Issue Life Insurance: Get Coverage in 25 Minutes
• Simplified Issue Life Insurance: Decision Within 48 Hours
• Accelerated Underwriting Life Insurance: Qualify in 3-7 Days
• The Easiest Way to Apply for Fast Life Insurance

EXPERT ADVICE: What most people do if they want coverage in force quickly and without the hassle, is buy life insurance with no medical exam. Then later down the road apply for a traditional policy to lower their premium and cancel the coverage their other policy. There are no penalties or fees associated with canceling a term life insurance policy.

Why Get Fast Life Insurance Coverage?

There are many reasons you may want life insurance coverage quickly.

• You need it to secure a loan.
• You want to make sure you’re protected before you go on vacation.
• You just feel the need to get the process done quickly for peace of mind.

Whatever the reason, you have several types of life insurance to choose from if you are looking for fast coverage.

The Fastest Types of Life Insurance You Can Apply For

It’s important to understand that the fastest life insurance options won’t require a medical exam. With that said, you’ll be paying a little bit more than a traditional life insurance policy that requires an exam.

There are 3 ways we recommend for you to secure fast life insurance.

• Fastest! Instant issue life insurance – 25 minutes
• Faster! Simplified issue life insurance – 48 hours
• Fast! Accelerated underwriting life insurance – 3-7 days

Each type of fast life insurance has different qualification standards and companies that offer them. We will go over those below.

Instant Issue Life Insurance: Get Coverage in 25 Minutes

Instant issue life insurance will give you a decision on the spot after a 25 minute phone call with a licensed agent.

Currently, you can get instant issue life insurance for up to $1,000,000 of coverage.

Qualifying for Instant Issue Coverage

To qualify for this type of fast life insurance, you need to be in average or better shape.

Instant issue life insurance companies will run a live check on your MIB (Medical Information Bureau), Pharmacy Report and Motor Vehicle report. If you’ve applied for life insurance before, they’ll see some information on your previous application in the MIB report and if you take any medications, they’ll see those on the Pharmacy Report. The Motor Vehicle Report, the life insurance company is simply checking for any reckless driving, DUI’s or excessive speeding tickets (as in more than 2 per year).

If you don’t have any health issues, don’t take any medications and have a fairly clean driving record (speeding tickets are fine, just not in excess), you’re good to go with instant issue life insurance.

If you have some health or lifestyle issues, it’s still possible to secure coverage, but it needs to be under control. For example, if you have diabetes, you can potentially get coverage if it’s under control and you were diagnosed over age 50. Every health condition will be different.

What If You Get Declined?

Just know that instant issue life insurance is a “black and white” approval. They look at data from the 3 agencies I mention above, along with the answers to your questions on the application and make a decision. This means that you may have a health condition and have everything under control, but the automated underwriting may still decline you.

If you do get declined, you can still qualify for fast life insurance coverage. You’ll just need to use another route, which we’ll cover below.

Also, keep in mind that instant issue life insurance is more expensive than traditional fully underwritten coverage.

Instant Issue Life Insurance Companies

If you can qualify, Sagicor Life Insurance company will go up to $1,000,000 of coverage and you can get a decision instantly. Their pricing is only a little more than fully underwritten if you’re in good health and you can qualify for their preferred rates. They also have a Standard and Rated health class for those with minor health issues.

Other companies that offer instant issue coverage include North American Company and Foresters.

Simplified Issue Life Insurance: Decision Within 48 Hours

Simplified issue life insurance takes up to 48 hours for approval. Just like “instant issue” life insurance, there is no exam and costs more than fully underwritten coverage.

Qualifying for Simplified Issue Life Insurance

It uses the same process of checking the MIB, Pharmacy Report and Motor Vehicle Report along with your answers to the questions on the application to make a decision.

There aren’t very many instant decision life insurance options available on the market, but there are plenty of simplified issue life insurance options available.

Types of Simplified Issue Life Insurance

Simplified issue life insurance comes in 4 different forms:

• Term coverage (Up to $1,000,000)
• Burial coverage (Up to $40,000)
• Guaranteed universal life (Up to $250,000)
• Indexed universal life (Up to $300,000)

The most common are term and burial coverage. I’d estimate they make up 97% of all simplified issue sales. There are only a handful of carriers writing guaranteed universal life and indexed universal life on a simplified issue basis.

With all that said, there are over 30 burial insurance products and over 15 term products underwriting on a simplified issue basis.

The Best Simplified Issue Life Insurance Companies

Our current recommendation is using Foresters Life YourTerm. It’s got the best value currently. You get living benefits which will pay out a portion of the death benefit if you get diagnosed with cancer, have a heart attack, stroke or other triggers. They also have member benefits such as scholarships for children. They aren’t the cheapest (or the most expensive), but the living benefits make it worth it.

If you want to lower the cost of the Foresters policy, you can use their accidental death benefit rider for a portion of coverage which will lower the price of the policy – however that portion of the death benefit only pays out in the event of an accident. But you keep all the living benefits. And let’s face it, if something god forbid does happen unexpectedly, it’s likely to be an accident.

Other companies that offer simplified issue policies include Assurity and Americo. However, we recommend calling one of our independent life insurance agents to compare multiple policies and find the best one for you.

Accelerated Underwriting Life Insurance: Qualify in 3-7 Days

This is the cheapest way to get life insurance fast. However, it takes 3-7 business days and if you don’t qualify for accelerated underwriting, you’ll need to take a medical exam.

Qualifying for Accelerated Underwriting without the Medical Exam

We don’t consider this true “no exam” coverage because if you don’t meet the requirements, you’ll have to take an exam. Think of it as applying for a traditional fully underwritten policy, but you MIGHT qualify to not have to take the exam.

Keep in mind, you have to be in good health. If there are any health issues, you won’t qualify for accelerated underwriting.

What many consumers will do is apply for an accelerated underwriting policy and if the company ends up requiring the exam, you can just cancel the application and go apply with a simplified issue carrier (which will cost more).

Life Insurance Companies Offering Accelerated Underwriting

Most life insurance companies are coming out with some form of accelerated underwriting. Companies that have accelerated underwriting programs using their traditional fully underwritten rates include:

• Protective
• North American
• American National
• Principal
• Banner Life

The Easiest Way to Apply for Fast Life Insurance

If you’re looking for fast life insurance, you have a lot of life insurance options.

Whether you need coverage to secure a business loan quickly or just want coverage to protect your family quickly, we can help. We can have a policy for you in force within 25 minutes if you qualify.

Fill out our quote tool, or give us a call to apply for life insurance coverage today!