One Can Get An Instant Term Life Insurance Approved In Just 15 Minutes

In a fast paced world where most working people do not have time even to read the morning new paper in the traditional way, technology has simplified life. Now, people read newspaper while on the train commuting to work on smartphone, Kindle or iPhone.  Similarly, life insurance has also become instant with people not having the time needed to fill in lengthy applications and waiting for a few weeks for blood tests to be completed and underwriting process done. Hence, buying instant term life insurance online has become the popular choice for many.

Just think how much simpler it is to give an insurance company relevant information online.  All that you need to do is to request for multiple instant term life insurance quotes, fill in a short form and wait for a simple verification to be done.  In fact, if you choose to go with a no medical exam term life insurance, you do not need to see a doctor, nurse or paramedic for a physical.  Just answering a few medical related questions is all that is needed to get the policy approved.  No wonder the policy is called instant and can be processed in as quickly as 15 minutes.

Due to advancements in medical sciences, people live much longer. A serious illness which a few years ago shortened life can now be treated. Hence, quality of life has improved and the number of years an average healthy individual lives has also increased. Since the popularity of instant term life insurance has grown, many companies are offering newer and better schemes to attract people. While some offer only short term plans, others offer even the longer 10, 15, 20 or 30 year level term policies. The premium rates are competitive and one such policy can even last until the holder reaches the age of 95.

Those between the ages of 18 and 65 can apply for any of these plans and coverage is offered up to $500,000.  The plan takes only 15 minutes to be approved and can be truly called instant.  All those who have dependants to support  children, spouses or other dependent relatives  can buy these plans.  Some business owners even offer such schemes as part of their employee package.  This is a great incentive for good employees to continue with a firm until retirement.

Here are some tips to buy a life insurance policy online in the best possible way. Before you request a life insurance quote on line, keep some basics in hand that will help you get the right plan for your needs.

How much coverage to get

Which policy to settle for

Which insurance company to choose

The needs of individual families can vary. Some have many kids to support, others have none, some have only a spouse to support, some have a disabled sibling to take care of etc. So, to know how much insurance to buy, you can use the online calculator provided in every quote website. Give some inputs like expected coverage amount, period. The calculator will give you an accurate estimate of premium cost.

There are several coverage levels provided. If you find one too expensive, start the calculator again and input lower figures. You can keep doing this multiple times until you reach a coverage amount you know can protect your family and also affordable one. The choice of policy to settle for depends on your specific needs. If you prefer term insurance for the kids, calculate it based on the age when your youngest child goes to college.

You must also consider the needs of your wife  does she have an independent income or does she stay at home and take care of the family.  In the latter case, you must make provision for her for her entire life. If you have a good job with a high salary, you can choose to buy a permanent insurance package like whole insurance or universal life insurance.

Both these will offer excellent death benefits along with cash savings that multiplies over the years.  Since these plans are for the entire life of the individual, there is no worry about renewing it.  Finally the choice of the company must be decided based on the credit rating from a reputed agency.  A credit rating of B+ and over is considered a safe company.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance rates and cheap term life insurance quotes, visit his site today.