How do I receive an instant life insurance quote?
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 Instant Life Insurance Quotes
What types of details are required to receive instant life cover?
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
Am I still able to take out instant life insurance online if I have health problems?
Direct life insurance was very black and white in the past around who was accepted for cover. If you didn't tick all of the boxes you could be immediately refused cover. 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. For example, if in the past the applicant stated they were a miner, their application may have been rejected. Most direct insurers will now find out more details around their actual role to see if it really contains much risk i.e. a miner whose position is generally confined to the office. Similarly, most direct insurers will now ask the applicant to complete some medical tests during the application process if there are some pre-existing conditions present.
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.
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.
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