Did you know you can buy life insurance in 15 minutes (give or take, depending on your personal circumstances and how quickly you can respond)?
Don’t get me wrong the typical scenario is piles of paperwork, a medical exam and several weeks of processing.
This isn’t necessarily an inaccurate picture!
…BUT there is a way around some of the pain of comprehensive underwriting for those of you that are in a rush…
I’m taking a moment to share the SUPER FAST underwriting processes behind 15-minute acceptance for four different well-known life insurance companies.
YES you can buy life insurance in 15 minutes – but BEFORE I get started – faster isn’t always better!
If you read my posts you know that I think life insurance is a VERY personalized product. It’s NOT a one size fits all deal. Which also means that obtaining a policy in 15 minutes sure isn’t the right route for everyone.
Speak to an independent agent before you sign on the dotted line. This will assure you the most comprehensive policy, with the best company at the most affordable rates.
So let’s check out four VERY good life insurance companies that offer super quick approval.
Buy Life Insurance in 15 Minutes: Foresters
You can buy life insurance from Foresters Financial. An A rated company that’s been in the business for 140 years!
With over 3 million customers in the United States, Canada, and the United Kingdom, their no-medical life insurance policy takes just 15 minutes to process.
Now that’s service!
Their product is called YourTerm. It’s a flexible, level term product that gives you a moderate amount of coverage without traditional underwriting.
If you decide you want permanent coverage, you can covert your policy WITHOUT having to go through underwriting again.
Life Insurance Policy from Foresters
You can buy life insurance from Foresters from 18 – 80 years of age and may choose a 10, 15, 20, 25 or 30-year term.
If you want protection without a medical exam – then you’ll have to be satisfied with $400K in coverage. That’s where this company maxes out for simplified underwriting.
To find out more about you, Foresters performs Script and MIB checks to see what they can ascertain about your health behind the scenes.
Don’t be fooled though! you NEVER avoid the prying eyes of underwriters. They use the information from these searches along with pointed questions about your medical history to determine your eligibility. The following conditions and situations will crop up when you are questioned:
- Alcohol Usage
- Benign Prostate
- Cyst, Lump, or Tumor
- Digestive System Disorders
- Drug and Substance Usage
- Epilepsy and Seizure Disorder
- Heart Murmur
- High Blood Pressure/Hypertension
- Kidney and Urinary Disorders
- Mental Health
- Respiratory Disorders
- Sleep Apnea/Sleep Disorder
Foresters Also Provides Additional Benefits
The following features will be included with your basic coverage at no additional premium:
- Common Carrier Accidental Death Rider
- Family Health Benefit Rider
- Accelerated Death Benefit Rider
Foresters also offers an innovative Charity Benefit provision!
If you’re looking for an A rated insurer that delivers on a no exam policy this may be a good choice for you.
Donors who wish to leverage their cash donations to charity can use life insurance as an excellent means of accomplishing their goal. By either gifting a policy outright or naming a charity as beneficiary, they can provide the charity of their choice with a large sum of money that can provide a lasting legacy for a cause that they believe in. Using Life Insurance To Make Charitable Donations, Investopedia
Foresters Life Insurance Rates
A 40-year-old male who is 5’10” and 180 lbs, who is has a standard nontobacco rating can obtain $100K in coverage for 20 years for $29.76 per month.
While Foresters doesn’t offer the cheapest rates on the market, they are one of the top no exam life insurance carriers and I’ve seen a lot of good reviews of their products.
You Can Buy Life Insurance in 15 Minutes: 5 Star
5 Star Life specializes in workplace life insurance.
Founded in 1996, this company has over 800,000 customers with more than $42 billion dollars of life insurance in force.
You can buy life insurance from 5 Star. They offer 10, 15, and 30-year terms through age 100 via their Family Protection Plan.
Wow, it sure is nice to know you’re covered so late in the game. So Seniors – heads up if you’re looking for quick coverage…this is a plus!
Once again this is a simplified issue policy so there is no medical exam…
…BUT there’s a catch, coverage is low. It’s capped at $150,000!
Buying Life Insurance from 5 Star
In order to qualify for this coverage, an agent will go through two pages of information with you. This can be done over the phone.
Incredibly they even have technology that allows you to sign your application vocally before you hang up!
The coolest part? Although you have to provide payment details immediately, they don’t debit you until they process all the paperwork. This process takes about 2 weeks which means you get a free ride. Hey, who doesn’t LOVE two weeks of protection without the cost?
BEWARE! Although this is a simplified process you CAN be turned down.
NOTE: This is true for all the carriers.
