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Best Instant Term Life Insurance Companies
Applications are completely online, and you receive an underwriting decision instantly.
- Length: 5, 10, 15, 20, 25, and 30-year terms
- Eligible ages: 18 – 64 years old.
- Coverage: $25,000 – $3,000,000.
Best Instant Whole Life Insurance Companies
Applications are completely online, and you receive an underwriting decision instantly.
- Length: Permanent coverage.
- Eligible ages: 45 – 80 years old.
- Coverage amounts: $2,500 – $30,000.
The 2 Types of Instant Life Insurance Coverage
Instant Issue Term Life Insurance
Instant issue term life insurance is best suited for people in:
- Good health between ages 18 and 60.
- For young and healthy individuals.
Note: Rates for instant issue coverage can sometimes be less expensive than a fully underwritten policy. Most instant-issue term policies are less expensive than fully underwritten policies from companies like New York Life, Prudential, or StateFarm.
- Term lengths are 5, 10, 15, 20, and 30 years.
- Coverage ranges from $25,000 to $3,000,000.
Although there’s no medical exam involved, there are still medical questions, and your medical histories are pulled from public records.
Instant Issue Whole Life Insurance
Instant whole life insurance is for those:
- Aged 50 – 75 years
- In average to poor health.
- Coverage amount range from $2,500 to $40,000.
There are two different types:
A guaranteed issue life insurance policy:
- No health questions.
- It is active upon making the first payment.
- Has a modified benefit waiting period.
A final expense life insurance policy:
- Has medical questions.
- It is often approved on the same day.
- Has an immediate full benefit with no waiting period.
How Instant Issue Life Insurance Is Different
No medical exam
Instant issue life insurance does not require a medical exam and provides immediate coverage. That means no needles, no bloodwork, and no urine samples. Instead, underwriting pulls your public records, such as financial and pharmacy records. Aside from these, you’ll be asked to answer a few simple health questions.
No waiting period
Instant term life insurance has no medical exam and no waiting period. When your application is submitted, an application is made in minutes or seconds, depending on the company. With instant issue life insurance, you are buying life insurance online instantly.
This makes instant issue life insurance extremely convenient for these specific cases:
- A business loan that requires a life insurance policy to secure finalization
- A divorce that requires a life insurance policy that lists the children as beneficiaries
- A person that prefers the convenience of a no medical exam life insurance policy.
Cost difference
Instant issue term life insurance has been around for years, but it’s always been 10% to 35% more expensive than term life insurance with a medical exam. However, we have recently added products that offer the same pricing. The decrease in cost is a main reason for the rising popularity of instant life insurance. According to our life insurance study, over 75% of respondents think the price is more important than convenience when buying life insurance.
To illustrate just how small the gap is between instant issue and regular term life insurance, we’ve created the following sample rates.
Example
The following rates are based on a 30-year-old non-smoker male in good health.
| Coverage | Instant issue term | Regular term |
|---|---|---|
| $50,000 | $8.67/mo | $8.55/mo |
| $100,000 | $10.25/mo | $9.14/mo |
| $250,000 | $15.62/mo | $12.69/mo |
| $400,000 | $23.00/mo | $17.20/mo |
How Much Does Instant Issue Life Insurance Cost?
Average instant issue rates for men
The following average instant life insurance quotes were calculated for a healthy man, average size and build, and non-smoker.
Average instant issue rates for men
Average instant issue rates for women
The following average rates were calculated for a healthy woman, average size and build, non-smoker.
Average instant issue rates for women
Instant Issue Life Insurance Reviews
See what you qualify for by answering some health questions.
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Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
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Nick has worked in the insurance industry selling life insurance, endowment and retirement and annuity products. He has also worked as an consultant to Independent Financial Advisors, educating them about products and helping them meet the needs of their clients.
