Getting life insurance used to take six or more weeks and require a medical exam, but a growing number of insurers are now letting people get coverage to protect their loved ones the same day they apply.
This option, called instant life insurance, allows you to skip the medical examination portion of the application process and get approved faster.
To identify the best instant term life insurance companies on the market, we looked at insurers that offer robust protection at an affordable price — and a quick application turnaround. Our top picks for instant life insurance are Brighthouse Financial, Foresters Financial, and Legal & General America.
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Comparing the best instant life insurance companies of 2023
Company | Policygenius rating | AM Best rating | |
|---|---|---|---|
5.0/5 ★ | A | ||
4.9/5 ★ | A+ | ||
4.3/5 ★ | A |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Best for people age 25 to 50: Brighthouse Financial
Brighthouse Financial is our top pick for individuals age 25 to 50 who have minimal health conditions and want to be insured within a day or two. If you’re a regular marijuana smoker you can get covered, but you may not qualify if you smoke tobacco.
Frequently Asked Questions
Instant life insurance details
Max coverage limit: Up to 30 times your income for people age 40 and under; 25 times your income for people age 41 to 45; 20 times your income for people age 46 to 50
Included riders: Accelerated death benefit — a policy add-on that allows you to withdraw money from the death benefit if you become terminally ill
Payment: EFT bank draft only
Coverage limit: Up to $3 million
Your policy will be activated once you provide your electronic signature on policy documents and pay your first premium. Your agent will lead you through these steps on your application phone call.
2023 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Best for people with mild health conditions: Legal & General America
Our analysis found that Legal & General America (which also does business as Banner Life and William Penn) offers the best instant term life insurance for people age 20 to 60 with mild health conditions. You’ll complete a health interview over the phone first, but if you have a more complicated medical history, the company may request a medical exam.
Frequently Asked Questions
Instant life insurance details
Max coverage limit: Up to 40 times your income for people age 20 to 29; 30 times your income for people age 30 to 39; 20 times your income for people age 40 to 49; 15 times your income for people age 50 to 59
Included riders: Accelerated death benefit rider, term conversion, optional child life insurance rider, and an optional waiver of premium rider (an add-on that allows you to keep your policy if you become disabled and can no longer pay your premiums)
Payment: EFT bank draft only (checks allowed for recurring payments)
Coverage limit: Up to $2 million
Foresters Financial
4.3
No-medical-exam option
Why we chose it
For people under age 55 and in relatively decent health, Foresters Financial's Your Term policy is a solid choice for a term life policy. You can get it without a medical exam and coverage can be offered within 24 hours.
Pros and cons
Pros
Accelerated death benefit rider includes coverage for critical, chronic, and terminal illnesses
Includes several no-cost riders that aren’t available through other insurers, including Family Health Benefit Rider and Charity Benefit Provision
No-medical-exam option available for people up to age 55
Cons
Not available in New York or Maine
People with complicated health histories will likely find their best rates elsewhere
Best for people age 50 to 55: Foresters Financial
Our analysis found that Foresters Financial offers an especially competitive instant option for people age 50 to 55 who are seeking immediate coverage. While other insurers may charge an extra fee for unique add-ons like the accidental death rider, Foresters Financial builds them into the cost of the policy.
Foresters Financial’s instant issue option is available for applicants age 18 to 55. It offers a variety of term lengths, including a 15-year, a 25-year term, and even a 30-year term.
Frequently Asked Questions
Instant life insurance details
Max coverage limit: Up to 30 times your income for people age 18 to 30; 35 times your income for people age 31 to 40; 20 times your income for people age 41 to 50; 15 times your income for people age 51 to 55
Included riders: Accelerated death benefit rider, chronic and critical illness riders, accidental death rider, family health benefit rider, and charity benefit provision (an add-on that provides that 1% of the death benefit will be paid out to a charity of your choosing)
Payment: EFT bank draft only (checks allowed for recurring payments)
Coverage limit: Up to $1 million
What are the pros & cons of instant life insurance?
Pros
Instant life insurance can save you time and get you approved more quickly.
It provides an easier application process without having to schedule an in-person medical exam.
It offers the same coverage as life insurance with a medical exam.
Cons
Not everyone can qualify for instant life insurance because insurers have stricter health guidelines for these types of policies.
If you’re over 60, you’ll likely not qualify for instant term life either because insurers typically require people in that age bracket to take a medical exam.
