There are two main complaints when buying life insurance. One of them is the price, the other is how long the whole thing takes. In a fast paced world, who has time to wait to get insurance coverage?
There are some quick ways you can trim down the premiums, but there are some easier ways you can cut down on the time commitment. Life insurance is a vital safety investment, but it shouldn’t take up all of your time.
We are going to walk you through some of the ways you can get faster life insurance. You want to protect your family, why should you wait two months to do that?
If you want life insurance fast, keep reading, but keep in mind, the quickest isn’t always the best.
Find Accelerated Underwriting
The obvious way is to find a faster insurance company. Not every company is the same, some are much quicker than others. If you want coverage fast, find a company who expedites the process.
Some companies have found quicker and more efficient ways to manage their applicants, schedule the exams, and review the results. Those companies have made the whole process drastically faster.
Buy a No Exam Policy
If you want fast, look no further than a no exam policy. There are few choices which are quicker than no exam.
The exam part of the life insurance application is what slows everything down. You have to wait to schedule the appointment, take the exam, and then for the company to review them through the underwriting.
If you take this part out, the whole thing can go much faster. If you buy a no exam policy, you’ll be able to secure these policies in a matter of days.
They don’t require an exam, but they are still going to review a lot of different factors. They are going to pull alot of records and ask you about a hundred different questions about your health.
There are two factors to be aware of before you buy a no exam policy. They are more expensive and there is a limit on the coverage. Each company has their own pricing chart and coverage limits, but you are going to be more and have less freedom.
Even within the no insurance sphere, some companies excel at getting no exam coverage even faster.
Purchase a Guaranteed Issue Plan
Maybe you want coverage even faster than no exam can provide. Then you’re the perfect candidate for guaranteed coverage. These plans are the kind of speed, but life insurance isn’t all about how fast you can get them.
Sure, you can buy one of these in a matter of hours. The problem is the coverage.
These plans only go up to $25,000 worth of coverage. This may sound like a lot, but just like about your mortgage and other major debts, doesn’t sound like so much anymore does it?
These policies are designed for people who don’t hold a lot of debts, typically this is older applicants. Fastest isn’t always best.
Getting Coverage Fast
For most cases with life insurance, waiting a couple of days is going to be your best bet. Sure, you can be approved in hours, but life insurance is an important investment, there is no hurry.
Wouldn’t you rather get a quality plan rather than one you can get quick?
Every person is different; you will need to look at your specific situation and decide if a traditional policy (slower) is better for you or you need a no exam plan (much faster).
Regardless of the plan you decide is best for you, it’s vital you have the coverage in place. Not having life insurance security could easily sink your loved one’s finances. If you passed away, they would already have to deal with the emotional strain, why should you put them through financial struggles as well?