Life Insurance Companies That Offer Policies That Go Into Effect Immediately


There are more life insurance companies that don't offer policies that go into effect immediately. The life insurance companies that offer policies that go into effect immediately use no exam life insurance with age and coverage limits. Buying instant issue life insurance could cost more than traditional term life insurance.

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UPDATED: 2022-08-03T10:56:55.278Z
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What You Should Know

  • Not all life insurance companies offer policies that can be used immediately
  • Most instant life insurance policies are no medical exam life insurance
  • The life insurance companies that offer policies without a waiting period tend to have coverage limits and age restrictions

If you're in a rush to get life insurance, you might be wondering about life insurance companies that offer policies that go into effect immediately. Many life insurance articles break down how to get life insurance but not how to get it quickly.

Buying life insurance can be a difficult process. We'll help you learn how to get instant term life insurance with no medical exam throughout this article.

Read on to learn more about life insurance companies that offer policies that go into effect immediately or enter your ZIP above to get free quotes from the leading life insurance companies in your area.

What are the best life insurance companies that offer policies that go into effect immediately?

Buying life insurance can be a long process with some companies. The truth is, many life insurance providers are looking to minimize risk before they agree to terms with a policyholder.

Unfortunately for most, this means that you'll be expected to undergo a medical exam and answer questions about yourself, Then, the insurer will determine your rates based on the results.

This becomes problematic for anyone who is limited on time and looking to secure a life insurance policy. Thankfully, there are other options.

Some life insurance companies offer instant issue life insurance policies and don't require a medical exam. What's the catch?

For healthy adults, no exam life insurance can sometimes be significantly more expensive than life insurance with an exam. A medical exam helps confirm a person's health status, which is beneficial for those who are healthy.

On the contrary, a person who has major health concerns might benefit from avoiding a medical exam by choosing no exam life insurance.

For reference, no exam life insurance is sometimes referred to as guaranteed issue or simplified issue life insurance.

Which life insurance companies offer policies that go into effect immediately?

There are many life insurance providers out there that offer life insurance policies but few offer policies that go into effect immediately. Some of the companies that do offer instant life insurance include:

  • Haven Life
  • State Farm
  • Bestow
  • Ethos
  • Sagicor

These companies do each have different limits for coverage amounts, age requirements, and more.

Company Policy Age Eligibility Coverage Limits
Haven Life Instant Term 18-64 $1,000,000
State Farm Instant Answer Term 18-50 $50,000
Bestow N/A 18-60 $1,500,000
Ethos N/A 20-65 $1,500,000
Sagicor Sage Term 18-65 $500,000
Erie ERIExpress Life 18-55 $500,000

You'll see above that each life insurance company has different restrictions on its life insurance policies. The company you'll want to choose will depend on how much coverage you want, your age, and more.

Most people don't need any more than $500k in life insurance, but it's nice to know that you'll be able to find more coverage on the go if needed.

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It's not particularly common for a life insurance provider to offer instant life insurance because they typically want to assess risk. Additionally, many of these companies are lesser-known and should be reviewed before you commit to a policy.

It's also worth mentioning that almost every instant-issue life insurance provider will only offer term life insurance policies. With the companies above, Erie is the only company that offers an instant issue whole life insurance policy.

Like other policies, Erie's instant issue whole life insurance policies will have age and coverage limitations. The major difference between instant issue term vs. whole life insurance is the cash value component.

What is the best life insurance company that offers immediate coverage?

Big names like State Farm typically come with good financial strength and customer satisfaction ratings. This isn't always the case for smaller companies like Haven Life Insurance.

Of course, the amount you pay for your life insurance policy will most likely play a role in how you view your policy. Cheaper policies will often be rated higher than expensive ones.

That said, finding cheap life insurance for seniors or unhealthy individuals is rare. Similarly, instant issue life insurance policies can be a bit more expensive.

To find the best life insurance company for you, you'll want to consider the rates combined with the company's ratings and reviews.

Rating Agency Haven Life State Farm Bestow Ethos Sagicor Erie
A.M. Best A++ A A+ A+ A- A+
Fitch AA+ WD N/A N/A BB N/A
S&P AA+ AA N/A A+ BB+ N/A
BBB A+ NR A+ A+ A+ A+

While rates are important, finding a trustworthy life insurance provider is another major consideration. All of the companies we've listed for immediate term life insurance have strong ratings overall.

A.M. Best, Fitch, and S&P each rate life insurance companies on financial strength. Of the companies listed, Haven Life appears to be the most reliable, while Sagicor is the least stable.

Each of these companies also boasts an A+ rating from the Better Business Bureau (BBB), with the exception of State Farm. BBB ratings help identify customer service ratings.

J.D. Power also ranks life insurance companies for customer satisfaction. In this case, only State Farm and Haven Life (via MassMutual) are included in the study.

Some noteworthy companies like USAA life insurance aren't included in the study, while companies like Mutual of Omaha life insurance are. In any case, State Farm and Haven Life both appear to have exceptional customer satisfaction.

As a whole, all of the instant issue life insurance providers appear to be trustworthy. The best company will come down to which offers the best rate and policy features.

Life Insurance Companies That Offer Policies That Go Into Effect Immediately: Painting a Clearer Picture

There are only a handful of life insurance companies that offer instant life insurance policies. The best company for you will depend on your coverage needs, age, and budget.

By now, you should know how to shop from life insurance companies that offer policies that go into effect immediately. Before you go, enter your ZIP code below to get free quotes from top life insurance companies near you.

References:

  1. https://www.jdpower.com/business/press-releases/2021-us-individual-life-insurance-study
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