How do you get instant life insurance quotes?
You’ll work with a life insurance agent or broker and fill out some initial health questions.
You’ll provide some basic personal information like your age, gender, and any health conditions or medications you’ve been managing. This will help determine your quotes, and whether you’ll qualify for an instant decision policy.
Quotes aren’t final — you’ll know your final life insurance rate once you apply and get approved.
Working with an independent broker like Policygenius can help you compare top-rated insurers in one spot — and we can let you know which instant term life insurance policy will be the cheapest for your situation.
How can you prepare to apply for instant life insurance?
Insurance companies need enough evidence to support offering you a policy, so the more information you can offer them right away, the better.
You can be ready by having your full medical and prescription history written down before you hop on your call.
The agent working on your application will ask a series of questions about your health history and lifestyle, so you’ll want to be prepared to answer them as accurately and thoroughly as possible.
Be completely honest during your phone interview. Even though you won’t take a medical exam, your insurer still reviews your medical and prescription history, and your application may be rejected if the insurer thinks you were dishonest on your application.
→ Learn more about the life insurance phone interview
What outcome can you expect from an instant life insurance application?
There are three possible outcomes you can expect when you apply for an instant decision life insurance policy:
1. Approved
Your application is accepted! You can either be approved as applied, meaning that your final premium is the same as your initial quote, or you can be approved other than applied, meaning your final premium differs from your original quote based on your records — which usually means the cost of your policy will be higher than your original quote. Either way, you’re covered as soon as you pay your first premium and sign your policy contract.
2. Denied
If you’re declined for immediate coverage, it doesn’t mean you’re ineligible for any life insurance policy. Depending on the reason your application is denied, you could still get life insurance coverage by applying with another company.
Working with an independent broker is especially helpful because they can help determine if there is a different insurance company that will be a better fit for you. At Policygenius, our brokers are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice tailored to your personal situation.
3. Referred to underwriter
In this case, the insurance company wants more information before approving your policy. You might answer additional questions about your health and lifestyle, or in some cases, have to take a medical exam. Then, the insurance company will come back with an approval or a decline.
→ Learn more about the life insurance medical exam
What are your options if you’re not eligible for instant life insurance?
You can apply for a fully underwritten policy, which means you’ll have to take a medical exam and wait up to six weeks to get an answer from the insurance company.
Alternatively, some companies offer no-exam life insurance, which allow you to apply without having to take the medical exam and save some time on your application — but you won’t get a response the same day.
If you’re interested in exploring this option, we recommend applying with Transamerica or Mutual of Omaha.
→ Learn more about the full life insurance underwriting process
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Transamerica may approve you without a medical exam, provided you only have one or two minor health conditions, although the process can still technically take up to four weeks. Instead of the in-person exam, you’ll complete a health questionnaire online or over the phone. Transamerica will review the application and let you know whether or not you need an exam or if it can offer you a policy with the information you provided.
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
Mutual of Omaha offers a simplified issue term life policy option that guarantees you won’t need to take a medical exam for approval. Instead, you’ll answer health questions over the phone. You can apply for up to $150,000 to $300,000 in coverage, depending on your age, and you can expect to be approved in about two weeks.
Simplified issue term life is great if you want to get some coverage in place without taking a medical exam, but it offers relatively low death benefit amounts and your premiums will be more expensive than traditional term life policies because the insurer is taking on more risk.
Frequently asked questions
Can you get life insurance immediately?
If you qualify for instant life insurance, you can get life insurance in as little as one to three business days. If you have limited health issues, a reliable income, no dangerous hobbies, and limited criminal history, you’ll likely qualify for instant decision life insurance.
Why should you consider instant decision life insurance?
Instant life insurance is one of the simplest policies to get because if you qualify, you don’t have to go through a medical exam and wait several weeks for approval. The traditional life insurance application process can take five to six weeks. Instant life insurance policies, by contrast, require fewer steps and less time to apply.
Can you apply for instant life insurance if you’re a smoker?
No, instant life insurance isn’t usually available to smokers because insurance companies view tobacco use as an indication of high risk. With some companies, you may be able to answer some initial health questions over the phone, but the insurer will request a medical exam afterward, and you’ll have to wait a bit longer for approval.
Marijuana smokers, on the other hand, may be eligible for instant life insurance.
