In this article you will get to know about the Fastlife insurance reviews of all its life insurance policies and packages.
When it comes to receiving coverage as soon as possible, there are three primary possibilities. All of them are “no medical exam” rules. You will not be required to arrange a medical exam for any of these plans.
- Instant Coverage
- Insurance for Simplified Issues
- Insurance that is processed more quickly
Fastlife Instant Coverage
You will be accepted or denied immediately after applying with an instant issue policy. It’s vital to note that the application procedure takes time. The application process will include a 30-minute phone interview with an agent. The agent will go through all of the qualification questions and have access to information from various sources.
Instant Issue insurance is often appropriate for those in good overall health and who do not have any significant health conditions. If you use drugs or have any health issues, an Instant Issue policy may not be the best option for you.
Insurance for Simplified Issues
The next fastest sort of insurance policy is a simplified issue policy. You can get accepted in as little as two days. The approach is authorized in a manner that is quite similar to the Instant Issue procedure. To underwrite your coverage, the business may do a phone interview, review your MIB, MVR, and Medication Database.
You can choose a death benefit ranging from $10,000 to $1,000,000 in coverage depending on the business and the kind of policy (Term, Whole, UL, or GUL).
Insurance that is processed more quickly
The final option for quick insurance approvals is Accelerated Underwriting. This is an excellent choice for people looking for the cheapest coverage that does not need a medical exam. It isn’t as quick as Instant or Simplified since it usually takes a few days (or up to a week).
This vital suggestion will assist you in developing your application approach. You may apply using Accelerated Underwriting, and if the exam is necessary, you can do so as follows:
- Take the test
- Cancel the application and apply somewhere else
Whether you choose an Instant Issue, Simplified Issue, or Accelerated Underwriting policy, deal with an independent insurance broker who has access to the best carriers.
How to Get fastlife Life Insurance Applications Approved Quickly
Insurance companies employ various methods to determine your insurability to accept your application fast.
Applications for Electronics
Carriers will adopt computerized application processes to remove the need for a lengthy paper application. Your representative will finish your application over the phone. This should take about 15-20 minutes to complete.
Applications will include basic information and inquiries about your current and previous health history. Once finished, the e-application is forwarded to you via email for electronic signatures. After completing the e-signatures, your application will be delivered to the insurance carrier, and the underwriting process will commence. Some airlines will finish the underwriting process in minutes, while others may take days.
Interviews over the telephone
Your application may need a phone interview. The firm and the product will determine it. The insurance underwriter may require more information about your circumstances and health. The good news is that this typically avoids having your medical records ordered, which frequently causes delays in coverage approval. Telephone interviews can significantly expedite the clearance process.
A medical exam is not required for swift life insurance approvals. On the other hand, companies need to know that you are not too dangerous to give coverage. They’ll be able to confirm your medical history if they have access to your MIB report. The MIB is an abbreviation for the Medical Information Bureau, and it is a record of every previous insurance policy you’ve applied for. It indicates if you’ve ever been accepted or denied, as well as why.
What Are the Advantages and Disadvantages of Fast Approval Life Insurance?
There are pros and cons to everything. There are advantages and disadvantages to purchasing life insurance plans with a quick approval procedure.
Advantages Fast Life Insurance
Usually, being accepted swiftly is a lot more joyful experience. When it takes weeks or even months for the underwriter to make a final judgement, customers might become concerned.
It is simple to apply for quick life insurance coverage. You will not be required to arrange a paramedical exam or let an examiner inside your house. There will be no medical exams, urine tests, or blood samples.
The majority of applications are streamlined through phone interviews or online applications. There will be no more back-and-forth with traditional mail and paper applications.
Disadvantages Fastlife Insurance
A quick approval fastlife life insurance policy will often offer fewer death benefit alternatives. Life insurance companies often give face sums ranging from $25,000 to $500,000, depending on the company.
Classes are rated
Another disadvantage of rapid life insurance is that life insurance firms sometimes limit the number of health classes accessible. Frequently, the best health class evaluations. When Fully Underwritten plans to feature “Preferred” classes for healthy candidates, carriers may only provide “Standard” or “Regular” courses. The consumer may wind up paying more as a result of this.
Customers with prior medical conditions may find it more challenging to obtain a rapid life insurance policy than a regular life insurance plan. The underwriting requirements may or may not be severe, depending on the firm and the kind of coverage.
We hope this post has been informative and has given you a better idea of which life insurance companies offer the quickest approvals, as well as the types and application procedures. For many customers, an essential consideration is the effective date of their life insurance policy, not the price. At Insure Guardian, we can assist you in obtaining the most acceptable fastlife insurance offer in terms of both time and affordability.