Time Frame

• According to a study performed by LIMRA International, a think tank and research center, about 26 percent of households in the United States with an income of under $75,000 have no life insurance. For those with an income of less than $35,000, it is much worse, just about 50 percent have no life insurance.
  
  Instant-issue term life insurance makes it easy to get life insurance quickly. Families with little time now do not have to set aside a block of time out of a busy schedule to get it their life insurance. Now, it can be obtained at any time and an answer can be had within about 10 minutes, according to InsWeb (some provide an answer within 24 hours). It does not mean that the life insurance company will accept just anyone, but it means that an answer can be received that quickly.
  
  Besides this, the life insurance can be purchased and started immediately if accepted. In many cases, InsWeb says, you may even be able to buy it with a credit card right after being accepted. It would also go into effect immediately.
  
  

Features

• This shortened application process simplifies not only the time involved but also provides similar features to what could be obtained through the longer process. In a traditional application, once the company receives it, an individual or family can often wait up to six weeks for an answer. The new instant-issue life insurance, however, does not require any medical exams and the use of simpler forms speeds up the process, too.
  
  

Size

• Coverage amounts range from as low as $25,000 up to $1 million, depending on where you apply. The number of years in the term will also vary and you can get 10, 15, 20, and possibly even 30-years of level term life insurance online.
  
  

Considerations

• In spite of the fact that it is easy to apply for, instant issue term life insurance still does have categories and different rates for people with various health issues. Your application may ask up to about 40 health questions, such as whether you smoke, and your age. Your premiums, if accepted, will be based on that information. Once accepted, you may even be able to print your new life insurance policy immediately.
  
  

Warning

• Life insurance used to take a longer period of time for underwriting because they were more precise in calculating your life insurance rates. Instant-issue term life insurance cuts out this more precise calculating process, which means you are probably going to pay more in premiums per month.
  
  The company knows that some people are going to be a greater risk when they apply without a medical exam, or because they know less of the medical history about those they accept. Besides this, you will also most likely have to accept smaller amounts of coverage. It is also a good idea to get several life insurance quotes before buying and check out the instant-issue term life insurance company to determine if it is a reliable company.