There isn’t a product that is called fast life insurance, instead it tends to describe the process of obtaining the coverage itself. In a nutshell, fast life insurance is another way of describing non-medical, no exam, or rapid issue term life insurance. Usually, the underwriting process is done without having to take a paramedical exam like you do with fully underwritten term life policy, and coverage can be obtained in as little as a day or two.
With this life insurance policy, there is no medical exam required, and there are a series of medical questions that are required when you fill out their application.
While considered to be fast life insurance, the Assurity product is often issued in days. However, if you do have any type of negative medical history, the company reserves the right to obtain doctor’s records to dig a little bit deeper into your medical history. If this occurs, the speed of getting the insurance can slow down substantially, and you are at the mercy of your doctor. Also, the maximum amount of insurance you can get is $350,000
Like Assurity, no medical exam required, just a few health questions. You can apply, be approved, and receive up to $250,000 in life insurance coverage in as little as 15 minutes. There’s no physical exam, no doctor’s visit, no blood tests, and no need to meet with an agent. Many consumers choose RBC Express Term because it’s quick, easy, and affordable life insurance protection.
MetLife’s fast life insurance process is brand new. However, they bring a big time life insurance name to the table with their new product. With MetLife’s product, you can actually get more coverage, with up to $500,000 available for purchase. Here are the other details.
Rapid eUnderwriting is MetLife’s new and innovative electronic underwriting process provides fast life insurance for all clients between the ages of 18-40 who are purchasing term life insurance in 10-, 15- or 20-year durations, with face amounts between $100,000 and $500,000. This proprietary process will result in policies being issued in a matter of days, versus weeks or months.
As you can see, life insurance companies have become more innovative by offering fast life insurance to consumers. However, there are a few more things to know before you make a decision to purchase fast life insurance coverage. These products are:
As long as you realize that you pay a little bit of a premium for the quick coverage, and you aren’t guaranteed coverage, fast life insurance is a great way to move towards getting coverage quick!
There's no replacement for you and the contribution you make to your family. You want to make sure that people in your life, especially your dependents, can remain financially secure after you die.
That's what life insurance does for you and your loved ones. It gives you peace of mind. Income replacement is the #1 reason why people buy life insurance.
Stay-at-home moms or dads also have an important, often overlooked, economic value that should be covered by life insurance.
Life insurance is also used to achieve specific business or estate planning goals.
Bottom line: life insurance financially protects your family and loved ones at a time when it is needed the most.
If you have the money, each family income provider should carry no less than ten times their annual income/worth in life insurance.
The amount of your outstanding mortgage should also be a consideration. Any coverage for your mortgage should be in addition to the amount of insurance you calculate for your income coverage.
It's quite common to see life insurance also referred to as mortgage protection insurance since most people equate buying life insurance with the need to pay off large debts.
You take the time to buy life insurance, you want to be confident the company will be around in a few years to pay the death claim for your family's needs.
Buy from a financially sound life insurance company that also have good rates, so the company is stable, financially strong and able to fulfill the policy.
Monitor the financial stability ratings of the life insurance company you are considering and buy only from companies rated A ("Excellent") or higher by A.M. Best Company.
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