What is an instant life insurance policy?
Instant life insurance offers immediate coverage. On average, instant life insurance rates for a 35-year-old are just $30 a month. You can get immediate life insurance online without a medical exam. Learn how you can get instant life insurance quotes online and buy the coverage you need without delays.
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Jimmy McMillan
Licensed Life Insurance Agent
Jimmy McMillan is an entrepreneur and the founder of HeartLifeInsurance.com, an independent life insurance brokerage. His company specializes in life insurance for people with heart problems. He knows personally how difficult it is to secure health and life insurance after a heart attack. Jimmy is a licensed insurance agent from coast to coast who has been featured on ValientCEO and the podcast...
Licensed Life Insurance Agent
UPDATED: Sep 17, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 17, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- 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.
Instant life insurance coverage might not be ideal for everyone. Before committing, it’s essential to verify if it suits your needs. Consider checking options through an instant insurance network, especially if you have hard-to-insure life insurance needs.
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.
Qualifying for an instant insurance policy online can be more difficult, as insurance companies tend to be selective about the applicants they approve. This is due to the fact that instant issue term life insurance bypasses the traditional medical exam, relying instead on a basic interview conducted over the phone. The remaining criteria for eligibility include your driving and financial records, which the company reviews to make their decision.
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 may encounter higher rates with instant issue life insurance, so it’s crucial to determine whether getting an instant decision or approval of life insurance that suitable for you before finalizing your choice.
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Factors to Consider Before Purchasing an Instant Life Insurance Policy
Life insurance underwriting typically involves a thorough examination of your medical history and current health. However, because instant health insurance bypasses the medical exam, companies assess other factors to mitigate their financial risk. This approach is often used for low-cost instant life insurance and policies where life insurance without medical records is involved.
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. (For more information, read our “How To Get Life Insurance With a Bankruptcy Record“).
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. (For more information, read our “How to Sell Your Life Insurance Policy“).
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
Keep in mind that these rates are only an example — most instant plans are term life insurance. (read our “How much does a million dollar life insurance policy cost” for more information). The longer your chosen term, the more your insurance will cost.
Instant Term Life Insurance Application Requirements
While companies may have different application processes, there are steps you can take to expedite obtaining quick life insurance quotes. Key information to prepare includes your medical history, as you will need to respond to questions regarding both your overall health and your family’s health history. Being organized with this information will help streamline the process and secure a quick life insurance policy or quick life insurance online.
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. (For more information, read our “Foresters Life Insurance Review“).
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 (read our “How To Find a Lower Term Life Insurance Premium” for more information) 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
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.
Read more: How To Cancel Your Foresters Life Insurance Policy
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.
To buy whole life insurance online instantly, you’ll need to complete an application that is similar to traditional plans. While you won’t need to undergo a medical exam, the insurance company will still carefully review your records to determine your eligibility for life insurance with immediate cover and life insurance with immediate coverage.
Your application for a same-day life insurance policy will either be approved, denied, or referred to an underwriter. If it is referred to an underwriter, this means the company requires additional information before making a final decision, especially for life insurance without a physical exam online.
Case Studies: Instant Life Insurance Policies
Case Study 1: Sarah’s Quick Coverage Solution
Sarah, a busy professional with a demanding schedule, required life insurance that takes effect immediately without undergoing a medical exam. She chose to buy life insurance online instantly, which enabled her to secure coverage quickly and conveniently. Thanks to the affordable monthly rates, Sarah was able to protect her loved ones without any 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, understood the crucial need for life insurance to secure her family’s financial future. She chose a whole life insurance policy with an instant quote, which provided life insurance that starts right away, eliminating any waiting period. This choice ensured that her loved ones would have protection in the event of unforeseen circumstances.
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The Bottom Line: Instant Life Insurance Policies
Opting for rapid issue term life insurance could be ideal if you meet stricter qualification criteria and seek a term policy. Similarly, whole life insurance that starts immediately can be a good fit in certain situations. As with any life insurance option, it’s crucial to compare rates from multiple providers to secure the best possible deal.
Frequently Asked Questions
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.
How long do you have to have life insurance before it pays out?
Life insurance policies generally have a waiting period, known as a “contestability period,” which is usually two years. During this time, the insurer may investigate and deny claims for fraud or misrepresentation. After this period, the policy typically pays out as long as premiums are up-to-date and the policyholder dies from a covered cause.
Does life insurance start immediately?
Life insurance policies do not always start immediately. Traditional policies often require a medical exam and underwriting, which can delay the start of coverage. However, some instant life insurance policies provide immediate coverage upon approval, typically without a medical exam.
Does Progressive offer same-day insurance?
Progressive offers a range of insurance products, including auto and home insurance, but does not typically provide same-day life insurance coverage. For life insurance, you may need to wait for approval based on your medical history and underwriting process.
How does instant life insurance work?
Instant life insurance provides coverage quickly, often without a medical exam. It involves a streamlined application process where eligibility is assessed based on basic health information and other records like driving history and financial status. Coverage can start almost immediately after approval.
How fast can I get life insurance?
