Fastest Life Insurance Options – 3 Types
Posted in No Exam Life Insurance last updated on January 31, 2023We rarely have to wait 6 to 8 weeks for anything anymore. Normally, life insurance is one of those rarities. But now, the fastest life insurance can be completed in minutes.
These types of life insurance have varying benefits, amounts and requirements. The one thing they all have in common is they do not require the time-consuming medical exam.
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Table of contents
Quick Summary
There are options for fast life insurance for everyone, from people in good health to people with serious medical conditions. Coverage options range from term life policies and whole life insurance to smaller contracts that only cover enough for funeral expenses. Typically, the more coverage you’re seeking, the more rigorous the underwriting process.
There are three main types of life insurance that speed up the whole process: no exam, final expense, and guaranteed issue.
If you’re looking for instant life insurance, we’re listing some companies that do that too.
To get rates right now, use the Instant Life Insurance Quotes tool. Rates will be primarily for a traditional life insurance policy, but look for anything saying “No Exam.”
Assurity offers an online application that may receive instant approval (if you are healthy). Click here to see Assurity Rates and to complete your application. You can learn more about Assurity below.
Keys to Fast Life Insurance
The less underwriting, the faster you can get a policy.
The amount of underwriting directly correlates with the speediness of a life insurance policy.
The less underwriting, the faster you can get a policy. It often takes two weeks to schedule the medical examination. If the company needs to request medical records from your doctor, that can take a few more weeks.
Typical policies require full underwriting, which includes a medical exam. The faster version does not have a medical exam, although it still asks medical questions and may look at your medical history. No exam policies typically top out at $250,000 in benefits. However, you can get a $500,000 no exam policy with Assurity, SBLI, or Sagicor.
On the even faster end, there are final expense policies. Insurance companies designed these policies to cover burial and last rites. They usually offer only $25,000 to $50,000. Rarely do they require a medical exam.
Finally, you have guaranteed issue. The approval process ranges from a couple of days to instant. You see, they approve everyone. Health conditions don’t matter. However, the amount of coverage is small and rates comparatively high.
If you can wait a little longer for your life insurance approval, chances are you will have much lower life insurance rates.
No Exam Policies – Fast Life Insurance Review
No exam life insurance is usually an underwriting option on typical life insurance policies. You can get a no exam term policy or a no exam whole life policy to take advantage of the cash value. This is the best option for healthy people in a hurry.
The turnaround time for no exam policies ranges between immediate to two weeks. It’s also the most affordable option out of all of the fast life insurance policies.
Assurity
Assurity has a program called Accelerated Underwriting for policies up to $1,000,000 (depending on your age). You can get a term life insurance policy with potentially instant online approval to get immediate coverage in place. To get approved instantly, you have to be healthy with only very minor health issues.
AM Best gives the company an A- for financial strength.
Issue Ages: 18 – 75
- 10 year term: 18-75
- 15 year term: 18-70
- 20 year term: 18-65
- 30 year term: 18-55 Nontobacco or 18-50 Tobacco
Accelerated Underwriting (Fastest Underwriting):
- Age 18-50: $25,000 to $1,000,000 of coverage
- Age 51-65: $25,000 to $500,000 of coverage
Coverage Amounts: $25,000 – $10 million
Term Lengths: 10, 15, 20, 30 years
Approval Time: Can be Instant with accelerated underwriting (up to $1,000,000 death benefit)
More Information: Ages 51 – 65 are limited to $500,000 for a no exam policy. Assurity also issues up to a coverage amount of $10 million and up to age 75 with this product, but that requires additional underwriting, including a medical exam.
You can complete an application up to $10,000,000 by clicking the button below.
Foresters Financial
Foresters Financial offers term, whole life, and universal policies without medical exams. They’re one of our favorite companies for this style of insurance.
Foresters has fast approval with their Strong Foundation Non-Med Term, Smart UL, and Plan Right Whole Life policies.
An A rating from AM Best doesn’t hurt either.
