What do you need to know when applying for online life insurance?
There’s a lot of stuff that’s “instant” these days—instant ramen, instant movies and TV shows, instant regret, you get the idea. Technology has helped us get more in tune with having something appear right at our fingertips. But when insurance companies say something like, “instant term life insurance,” what exactly does “instant” even mean? And what are the pros and cons of instant term policies when compared to a lengthier process?
The Wysh Blog
- Pros and cons of instant approval term life insurance
- Next steps for instant term life insurance
Pros and cons of instant approval term life insurance
Nothing’s perfect. Even me (if you can believe it). There’s always strengths and weaknesses to whatever subject you’re talking about. How does this affect insurance? Well, that depends. See, each insurer may have their own definition of “instant.” So instant approval term life insurance for one company won't be the same experience at another. For us at Wysh, instant means that you can get coverage within minutes of being confirmed via our underwriting process and signing your policy documents.
No medical exam life insurance
Pro: Not every company requires you to get a physical to get coverage. Having no medical exam reduces the time you would be spending traveling to the doctor’s office. They’d be looking at things like your height, age, blood pressure and maybe even taking blood and urine samples. Instant approval term life insurance, however, uses your on-file medical records to determine your risk. So you don’t have to see the doctor, if you don’t want to. Online life insurance, no medical exam required—seems pretty sweet to us.
Con: Companies use your on-file medical records to inform the underwriting process. That means that if you’re not one for regular physicals or check-ups, your class rating, and therefore your possible monthly costs, will be reflected in information that may not be up to date. So let’s say you were listed as a smoker during your last physical, but you don’t anymore. Without an updated physical, the previous info is what will be used.
Convenient online life insurance
Pro: Without the medical exam, the convenience of an online life insurance application can’t be understated. And with Wysh, our Wysh Builder tool places the power of digital underwriting at your fingertips. Whether you want to apply from your smartphone or computer, you can get your instant term life insurance quote all without leaving the cool side of your pillow.
Con: Well, more of a drawback. As noted above, underwriters use your medical information on file. It’s convenient, yes. However, if you’re rejected, you may not always get an answer back as to why. It’s a calculated risk you have to take. Plus, you may end up paying higher premiums, because insurers have to go off of the information available.
Pro: Some companies' application process can be done in minutes. That means you might be able to get your life insurance quotes online before your food delivery gets to your door. And with Wysh, just a few taps of your finger can get your application in within minutes.
Con: There’s a drawback to fast application times? Well, sort of. When moving quickly, you may be prone to making mistakes when inputting information. While a mistake or two isn’t disastrous, you want to make sure that going fast doesn’t mean being sloppy. Double-check your information and make sure everything’s on the up-and-up.
Next steps for instant term life insurance
Now that you’re aware of some of the ups and downs of instant term life insurance, what’re some next steps? Well, if you’re happy with how your medical information looks, you can always start an application to see if instant life insurance is right for you. Take Wysh for example. Our process is convenient, fast and, oh yeah, its term life insurance, no medical exam required. Apply in only minutes and see for yourself.