Instant Life Insurance: Get Covered Immediately

Instant life insurance is a type of guaranteed issue policy that allows you to get approved shortly after you apply. You can apply with no medical exam, and your coverage typically begins almost immediately if there is no waiting period. It is also known as fast life insurance.

Instant life insurance is becoming increasingly popular for those looking for a convenient way to obtain life insurance coverage to protect their loved ones and secure their financial future. With instant life insurance, you can purchase a policy within minutes of receiving a quote, often with no medical exam required.

The application process for instant life insurance is straightforward. Most insurers offer online applications, providing life insurance quotes in minutes without having to speak to an agent or fill out paperwork. You’ll need to provide basic information like your age, gender, and address and answer health-related questions about past illnesses or injuries. Once your application is approved, you pay premiums and receive coverage right away.

Instant life insurance: what it is and how it works

Instant life insurance is a type of guaranteed issue policy that allows you to get approved shortly after you apply, without a medical exam. You can apply online and receive a decision within minutes.

The entire process is online. You fill out a life insurance application with your personal and contact details and answer some basic questions about your health and lifestyle. With your permission, the company retrieves information about you from various databases, such as prescription databases, your motor vehicle record, and data from the MIB Group to determine if any health conditions came up when you applied for insurance with other companies.

You will get a decision within minutes of submitting the application. There are three possible outcomes: approved, denied, or referred to an underwriter. If you are approved, you can make your payment, and your coverage will go into effect on the same day.

Who is it for?

Instant life insurance is best for people in good to excellent health, between the ages of 18 and 60, and looking for less than $1.5 million in coverage. It is also a good option for those who want to avoid a medical exam and a lengthy underwriting process.

However, it is important to note that premiums for instant life insurance may be higher than those for traditional life insurance policies due to the simplified application process and lack of medical exams.

Pros and cons of instant life insurance

Instant life insurance is becoming an increasingly popular option for those seeking a convenient way to obtain life insurance coverage. It is also an attractive option for those who need life insurance quickly or have pre-existing conditions. Here are some pros and cons to consider:

Pros of Instant Life Insurance

• Fast application process: Instant life insurance allows you to apply for coverage within minutes, and you can receive a decision within minutes.
• No medical exam required: There is no need for a medical exam, as you can apply and receive coverage by answering a few easy questions about your health and lifestyle.
• Immediate coverage: Your coverage typically begins almost immediately if there is no waiting period.
• Customizable coverage options: You can choose the term length and coverage amount that best suits your needs.
• Easy to apply: Guaranteed-issue life insurance is easy to apply for, with no mandatory medical exam or health screening questions.
• Flexibility: Instant issue policies offer flexibility in changing the amount of coverage you need at different points in your life.

Cons of Instant Life Insurance

• Higher premiums: Due to the easy application process and no medical exam, premiums for instant life insurance may be higher than traditional term or whole life policies.
• Limited coverage: Coverage levels for instant-issue life insurance policies may be limited compared to traditional policies, and there may be fewer options for customization.
• Not for everyone: Seniors over 60 or those with serious health conditions may not qualify for instant life insurance as insurers are unwilling to take on the greater risk.
• Not available in all states: Instant life insurance policies may not be available nationwide.
• Not convertible: Instant life insurance policies are usually term life policies that expire after a set period and are generally not convertible to permanent life insurance.

How to get instant life insurance

Instant life insurance is a type of guaranteed issue policy that allows you to get approved shortly after you apply. You can apply with no medical exam, and your coverage typically begins almost immediately if there is no waiting period.

Choose a life insurance company and policy

• Shop around and compare your options to hone in on the right policy and insurer.
• Instant life insurance policies are typically term life policies that expire after a set period.
• Some companies that offer instant life insurance include Lemonade, Lincoln Financial, Erie, Haven, Ethos, and Bestow.

Fill out an application online

• Visit the insurance company's website to apply.
• You will need to provide basic personal and contact details and answer some questions about your health and lifestyle.
• Be sure to double-check your application before submitting to ensure all the information is correct.

Easy to apply for

• Guaranteed-issue life insurance is easy to apply for, with no mandatory medical exam and no health screening questions.
• The application process is typically straightforward and can be completed in a few minutes.
• You will need to provide details such as your name, birthdate, height, weight, Social Security number, and citizenship.
• You may also be asked about your health history, including prior diagnoses and procedures, and your smoker status.

Understand the pros and cons

• Instant life insurance allows you to apply for coverage quickly and without a medical exam.
• However, premiums can be higher due to the easy application process and no medical exam.
• Additionally, seniors and those in poor health may not qualify for instant life insurance as insurers may be unwilling to take on the greater risk.

Instant life insurance vs. simplified issue

Instant life insurance is a type of guaranteed issue policy that allows you to get approved shortly after you apply. You can apply with no medical exam and just by answering a few questions about your health and lifestyle. It is usually a term life policy that expires after a set period.

Simplified issue life insurance is a type of instant life insurance that uses a simple form of underwriting. Applicants answer a handful of health-related questions but do not take a medical exam. Insurers then use third-party sources to gather additional information, such as prescription drug history and driving record.

Pros of Instant Life Insurance:

• Quick application process
• No medical exam
• Coverage begins almost immediately

Cons of Instant Life Insurance:

• Higher premiums
• Seniors and those in poor health may not get approved

Pros of Simplified Issue Life Insurance:

• Faster approval than standard underwritten policies
• Shorter application
• Cheaper than some other no-exam life insurance options
• Higher coverage amounts than guaranteed issue life insurance

Cons of Simplified Issue Life Insurance:

• Graded death benefit
• Higher premiums than fully underwritten policies
• Lower coverage amounts than traditional life insurance policies

Simplified issue life insurance is a good option for those who don't want to take a medical exam, are afraid of needles, can't wait weeks or months for coverage, or are in poor health and wouldn't qualify for traditional underwriting.

Tips for buying instant life insurance

Instant life insurance is a quick and convenient way to obtain coverage, but it's important to do your research and understand the application process, cost, benefits and limitations. Here are some tips to help you make an informed decision:

• Decide on the length and amount of coverage: Calculate how much life insurance you need and how long you want it to last. This may narrow down your options as some insurers offer only limited term lengths or small instant policies.
• Be realistic about your chances of approval: Instant life insurance is typically available to healthy applicants who lead safe lifestyles. If you have a pre-existing health condition, a hazardous job, or a poor driving record, you may be denied coverage. In such cases, consider applying for a traditional life insurance policy or guaranteed issue life insurance, which doesn't require a health questionnaire or medical exam.
• Look at policy features: Consider whether you want to customise your coverage with riders (additional benefits) or have the option to convert to a permanent policy later on. Factor these features into your decision when comparing policies.
• Shop around: Premiums can vary widely, so it's essential to compare quotes from both traditional and instant life insurance companies. This will help you find the best value for your needs.
• Understand the underwriting process: Instant life insurance typically uses accelerated underwriting, which involves retrieving data about you from various databases to estimate your risk of dying early. This data may include your prescription history, motor vehicle record, and information from the MIB Group (a database of insurance applications). Some companies may also require a medical exam, so be sure to read the fine print.
• Provide accurate information: Always be honest in your life insurance application. Lying or withholding requested information could be considered fraud and may affect your coverage or claims.
• Don't let a denial stop you: If your application is denied, don't give up. Evaluate your options, including traditional life insurance or guaranteed issue policies, which may be more suitable for your circumstances.

Frequently asked questions