Strong Foundation Non-Men Term
Issue Ages: 18 – 80
Coverage Amounts: $50,000 – $400,000
Term Lengths: 10, 15, 20, 25, or 30-years
Approval Time: Potentially instant
Plan Right Whole Life
Issue Ages: 50 – 85
Coverage Amounts: $5,000 – $35,000 (varies with age and health question answers)
Maturity Age: Whole Life – matures at age 121
Approval Time: Potentially instant
Smart UL
Issue Ages: 0 – 75
Coverage Amounts: $10,000 – $400,000 ($150,000 after age 55)
Maturity Age: Universal Life – matures at age 121
Approval Time: Potentially instant
Lincoln Financial
Lincoln Financial Group has a respectable A+ from AM Best. They’ve also streamlined their policies so much of the underwriting can be done online with the TermAccel Level Term Policy.
Issue Ages: 18 – 60
Coverage Amounts: $100,000 – $1,000,000
Term Lengths: 10, 15, 20, or 30-years
Approval: Approval and issue within a couple of days.
Sagicor
Sagicor holds an A- financial rating from AM Best. They offer super-fast approval with their e-applications.
Sagicor has 3 policies with fast underwriting (often within a few days) for healthy individuals:
- SageWhole Life
- Sage Indexed Universal Life
- WealthCare Indexed Single Premium Universal Life Insurance
These policies also have traditional underwriting options. Traditional underwriting takes longer, but higher benefit amounts become available.
Sage Whole Life
Issue Ages: 16 – 65
Coverage Amounts: $25,000 – $250,000
Maturity Age: Whole life – matures at age 121
Approval: Application approved in minutes, the policy can be in force within 3 days.
Sage Indexed Universal Life
Issue Ages: 18 – 65
Coverage Amounts: $100,000 – $1,000,000 ($500,000 over 50)
Maturity Age: Matures at age 121
Approval: Application approved in minutes, the policy can be in force within 3 days.
WealthCare Indexed Single Premium Universal Life Insurance
Issue Ages: 18 – 85
Coverage Amounts: $100,000 – $500,000 (dependant on age bracket)
Maturity Age: Matures at age 121 – Single premium, MEC classification
Approval: Application approved in minutes, the policy can be in force within 3 days.
Fast No Exam Sample Quotes
Below are some quotes for common benefit amounts. Your rates may vary depending on your age, health, benefit amount, and state.
You can use the Instant Quotes tool on this page to see rates right now.
This first table shows monthly rates whole life insurance without a medical exam.
| Age | Men – $100,000 | Men – $250,000 | Women – $100,000 | Women – $250,000 |
|---|---|---|---|---|
| 25 | $103 | $229 | $101 | $242 |
| 35 | $126 | $306 | $123 | $297 |
| 45 | $182 | $446 | $166 | $406 |
| 55 | $285 | – | $259 | – |
The next table shows the monthly rates for the same ages and benefit amounts. However, this is a 20-year term.
| Age | Men – $100,000 | Men – $250,000 | Women – $100,000 | Women – $250,000 |
|---|---|---|---|---|
| 25 | $10 | $14 | $9 | $12 |
| 35 | $10 | $15 | $10 | $13 |
| 45 | $17 | $29 | $15 | $23 |
| 55 | $44 | $81 | $31 | $57 |
Final Expense – Fast Life Insurance Reviews
The average burial costs $10,000 in the United States, with most burials ranging from $7k to $10k. Cremation costs fall in the same range.
A final expense policy (often called burial insurance) is a small life insurance policy designed to cover these final expenses. Most people get policies that will cover their burial, service, and leave a little leftover to pay off any medical bills or as thanks for their child who organizes all of this.
All final expense policies are fast, ranging from instant to within a few days.
Typically, we’ll recommend considering Mutual of Omaha, Sentinel Security, Royal Neighbors of American, Foresters, and a few other of the leading final expense companies. The right company for you will depend on your unique situation and we’re happy to find a good match if you have any questions.
