In this discussion we’re going to focus on which life insurance companies offer the fastest life insurance approval times. After all, who really wants to wait around for 4 to 6 weeks to be approved for life insurance if they could be fully approved for life insurance in “15 minutes or less!”
So the question then becomes, do you want life insurance with no medical exam and no waiting period?
Get Life Insurance Fast!
But Let’s Be Clear From the Get Go…
Getting approved for life insurance in 15 minutes or less does not mean the whole process should only take 15 minutes!
And this is where people run into trouble all the time.
Trying to rush the process of buying life insurance will typically result in one of three outcomes:
- You end up buying a life insurance policy that you don’t fully understand and that may not provide you the coverage that you think it does. I.E.: accidental death insurance or policies with increasing premiums and/or graded death benefits.
- You end up paying way too much money for your life insurance policy.
- Or possibly, you might luck out and get the right amount of coverage for the right amount of money!
What type of person cares about getting life insurance fast?
A couple examples come to mind, such as someone who needs:
These are just two examples of when someone need life insurance fast. There are others, such as when a spouse keeps putting it off and the other spouse keeps asking and asking. C’mon already, just get that life insurance!
But the truth is, just like most things in life, when you rush the process of purchasing life insurance, you typically increase the likelihood of making a mistake!
So let’s first briefly discuss the three types of life insurance policies that your likely to be offered when you’re looking to get life insurance fast. Then we’ll be able to examine some of the best insurance companies we’ve found here at TermLife2Go to meet your needs.
Life Insurance 101
When it comes time for a life insurance company to offer coverage to an individual there are generally three different types of life insurance policies that can be offered.
Guaranteed Life Insurance Policies
These are life insurance policies that do not require the insurance applicant to take a medical exam or answer any medical questions to be insured. Basically as long as you are a US citizen and meet the minimum age requirements, you will be accepted for this type of insurance.
In addition, coverage will typically go into effect immediately upon receipt of payment.
That being said, Guraranteed Life Insurance Policies will also generally:
- Be limited to small life insurance coverage amounts.
- Typically contain what is called a “graded death benefit clause”, stating that the policy must be in force for a period of time before it will actually payout in the event that the death is due to a “natural” cause.
- And are generally the most expensive “dollar for dollar” types of life insurance coverage to available.
- Used typically for final expense or burial insurance.
- See our list of the best final expense insurance and burial insurance companies.
Simplified Issue Life Insurance Policies
These are life insurance policies that also do not require that the insurance applicant take a medical exam, but do require:
- That you answer several medical questions to determine eligibility.
- And will often include additional requirements to be met prior to being approved. Requirement such as:
- A credit check.
- A prescription medication review.
- A DMV report.
- A criminal background report.
- Etc, etc..
These types of policies will generally be much less expensive than guaranteed issue life insurance policies, but will also typically be more expensive that fully underwritten term life insurance policies.
These types of policies, will also generally have a very quick approval period ranging from as little as 15 minutes up to 24 to 48 hours. Factors that could extend the approval time required to reach a decision can be:
- Extensive medications on one’s prescription database check.
- A less then stellar driving record.
- A previous felony or multiple misdemeanors.
- A current bankruptcy.
- Etc, etc…
In such events, the insurance company may wish for some additional clarification regarding an applicant’s application prior to making a decision.
Fully Underwritten Term or Whole Life Insurance Policy
These are life insurance policies that will require that the insurance applicant take a medical exam (paid for by the insurance carrier). In addition, the applicant will answer many health and life style questions prior to being approved for life insurance policy.
These types of insurance policies will also typically require:
- A credit check.
- A prescription medication review.
- A DMV report.
- A criminal background report.
- Etc, etc..
These types of policies are generally the ones that will take up to 4-6 weeks to process. Since the application process does require a medical exam be taken, and possibly require that one’s medical records be ordered from their primary care physician, approval times will often vary greatly depending on how quickly this information can be obtained and reviewed.
These types of policies, while being the most difficult to qualify for, will also generally result in the lowest possible premium cost, as well as being the best option for those who have had some type of previous medical condition that would prevent them from being able to qualify for a less invasive simplified issue life insurance policy.
