Home » Press Releases » LifeQuotes.com: Instant Decision Life Insurance Plans Rise in Popularity; Say Goodbye to Medical Exams, Paperwork, and Time Delays
LifeQuotes.com: Instant Decision Life Insurance Plans Rise in Popularity; Say Goodbye to Medical Exams, Paperwork, and Time Delays
Instant decision term life insurance plans now available up to $1 million
Life insurance rates remain at all-time lows despite COVID-19 pandemic
DARIEN, Illinois (December 28, 2020) – LifeQuotes.com, the online life insurance brokerage that offers comparative quotes from 40 leading life insurers and allows customers to purchase from the company of their choice, today announced the debut of an “Instant Decision” selector on the desktop version at www.lifequotes.com that enhances the online shopping experience by revealing those life insurers who offer instant decision underwriting. The new feature is available on the company’s desktop platform.
“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
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 driving tickets or accidents within the past 3 years, no DUI within the past 5 years
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.
Instant Decision Sample Rates, 10 Year Term
Female Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$8
$12
$13
$23
40
$10
$11
$15
$30
45
$11
$16
$39
$45
50
$14
$24
$39
$73
55
$19
$33
$54
$101
60
$26
$52
$98
N/A
65
$74
$88
$170
N/A
70
$97
N/A
N/A
N/A
Instant Decision Sample Rates, 10 Year Term
Male Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$9
$10
$15
$25
40
$10
$12
$19
$33
45
$13
$17
$28
$51
50
$17
$28
$49
$87
55
$23
$41
$73
$135
60
$40
$75
$158
N/A
65
$66
$124
$275
N/A
70
$185
N/A
N/A
N/A
Instant Decision Sample Rates, 20 Year Term
Female Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$11
$18
$18
$35
40
$12
$15
$24
$50
45
$17
$22
$39
$76
50
$21
$37
$65
$119
55
$30
$56
$95
$175
60
$49
$105
$212
N/A
65
$74
$171
$335
N/A
Instant Decision Sample Rates, 20 Year Term
Male Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$11
$14
$22
$41
40
$14
$17
$27
$60
45
$17
$28
$49
$100
50
$25
$42
$79
$162
55
$39
$67
$129
$238
60
$71
$151
$309
N/A
65
$111
$244
$530
N/A
Instant Decision Sample Rates, 30 Year Term
Female Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$14
$21
$34
$61
40
$17
$27
$48
$89
45
$23
$39
$71
$135
50
$36
$70
$125
N/A
55
$56
$112
N/A
N/A
Instant Decision Sample Rates, 30 Year Term
Male Monthly Rates
Age
$100,000
$250,000
$500,000
$1,000,000
20-35
$16
$24
$35
$73
40
$22
$33
$60
$112
45
$30
$47
$90
$176
50
$47
$94
$168
N/A
55
$75
$151
N/A
N/A
The sample premiums shown above assume that the applicant is in good health and has no ratable medical issues. Applicants with pre-existing medical issues can view instant quotes at www.lifequotes.com. Customers who want quotes and advice by phone can talk to our licensed specialists by calling (800) 556-9393.
2023: LifeQuotes.com celebrates 2,300 Google Reviews averaging 4.8 Stars
"Life Insurance Innovation" award winner... Life Insurance Direct Marketing Association
"The premier Web site in terms of details and ease of use..." -- Yahoo! FINANCE
Twice Ranked #1 life insurance website by Kiplinger's
Named a "100 Most useful website" by MSN Money
Past Winner: Forbes' "Best of the Web"
"The best website I've found..." -- Dallas Morning News
"...we'd recommend you do your insurance shopping here..." -- Barron's
"...outstanding - as good as a Web site on insurance can possibly be. Hats off and a gold star to the top insurance site on the Web." -- Insurance for Dummies
Survey Methodology
Fifty leading life insurers rated “A” or better were polled as to how they underwrite breast cancer survivors for a California resident. Rates may differ in New York. Life insurance policies described, quoted, shown and illustrated throughout this press release may not be available in all states. Banner Life Insurance Company, Urbana, MD, policy form ICC08-LIA, and William Penn Life Insurance Company, Garden City, NY, policy form LIA-WP, both Legal & General America companies; Haven Life, a subsidiary of Massachusetts Mutual, Springfield, MA, policy form ICC19PCM-SI 0819; Pacific Life Insurance Company, Omaha, NE, policy form ICC18 A18LYAP Protective Life Insurance Company, Birmingham, AL, policy form ICC12-400 and Protective Life and Annuity in NY under policy form PL-400- NY; Pruco Life Insurance Company of New Jersey, Newark, NJ, policy form ORD 96200-2010, member companies of Prudential Financial, Inc., Newark, NJ; The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA, policy form ICC17-A-91 (SBLI and The No Nonsense Life Insurance Company are registered trademarks of The Savings Bank Mutual Life Insurance Company of Massachusetts, Transamerica Financial Life Insurance Company, Harrison, NY, policy form APA 40NY- 107 and Transamerica Life Insurance Company, Cedar Rapids, IA, policy form APA401008T, both AEGON companies.
About LifeQuotes.com
LifeQuotes.com operates an Internet-based life insurance exchange at www.lifequotes.com. The company also provides private label, co-branded life insurance technology and fulfillment services to insurance companies, financial institutions, affinity groups, banks, credit unions, property & casualty agencies, trade associations, and other affinity groups with large customer bases. The company’s proprietary technology provides instant quotes and illustrations from 50 leading life insurers and enables a quick, paperless purchase process . More than 400,000 people have purchased policies through LifeQuotes.com since the firm’s founding in 1984. Visit lifequotes.com for more information or to explore the life insurance quoting experience online.