In a nutshell, you must answer ‘NO’ to the following 7 simple medical questions otherwise you’ll be declined.
1. Has the applicant ever applied for and been rejected for life insurance?
2. Has the applicant been hospitalized in the past 90 days?
3. Has applicant been diagnosed or treated by a member of the medical profession or tested positive for Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS), or AIDS-Related Complex (ARC)?
In the past has the applicant has been hospitalized for:
4. Angina, heart attack, stroke, heart bypass surgery, angioplasty, coronary artery stenting, or coronary artery disease?
5. Any form of cancer to include leukemia or Hodgkin’s Disease, (excluding non-invasive, non-melanoma skin cancer)
6. Alcoholism or drug or alcohol abuse, cirrhosis of the liver, hepatitis, or any other diseases of the liver.
7. Chronic obstructive pulmonary disease (COPD), emphysema, or any other chronic respiratory disorder, excluding asthma.
There are NO additional checks, no medical record reviews or electronic database checks, unlike Sagicor and Foresters.
Please remember “fudging” your life insurance responses is FRAUD! Even if you think you got away with something the insurance company will indeed catch up with you. Which ultimately means your beneficiaries will be left out in the cold.
5 Star Life Insurance Rates
A 40-year-old male who is 5’10” and 180 lbs, who is has a standard nontobacco rating can obtain $100K in coverage for 20 years for $80.25 per month.
BOOM. Well, 5 Star is costly.
They do however provide protection up to age 100. In my opinion, you can do better. Although they do have a great reputation.
Buy Life Insurance in 15 Minutes: Sagicor
Get approved in minutes with Sagicor SageTerm! No medical exams, collection of bodily fluids or telephone interview are required.
…and they provide more coverage than the others we discussed.
When it comes to this application, there are some instances where your approval might take longer or additional information may be requested.
You can get a Guaranteed Level Premium for 10, 15 or 20 years with coverage up ’til 95 years of age.
The good news if you reach 95, you can convert the policy to permanent protection.
Ages of Note From Sagicor
If you want to take advantage of the accelerated underwriting process please take note of the following ages and coverage limits:
- 18 – 45 years of age, you can get coverage from $500k – $1 Million without an exam. Anything more than this you need to be fully underwritten.
- 46 – 55 years of age, the face value is reduced to $750K if you choose accelerated underwriting.
- 56 – 65 years of age, you can get $500K of coverage without full underwriting
Sagicor offers more coverage than most. If you need a higher face value they might be the company for you. Sadly they don’t offer 30-year terms.
Also if you are over the age of 65, they only provide fully underwritten options.
Life Insurance Process from Sagicor
Sagicor is more strict when it comes to specific medical issues. This is because more insurance means more risk for them.
This will give you an idea of the questions you will be asked to answer yes or no to:
- Do you currently receive health care at home? Do you require assistance with activities of daily living?
- Are you in a Hospital, Psychiatric, Extended or Assisted Care or a Nursing facility?
- Are you in Prison or a Correctional facility due to a misdemeanor or felony conviction?
- Has testing for HIV virus come back positive or do you have AIDS or ARC?
- Do you have Alzheimer’s or Dementia, Cirrhosis, Emphysema or COPD
- In the past 12 months have you been advised by a physician to be hospitalized or to have Diagnostic Tests, Surgery, or any medical procedure that has not yet been completed or results are not yet available (except tests related to HIV/AIDS)?
- In the past 24 months have you been diagnosed as having or advised by a physician to have treatment for Cancer (other than Basal Cell Carcinoma), Heart Attack, Stroke or TIA (Transient Ischemic Attack), Alcohol or Drug Abuse?
- Over the past 24 months has your Driver’s License been revoked or suspended, or been convicted of 2 or more moving violations, or been convicted of a violation for driving while intoxicated or under the influence, or for driving while ability impaired because of the use of alcohol and/or drugs?
They also ask you about your lifestyle. It’s pretty nice to be able to get a policy from an AM Best A- rated company for so much coverage at lightning speed. But this policy may be tougher to get.
Sagicor Life Insurance Rates
A 40-year-old male who is 5’10” and 180 lbs, who is has a standard nontobacco rating can obtain $100K in coverage for 20 years for $18.40 per month.
NICE. So as you can see their rates are cheaper too. I like this!
Buy Life Insurance in 15 Minutes: Fidelity
Just like the other companies mentioned above, Fidelity offers both an exceptionally fast underwriting process and a strong financial rating!
Whoo wee. There sure are some great choices out there.
The application takes about 15 minutes to complete and you can get the final approval or rejection within 24 hours.
