Wheeling, IL (PressExposure) March 11, 2010 -- AccuQuote, a leader in providing term life insurance quotes to people across the United States, explores the pros and cons of “quick issue” term life insurance.

Quick issue term life insurance is often referred to as simplified issue or guaranteed life insurance. This type of term life insurance does not require the applicant to take a medical exam, however some health and lifestyle questions may be included on the application. Quick issue term life insurance is generally for those who do not qualify for traditional term life insurance, such as people who are in unsatisfactory health, have risky occupations or receive government assistance. As a result, this type of term life insurance is more expensive than traditional term life insurance and offers limited death benefit amounts.

“If you’re in a situation that limits your eligibility for traditional term life insurance coverage, a quick issue policy is a good option for you,” says Byron Udell, founder and CEO of AccuQuote. “It may cost slightly more, but the benefits of the coverage are worth it if your family depends on you for financial support.”

AccuQuote provides the pros of quick issue term life insurance:

• No medical exam – Health and lifestyle questions may be asked, however a medical exam is not part of the application process.
• Short turn-a-round time – Coverage is usually put in force no later than two weeks after the quick issue term life insurance has been applied for and paid.
• Almost everyone qualifies – Consumers of all health conditions and lifestyles can apply for and almost always qualify for quick issue term life insurance.

“Keep in mind that if you’re young and relatively healthy, you don’t need to consider quick issue term life insurance coverage because you probably won’t have a hard time qualifying for traditional term life insurance,” says Udell. “Traditional term life insurance coverage allows you to purchase a large coverage amount for a longer term and at a more affordable rate.”

AccuQuote provides the cons of quick issue term life insurance:

• Higher premiums – Life insurance premiums for quick issue term life insurance are higher than traditional term life insurance because no medical exam is required, therefore there is no statistical data to place consumers in specified risk classes.
• Lower amount of coverage for a shorter term – Quick issue term life insurance policies offer limited death benefit amount and term lengths.
• Benefits are not guaranteed – Purchasing a quick issue term life insurance policy does not always guarantee coverage. Some life insurance companies will refund a consumer’s money before a death claim is made because the result is cheaper than paying the full amount of the life insurance policy.

“In the end, having some type of life insurance is better than having no coverage at all,” says Udell.

About AccuQuote

AccuQuote helps consumers find the best values in term life insurance by combining instant online quotes with the personal service of unbiased life insurance professionals that can help answer questions, identify important issues, and make meaningful recommendations. The company offers consumers an extensive selection of life insurance options, including term life, whole life, and universal life, as well as selected annuities. The website has many handy insurance tools, including a life insurance needs calculator to help you figure out how much to buy, a glossary that explains industry terminology, a collection of articles that cover the basics about life insurance, and a blog which answers many questions about life insurance. For additional information or to get quotes for cheap term life insurance, please call 1-800-442-9899.

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