You feel frantic, your heart’s racing, and you feel flustered thinking that you’re going to miss your appointment.
Sometimes, it feels that way when people call our office that need life insurance fast.
There has been some situation that has quickly arisen where they need to get life insurance coverage fast.
Like Fast and the Furious kind of fast.
If you are going through a very similar experience, rest assured that we’re here to help.
Fast Life Insurance = No Medical Exam
Generally speaking, if you’re wanting to qualify for fast life insurance, that means that you’re looking to obtain life insurance without going through a medical exam. No medical exam life insurance policies will issue much faster than your traditional underwriting policies. Traditional underwriting can take anywhere from four to six weeks, and we’ve seen it take longer depending on the medical condition. So, as long as you can qualify for a simplified issue policy, then getting approved for life insurance policy fast is a real option. Here’s a look at a few of the carriers that we use when it comes to getting life insurance quick.
1. Fidelity life insurance
Fidelity offers a product called Rapid Decision Express, which will offer coverage up to $250,000. They have an application that you can complete online and sign via an e-signature. Keep in mind that with this policy and most of the other simplified issue policies that we’ll mention, while they do not conduct a medical exam, they do check your MIB, MBR, and doctor records. In addition, they’ll have a phone interview that asks certain medical questions. The bright side, though, is if you need something fast and if you get approved, you typically have a decision within two business days.
2. Assurity life insurance
Assurity has become a popular option for folks needing quick life insurance. One of the reasons we like them is that they’re the only non-medical exam life insurance company that will offer up to $350,000. They also have the ability to do an online application, or you can submit a paper application. Whether underwriting process isn’t lightening fast like Fidelity’s, they still can have a decision made within five to seven business days.
Guaranteed Issue Policies
If you don’t qualify for any of the simplified issue policies, then another option is Guaranteed Trust Life. Guaranteed Trust Life is a true guaranteed issue policy in the sense that they don’t ask you any medical questions. So, essentially, as long as you’re not terminally ill, have aids, or living in a nursing home, you can get approved. Some of the downsides are that their coverage only goes up to $100,000. They have a graded benefit and the cost will be much more, but in certain situations, it makes a whole lot of sense.
What if you need more coverage?
If you can qualify for a simplified issue policy and you need more than the $350,000 that Assurity will offer, you always have the option of using more than one carrier. For example, if you needed $500,000 of term life insurance coverage, you could do a $350,000 policy with Assurity and do the remaining $150,000 with Fidelity life. We’ve had a couple of instances where an individual needed a certain amount and we had to use three different carriers just to get them the life insurance coverage they needed.
If you’re seeking to get approved for fast life insurance and want to avoid the medical exam, then be sure to give us a call and we’ll be glad to help.
Client Example Needing Fast Insurance
We had a client that was needing to acquire life insurance fast so that he could satisfy collateral assignment on a loan for his business. He had initially applied through his State Farm life insurance agent and after 4 weeks of waiting, his agent had made no progress whatsoever. Frustrated he contacted our office and after 20 minutes on the phone, we completed an application with Assurity non-medical 350 policy. Just over a week later the policy was issued. Now that’s fast!
If you need life insurance fast, be sure to give our office a call!