Life Insurance

Instant Life Insurance : No Need to Attend Exam (Without Exam)

Everyone wants things quickly today. Instant photos, fast weight loss, fast food, instant results, instant transportation, you get the idea?.

The life insurance industry is finally catching on Accu quote now offers a life insurance product that allows you to apply and be approved instantly right over the phone which means coverage in minutes, not days weeks or months there’s no medical exam either just a few simple health and lifestyle.

The question with this program is whether you can get up to four hundred thousand dollars of life insurance coverage in less time than it takes to get to work it’s offered in both term life and permanent life categories as well.

So whether you’re just not a fan of needles or you don’t want to wait weeks, or months to get an approved accu quote can help you get covered instantly keep in mind that instant approval and simplified issue.

Instant Life Insurance No Exam
Instant Life Insurance No Exam

Instant Life Insurance

Life insurance products are usually a bit more expensive than regular policies that require full health exams but interestingly in many cases, especially for small face amounts the difference can be very small if convenience and speed are your goals.

Accuquilt can help you and your family quickly get the coverage and protection you need of course instant issue products are not a way to buy life insurance if you have serious medical issues like terminal or chronic illnesses or a bunch of DUIs for instance.

These types of conditions or situations will prevent you from getting coverage just like it would with traditional coverage but if you’re in good health and want to get life insurance quickly and easily give us a call today at the number on your screen or visit a Q quote calm and remember to subscribe to our channel for more life insurance videos and money-saving tips.

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Instant Life Insurance No Exam

Instant life insurance is a type of insurance that can be done immediately upon approval of a medical exam. This type of insurance can be purchased immediately after the approval of a medical exam. An instant life insurance policy is issued immediately following approval of a medical exam.

Among the biggest frustrations for advisors and clients alike is the amount of time it takes a typical life insurance application to go through the underwriting process.

While the pandemic has created challenges in all areas of life, one benefit that has resulted in the opportunity for healthy clients to obtain significant amounts of insurance without the requirement of an exam or having their medical records pulled, potentially knocking weeks (if not months off the process).

Instant Approval Life Insurance

Insurance carriers have learned how to leverage technology to reduce their cost per application and still have the protective value needed to make appropriate underwriting decisions.

Relatively few carriers offered “accelerated underwriting” prior to the pandemic, which is now commonplace in the industry.

The next step, instant approval, is now available with select carriers, which is proving to enhance the client and advisor experience. To simplify the available options, here is a quick summary:

What is the difference between full underwriting, accelerated underwriting and instant-approval underwriting?

Full underwriting requires a full application (typically completed by the advisor) with a paramedical examination and attending physician statements.

Accelerated underwriting is typically initiated by the advisor completing a “drop ticket” to the insurance carrier, who then engages the client directly through a phone call or an online interview to complete the application.

The carrier underwriter will then determine if they are able to make an offer with the data they have on hand, or if full underwriting will be required. If the client is accepted into accelerated underwriting, the approval is expected within 2-3 business days in most cases and then another 5-7 days to issue the policy.

This process is typically available for clients 18-60, who would otherwise qualify at Standard rates or better. The death benefit amount will typically range from $1,000,000 – $3,000,000 depending on the carrier.

Instant Approval takes accelerated underwriting one step further by automating the entire process. Rather than waiting days for approval, a qualifying applicant could be approved within minutes.

Like accelerated underwriting, qualifying candidates are typically in the 18-60 age range seeking up to $3,000,000 in coverage (again, depending on the carrier).

How are insurance carriers able to do this?

Insurance carriers have learned they receive little value for their dollars spent in paying for exams and medical records for young, healthy clients. In addition, with the client data obtained through the accelerated and instant approval processes, they can run identity verification, prescription checks, credit scores, motor vehicle reports, medical information bureau queries (and more) instantaneously. These enormous databases allow the carriers to identify potential underwriting issues.

What happens if my client isn’t “instantly approved”?

In short, they move down the line. If a client has an application submitted into an “instant approval” program and the insurance carrier is not able to immediately approve the application.

