What is instant life insurance?
Instant life insurance typically refers to policies that can be purchased online (by those who qualify) within a few minutes of getting a quote. Instant life insurance is usually a term life policy that doesn't require a medical exam and involves accelerated underwriting with competitive pricing. Simplified issue life insurance might be considered a type of instant life insurance since it can be obtained quickly and without an exam, but instant life insurance isn't necessarily more expensive like simplified issue policies tend to be.
Should you buy life insurance online instantly?
If you qualify, instant life insurance policies can be an affordable, easy option that cuts your application evaluation down from weeks to just minutes.
For those in good health who want life insurance quickly, there are instant options with a wide range of coverage amounts. Instant-issue life insurance policies are usually term life. While they don't require a physical or medical exam, you'll need to answer some health-related questions and provide some personal information to make sure you qualify.
If you want a policy that doesn't ask any questions about your health, consider guaranteed issue life insurance. Note that guaranteed issue can be significantly more expensive with smaller coverage amounts.
Just starting out with life insurance? Explore this one-year term life insurance policy for affordable coverage in just minutes.
Instant term life insurance application requirements
When you apply for a life insurance policy that's issued instantly, the insurer will evaluate your risk quickly by asking questions via an online form. Requirements will differ by insurer but may include the following:
- Health: You'll be asked if you have a history of certain medical issues (such as cancer, diabetes, or COPD), and you may be asked to provide details about your recent health.
- Smoker status: Smoking might disqualify you from instant life insurance, but if that's the case, there are other life insurance options for smokers.
- Life insurance history: You may be asked if you've been denied by a life insurer before or if you have other life policies.
- Personal information: The company will need details like your name, birthdate, height and weight, Social Security number, and citizenship to evaluate your application and issue a policy.
Depending on the insurer, you should have a decision emailed to you shortly after you submit your completed application. If your application is denied, the insurer may refer you to other life insurance types. Evaluating an instant life insurance application usually involves running your information through an algorithm that simplifies risk analysis, so don't let a denial stop you from shopping around for life insurance. Always be honest in a life insurance application, as lying or withholding requested information could be considered life insurance fraud.
Instant life insurance vs. simplified issue
Simplified issue life insurance can be obtained quickly and without an exam, so it might be considered a type of instant life insurance. However, many simplified issue policies tend to be more expensive than traditionally underwritten policies, while instant life insurance may be more affordable due to their requirements for applicants.
How to get instant life insurance
Depending on factors like your location and health, you may qualify for instant life insurance through Progressive. Get a quote to find out.