Best Instant Life Insurance Companies
Instant life insurance offers a convenient way to secure financial protection, providing quick application approvals and eliminating the need for a medical exam. Forbes Advisor’s analysis reveals that Symetra stands out as the top choice in this category. Other highly-rated companies include Ladder, Wysh, and Fabric.
Our Expert Picks
Symetra
- Maximum instant life insurance: $3 million
- Eligible ages: 20-60
- Term lengths: 10, 15, 20 or 30 years
Symetra’s SwiftTerm policy performed well in our analysis, offering terrific rates, high coverage instantly and the ability to decrease your coverage amount later. If you don’t qualify for instant coverage, the SwiftTerm policy is also available through a relatively quick approval process (accelerated underwriting) and a traditional application process with a medical exam. Because of its low rates, it’s worth considering even if you don’t qualify for the instant approval process due to health or other reasons.
Ladder
- Maximum instant life insurance: $3 million
- Eligible ages: 20-60
- Term lengths: 10, 15, 20, 25 or 30 years
Ladder is a good option if you’re looking for a high coverage amount. Up to $3 million is available with instant approval. For customers willing to do a life insurance medical exam, up to $8 million in coverage is available.
Wysh
- Maximum instant life insurance: $2.5 million
- Eligible ages: 18-50
- Term lengths: 2-47 years
Wysh stands out due to its customizable policy lengths, which can extend up to 47 years depending on your age. For example, a 30-year-old buyer can lock in a rate until age 65. Wysh is the digital life insurance subsidiary of Northwestern Mutual.
Fabric by Gerber Life
- Maximum instant life insurance: $1.5 million
- Eligible ages: 21-70
- Term lengths: 10, 15, 20, 25 or 30 years
Fabric is another choice to consider. You can buy an instant life insurance policy from Fabric up until age 70—the highest age for instant approval among the companies in our analysis.
What Is Instant Life Insurance?
Instant life insurance offers a fast approval process without requiring a medical exam. In many cases, approval only takes a few minutes, and you can typically finalize the purchase immediately to get your coverage in effect.
How Much Does Instant Life Insurance Cost?
The cost of instant life insurance varies, but here’s an example:
A $500,000, 30-year instant life insurance policy for a 30-year-old female costs around $28 per month, on average, while the same policy for a 30-year-old male costs approximately $37 per month. The specific rates can vary between companies.
How to Apply for Instant Life Insurance
The application process typically begins with obtaining a quote. You’ll usually need to provide minimal information: your gender, birth date, health level (such as excellent, good, poor), and desired coverage amount. The instant term life policies in our analysis typically offer level term lengths of 10, 15, 20, 25 or 30 years. During this level term period you lock in the rate. If you like the initial instant life insurance quote you can proceed with answering more questions to get the final quote and complete the application.
What Can You Expect From an Instant Life Insurance Application?
Companies use data services to verify your information. You typically authorize the insurer to access additional data about you when you sign the application. Insurers use numerous third-party data sources to quickly evaluate your information, including:
- Your prescription drug history.
- Your motor vehicle report.
- Your file from the MIB Group, which collects data on past individual life and health applications.
An instant approval application generally has three possible outcomes:
- Approval: You receive the final rate quote, which may differ slightly from the initial quote.
- Denial: Your health may disqualify you.
- Sent for Further Underwriting: The insurer needs more info before making a decision, possibly including a medical exam.
Pros and Cons of Instant Life Insurance
Pros:
- No medical exam
- Convenient online process
- Quick decision
Cons:
- Maximum coverage amounts may be smaller than what you need
- Better rates may be available by going through a longer underwriting process.
- Certain types of instant coverage such as guaranteed issue life insurance can be very expensive.
Expert Tips
Know Your Coverage Needs
“I suggest knowing how much coverage you want and the level term length you need before starting the instant approval process. That way, you can target the companies with the best rates for you.” – Ashlee Valentine Insurance Editor
Compare Quotes
“A benefit of instant life insurance is that it’s relatively easy to pinpoint the cheapest companies for your age and health because quotes are readily available online. I recommend comparing several quotes before making your final decision.” – Amy Danise Insurance Managing Editor
Know Your Risk Level
“Instant life insurance from the companies we analyzed is geared toward healthy buyers. If you have known medical issues, I suggest being prepared for a traditional underwriting flow with a medical exam instead of instant approval.” – Michelle Megna Insurance Lead Editor
Methodology
To find the best instant life insurance companies, we used our own research. We evaluated 7 companies on these measurements:
- Cost (80% of score): Scored based on rates for 30- and 40-year-old men and women for 10-, 20- and 30-year terms and for coverage amounts of $500,000 and $1 million.
- Option to decrease coverage (10% of score): Companies earned points if they offer the option for policyholders to decrease coverage.
- Option to buy $2 million or more in digital life insurance (10% of score): Companies earned points if they offer the option to buy $2 million or more in digital life insurance coverage.