The file is moved into the accelerated underwriting program, with hopes of still getting approval without an exam or having medical records pulled and within 2-3 days.

If the client is not accepted into the accelerated underwriting program, the file then moves to full underwriting.

For best results, prequalifying the client for underwriting using BUI’s Generic Underwriting Guide is highly recommended. What “Instant Approval” products should I have on my radar?

John Hancock Express Track Underwriting (Up to $3M | Clients 16-80 | All Product Types | Personal and Business Coverage)

This process provides an opportunity for clients to be underwritten within minutes. The application is submitted through the iGo e-app on BUI’s website.

Upon receiving an application, John Hancock will send an e-mail within minutes confirming the underwriting (the path the submission will follow – instant approval, accelerated underwriting or full underwriting).

This information will only be shared with you, the advisor, to then be delivered to the client. Access Producer Guide or watch the “how-to” video.

Pros:

  • High Face Amount ($3,000,000)
  • Term & Permanent Product Options
  • Instant underwriting decision (possible)
  • Easily Accessible App via iGo
  • Personal and business-related cases accepted (business cases must be very clean)
  • Favourable Conversion Options on Term
  • Pre-Appointment Not Required

Cons:

  • The full application is required (as opposed to a “drop ticket”)
  • Minimum face amount: $750,000 (term), $50,000 (permanent)
  • Up to 7 days for a policy to be issued

Symetra SwiftTerm (Up to $2M | Clients 20-60 | Term Only | Personal Coverage Only):

This process provides an opportunity for clients to be underwritten in minutes (for personal coverage only).

Instant approvals typically occur within 25 minutes. With the SwiftTerm process, after submitting an iGo drop ticket through BUI’s FastApp page, your client is sent a link to complete an application.

Once completed, they are either sent down the “instant approval”, “accelerated underwriting” or “full underwriting” path. Access Producer Guide or watch the “how-to” video.

Pros:

  • Term options from $100,000 – $2,000,000 provides broad range
  • Client completes application
  • Instant underwriting decision (possible)
  • Instant policy issue (possible)
  • Favourable conversion options

Cons:

  • No permanent options
  • Lower Face Maximum than John Hancock
  • Coverage limited to personal purposes (no business cases)
  • Pre-appointment required

Bestow (Up to $1.5M | Clients 18-60 | Term Only | Personal and Business Coverage):

New to the BUI portfolio, Bestow offers a purely client-driven experience. Advisors must be pre-appointed with Bestow prior to soliciting business. Once appointed, advisors are provided with a unique URL that is specific to their agent code. When the agent-specific link is shared with clients.

It allows them to instantaneously quote 10, 15, 20 and 30-year level term insurance up to $1.5M, answer medical and financial underwriting questions, obtain an instant decision and, if approved, place the coverage in force on the spot.

The policies are underwritten by the North American Life Insurance Company. BUI is still in the testing phase with this product but will welcome advisors who wish to explore it and provide feedback.

Ideally suited for mortgage/lending relationships working on a mass scale. View Bestow FAQs or watch the “how-to” videos.

Pros:

  • Term options from $50,000 – $1,500,000
  • State-of-the-art technology – no paper ever
  • The client completes quoting and app process independently
  • Instant underwriting decision (always) – 15-20 minute process in total
  • Instant policy issue (when approved)
  • Payment uses ApplePay, Android Pay or Credit Card (the only options)
  • A platform built for mass-marketing
  • Personal and business-related cases accepted (business cases must be very clean)

Cons:

  • Higher premium rates are anticipated in most cells (6% average)
  • No option to continue coverage after the level premium period
  • No conversion options
  • No permanent products
  • If the client is not approved, he/she must restart with another carrier
  • Difficult for advisors to provide input on the amount or length of coverage
  • Production reporting is lacking (an agent portal is being created)
  • Pre-appointment required (a lengthy process)

Anyone interested in a tour of these options can click here to schedule a visit with a BUI case design consultant. Always refer to carrier-provided data for product specifics.

bpooja

Bpooja is a content creator in bpooja.com.np. She likes to write tips and tutorials on different kinds of difficulties that people face day in daily life.

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