How fast can you get life insurance?
Part of applying for life insurance is waiting for your application to be processed, and the amount of time this may take can vary. For example, a traditional term life insurance policy can take an average of eight to 12 weeks after your application is submitted to become active. If that sounds time-consuming, there is another option: instant life insurance. This type of policy allows you to forgo a medical exam in favor of same-day coverage. Let’s walk through what instant life insurance is so you can decide if this policy type may be right for you.
How Instant Life Insurance Works
The primary difference between traditional life insurance and instant life insurance (also known as no medical exam life insurance) is that there’s no medical exam requirement. This means no waiting period between the application process, the underwriting, and the approval. If you’re in generally good health and 60 years old or younger, coverage could start the same day you apply, which typically takes under an hour.
How much does instant life insurance cost?
The cost of instant life insurance varies based on factors like your age, gender, coverage amount, and more. While no medical exam is required, you may need to answer some health-related questions, which could also impact your rates.
When you work with SelectQuote to secure instant life insurance, you could qualify for up to $5 million in coverage on the same day you apply—some policies cost less than $1 a day.
Ideal Candidates for Instant Life Insurance
When it comes to life insurance, it’s important to make sure your policy’s coverage amount is enough to meet your beneficiaries’ needs. With inflation impacting the cost of many everyday expenses, you may find yourself wondering if you have enough life insurance coverage to financially protect your family if you pass away. However, the coverage amount is just one factor that goes into considering no medical exam life insurance. Other reasons to consider this policy type include:
You want an affordable life insurance rate but don't want to wait the weeks or months it can take for a medical exam and underwriting
You have a big life event coming up and you want to ensure you're covered ahead of it, like a wedding or a move across the country
You're generally healthy, age 60 years old or younger, and don't want the hassle of taking a medical exam
Your lifestyle does not have the flexibility to take time out for the medical exam, such as if you frequently travel for work or are a full-time caregiver
Application Requirements for Instant Life Insurance
If you’re under the age of 60 and in generally good health, qualifying for no medical exam life insurance is likely easier than you’d expect. We’ve streamlined this exclusive product to help you get approval in under an hour.
In addition to your general health information, the following can help determine if you qualify for no medical exam life insurance:
Pharmacy Report: This typically lists all of the medications you’ve been prescribed over a certain number of years.
Motor Vehicle Department Report: This is also known as your driving record.
Medical Insurance Bureau Report: An MIB report is typically used if you’ve applied for or been denied life insurance before.
Credit and/or Financial History: This can include how long you’ve had credit, the number of times you’ve applied for new accounts, your loan-to-debt ratio, etc.
Alternatives to Instant Life Insurance
At SelectQuote, we have 40 years of experience helping millions of families find the life insurance that works for them. If you don’t qualify for no medical exam life insurance, we can help you find an insurance policy that’s right for you at a price that works within your budget, including additional accelerated underwriting options. Whether it’s a traditional term life insurance policy or another type of no medical exam policy, we can help you find the right coverage for your needs from the trusted insurance carriers we work with.
Find Same-Day Life Insurance with SelectQuote Today
Finding the right policy for your needs is easy when you work with SelectQuote. The process is quick and simple—in just minutes, our licensed insurance agents will help you compare your options for life insurance from dozens of trusted carriers, including no medical exam life insurance. You may be able to find same-day coverage of up to $5 million at an affordable rate. Bypass the medical exam and see if you qualify for no medical exam life insurance with SelectQuote today.