The product they offer is Rapid Decision Express, which offers customers 18 – 95 years of age $25K – $250K in coverage. You can get 10, 15, 20, 30 years terms and like 5 Star, Fidelity only asks 7 medical questions.
You MUST respond ‘NO’ to each one to qualify for accelerated underwriting otherwise you’ll be declined.
Buying Life Insurance from Fidelity
When applying for life insurance from Fidelity, they are going to ask you some questions, like:
- Do you have AIDS, ARC or have you been tested positive for HIV?
- Are you waiting for a diagnosis or have you been advised to have a surgical operation, diagnostic test or medical or mental evaluation that has not yet been completed?
- Have you requested or received any Worker’s Compensation or Social Security disability benefits?
- In the past 2 years, have you been hospitalized or evaluated in an emergency room or immediate care center for a chronic illness requiring ongoing treatment or care by a physician; OR have you participated in any hazardous activities or extreme sports?
- Do you currently take more than 2 prescription medications for pain; or consume, on average, more than 3 alcoholic beverages per day?
- Have you, within the past 5 years, been convicted of or pled guilty or no contest to a felony, misdemeanor, reckless driving, DUI or DWI; or been incarcerated or served in a probation or parole program or do you have criminal charges pending?
- In the past 10 years, have you received any treatment, medical advice or consultation for; been diagnosed with or required follow-up for any of the following:
- Diabetes or elevated blood sugar
- Cancer (excluding basal cell or squamous cell carcinoma of the skin)
- Stroke, transient ischemic attack (TIA or mini-stroke)
- Chronic bronchitis or chronic lung disease
- Major depression or anxiety that required psychiatric treatment
- Bipolar disease or mood disorder
- Schizophrenia, Alzheimer’s disease, dementia, rheumatoid arthritis, paralysis
- Any degenerative muscle or nerve disease or disorder
- Alcohol or drug abuse
- Any disease or disorder of the following: heart, aorta, coronary arteries, peripheral vascular system, blood, liver pancreas, kidney (other than kidney stones), brain or connective tissue
Life Insurance Mental Illness
Insurance underwriting is based on risk assumption, and for this reason applicants living with mental illnesses often have trouble finding coverage. Three significant mental illnesses are particularly problematic for applicants, with people suffering from major depression, bipolar disorder and paranoid schizophrenia face significant obstacles in their efforts to purchase life insurance. DOES MENTAL ILLNESS AFFECT YOUR ABILITY TO GET LIFE INSURANCE?, Dworkin Associates
Fidelity Life Insurance Rates
A 40-year-old male who is 5’10” and 180 lbs, who is has a standard nontobacco rating can obtain $100K in coverage for 20 years for $35.32 per month.
Well – they certainly are on the high side when it comes to premiums.
Final Thoughts on Life Insurance in 15 Minutes
Yes, you can buy life insurance in 15 minutes.
…BUT simplified issue isn’t for everyone. Unless you are elderly, have a serious medical condition or an overpowering phobia that keeps you out of the doctor’s office – I would suggest getting a fully underwritten policy.
Sure, the underwriting process is a pain in the neck – AND it can be time-consuming. The thing is, you get so much more bang for your buck.
Let’s face it life insurance is a business and they are in it to make money. The less risk they take on, the more leeway they give you in terms of premiums and coverage.
Did You Pick the Right Company?
On the other hand, if you meet the above situations I mentioned – it’s far better to be covered than not, so I say go for it!
I will, however, add a caveat here – you’re not necessarily the best judge of your physical health when it comes to underwriting. You should give Huntley Wealth a call – because you’d be surprised by the situations we’ve gotten coverage for.
Even IF you are going to move ahead with simplified life insurance, you should know that not all carriers are created equally. As you can see there is a HUGE difference between premiums for Sagicor which will cost our example $4,416.00 over his 20-year term and had he opted for 5 Star it will cost him $19,260!
That’s a staggering difference of $14,844.00 over a 20-year term.
If that’s not a reason to contact us, I don’t know what is.
Why not go through all the offerings with one of our knowledgeable agents BEFORE you pull the trigger.
The thing is, you’re already a superhero
In my humble opinion, the simple act of planning for your family makes you a real-life superhero.
Planning for the financial well-being of your family is the best thing you can do to bulletproof your finances.
Leaving your kids to foot the bill for your funeral can really knock ’em for a loop.
Would you be shocked if I told you it’s gonna set ’em back about $7 – 10K and that’s not necessarily with all the bells and whistles?
Just the simple act of getting coverage can really help those you love to live better lives. Call Huntley Wealth today. We’ve gotcha covered.
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