Fast Final Expense Sample Quotes
The following sample rates represent potential monthly premiums for folks in good health.
| Men | $5,000 | $15,000 | $25,000 | $35,000 | $50,000 |
|---|---|---|---|---|---|
| 50 | $16 | $38 | $60 | $82 | $115 |
| 60 | $25 | $58 | $93 | $129 | $182 |
| 70 | $39 | $97 | $159 | $220 | $312 |
| 80 | $72 | $208 | $345 | $482 | – |
| Women | $5,000 | $15,000 | $25,000 | $35,000 | $50,000 |
|---|---|---|---|---|---|
| 50 | $14 | $24 | $37 | $50 | $69 |
| 60 | $19 | $32 | $51 | $69 | $97 |
| 70 | $28 | $57 | $92 | $127 | $178 |
| 80 | $51 | $146 | $241 | $336 | – |
Guaranteed Issue Life Insurance
Guaranteed issue is a type of policy that accepts everyone who applies. Like the final expense policies, they have lower benefit limits. They also virtually always have graded benefits.
A policy with graded benefits doesn’t pay out the full amount until you’ve held the policy for a few years. Most graded benefits schedules look like the following:
- 1st Year – Returns premiums +10%
- 2nd Year – Returns premiums + 10% (varies by company)
- 3rd Year – 100% of face amount
The good news about guaranteed issue policies is they’re extremely fast – especially with online applications. Many insurers offer same-day approval.
Read more on guaranteed issue life insurance here, plus more information on our favorite companies.
Protection PLUS Term Life Insurance
Issue Ages: 18 – 75
Coverage Amounts: $10,000 – $50,000
Term Length: Your rates stay level for 5 years, then they renew at the next age band.
Approval Time: Instant when you apply online
More Information: Protect PLUS is part of an association membership program that also provides things like dental care, weight loss programs, and help with medical bills.
The insurance portion is underwritten by Lifeshield National Insurance Company – B++ from AM Best.
Great Western
Great Western offers guaranteed issue policies to younger ages than most companies, 40+. Most companies set their lower limit at 50 years old.
AM Best gives them an A- in financial strength.
Issue Ages: 40 – 80
Coverage Amounts: $10,000 – $40,000
Term Length: Whole life
Approval Time: Instant to <2 days
More Information: They have two policies: Assurance Plus ask three qualifying health questions. Guaranteed assurance approves everyone.
Gerber
Gerber makes the list a second time because their final expense policy is also a guaranteed issue.
Issue Ages: 50 – 80
Coverage Amounts: $5,000 – $25,000
Approval Time: < 2 weeks
More information: Guaranteed approval.
Gerber Life Insurance Company has an A rating from AM Best.
AIG
Issue Ages: 50 – 85
Coverage Amounts: $10,000 – $25,000
Approval Time: A couple of days
More Information: Includes a chronic illness and terminal illness rider – except in California.
AIG (American General) holds an A from AM Best.
Fast Life Insurance for a Business Loan
We’ve seen many cases where people come in with a loan about to close where everyone has overlooked the life insurance requirement – including the bank.
There are a couple of companies that issue life insurance for business loans with 2-5 day turnaround times. It won’t be the cheapest option, but it will be the fastest.
We recommend using these policies to get the loan approved. Then we can replace it with a traditional policy that costs less.
Give us a call if you are stuck in this situation at (858) 703-6178.
Conclusion
A busy schedule makes it hard to wait through the normal life insurance application process. The best policy for healthy individuals is typically a no exam policy. Final expense or guaranteed issue policies work better for people with limited budgets or more health concerns.
If you’re over 50, final expense policies can also provide fast, affordable coverage.
For someone with health conditions that may make getting more traditional life insurance impossible, guaranteed issue approves everyone. Plus, it’s fast.
The best way to find a fast policy is by working with an independent insurance agent who can compare multiple companies and underwriting processes for you.
Need to get life insurance fast?
At Abrams, we have access to over 70 of the top-rated life insurance companies. If you need coverage fast, let us know and we’ll help you get the life insurance quickly. It might even be instant approval.
Let us know what you need and we’ll work hard to help you. Give us a call for the fastest service at (858) 703-6178.
