How do I receive an instant life insurance quote? Follow these tips.
There are two approaches you can use:
- Go through an insurer, directly. Direct life insurance allows you to purchase cover completely online or over the phone without having to go through a lengthy underwriting process.
- Use finder's quote engine. By entering a few simple details, you can get quotes for multiple brands in one spot.
Why go direct?
If you know the type and amount of life insurance you're after you can avoid working with an insurance adviser by getting cover directly from the insurer. Direct life insurance allows you to purchase cover completely online or over the phone without having to go through a lengthy underwriting process. After contacting the insurer, you will be provided with a quote and can apply immediately with the help of the insurer's staff and cover will commence as soon as you're accepted.
Receive life insurance quotes, instantly
What types of details are required to receive instant life insurance quotes?
When speaking with the direct insurers staff or filling out the application form online, you'll be asked a series of questions that will allow the insurer to determine if you're eligible for cover. Typical details required by a direct insurer include:
- Your name
- Your telephone number
- Your gender
- Whether you smoke
- Your date of birth
- Your occupation
- Type of insurance you require
- Amount of cover you require
- If you have any significant pre-existing health conditions
Our life insurance engine is straightforward and only requires basic information such as your birthdate and occupation.
1. Basic personal details (no contact details)
2. Select the amount of cover
3. Compare policy features and prices
Am I still able to take out instant life insurance online if I have health problems?
- In the past. Direct life insurance was very black and white in the past around who was accepted for cover. If you didn't tick all of a policy's set criteria you could be immediately refused cover. In the past if the applicant had any health conditions at all, they would be excluded all together.
Direct insurers have realised in recent years that this not a very realistic approach in assessing clients in that it shut the door to people that were actually of decent health or where the nature of their occupation did not actually present any real substandard risk.
Tailored coverage for health conditions
Direct insurers will now find out more details around their actual role to see if it really contains much risk i.e. how long has it been since your pre-existing medical conditino affected you?
Many policies will allow you to tailor your cover by giving you an option to answer a more detailed questionaire.
What will happen if the insurer decides the applicant presents significant risk?
If the applicant does present some risk either through their occupation or pre-existing conditions, the insurer will generally take one of or a combination of the following steps:
- Refuse the cover. Reject the application and recommend alternatives.
- Refer the cover. Contact the applicant to find out more about their situation and how it may change into the future.
- Apply a loading. The insurer may decide to apply a premium loading to the cover to account for the additional risk carried by the insurer.
- Exclude certain conditions. Exclude certain medical conditions or injury that occurs at work. The insurer may also apply an accident-only clause for a defined period.
Steps to getting cover in an instant online
- Review the options available to you and consult with a financial planner if required
- Once you've decided on a policy, submit your details either online or over the phone
- Get your quote
- Review your quote
- Go through the application process
- Cover starts once the process is complete
How does an insurer assess applications and provide cover so quickly?
Direct insurers have sped up the underwriting process by introducing new automated software to assess applications electronically with specified underwriting rules. This technology allows the person to find out immediately if their application has been accepted or if the insurer will require additional information to be sent to the insurer for assessment.