What is an instant life insurance policy?
Quick Facts
Unlike traditional plans, instant life insurance policies do not require a medical exam for approval
Most instant life insurance policies offer similar coverage to traditional plans
It can be harder to qualify for instant life insurance, and most companies only sell policies to people under 60
Although it’s best to buy coverage before you need it, there are times when you might need an immediate life insurance policy. Finding no medical exam life insurance isn’t as easy as a traditional policy, but it’s not impossible.
However, instant coverage life insurance isn’t the best choice for everyone. Before signing up, you should make sure it’s right for you.
So what is an instant life insurance policy? Read on to learn more, and then compare quotes with as many companies as possible to find the best rates.
Instant Life Insurance Policy: What It Is and How It Works
Most types of life insurance require a medical interview and exam before an application can be approved. Many popular plans require an exam, including term life and whole life insurance. While traditional plans are often cheaper, they don’t work for everyone.
Instant life insurance is often harder to qualify for because companies are picky about who they insure. This is because same-day life insurance skips the medical exam, opting for a basic interview that can be completed over the phone instead. The only other information a company uses to determine your eligibility is your driving and financial records.
Not everyone qualifies for immediate coverage life insurance. For example, people looking for life insurance with a medical condition will have better luck with other policies, such as a guaranteed life insurance policy.
You’ll also likely pay higher rates when purchasing life insurance instantly, so it’s important to understand if instant coverage is right for you before making a final decision.
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Factors to Consider Before Purchasing an Instant Life Insurance Policy
Life insurance underwriting usually requires an in-depth look at your medical history and current health. Since instant life insurance skips the medical exam, companies consider other factors to protect themselves from financial risk.
Companies that offer instant life insurance typically look at medical records, driving history, and financial information, like your credit score and bankruptcy history. Your age also plays an important role – most companies won’t sell a new instant coverage plan to people over 60.
Finally, you’ll need to prove that your income matches the amount of coverage you want to buy. Companies are more careful about selling life insurance with no waiting period — you’ll only be able to purchase an amount of coverage that matches your income.
Understanding Instant Life Insurance Policy Rates
Although buying online life insurance instantly can cost more, many applicants see rates similar to traditional policies. To get an idea of how much you might pay for an instant life insurance policy, check the rates below.
Instant Life Insurance Rates by Age and Gender
AgeSexMonthly rate
25Female
Male
$21
$27
35Female
Male
$25
$30
45Female
Male
$48
$61
Keep in mind that these rates are only an example — most instant plans are term life insurance. The longer your chosen term, the more your insurance will cost.
Instant Term Life Insurance Application Requirements
Although companies have unique applications, there are a few things you can have ready to make the process as quick as possible. The most important information to have at hand is your medical history. You’ll have to answer various questions about your overall health and your family’s health history.
Being honest in your health interview is integral to your application. If you lie on your life insurance application, the company will deny you coverage. If dishonesty is discovered after you’ve been issued a policy, the company can reject a claim and deny your beneficiary their death benefit.
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Top Companies Offering Instant Life Insurance Policies
Getting fast life insurance is convenient, but finding a company that sells instant coverage can be difficult. Although there are several options for instant life insurance, the following companies are some of the best:
Brighthouse Financial: Brighthouse Financial offers excellent instant life insurance options but is only available for applicants 25 to 50 years old.
Ladder Life: Ladder Life offers up to $3 million in coverage, and you can lower your coverage whenever you want.
Banner Life: Applicants can purchase up to $2 million in coverage, but Banner Life only sells to people aged 20 to 60.
Erie: You can only purchase up to $500,000 worth of coverage from Erie, but it’s one of the only companies that offers instant approval for a whole life plan.
Foresters Financial: Foresters offers two instant life insurance plans, one capped at $1 million and the other at $500,000.
When searching for instant life insurance, make sure not to confuse available plans with guaranteed issue plans. Guaranteed issue plans are similar to instant coverage because they don’t require medical exams. However, they usually offer much lower coverage for higher rates. For example, check the rates below.
Guaranteed Issue Life Insurance Monthly Rates Based on Age, Gender, and Policy Amount
Age At PurchasePolicy Coverage AmountRates for MenRates for Women
50$10,000
$15,000
$25,000
$30
$43
$70
$24
$34
$56
60$10,000
$15,000
$25,000
$42
$62
$101
$32
$47
$77
70$10,000
$15,000
$25,000
$70
$103
$170
$51
$75
$122
As you can see, you’ll pay higher prices if you choose a guaranteed issue plan. Increases in life insurance rates by age are inevitable, but guaranteed issue plans are noticeably more expensive for less coverage.
How to Get Instant Life Insurance
Now that you know what it is, you might be wondering how to get term life insurance quotes. The good news is that buying instant life insurance is relatively simple.
Instant life insurance requires an application similar to traditional plans. Although you won’t have to undergo an exam, your insurance company will still thoroughly examine your records to determine your eligibility.
Your application will be approved, denied, or referred to an underwriter. If you’re referred to an underwriter, it simply means the company needs more information before making a decision.
The Bottom Line: Instant Life Insurance Policies
Buying instant life insurance might be the right choice if you fit more stringent qualification standards and are looking for a term life insurance policy. As with all types of life insurance, you should always compare rates with as many companies as possible to ensure you find the best rates.
Frequently Asked Questions
What life insurance starts immediately?
For coverage that starts without a waiting period, you’ll need a group, simplified issue, or guaranteed life insurance policy. Although you can get quick approval for instant life insurance, it often has a waiting period.
What is instant life insurance?
Instant coverage life insurance offers similar coverage to traditional plans without the medical exam.
Should you buy life insurance online instantly?
As long as you qualify for instant coverage life insurance, there’s no reason you shouldn’t buy it online. Speaking with a representative can be helpful if you’re unsure about your policy.
Can you borrow from life insurance right away?
You won’t be able to borrow from your plan if you have a term life insurance policy since it doesn’t accrue cash value, which most instant life insurance policies are. If you have a whole life plan, you’ll have to wait until the plan accrues cash value before you can borrow from it.
What is the easiest life insurance to get?
The easiest life insurance policies to buy are group, simplified issue, guaranteed issue, and instant coverage life insurance. These plans do not require a medical exam to purchase.
Can you get instant life insurance if you have a pre-existing condition?
Qualifying for an immediate life insurance policy can be more difficult than other plans. If you have a pre-existing condition, a guaranteed issue plan might be a better option.
Are there disadvantages to getting a life insurance policy?
One of the only disadvantages to buying a life insurance policy is that it can be expensive, especially if you’re older or have health concerns. However, shopping around for multiple quotes can help keep costs low.
What documents do you need to apply for an instant life insurance policy?
While you won’t need official documents to apply for instant coverage life insurance, having your medical history written down will help the application process go quickly.
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Rachael Brennan
Licensed Insurance Agent
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…
Benjamin Carr
Former State Farm Insurance Agent
Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs.
Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times…
Former State Farm Insurance Agent
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