Instant Life Insurance and its Differences with Traditional Life
There are a couple of differences between instant life insurance and traditional life insurance. For one, instant life insurance caters to the demand people have for instant gratification. More people are looking to obtain life insurance without waiting for a long time, like with a traditional plan, may be approved months after the application.
Unlike instant life insurance, traditional life insurance has detailed screening process that you must pass. You are required to have good health, so if you have a medical condition, you may not get approved. There is usually an age limit, which can lead to denial or higher premium rates. Obviously, many of these scenarios are not comfortable situations to be in, so instant life insurance was created to help reduce or eliminate most of them.
Things to know about instant life insurance
With instant life insurance, you don't have to worry about the long approval process. Everyone is given an equal opportunity to purchase life insurance. Another term used for instant life insurance is a "no questions asked life insurance policy." It's assumed that these policies have no questions asked to qualify; this is not entirely true, because almost all policies will require a few basic questions. Still, the application process for instant life insurance is much more streamlined, and you may find your policy approved within 48 hours.
- With instant life insurance, the only information that would generally be asked from the applicants would be about his or her past medical history.
- Qualifying for this type of insurance is easier than most other plans.
- The premium rates given are likely based on your application.
- Instant life insurance, because of its risk to insurers, generally only provides for minimal benefits; most instant life insurance policies provide coverage that is less than $50,000 to $100,000.
Traditional life insurance
When it comes to traditional life insurance policies, you have to undergo a process that requires health screening and have age limits. A lot of people end up getting denied for a policy if they have any recognizable health concerns. Most of the time, the elderly and sick will not qualify for a traditional life insurance plan, so an instant life insurance plan is their next best option. If you're young and healthy, on the other hand, then you should go with a term life or whole life insurance policy.
Visit www.instant-life-insurance.com for more details!!
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