Instant Issue term life insurance is a convenient policy for those that don't want to "spend the time" shopping for term life insurance. In that fashion, most carriers give consumers an online platform to research, compare, and immediately buy a policy without even talking to another person, let alone an insurance sales person.
Furthermore, there are generally no medical examinations required to put the policy in force, which is attractive to many people who would just as soon not bother.
Given the convenience of Instant Issue term life policies, the trade-off is that the coverage levels are generally smaller at a slightly more expensive monthly premium. As the insurance company is willing to underwrite a person without any medical examinations, the risk is shared with the consumer in policy cost.
Younger Families with Limited Free Time
Suited best for younger families, Instant Issue term life insurance can be thought of as a quick solution to your life insurance needs. This process allows you to get approval for term life insurance within minutes of completing the application.
Basically, you can compare, shop, buy, and be approved all in the same day. Getting same day coverage allows you to be protected ASAP, instead of having to go through the process of waiting to hear if you are approved.
Prevent a Lapse In Life Insurance Coverage
Furthermore, you can use Instant Issue insurance if your current term life insurance policy is about to run out; you can quickly get a new policy without having a lapse in your term life insurance coverage.
Not unlike "traditional" term policies, the online application process will ask you to provide a few points of information regarding your general health and lifestyle: your height and weight, smoking habits, and any existing health conditions such as cholesterol and blood pressure.
Other than that, the application process is really about how much coverage you need and how long of a term you would like to secure.
Remember, life insurance coverage is intended to protect you and your loved ones in the unfortunate circumstance that you pass away. Make sure anyone who relies on your income is covered, or that any debts you may possess will not be passed on to loved ones.
Term life insurance is an affordable way to cover your needs at any stage of life, and offers the added benefit of letting you choose your coverage amount and term length.
