Home Life insurance Types of life insurance What is instant life insurance? What is instant life insurance? Written by Huma Naeem Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. Updated on: October 25, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. If you’re in the market for life insurance, you may be considering an instant life insurance policy. With traditional life insurance policies, the application process can take weeks or even months because of the underwriting process, which often includes a medical exam. However, instant life insurance provides coverage quickly — sometimes even in a matter of seconds — without requiring a medical exam or a lengthy application process. With high coverage limits and competitive pricing, this option combines convenience with reliability, meeting the needs of those who prioritize both speed and substance in their financial planning. How does instant life insurance work? Instant life insurance policies are typically term life insurance policies, so they only provide coverage for a specific period of time, such as 10 or 20 years. Like other term life insurance policies, instant life insurance doesn’t come with any frills, such as cash value. “Instant life insurance offers quick approval with minimal underwriting, usually online,” says Aaron Barnes, CEO of insurance marketplace CoverMile. “Traditional life insurance involves a longer application process, including medical exams and detailed underwriting.” Aside from the application process — which takes about ten minutes — instant life insurance functions like any other life insurance policy. You’ll pay your premiums annually or monthly to keep your policy active. You’ll also want to update your beneficiary designations with every major life event. The major difference between instant life insurance and other types of policies is that you won’t have to take a medical exam and you get application approval — or rejection — instantly. How much does instant life insurance cost? Historically, the premiums for instant life insurance were much higher than traditional term life insurance. But with the evolution of artificial intelligence and advanced digital practices, instant life insurance brings fewer risks to the insurer. When an insurance company takes on less risk, premiums are lower. Now, instant life insurance premiums are often comparable to — or even cheaper than — traditional term life insurance. How to buy instant life insurance First, determine how much life insurance you need. The amount of coverage you need determines your premiums. After that, compare quotes from multiple companies. Each company rates applicants differently, so one insurer might offer you a better price than another. Once you know who you want to work with, the application process for instant life insurance is typically quick and easy. You’ll provide some basic information about yourself, such as your age, gender, and occupation. You’ll also be asked about your medical history and lifestyle habits, such as whether you smoke or drink alcohol. From there, the underwriting algorithm will evaluate your profile and determine how much you pay for coverage. All in all, the application process generally takes under 10 minutes. You should have your answer within the day, if not within seconds. QuickTake How much term life insurance costs No-medical-exam life insurance: What it is and how it works Permanent life insurance: What it is and how it works What is final expense insurance and how does it work? The different types of term life insurance policies explained Whole life insurance: What it is and how it works What is universal life insurance? 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Cons of instant life insurance Coverage amounts may be limited. Since the insurance company doesn’t have as much information about your health, they may not be willing to offer you as much coverage as they would if you underwent a medical exam. If you have a serious medical condition, premiums for instant life insurance policies may be higher than those for traditional term life insurance policies. Who should get instant life insurance? Instant life insurance can be a good option for people who need coverage quickly and don’t want to undergo a medical exam. If you’re young and in good health, instant life insurance may also offer you the most affordable premiums. “Instant life insurance offers immediate coverage without a lengthy underwriting process, ideal for those needing quick protection,” says Marty Burbank, an Orange County attorney specializing in elder and estate planning law. However, instant life insurance isn’t the best option for everyone. People with complex medical histories or those who need over $1 million in coverage will likely still need to purchase a policy that requires a medical exam. Talk to an insurance advisor to see if instant life insurance is right for you. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Related Articles How much term life insurance costs By Huma Naeem The 10 largest life insurance companies By Chris Kissell How to get life insurance if you’re uninsurable By Penny Gusner What to avoid before the life insurance medical exam By Desiree Ghazi Life insurance for people with dementia By Satta Sarmah-Hightower Life insurance calculator: How much life insurance do you need? 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