Readers Question:

Can I buy instant life insurance coverage? I don’t really want to wait like two weeks for a policy or have to subject myself to any gruesome medical tests (I’m afraid of doctors). You’re advise here would be much appreciated! Thanks!

Sarah

Milwaukee, WI

Yes! A lot of life insurance companies today offer instant life insurance policies and coverage. This kind of policy has seen a steady increase in popularity in the past few years due to the fact that a lot of people just don’t have the time, effort, or will to subject themselves under extensive medical or physical exams.

A No-Exam instant life insurance policy is also more suitable for older or less healthy people who would have otherwise been denied coverage with someone else. Do take note of the following information, however, before you buy instant life insurance coverage:

Instant Life Insurance Policies Costs More

The purpose of a medical/ physical exam is to give the insurer an accurate picture regarding your state of health, which allows them to determine your rates more effectively. Lacking this information, a life insurer would have no choice but to put you under the high-risk category which means your rates are higher.

This could be a good thing or a bad thing. Good if you’re sure your state of health would cause you to fail the test and get refused coverage, bad if you’re relatively young and healthy and would have otherwise enjoyed better rates had you agreed to undergo the said test.

Maximize Your Chances Of Getting Cheaper Rates

Use online life insurance portals and websites to take advantage of the many different insurers selling on the Internet. Through these, it would be very easy to get the latest life insurance rate quotes, and be able to compare providers more effectively while potentially saving you hundreds of dollars a year on your coverage costs.

Reduce Your Risk

A great way to get cheaper life insurance rates is to start living a healthy lifestyle. Smokers pay up to four times as much on life insurance so this may be a good motivation to start quitting. Avoid extreme or hazardous activities as well.