Sometimes, we don’t always leave ourselves the advantage of time. We rush to work, we last-minute shop, and we put off making important decisions until we’re down to the wire. At times, choosing life insurance is like last-minute holiday shopping. We may have wanted to avoid stress or save enough money, but when the time comes, we need it fast. With instant life insurance, you’re quickly covered when you need it.

Your search for the right life insurance coverage will be quick and nimble with Insurify. Compare quotes from the best life insurance companies that don’t require a medical exam, and apply in minutes. With Insurify, you can get the coverage you’re looking for to protect you and your loved ones in no time.

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What Is Instant Life Coverage?

Basically, for life insurance to be issued quickly, the underwriting process has to be restructured. Underwriting is a part of the application process that determines your approval and the premiums of your life insurance policy. Underwriters base premiums on three factors: mortality, interest, and expenses.

The interest factor of your premium reflects any interest that your insurance company earns from your premium payments, the less you need to pay. Expenses are the costs your insurer expects to receive, and mortality is the risk of the loss your insurer may face if your application is accepted or denied. 

With a traditional life insurance policy, insurers may ask for a medical exam. Exam life insurance will typically send a medical professional to your home to ask medical questions, take your blood pressure, and possibly take blood and urine samples. The medical exam plays a key role in the mortality factor. If you are in good health, premiums will be less expensive; if you have medical conditions, premiums will be higher. 

Usually, traditional life insurance policies take four to six weeks for approval. Underwriters evaluate your information, including what you provided on your application, your medical exam, an attending physician’s report, and reports from MIB Inc. (formerly known as the Medical Information Bureau).

A fast life insurance policy or instant life policy does not require a medical exam. No-exam life insurance policies rely on a variety of sources during the approval process, including information from MIB. MIB collects data from the application you submit to the insurer, your medical history, your medical records, the DMV, and other insurance applications, including health insurance.

Though the underwriting for fast life insurance policies is less extensive than traditional policies, applicants can still be turned down, and some insurers may request a medical exam if they deem it necessary. Furthermore, because the underwriting process is scaled down, insurers may charge higher premiums and offer a lower death benefit than traditional life insurance policies to neutralize the risk.  

How Quickly Can You Get Life Insurance?

Life insurance is offered in two forms: permanent life insurance and term life insurance. Traditional permanent and term life insurance policies receive full medical underwriting before your application can be approved. It can take weeks or sometimes months for your policy to get into your hands. An instant life insurance policy can be approved in minutes and is offered as both permanent and term, but most instant issue policies are term life policies. 

Permanent Life Insurance

Permanent life insurance or whole life insurance is a type of life insurance that lasts the policyholder‘s entire lifetime. These insurance products grow cash value that can be used similarly to an annuity. An annuity is a contract with an insurance company and is sold by life insurance agents. It is designed to grow and distribute money to the policyowner or the person the owner designates. 

Cash value in permanent life insurance policies can grow at a minimum rate, or like in a universal life insurance policy, premiums can be placed in investment accounts where the cash value fluctuates with market performance. Because these policies last for a lifetime and grow cash value, they are more expensive than term life insurance policies.

Term Life Insurance

A term life insurance policy is a type of insurance that lasts for a specified amount of time. It only pays out if the policyholder passes away within the term length. Policies can usually be renewed or converted to whole life insurance policies with a higher premium. Because term life insurance policies do not grow cash value and last for a specific amount of time, they are more affordable life insurance policies than permanent policies.

Instant Life Insurance

A medical exam is not required for an instant life insurance policy, but when applying, you will be asked about medical conditions and prescriptions. And underwriters use public records such as your credit, the DMV, and MIB to help determine premiums and your acceptance. If you have health conditions like high cholesterol or high blood pressure, you may pay higher premiums or be declined.

You can get instant life insurance quotes and fill out your life insurance application online. An answer to whether you are approved is provided in a matter of minutes. Pay your first premium online with a debit or credit card, and your policy will be in force. Instant life policies are usually available to applicants up to age 60 who have little to no history of illness.

Is Life Insurance Effective Immediately?

With both traditional and instant life insurance policies, once you make your first premium payment, the policy is in force. But this is not the case for other types of no-exam life insurance policies. Simplified issue life insurance requires you to answer detailed health questions, and guaranteed issue life insurance does not ask any medical questions. Neither requires a medical exam

Simplified issue life insurance and guaranteed issue life insurance are designed for people with medical conditions who may not qualify for a traditional policy. Neither policy requires a medical exam, but life insurance rates are usually higher, coverage options are lower, and policyholders may have a waiting period of one to two years before the policy will pay out in the event of their passing. 

Does Life Insurance Pay Out Immediately?

Your life insurance policy will pay out at the time of your death, whether it is a traditional exam policy or an instant issue policy. The time it takes for beneficiaries to receive the death benefit to pay final expenses varies from one insurance company to another and from state to state.

Once your beneficiary files a claim on your policy, an insurer will typically request proof of death, such as the death certificate or an obituary. Speak with a representative from your life insurance company to find out how much time it usually takes them to pay out on life insurance claims. 

With Insurify, your life insurance shopping experience is as easy as 1-2-3. Simply choose the type of policy and the amount of coverage right for you and your household, and Insurify will deliver a list of quotes from top-notch insurance companies. All you have to do is choose the right company and premium for you.

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FAQ: Instant Life Insurance

What is the easiest life insurance to get?

These days, the easiest way to get a life insurance policy is to purchase life insurance online. Faster than traditional life insurance policies, instant life insurance policies can be approved in minutes, and once your first premium is paid, your coverage begins.

What is instant issue life insurance?

Instant issue life insurance is usually a term life insurance policy that does not require a medical exam. Life insurance rates are comparable to traditional term life insurance, or a bit higher. Answer health questions about things like whether you’re a smoker, and the life insurance company will check with public databases, such as the DMV, to determine your acceptance in a matter of minutes.

Is approval guaranteed without a medical exam?

No, instant life insurance is not the same as guaranteed acceptance life insurance. If you have a history of medical conditions or an illness, you may still be declined, even without a medical exam.

Conclusion: Instant Life Insurance Fits A Busy Schedule

In the long run, nobody’s perfect, and we may run out of time or not have the time for an extensive life insurance application process that includes a medical exam. Fast or instant life insurance is a good way to purchase life insurance quickly and get on with living our lives, including rushing to work.

Use Insurify to handle your life insurance needs in a jiffy. With Insurify, you can compare quotes and even purchase your policy quickly to fit into your busy schedule. Insurify will provide you with a list of quotes from insurance companies that offer instant life insurance policies, and you can compare, purchase, and move on with your day.

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Updated March 26, 2021

Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.