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.

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.

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

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.

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

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.

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.