Let us explain:
In this example let’s assume that the insurance applicant was diagnosed with “Situational Depression”. Situational depression is what would be considered a normal reaction to a loss, for example the loss of a child.
In our example, the client was prescribed several medications and after several months of treatment the condition resolved itself normally. That being said however, according to this applicants prescription medication history, they now would be considered a higher risk for life insurance.
For this reason, a “Simplified Issue” life insurance policy that would not fully investigate this applicant’s medical history would not be a good option for them. This client would benefit more by applying for a “fully underwritten” term or whole life insurance policy so that the insurance company would have a complete record of their prior medical condition and understand the nature of their depression and be able to make an informed decision about their life insurance application.
Accidental Death Insurance Policies
Accidental insurance policies ARE NOT LIFE INSURANCE POLICIES. Accidental insurance policies simply cover an individual in the event of an accident. Accidents such as:
- Slip and fall.
- Motor vehicle accidents.
- Natural disasters.
- Victims of crime.
- Etc, etc…
They will not provide coverage in the event of a “Natural” cause of death such as:
- Heart attack.
- Etc, etc…
Now while it is important to be insured in the event of an accident, when possible, we here at TermLife2Go feel that its best to be covered for both accidental causes of death as well as natural causes of death.
Which is why, while we do often sell accidental death insurance, we reserve it for those who cannot qualify for a traditional life insurance policy or simply wish to use an accidental death policy or rider to supplement their existing life insurance coverage.
Now with all that said, let’s take a look at some of the companies that we feel are currently offering some of the fastest life insurance approvals in the market today…
Fastest Life Insurance Company Approval Times
We’ve chosen to list these life insurance companies in alphabetical order rather than in actual speed of approval, because while some of these companies may be faster than others, it’s important to consider everything about the individual policy being listed rather than simply focus on how fast it is to get approved. By listing them alphabetically it will give you a chance to review each insurance carrier on their total merits and not jump to any immediate conclusion based on their numerical ranking.
*Note: Accidental death policies will not be considered on this list because they’re not considered “TRUE” life insurance policies.
American National Life Insurance Company
We love American National Life Insurance Company. With a solid “A” rating by A.M. Best and a solid line up of both simplified and guaranteed issue life insurance policies to choose from, its hard not to find a reason to at least consider American National Life Insurance Company for everyone of our clients. Particularly if our client is looking:
- To be approved for a quality, term life insurance policy up to $250,000 or a whole life insurance policy up to $150,000 quickly, WITHOUT HAVING TO TAKE A MEDICAL EXAM.
For more, see our American National Life Insurance Company Review.
Americo Life Insurance Company
Another strong option to consider when it comes to finding an easy life insurance policy to get is Americo’s line of simplified term and whole life products.
Americo’s simplified issue, term life insurance policy.
- Guaranteed level premiums for the life of the policy.
- Flexible payments – meaning that you will be able to pay monthly, quarterly, semiannually or annually2
- And of course no medical exam is required to apply for coverage
Americo’s simplified issue, whole life insurance policy.
- Coverage for your entire life, up to age 120.
- Coverage amounts of 5, 10, 15, 20 and $25,000 dollars.
- No waiting period for coverage, (AKA. No Graded Death Benefit).
Clients that would be a good fit for Americo’s simplified issue products would be ones who:
- In “reasonably” good health, with no major health concerns.
- Taking few if any prescription medications.
- A prescription data base check will most likely be performed during your application process.
- And applicants should not have any previously denied life insurance applications on their record.
Americo Life Insurance Company Reviews
With over 123 years of providing life insurance coverage and an AM Best insurance rating of “A”, it would be difficult not to include Assurity’s simplified issue on our list of quality life insurance products that are easy to qualify for.
Assurity’s NonMEd Term 350.
Assurity’s NonMed Term 350 is a simplified term life insurance product that provides coverage up to $350,000 in coverage.
- Available for clients between the ages of 18 and 65.
- No required medical exam.
For more, see our Assurity Life Insurance Company Review.