The speed at which you can obtain life insurance depends on the type of policy. Instant life insurance can be secured in a matter of minutes to hours, while traditional policies might take weeks due to the medical exam and underwriting process.
How much is a $2 million life insurance policy?
The cost of a $2 million life insurance policy varies based on factors like age, health, and term length. On average, for a healthy 35-year-old, it might range from $100 to $300 per month for term life insurance.
How much is a $3 million life insurance policy?
A $3 million life insurance policy can be significantly more expensive. For a healthy 35-year-old, the monthly premium could range from $150 to $450, depending on the term length and other underwriting factors.
How much is a million-dollar life insurance policy for a 50-year-old man?
For a healthy 50-year-old man, a million-dollar life insurance policy can cost approximately $150 to $500 per month for a term life insurance policy. Rates vary based on health and term length.
How much is a million-dollar life insurance policy for a 70-year-old man?
The cost of a million-dollar life insurance policy for a 70-year-old man is considerably higher due to increased risk. Premiums could range from $500 to over $1,500 per month, depending on health and policy type.
What is instant life insurance?
Instant life insurance offers immediate coverage and is designed to be processed quickly. It typically requires less detailed health information and often skips the medical exam, making it a faster option compared to traditional life insurance policies.
What is the cost of a $20 million dollar life insurance policy?
The cost of a $20 million dollar life insurance policy varies based on several factors, including your age, health, lifestyle, and the type of policy. For high-value policies like this, premiums can be quite substantial, often running into several thousand dollars per year. To get an accurate quote, you would need to consult with an insurance provider and provide detailed personal information.
How much does a $50 million dollar life insurance policy cost?
A $50 million dollar life insurance policy is a high-value policy that can result in very high premiums. The exact cost depends on factors such as the policyholder’s age, health, and lifestyle. Typically, such policies are custom-tailored and can cost tens of thousands of dollars annually. For precise figures, reaching out to a specialized life insurance agent or broker is recommended.
Can I get a $1 million dollar life insurance policy without a medical exam?
Yes, it is possible to get a $1 million dollar life insurance policy without a medical exam through simplified issue or guaranteed issue policies. These policies often come with higher premiums and limited coverage options compared to traditional policies that require a medical exam. The insurance provider will evaluate your eligibility based on other factors such as your medical history and lifestyle.
Where can I find a cheap health instant insurance quote?
To find a cheap health instant insurance quote, you can use online insurance comparison tools or visit insurance company websites that offer instant quotes. These tools allow you to compare different plans and rates quickly. It’s important to compare multiple options to find the best coverage at an affordable rate.
How can I secure health insurance quotes?
To secure health insurance quotes, you can use reputable online insurance comparison websites that offer encrypted and secure quote retrieval. Make sure the website uses secure protocols, such as SHA-256 encryption, to protect your personal information. Additionally, you can contact insurance companies directly to get quotes.
What is rapid term life insurance?
Rapid term life insurance is a type of term life insurance policy that provides quick approval and coverage. These policies are designed to be processed faster than traditional term life insurance policies, often with minimal underwriting requirements. This allows for faster access to coverage but may come with higher premiums.
Where can I get universal life insurance quotes online instantly?
You can obtain universal life insurance quotes online instantly from various insurance companies and comparison websites that offer real-time quoting services. These platforms allow you to enter your details and receive quotes immediately, enabling you to compare different options and choose the best policy for your needs.
What are Aflac life insurance prices?
Aflac life insurance prices vary based on the type of policy, coverage amount, and the policyholder’s personal details. Aflac offers various life insurance products, so the cost will depend on the specific plan you choose. For accurate pricing, you should contact Aflac directly or use their online quoting tool.
What is AIG’s guaranteed issue life insurance?
AIG’s guaranteed issue life insurance is a type of policy that offers coverage without requiring a medical exam or health questions. It is designed for individuals who may have difficulty qualifying for traditional life insurance due to health issues. This policy typically has higher premiums and lower coverage amounts compared to standard policies.
What does Colonial Life Insurance offer?
Colonial Life Insurance provides a range of insurance products, including term life, whole life, and supplemental insurance policies. Their offerings are designed to provide financial protection and peace of mind for policyholders. To get specific details about their policies, visiting their official website or contacting an agent is recommended.
How can I get an instant life insurance quote for whole life insurance?
To get an instant life insurance quote for whole life insurance, you can use online insurance comparison tools that provide real-time quotes. Enter your details to receive quotes from various insurers. Alternatively, you can contact insurance companies directly to request a quote.
How do I apply for online term life insurance?
To apply for online term life insurance, visit the website of an insurance provider or a comparison tool that offers online applications. Fill out the application form with your personal and health information. Submit the form to receive a quote and proceed with the application process, which may include a medical exam depending on the policy.
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.
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.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Jimmy McMillan
Licensed Life Insurance Agent
Jimmy McMillan is an entrepreneur and the founder of HeartLifeInsurance.com, an independent life insurance brokerage. His company specializes in life insurance for people with heart problems. He knows personally how difficult it is to secure health and life insurance after a heart attack. Jimmy is a licensed insurance agent from coast to coast who has been featured on ValientCEO and the podcast...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.