UPDATED: Mar 26, 2020
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We all expect things to happen quickly, especially online. And buying a term life insurance policy is no different. You want it done as soon as possible and as conveniently as possible. That’s why you’re buying online, right? Well, sadly, buying life insurance can be a long process, depending on many things such as the company you choose, your health, etc. Fortunately, we know a few ways you can get fast term life insurance — today.
1. Apply for a No Exam Life Insurance Policy
No exam life insurance is the soup de jour. The application process is shorter and, in most cases, there’s no need for an in-home medical exam. On the flip side, these policies sometimes cost more than regular term life policies. But many people are willing to pay a premium for speed and convenience.
So, how much faster is it to buy a no exam life insurance policy? Well, like just about everything else in the life insurance world, it depends on the company. Some companies operate a true, no exam underwriting process that eliminates not only the exam but other things that tend to drag out the process such as medical records review.
Other companies don’t have a true no exam process, but instead, they just speed up the process by doing an initial evaluation, usually in the form of a telephone interview instead of an exam. If, after the interview, the company determines you qualify to continue without an exam, your application is routed through a streamlined underwriting process, commonly referred to as accelerated underwriting.
Here are some general timeframes for different types of underwriting:
- Term life insurance with an in-home exam: 3 – 6 weeks. It’s rare to get through underwriting in less than three weeks, and it’s not uncommon to see underwriting take more than six weeks. This usually only happens when there is medical history that requires medical records.
- No exam term life insurance: 1 – 2 days. Getting an approval this quickly is possible with a company like Sagicor Life. This is because they have a complete automated underwriting system. But, even with automation, an application can be “pulled” from the process for review by a human underwriter. This will always add at least a couple more days.
- Term life insurance with accelerated underwriting: 2 – 4 weeks. It’s not blazing fast because, in most cases, people review these applications. But if you are healthy and not required to complete an exam, you could be covered in a couple of weeks.
2. Provide ALL Application Information Requested
When you apply for life insurance through QuickQuote, in most cases you will have the option of completing the application online or by telephone. A whopping 92 percent of applicants choose to apply online. Which is great except, of those who go this route, only about half provide all of the information we ask for and need. Which means we end up having to email and call a lot of people to gather missing information. By contrast, 97 percent of people who apply by phone end the call with a correctly completed application. The rest often need to get back to us with things they don’t have on hand at the time.
I want to point out something you may have missed in the previous paragraph because this is key to speeding up your application: “only about half provide all of the information we ask for and need. Why is this so important? Because we only ask for information that is required by the company to apply for life insurance. If it isn’t required, we don’t ask for it. Many people will ask, “Why do you need that?” Of course, we explain the reasons why, because some things appear to make no sense, such as the amount of coverage your spouse has or your net worth. But since we’re focusing on pure speed here, know that the more information you give us the first time around, the faster your application process will be.
3. Respond to Us
If you don’t provide all of the information needed on the application, you’re going to hear from us. We’ll reach out by email first then by phone if necessary. The best advice we can give is to respond to us as quickly as possible. In most cases, your partially completed application will be sitting here waiting for you to get back to us. Sometimes we can push an application through and collect missing information later. But that happens in only about one in ten applications. Maybe less.
We get it. We’re people, too, and we know how busy life is. You have many demands on your time, and the last thing you need is someone else asking you to do something you don’t have time for. But, ask yourself this. If life insurance is high enough on your priority list to research, shop for and start an application, isn’t it important enough to see it through to the end? Yes, it can be a long process and, no, it’s not any fun… Not going to lie. But that’s where we come in — to help you through it as quickly and painlessly as possible. So please, help us help you!
Following any one of these tips is going to help you get term life insurance faster. Do all three, and you’ll be on your way to being covered in record time.