What is an instant life insurance policy?

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

Age	Sex	Monthly rate
25	Female Male	$21 $27
35	Female Male	$25 $30
45	Female Male	$48 $61

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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 Purchase	Policy Coverage Amount	Rates for Men	Rates 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

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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.

Case Studies: Instant Life Insurance Policies

Case Study 1: Sarah’s Quick Coverage Solution

Sarah, a busy professional with a tight schedule, needed immediate life insurance coverage without the hassle of a medical exam. She opted for an instant life insurance policy, which allowed her to get coverage quickly online. With affordable monthly rates, Sarah could protect her loved ones without delays.

Case Study 2: Mark’s Simplified Application Process

Mark, a self-employed individual with a pre-existing condition, wanted to secure life insurance coverage without the need for extensive medical documentation. He chose an instant life insurance policy that required a basic interview and did not require a medical exam.

Case Study 3: Lisa’s Speedy Financial Protection

Lisa, a young parent with dependents, recognized the importance of having life insurance to safeguard her family’s financial future. She opted for an instant life insurance policy that offered immediate coverage without a waiting period. This ensured that her loved ones would be protected in case of any unforeseen circumstances.

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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.

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