Instant life insurance is a policy that allows you to get coverage instantly. This policy does not require a medical exam but depends on your application answers, LexisNexis Score, and MIB checks.
The LexisNexis score consists of motor vehicle records, public records, prescription history, financial information, credit history, laboratory results, and more.
The MIB is the Medical Information Bureau that insurers use to check your prior application activity and underwriting outcomes.
Both term life insurance and universal life insurance products are available, but not other types of coverage.
Factors to Consider About Instant Life Insurance
Not every life insurance company offers instant approvals. And of the carriers that offer approvals, some companies are better than others.
Life Insurance companies with instant approval include:
- Assurity
- Banner Life Insurance Company
- Corebridge Financial
- Haven Life
- Ladder Life
- Lincoln National
- Sagicor
- Symetra
Each life insurer has its criteria for qualifying that we’ll walk you through.
Company Highlights of Instant Approval Programs
Instant approvals vary by company, but here’s what we found.
Assurity offers up to $500,000 with its accelerated underwriting and instant approval process.
Banner Life reported that 34% of applicants using the digital submission process in January 2023 received instant approval.
Corebridge Financial – Recently introduced SimpliChoice Now for instant approvals.
Lincoln National allows instant approvals of up to $2.5 million; this process is even available to foreign nationals.
Sagicor offers up to $1,000,000 of coverage instantly.
Symetra – Symetra reported that it is possible to go from application to approval in as little as 18 minutes!
Pros of Instant Life Insurance
Instant life insurance has several pros, including:
Speed – Life insurance approvals happen within minutes of applying. Compare that to accelerated underwriting, which may take days/weeks, or traditional underwriting, which takes about eight weeks to complete.
Convenience – Everything happens online, from the application, and electronic interview, to the approval.
No Paramedical Exams – Traditional life insurance underwriting requires a paramedical exam. There are no exams with instant approvals.
This is a great option to consider if you are in excellent health with no significant health issues, a clean driving record, and good credit and financial history, and don’t want your family to end up with a GoFundMe campaign.
Cons of Instant Life Insurance
The number of applications approved instantly is small.
Small Percentage of Instant Approvals – This is still new to carriers, and they tend to act conservatively. Accelerated or traditional underwriting takes over when you don’t qualify for instant approval.
Underwriting After The Offer – Life insurance companies have the right to underwrite your application after your policy has been approved, and in some cases, they can rescind your life insurance policy for fraud, missed underwriting facts, etc.
High-Risk Health Conditions – These programs do not accept high-risk health conditions like asthma, diabetes, cancer history, or heart issues.
Life Insurance Price – The instant approval companies available today are typically not the most competitive in terms of price. We expect that to change as more companies enter the market, but keep that in mind.
Final Thoughts
Instant life insurance is a great option to consider.
With our service, we’ll let you know what life insurance options are available to you.
We’ll explain how these programs work.
Best of all, we’ll provide you with comparisons of different options so you can make an informed decision.
If you change your mind anytime, tell us to close your file. There is never any pressure or obligation with our service.
