Between the financial security you can provide for your family, the ability to plan for the future, and the relative affordability of a highly-demanded financial asset, there are many different reasons why you may consider purchasing a life insurance policy. However, some life insurance providers have an extensive underwriting process that can require a significant amount of time before you can get approved (if you are approved at all). If you hope to acquire life insurance fast, you may need to adapt your approach to the process.
Fortunately, there are many different ways you can be approved for a life insurance policy in a short amount of time. Being able to obtain a policy in a matter of days instead of weeks can make it significantly easier for you to plan for the future. In fact, if you are able to effectively do your research and look in the right places, you may be able to secure a policy by the end of the day.
The Benefits of Quickly Comparing Different Policies
In the United States, there are seemingly countless different life insurance providers that are currently available to choose from. Naturally, there will be a significant amount of differences between each of these companies. The anticipated time it will take for you to receive approval for a given life insurance policy should usually be clearly stated by each life insurance provider. Some life insurance companies will promise to make a decision regarding your application in a matter of days. Others will take a considerably longer amount of time (often as much as 4-6 weeks).
If you are able to have access to an extensive list of potential life insurance providers, it will become much easier for you to identify which providers offer fast approval life insurance coverage and which providers do not. Even if a given company does not advertise itself as providing “immediate” life insurance coverage, they still may be able to get you covered more quickly than their comparable competitors. A life insurance agent who has experience working with multiple different companies will likely be able to help you identify which ones have the quickest application turnaround.
Preparing to Apply for Fast Approval Life Insurance Coverage
If you are in the process of purchasing a new life insurance policy, there are several things you can do to make the process go by more quickly. By having all relevant personal information immediately ready to go, then the underwriting process may take significantly less time.
The personal information that you will be required to provide will depend on the specific life insurance provider and policy you are applying for. Universal life insurance policies will naturally ask significantly more questions than guaranteed term policies. However, in general, there are a few things you should try to prepare before shopping around on the open market.
- Medical records, list of prescription drugs, other relevant medical information
- Name, address, phone number, social security number
- DMV report and proper identification
- Credit history and relevant financial records
- Information relating to your policy’s proposed beneficiary (or beneficiaries)
Even if your insurance provider only requests some of the information listed above, taking the time to organize these can still be very beneficial.
Avoid a Medical Exam With a Simplified Issue Life Insurance Policy
One of the primary benefits of getting life insurance fast is that you may be able to avoid the medical exam or questionnaire in the process. Typically, simplified issue life insurance policies will be able to quickly approve your application within a few days.
Simplified issue life insurance policies are usually structured as term policies. Typically, these policies will offer between $25,000 and $350,000 worth of coverage. Most term lengths for these policies will be anywhere between 10 and 30 years. The most important variable that will be considered during the application process is your age (usually designed for individuals 65 or less). Although approval for these policies will not be guaranteed, the lack of a medical component makes the application process go by significantly more quickly.
Instant Life Insurance Quotes Can Help You Understand Your Options
Though obtaining a life insurance policy advertising “instant” coverage can still take a few days, having the option to get a life insurance quote in a matter of minutes can significantly expand your available options. Many life insurance companies are willing to offer you instant quotes after asking a simple series of questions. These questions may include things such as your status as a smoker, relevant medical conditions, your weight, and your age.
Even if you do not decide to act on the first quote you receive, having a benchmark for what life insurance costs can be very useful. These quotes can be used to apply for readily available life insurance and they can also be used as leverage when comparing other options. Because receiving an instant life insurance quote will only take a few minutes of your time, it is something that is usually worth the effort.
Consider Applying for a Guaranteed Life Insurance Policy
Though you may not be able to be immediately approved, a guaranteed issue life insurance policy will typically take less time for approval than many alternative options. These policies, as the name might imply, are available to almost every single person who applies and may be significantly more affordable than you might initially assume.
With a guaranteed issue life insurance policy, the life insurance provider will not consider previous or current health conditions during the underwriting process. Because there is no need to wait for the results of a medical exam, your application can usually be approved more quickly. Your age will also be somewhat irrelevant, though there is typically a predetermined amount of time before the policy can actually be paid out in full (usually 2-3 years).
There are many potential benefits that can come from applying for a guaranteed issue life insurance policy. Usually, these policies are ideal for individuals who are over the age of 50 and believe they have less than ten years to live. Approval will typically take place in a matter of days, instead of weeks, and monthly premiums are generally considered quite affordable considered how soon the payout of the policy is expected to occur. The primary drawbacks of a guaranteed issue life insurance policy are that you likely cannot get as much coverage as you could with a different type of policy and, consequently, the cost-to-benefit ratio can often be less than ideal.
Guaranteed issue life insurance policies may be the best option available for those who have difficulty finding adequate life insurance coverage. But even if you are young and healthy, there are still many different occasions that you may want to get fast approval life insurance coverage. By taking the time out to compare different options and organize your finances, you will likely be able to obtain coverage in a matter of days.