Who Approves Life Insurance The Fastest? | 10 Fast Companies

Fastest Life Insurance Policy Types

What are the fastest types of life insurance policies? There are three main options when it comes to getting coverage as quickly as possible. All of these policies are “No medical exam” policies. You will not be required to schedule a medical exam for any of these policies.

  1. Instant Insurance
  2. Simplified Issue Insurance
  3. Accelerated Insurance

1. Instant Issue Life Insurance

With an instant issue policy, you’re going to get approved or disqualified right after applying. It’s important to point out that the application process is not instant. The application will consist of a phone interview with an agent for approximately 30 minutes. The agent will go through all the qualification questions and will have access to information via several sources.

An Instant Issue policy is typically good for those who are in good overall health without any significant health issues. If you take medications or have any health or risks, then an Instant Issue policy may not be the right choice.

2. Simplified Issue Life Insurance

Simplified Issue policies are the next fastest type of insurance policy. You can get approved in 2 days or less. The policy is approved in a very similar way to the Instant Issue process. The company may use a phone interview, MIB, MVR, and Medication Database to underwrite your policy. 

Depending on the company and the type of coverage (Term, Whole, UL or GUL), you may select a death benefit ranging from $10,000 up to $1,000,000 in coverage.

3. Accelerated Underwriting

The last option for fast insurance approvals is with Accelerated Underwriting. This is a great option for those wanting the lowest priced policy that does not require a medical exam. It isn’t as fast as Instant or Simplified, as it typically takes a few days (or up to 1 week) to get approved. 

Important: Not all Accelerated Underwriting policies are an Approved or Declined option. Sometimes if you are not approved with the Accelerated Underwriting process, you’ll be required to take a medical exam. 

This important tip will help you plan out your application strategy. You can simply apply with Accelerated Underwriting and if you’re required to take the exam:

  1. Take the exam, or
  2. Cancel the application & apply elsewhere

No matter if you select an Instant Issue, Simplified Issue, or Accelerated Underwriting policy- make sure you work with an independent insurance broker with access to the top companies.

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