Temporary Life Insurance (What is it?)

Temporary life insurance gives you the benefit of staying covered during a period where you may be in between life insurance policies. Temporary life insurance is often confused with short-term life insurance and even term life insurance. Find rates as low as $12.72/month.

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Sep 16, 2020

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Temporary life insurance is often confused with short-term life insurance and even term life insurance. However, temporary life insurance has a specific purpose. Temporary life insurance gives you the benefit of staying covered during a period where you may be in between life insurance policies.

This article will help you decipher when you need temporary insurance and how temporary life insurance can help you procure term life insurance quotes while keeping your peace of mind.

Before you go any further, take a quick moment to understand life insurance costs by using our free rate tool to get a comparison rate first, and then see how it compares to your temporary life insurance solutions.

Shopping for Temporary Life Insurance Quotes

Whether you’re looking for temporary life insurance quotes so that your loved ones are protected while you’re in between coverage or for travel reasons or something else, the best places to start your search would be with the top life insurance companies.

The best temporary life insurance rates around are likely found with the following companies, which also happen to be the top 10 life insurance companies by market share, according to the Insurance Information Institute.

  • Northwestern Mutual Life Insurance Co.
  • Lincoln National Corp.
  • New York Life Insurance Group
  • Massachusetts Mutual Life Insurance Co.
  • Prudential Financial Inc.
  • John Hancock Life Insurance Co.
  • State Farm Mutual Automobile Insurance
  • Transamerica
  • Pacific Life
  • American International Group (AIG)

As you can see, the best life insurance companies are some of the most familiar names in the industry. Don’t wait — Click our free quote tool right now to see who will offer you the most affordable temporary life insurance, with rates starting as low as $12.72/mo.

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What is temporary life insurance?

Unlike permanent life insurance options like whole life insurance or variable life insurance, temporary life insurance solutions cover the policyholder for a specific period of time and coverage expires at the end of that defined period.

Temporary life insurance implies a very short-lived policy. The distinction between term life insurance, short term life insurance, and temporary life insurance relates to the coverage period.

Term life insurance likely implies a longer period of coverage, while temporary or short term life insurance implies coverage for under one year.  While you are on the hunt for term life insurance, you can still be protected with temporary life insurance by prepaying a premium payment.

What is short term life insurance?

Another name for temporary life insurance is short term life insurance.

To understand the distinction between short term and term life insurance, term life insurance implies a longer period of coverage, while temporary or short term life insurance imply coverage for under one year.

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Reasons to Purchase Temporary Life Insurance

Is it worth it to buy a life insurance policy? What is a permanent life insurance policy and why would you ever need to purchase temporary life insurance?

For understanding whether term or permanent life insurance is better for you, you might want to consult a life insurance rates comparison chart to see how each type of insurance lines up with your needs.

When it comes to temporary life insurance, there are a number of scenarios in which purchasing life insurance that provides coverage for a year or less is necessary but there are two that stand out.

Temporary Life Insurance between Coverage Periods

Policy application approvals and underwriting can take time.  Although policies like no medical exam life insurance no medical exam term life insurance can offer instant approvals, these policies may not provide the best rate. Some people feel peace of mind having immediate coverage.

Some life insurance companies allow you to prepay a premium to have coverage during the period it takes to submit your application and obtain approval.

This is useful if you are concerned about having coverage immediately, or had life insurance that expired and are seeking a more permanent life insurance plan.

Temporary Life Insurance for Travel

In rare instances, people who travel to dangerous places for work or leisure obtain special insurance. This insurance is highly specialized and is usually purchased through employers.

More prevalent are temporary health insurance policies for travel where your national health care coverage may not be valid in the place you are traveling.

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How can you get temporary life insurance?

If you are considering applying for life insurance, you can consider submitting a premium check along with your application. Submitting the first modal premium at the time of application may help you secure temporary coverage while your application is in underwriting.

I say “may” because you will still need to qualify for the temporary coverage on a medical and age basis. Most life insurance companies will ask a series of questions about your medical history and your current medical condition. Temporary coverage is usually available for applicants with no major medical history and those up to age 70.

Some life insurance companies allow temporary coverage up to $500,000 while others will extend coverage up to $1,000,000 (this amount includes any existing coverage you may already have). Start dates and stop dates for coverage also vary by company.

In order to learn more, you may want to find an agent with a temporary life insurance license for your state. You can usually look up agents for your state by checking out the NAIC map of state life insurance departments of life insurance by jurisdiction.

Temporary Life Insurance: The Bottom Line

Temporary coverage can be a tremendous benefit to you when applying for life insurance. The added peace of mind may be well worth the initial premium outlay. Plus, the insurance company will return your premium to you if your application is declined for any reason or if you simply decide not to accept their policy offer.

Chances are, if you are looking for a temporary life insurance policy, you are also shopping for longer-term alternatives. Get started on your journey for finding the right policy by clicking on our free rate tool below right now and get a rate in seconds.

References:

  1. https://www.iii.org/fact-statistic/facts-statistics-life-insurance
  2. https://content.naic.org/state_web_map.htm

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