In life insurance you need to know what you're buying, if you don't you could pay for something that you don't want, or have to answer questions that you didn't think you had to. If you want to get insurance fast, you have some options, but be aware of the consequences of getting it. Know that the life insurance that you buy will provide for you, and your beneficiaries.
The elderly are targeted for life insurance with quick issue policies. If you or someone you know is aged, then you and they'll need to know what that exactly means in insurance lingo. Quick issue life insurance is often referred to as simplified issue, and it does require that past and current medical information is given to the company. However, you'll not be asked to go through any type of examination. On the other hand, guaranteed life insurance doesn't require either. All you do is write a check, or use your debit or credit card, and you've got a policy of life insurance.
There are a lot of drawbacks that are with guaranteed life insurance. Premiums are high because there are no medical questions or physical, and you'll only get a low face value policy because there is no statistical data to place you in a health category for comparison. You'll end up paying more in premiums than the policy is worth. Also, just because you buy protection doesn't mean that it will pay out either. Insurance companies that fund a guaranteed insurance can back out of it after several years. All they do is refund all of your money that you've paid because it's cheaper than paying your life insurance.
The benefits of life insurance with quick issue insurance will provide you with insurance if you can't get it elsewhere because of recently diagnosed health issues, or even your occupation or government assistance. If you apply for it, you're almost always approved, but be cautious because at times you might not be. Also, you won't have coverage immediately; it takes up to 2 weeks for you to be insured. The medical questionnaire that you do have to answer is limited, and just like with guaranteed, your cost will be higher than an average life insurance.
Here are a few examples listed below of people that typically apply for quick issue:
- Drug use of any kind, includes alcohol and illegal substances
- High risk occupations, or hobbies
- SSI or disability (government assistant checks)
You'll need to be wary too because both types of life insurance might not be offered in your state in which you reside. A quick issue has certain age restrictions, so you won't be able to buy a policy for yourself, or a minor child, if you don't meet their age criteria for life insurance.
Be an informed consumer when you apply for a term life insurance policy, and in the end you'll be happier you're picky about life insurance.
Get instant term life insurance quotes and buy a term life insurance policy now.