Some people prefer purchasing their life insurance through agents or brokers, this gives them a better opportunity of getting the best possible premium rates.
One insurance agent that a considerable number of people opt for is FastLife Insurance.
Through our FastLife Insurance review, we take a closer look at the firm, discovering the products it offers and whether they are worthy purchases.
In This Review:
About FastLife Insurance
FastLife Insurance is a brokerage firm founded in 2016 by Phillip Wasserman. It is based in Sarasota, Florida.
On top of offering life insurance, FastLife Insurance also provides long-term care and annuity products.
The company does not underwrite the policies itself. Instead, it partners with large life insurance companies that are responsible for providing the coverage.
Some of the life insurance companies FastLife partners with include:
National Western Life
National Western Life is an insurance company that underwrites policies for FastLife.
Offering coverage options ranging from $25,000 to $250,000, National Western Life is an excellent choice for those searching for smaller policies such as final expenses that usually cost between $10,000 and $15,000.
We should point out that National Western Life has a complaint ratio of .24, which is the highest ratio among most of the FastLife insurance affiliates we studied.
However, the ratio is significantly lower than the NAIC (National Association of Insurance Commissioners) median of 1.0.
Prudential
Prudential is among the most reputable insurance companies in the country, having a positive reputation for dealing with its customers.
It only has a complaint ratio of .05, much lower than that of National Western Life.
Prudential offers term life insurance policies via its Term Essential product.
The product has options with varying coverage lengths, ranging from as little as ten years up to 30 years.
It also has a maximum coverage value of $500,000.
Additionally, the company’s term policy has some of the most competitive prices in the insurance industry.
Lincoln National
Lincoln National Life Insurance offers term life insurance through its Lincoln TermAccel Level Term product.
The Lincoln TermAccel Level Term offers policy lengths ranging from 10 to 30 years.
A standout feature is the plan’s death benefit flexibility.
The death benefit has a minimum coverage of $100,000 and goes all the way up to a maximum of one million dollars.
This insurance provider also has some of the industry’s cheapest quotes available for term life insurance for both standard and senior groups.
FastLife Insurance Company Ratings
Though the company is not yet accredited, the Better Business Bureau (BBB) gave it an A+ grade.
This rating means that FastLife has shown that it values customer service.
It also shows that the company is timely when it comes to solving complaints. The complaints, however, are not that many.
In the past three years, FastLife has only had one negative review.
In the review, a potential policyholder mentions how they were persistently contacted by representatives from the company regarding the different available policy options and plans.
FastLife Insurance Products Offered
The company is essentially a broker for life insurance products.
While some life insurance agents only work for one company, giving you the quotes from that particular company, FastLife represents multiple life insurance providers.
Through the insurance providers it represents, FastLife provides you with various types of permanent life insurance and term life insurance coverage.
Because of its relationship with different life insurance companies, you can get a much cheaper rate if you choose to purchase your policy through FastLife.
Additionally, some of the policies this insurance brokerage firm offers do not require any medical exam.
Such policies can provide you with coverage of up to $500,000.
Life Insurance Riders Offered
Being an insurance broker, the life insurance riders they offer depends on the insurer you choose. Some of them include:
- Serious Illness Riders: allow you to unlock your policy’s value when you become terminally ill and include benefit access rider and living needs benefit
- Children’s Insurance Rider: makes it possible for you to insure your children under your policy
FastLife Insurance Eligibility and Application Process
All you need to do to apply for a FastLife life insurance policy is head over to the company’s website and fill out an online form.
After filling out the application form, insurers will evaluate whether you will have to go through an in-person medical exam or qualify for the company’s no-exam policy.
After you provide FastLife with the necessary information, it will review your application and offer you the quotes it gets from different insurance companies that best fit your profile.
Those in good health are more likely to qualify for FastLife’s no-exam policy, though this depends on the coverage amount they request.
However, if you have a pre-existing condition and have applied for a $500,000 policy, you will most likely have to go through an in-person exam for the company to confirm your health condition.
In addition, applying for such a policy often comes with higher premium rates. Because the company will not have adequate information about your medical history to provide you with an accurate quote.
FastLife Insurance Pros and Cons
There are several advantages that FastLife Insurance brings.
Pros
- Fast and easy application process
- You could get approved in less than 30 minutes
- Depending on your age and health, some of the policies the company offers do not need a medical exam
- FastLife offers remote customer assistance over the phone and through its website
- As it’s a brokerage firm, you are better placed to get the best possible quotes
- The company works with reputable and highly-rated insurance providers that offer you great coverage
Cons
Though the company’s advantages are considerable, it also has a few setbacks. Some of them include:
- With FastLife only based in Florida, those living in different states will receive highly-limited in-person services
- You will have to pay a broker fee when you purchase a life insurance policy through FastLife
Is FastLife Insurance Best for You?
As far as insurance brokerage firms go, FastLife is right up there with the best of them.
Though the firm only began in 2016, the insurance providers FastLife has partnered with enables the company to provide people all across the country with great coverage at affordable prices.
The simple application, fast coverage, and customer service make the option stand out further.
FastLife might, however, not be the option for you if you prefer more personal assistance from your insurance agent.
If you are interested in purchasing a policy through this company, we hope our FastLife Insurance review has helped clear a few things up for you.
