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

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Dec 28, 2020, 15:53 ET

DARIEN, Ill., Dec. 28, 2020 /PRNewswire/ -- 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 who want instant decision underwriting

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 participation in dangerous hobbies or physical activities
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					Male Monthly Rates
Age	$100,000	$250,000	$500,000	$1,000,000	Age	$100,000	$250,000	$500,000	$1,000,000
20-35	$8	$12	$13	$23	20-35	$9	$10	$15	$25
40	$10	$11	$15	$30	40	$10	$12	$19	$33
45	$11	$16	$39	$45	45	$13	$17	$28	$51
50	$14	$24	$39	$73	50	$17	$28	$49	$87
55	$19	$33	$54	$101	55	$23	$41	$73	$135
60	$26	$52	$98	N/A	60	$40	$75	$158	N/A
65	$74	$88	$170	N/A	65	$66	$124	$275	N/A
70	$97	N/A	N/A	N/A	70	$185	N/A	N/A	N/A

Instant Decision Sample Rates, 20 Year Term
Female Monthly Rates					Male Monthly Rates
Age	$100,000	$250,000	$500,000	$1,000,000	Age	$100,000	$250,000	$500,000	$1,000,000
20-35	$11	$18	$18	$35	20-35	$11	$14	$22	$41
40	$12	$15	$24	$50	40	$14	$17	$27	$60
45	$17	$22	$39	$76	45	$17	$28	$49	$100
50	$21	$37	$65	$119	50	$25	$42	$79	$162
55	$30	$56	$95	$175	55	$39	$67	$129	$238
60	$49	$105	$212	N/A	60	$71	$151	$309	N/A
65	$41	$171	$335	N/A	65	$111	$244	$530	N/A

Instant Decision Sample Rates, 30 Year Term
Female Monthly Rates					Male Monthly Rates
Age	$100,000	$250,000	$500,000	$1,000,000	Age	$100,000	$250,000	$500,000	$1,000,000
20-35	$14	$21	$34	$61	20-35	$16	$24	$35	$73
40	$17	$27	$48	$89	40	$22	$33	$60	$112
45	$23	$39	$71	$135	45	$30	$47	$90	$176
50	$36	$70	$125	N/A	50	$47	$94	$168	N/A
55	$56	$112	N/A	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.

Past Accolades for LifeQuotes.com:

"2017 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 web site 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

About LifeQuotes.com
LifeQuotes.com is an online insurance broker that caters to self-directed life insurance shoppers at www.lifequotes.com. The company's innovative technology allows customers to view continually-updated quotes on an anonymous basis and buy from the company of their choice on a paperless basis. The company's comparative rater also reveals underwriting guidelines for improved accuracy. The company also provides fulfillment services to insurance companies, financial institutions and affinity groups with large customer bases. More than 380,000 people have purchased policies through LifeQuotes.com since the firm's founding in 1984.

Survey Methodology, Participating Insurers

Life insurance policies described, quoted, shown and illustrated in this press release may not be available in all states and certain terms may vary by state where required by state law. The supplemental policies described provide limited benefits and are NOT comprehensive health insurance or major medical insurance and they do NOT satisfy a person's individual obligation to secure the requirements of minimum essential coverage under the Affordable Care Act (ACA). For more information about the ACA, refer to http://www.HealthCare.gov. Policies examined include American Family Life Insurance Company, Madison, WI, policy form ICC14-LD10001; American National Insurance Company, Galveston, TX, policy form ART 12; Assurity Life Insurance Company, Lincoln, NE, policy form I L1702; 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; Foresters Financial of Toronto, Canada, under form ICC16 770620; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY, policy form LEF06321-18_7-10, and The Lincoln National Life Insurance Company, Fort Wayne, IN, policy form LEF06321_5-12, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; John Hancock Life Insurance Company (U.S.A) of Boston, MA 02117, on policy form number ICC16 2016TERM and John Hancock Life Insurance Company of New York, Valhalla, NY 10595, Minnesota Life Insurance Company and Securian Life Insurance Company of St. Paul, MN under policy number F76777-15; Pacific Life Insurance Company of Newport Beach, CA, policy form P16YLT. North American Company for Life & Health Insurance, Chicago, IL, policy form LS174; Penn Mutual Life Insurance Company of Horsham, PA, under policy form ICC13-LT; Principal Life Insurance Company of Des Moines, IA, under policy form ICC17 SN 104; Protective Life and Annuity, Birmingham, AL, policy form TI-15; Pruco Life Insurance Company of New Jersey, Newark, NJ, policy form ORD 96200-2010, member companies of Prudential Financial, Inc., Newark, NJ; Sagicor Life Insurance Company of Scottsdale, AZ under form number 1000; The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA, policy form A91-OSV (SBLI and The No Nonsense Life Insurance Company are registered trademarks of The Savings Bank Mutual Life Insurance Company of Massachusetts; Transamerica Life Insurance Company, Cedar Rapids, IA, policy form 1-304 11-107, both AEGON companies; United of Omaha Life Insurance Company, Omaha, NE, policy form LAP1099, a Mutual of Omaha affiliate company. Copyright 1984-2021 Life Quotes, Inc. All rights reserved.