LifeQuotes.com: Instant Decision Life Insurance Plans Rise in Popularity; Say Goodbye to Medical Exams, Paperwork, and Time Delays

 "When they talk about accelerated underwriting and how modern technology can benefit life insurance shoppers, instant decision is as fast as it gets," said LifeQuotes.com CEO, Robert Bland.  "The new instant decision life insurance plans are ushering in a new era of speed and convenience for life insurance shoppers, which is innovation we welcome."

Life insurance above $100,000 typically require a paramedical interview, which is a face-to-face interview with a technician that is licensed to draw blood.  The typical paramedical interview entails answering application questions, measuring height and weight, and taking blood and urine samples for laboratory analysis.  Conversely, instant decision underwriting entails a computerized assessment of the application combined with outside records in order to make an underwriting decision.

Michelle Zieba, vice president, remarked, "We've combined the technology of our award-winning, 40-company rating engine with the instant decision technology of certain life insurers to come up with an exciting win-win for our customers.  Historically, shopping for life insurance has been a laborious, time-consumer chore, but we've changed all that.  Now, life insurance shoppers who visit www.lifequotes.com can view instant quotes and buy from their choice of several instant-decision insurers."

Handy tips for life insurance shoppers who want instant decision underwriting

Zieba cautions that instant decision plans may not be for everybody.  "Because the instant decision underwriting technology is new and evolving, these plans tend to accept applicants who are in good health with no serious medical histories or hazardous activities.  For example, well-controlled diabetics could get accepted.  Because we publish actual underwriting guidelines on our platform, life insurance shoppers will know the acceptance rules before they apply."

Zieba cautions that the instant decision plans above $100,000 might not accept applicants with the following characteristics and that such applicants "would have a higher success at achieving a low rate by volunteering for a paramedical interview."

For those seeking to apply for an instant decision life insurance policy, LifeQuotes.com has prepared the following list of generalized guidelines based upon its experience with the new instant decision plans:

No serious illness history

No pending medical procedures prescribed that have not yet been completed

No current history of chronic anxiety but a past temporary bout of anxiety might be acceptable

No current prescription drug use for any serious medical condition, except for mild hypertension or elevated cholesterol

No history of opioid prescriptions

No driving tickets or accidents within the past 3 years, no DUI within the past 5 years

No participation in dangerous hobbies or physical activities

No plans to visit any foreign countries that are on the State Department Warning List

Applicants above age 50 should have a regular physician and a history of regular checkups over the most recent 24 months

No recent hospitalization due to COVID-19 and no history of requiring a ventilator

Having an adequate amount of life insurance in place is important and everybody's situation is unique.  Here are some LifeQuotes.com guidelines:

For people who work and have dependents, children or a mortgage: 10-15 times income

For home caregivers: $300,000 minimum

For burial-only coverage: $10,000-$25,000

Instant decision term life plans are now value-priced

The chart of sample monthly premiums below reveals the best possible monthly prices for a 10-year, instant decision level term life policy.  Most 10-year term life policies are renewable, without evidence of insurability, to age 90+ and may be convertible to permanent insurance without having to undergo further underwriting.  Other initial rate guarantee periods such as 15, 20, 25, 30 years and longer are also available as are Guaranteed Universal Life and Whole Life, both of which can provide a level death benefit and level premium for life.