Instant Term Life Insurance

Instant term life insurance and term life insurance quotes are available online from many major insurance companies. Since these policies do not require a medical exam, the policy applicant simply completes the free application form and is either issued a policy or denied coverage in minutes. Some instant term life insurance policies even guarantee acceptance, but there are some restrictions and limitations, including the life insurance death benefit, that consumers should know about before applying for instant life insurance.

Instant Coverage

Many instant term life insurance policies are targeted toward senior citizens and offer low limits to simply cover final expenses, like medical bills and funeral costs. Some life insurance companies do offer policies with limits as high as $500,000 which is enough life insurance for many families. Those families requiring higher death benefits will not be able to buy an instant life insurance policy because few, if any, insurance companies underwrite higher life insurance death benefits without a medical examination of the insured person to corroborate the medical history and rating information provided on the life insurance application. Without a physical exam, life insurance companies are taking the bigger risk of insuring an applicant they know little about.

Material Misrepresentations

Instant term life insurance may require that applicants answer some health questions, although they do not require a medical exam by the insurance company’s doctor. It is important to answer these questions completely and truthfully since failure to inform the company of a pre-existing health condition or illness can constitute a material misrepresentation or fraud. If the policyholder dies and the insurance company discovers a material misrepresentation on the application, your life insurance carrier can deny payment of the death benefit and simply refund the premiums paid into the policy.

Guaranteed Acceptance Life Insurance

As with final expense life insurance, guaranteed acceptance life insurance typically has a low coverage limit of about $50,000 or less. There may also be a two year restriction on payment of the death benefit, meaning that your term life insurance policy may restrict full payment of the death benefit in the first two years that the policy is in effect, avoiding applicants who purchase life insurance and die soon after. Some policies may only refund premiums if the insured person dies before the policy has reached the two year limit.

Before buying guaranteed acceptance life insurance or instant life insurance, consumers should be aware of all policy provisions. After getting life insurance quotes and before buying a term life policy, consumers should request more information on the policy’s terms, coverage, restrictions, limitations, and always read the fine print.

Term Life Insurance Rates

While instant term life insurance offers speed and convenience to consumers, the price of these policies is usually higher than that of standard level term life insurance. By foregoing the medical exam, the life insurance company accepts a greater risk that the policyholder may have an undiscovered medical condition that could result in his or her premature death. The greater the risk faced by the insurer, the higher the policy premiums will be. The greater risk of a claim is why long term life policies, like 30 year term life insurance, are not as cheap as short term policies, making it vital that consumers compare life insurance quotes and rates to find affordable coverage.

Life Insurance Quotes

It is possible to get free, instant life insurance quotes on as many policies as consumers want, helping you find the best term life insurance for your needs. TheLifeInsuranceQuote.com offers free term life insurance quotes from multiple top life insurance companies so individuals can compare the cost of different policies from different insurance carriers to find cheap rates. When completing a life insurance price comparison, it is also important to compare policy provisions, terms, and coverage restrictions, since not all insurance companies offer exactly the same life insurance policies and exclusions, and restrictions often vary between insurance carriers.

Overall, instant term life insurance is convenient and saves time, but it may be more expensive than other types of term life insurance coverage. Applicants should compare life insurance quotes and be aware of all policy provisions and restrictions before purchasing any life insurance policy. For those who prefer to get their life insurance with no medical exam and no waiting, instant term life insurance is the perfect life insurance policy.