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Applying starts with getting a quote. Often only minimal information is needed for an initial instant life insurance quote: Your gender, birth date, health level (such as excellent, good, poor) and the amount of coverage you want.
When you get quotes for instant life insurance it’s good to know how much coverage you want and for how long. The instant term life policies in our analysis typically offer level term lengths of 10, 15, 20, 25 or 30 years. During this level term period you lock in the rate.
If you like the initial instant life insurance quote you can proceed with answering more questions to get the final quote and complete the application.
What Can You Expect From an Instant Life Insurance Application?
Life insurance companies offering instant policies will often use data services to verify the information you provide and gather more information about you. When you sign the application you typically sign approval for the insurer to get more data about you—although you may not notice you’ve given this approval if you don’t read the fine print.
Life insurance companies have numerous third-party data sources available to them and may be quickly assessing your personal information, such as:
- Your prescription drug history.
- Your motor vehicle report.
- Your file from the MIB Group, which collects data on past individual life and health applications.
An application generally has three possible outcomes: