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Purchasing Instant Issue Life Insurance Online

Clifford PendellWritten by Clifford Pendell, Managing Partner and Co-founder

To simplify the process of buying life insurance during the Coronavirus crisis, some companies are offering "instant issue" policies.

With instant issue life insurance no medical exam is needed for approval.

Coverage can be purchased online or over the phone, and once your policy is in place, you're covered for any cause of death, including COVID.

This article provides a brief overview of the simplified issue life insurance policies that are still available. We've also included eligibility requirements, available policy amounts, and sample rates by gender.

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Who is Eligible for Instant Life Insurance Online?

Instant issue life insurance with immediate coverage is available to almost anyone under the age of 65. These policies do not require a physical exam for approval, but the company you apply with will need to review your medical records before approving your application.

Most "simplified" or instant issue life insurance companies will avoid folks with serious health issues, but their are a handful of companies that specialize with applicants that are considered a higher risk. In general, most companies will want to see that you meet the following criteria:

  • Are a legal U.S. resident
  • Are between the ages of 18 to 64
  • Not active military or in the process of enlisting
  • Don’t have significant health issues
If you need life insurance to replace your old policy, instant issue life insurance would seem life and ideal fit, but it's important to note that some providers won't allow it. It's also important to note the age restrictions with these products because most companies won't offer a policy to people over the age of 64.

What is Instant Approval Life Insurance?

Traditionally, it takes about 4 to 8 weeks to get a fully-underwritten life insurance policy approved. In recent years however, dozens of well-known insurance providers like SBLI, Prudential, Transamerica, and Banner Life started offering no exam term life policies insurance that can get approved in as little as a week.

To try to expedite the approval process more, a few start-ups including; Ethos, Bestow, Ladder, and Haven Life introduced "instant issue" life insurance policies for healthier applicants. These companies promise a decision (not an approval) in twenty minutes or less with no exams or phone calls required.

Usually when you apply for life insurance, you'll speak with a licensed agent. Their job is to match your health profile to the best company available and complete your application. Once they submit your application to the insurance provider they also provide you with a point of contact until your policy gets approved.

Why Would Someone Buy Instant Issue Life Insurance?

The most common reasons we see for purchasing life insurance in a hurry include; collateralizing a business loan, settling a court-ordered divorce decree, or replacing an old policy. Unfortunately, if you were recently diagnosed a serious health issue, an instant issue life insurance policy will not help you escape your medical records.

Even instant issue life insurance providers electronically screen each applicant's health and prescription history before approval. Instant issue life insurance companies also charge higher rates to safeguard themselves from people applying with undiagnosed or undiscovered health issues.

For a healthy applicant in their 30's - the cost difference is negligible - but as we get older, the more expensive instant issue life insurance becomes. This is why fully-underwritten life insurance is the best option for most people. You'll save money and have peace of mind knowing that you're insured by a more established company.

In addition, every life insurance policy has a two-year contestability period. This means that if you pass away during the first two years of your being activated policy, the insurance company doesn't have to pay the claim if they can prove you lied on your application or tried to hide a serious health issue.

How Much Instant Issue Life Insurance Can I Buy?

With companies like Haven Life, applicants under age 64 can purchase up to $1,000,000 in a matter or minutes.If you are willing to wait a week for an approval, you can still skip the exam and buy as much as $5,000,000 of permanent or term insurance from a top-rated life provider like Penn Mutual.

What is a Level Term Life Insurance Policy?

A level term life insurance policy provides fixed rates and for the “term” of your life insurance policy. During this period, your coverage is guaranteed not to change, regardless of any changes in your age or health. Most instant issue companies will limit you to a 20-year term, but longer terms are available.

As an example, A+ rated Banner Life, also known as Legal and General, offers level terms for 30, 35, or even 40 years. Some of Banner's policies do not require an exam for approval, and they're policies are a fraction of the price.

What if I Decide to Cancel My Policy?

What's great about no exam term life insurance policies is that they can be cancelled at any time without penalty. The same is true with the instant issue life insurance companies, but having an established relationship with your agent will probably save you from a headache.

Instead of sitting on hold to speak to someone at a call center, your licensed agent will work with your insurance provider for any policy updates needed. These changes can include; a new address, billing or banking information, policy reductions, term conversions, and changes to the beneficiaries.

What Happens if I Outlive My Term?

Term life insurance is not intended to be a permanent life insurance solution - rather, it's designed to provide affordable coverage for a set amount of time. Most people purchase term life insurance to help secure a life event, such as paying off a mortgage or providing their spouse with an income source until retirement age.

Typically as we age, the need for life insurance decreases as we pay off any debts and our children become self-sufficient. However, that doesn't mean the need completely diminishes.

For this reason, many people avoid instant issue life insurance so they can secure a longer term. If you'd still like to have coverage after your policy ends, some policies have an option to renew your policy annually, but your premiums will increase dramatically every year, so it's better to plan ahead now.

With many insurers, you can also convert your term into a permanent policy. While this option can be invaluable if your health declines, its also more expensive than buying a longer term now. Instant issue providers are already overpriced in our opinion, so you won't want to see their price tag for a conversion.

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Instant Issue Versus No Exam Life Insurance Rates

Below we have compared the cost of a simplified issue term policy from Haven Life, an instant issue life insurance provider, to the cost of a no exam term policy from an A+ rated company like Transamerica. The major difference between the two companies is that a policy from a company like Transamerica will take 4 to 8 weeks to get approved.

Most of the major life insurance companies have a been around for least a 100 years. While some of the instant issue providers are backed by more established companies, their short history makes us somewhat leery. Below we've compared Haven's rates to some of the life insurance carriers we represent.

Excellent Health/Non-Smoker

35-Year-Old Male, 20-Year Term, $500,000 Coverage: 

  • Protective Life: $20.56/month (Preferred Best Rate Class)
  • Haven Life: $26.00/month (Preferred Best Rate Class)

Potential policy savings with A+ rated Protective Life = $1,305.60!

55-Year-Old Female, 10-Year Term, $150,000 Coverage: 

  • Banner Life: $23.86/month (Preferred Best Rate Class)
  • Haven Life: $31.88/month (Preferred Best Rate Class)

Potential policy savings with A+ rated Banner Life = $962.40!

Excellent Health/Smoker

31-Year-Old Female, 20-Year Term, $300,000 Coverage:

  • Banner Life: $38.23/month (Preferred Smoker Rate Class)
  • Haven Life: $55.05/month (Preferred Smoker Rate Class)

Potential policy savings with A+ rated Banner Life = $4,036.80!

Good Health/Non-Smoker

53-Year-Old Male, 15-Year Term, $100,000 Coverage: 

  • Banner Life: $25.93/month (Preferred Rate Class)
  • Haven Life: $50.95/month (Preferred Rate Class)

Potential policy savings with A+ rated Banner Life = $4,503.60!

Average Health/Non-Smoker

37-Year-Old Female, 20-Year Term, $200,000 Coverage: 

  • Protective Life: $22.52/month (Standard Rate Class)
  • Haven Life: $27.86/month (Standard Rate Class)

Potential policy savings with A+ rated Protective Life = $1,281.60!

44-Year-Old Male, 20-Year Term, $350,000 Coverage: 

  • Protective Life: $58.46/month (Standard Rate Class)
  • Haven Life: $113.60/month (Standard Rate Class)

Potential policy savings with A+ rated Protective Life = $13,233.60!

Buy No Exam Term Life Insurance Now

You've done the research, and decided that you're ready to buy term life insurance online today - congratulations!

As we mentioned earlier, when applying online, you’ll be asked about your age, lifestyle, health status, and personal and family health history, all of which will be confirmed by a third-party vendor like the Medical Information Bureau (MIB) to ensure that all your information is correct.

If your application is accepted, you can start receiving coverage immediately! Buying life insurance has never been easier.

To apply for instant life insurance online, click on this link to get started. You'll recieve a decision in as little as 5 minutes. You can also contact us for help and advice.

About JRC Insurance Group

At JRC Insurance Group, we have helped thousands of families and businesses with their life insurance needs, and we can help you too! Our agency is licensed in all 50 states and DC. We’re also independently owned and operated.

As a non-partial, no-fee brokerage, our goal is match our clients with the best life insurance options available by shopping and comparing rates from 63 highly-rated insurers. By having access to dozens of companies and their guidelines, we’re able to save our client’s time and money.

Most importantly, our services as completely free, and there is no cost to apply for coverage. Give us a call toll-free today at 855-247-9555, or you can request a free quote online to compare rates and options from dozens of insurance companies in less than a minute.

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Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

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By submitting an online insurance quote request, you are providing JRC Insurance Group with your prior express and written consent to call you at the cell phone number or residential phone number provided. Final rates are based on eligibility. You can also reach us toll-free at 855-247-9555.