Foresters Life Insurance Company is another one of our favorite life insurance companies when it comes to finding an easy life insurance policy to purchase. Rated “A”, excellent, by A.M. Best, the premier rating agency, you can be sure that when the time comes, Foresters Life Insurance Company will be there if and when you need them.
Foresters also has a complete line up of products to chose from as well, however in this discussion, we’re going to limit our focus on just one of their more popular life insurance offerings, the PlanRight Whole Life insurance Policy.
For more, see our Foresters Life Insurance Company review, or simply give us a call.
Gerber Life Insurance
While being best known for their baby food and Gerber Grow Up Plan, Gerber Life Insurance is also a major player in the burial expense/final expense life insurance arena. And why shouldn’t they be! With an A.M. Best rating of “A” along with a no medical exam and no medical question whole life insurance option, Gerber can and often is the “Go to” company when it comes to insuring those with a serious medical condition.
- Guaranteed approval for anyone ages 50-80.
- No medical exam or health questions required.
- Fixed payments throughout the life of the policy.
- Coverage up to $20,000.
- Policy comes with a 2 year graded death benefit.
- As with any whole life insurance policy, premiums can be expensive.
For more, see the Gerber Guaranteed Life Insurance review.
North American Company
North American offers a simplified issue term life insurance policy available in 15, 20 and 30 year terms. The company does require you answer health and lifestyle questions over the phone. Fast approval times available in 30 minutes or less!
- No paramed exam, no needles, no doctors, no urine sample
- Face amounts range from $50,000 to $500,000.
- Available for Ages 18-50.
- Accelerated Death Benefit.
- Multiple Underwriting Classes to help you get the best rate.
For more, see our North American Company Review.
Sagicor Life Insurance Company
Sagicor Life Insurance Company is quickly becoming our “go to” provider for many of our clients today!
With a strong A.M. Best rating of A- (Excellent) along with its quick and easy underwriting process, it can at times be difficult not to recommend them first even with clients who have a pre-existing condition. In fact, in our opinion here at TermLife2Go, there doesn’t seem to be any other company in the marketplace right now that offers a superior “no medical exam” term or universal life policy in terms of efficiency and ease of use.
Sagicor also excels in fast approval times. A typical application for the simplified issue no exam term life policy or the no medical exam universal life insurance policy can usually be completed in less than 30 minutes, and that’s including your wait time for approval!
For more, see our Sagicor Life Insurance review
The Savings Bank Life Insurance Company (SBLI)
SBLI’s accelerated underwriting product launched in May 2016. With this new product, SBLI is once again demonstrating its desire to be at the cutting edge of innovation in the world of life insurance.
- Telemed interview replacing the typical medical exam
- Term lengths available: 10, 15, 20, 25 and 30
- Available for ages 18-60
- Face amounts available: $100,000 – $500,000
- Currently available in all states except NY and MT
For more, see our SBLI life insurance review.
Transamerica Life Insurance Company
Founded in 1928, for the purpose of serving the small business and farming community, Transamerica has gone on to become one of the premier life insurance companies in the country today.
With an outstanding A+ rating from A.M. Best, and practically zero overall consumer complaints, its no wonder that Transamerica continually ranks as one of the number one insurance companies for customer satisfaction.
For this reason and this reason alone, when given an option, Transamerica life insurance should always be at the top of anyone’s list when considering which insurance company to go with.
For more, see our Transamerica Life Insurance Company review.
A Word of Caution
Generally, life insurance policies that offer a fast approval times such as a simplified issue policy (no medical exam required) or a guaranteed life insurance policy (no medical exam or health questions required) should be reserved for the “very healthy” or the “very sick”.
The reason for this is that if you have a pre-existing condition such as diabetes, depression, previous heart condition, etc, etc… chances are, you’re not going to qualify for a simplified issue life insurance policy, at least not at the same health rate class as you would receive had you taken an exam.
This is because insurance companies are going to want to know more about your specific health condition than can be learned from application questions.
When to take an exam and be willing to wait for life insurance…
For these clients who have a previous medical history or are taking several prescription medications, taking a medical exam can be a good thing! For these folks, a medical exam can be used to “justify” why they deserve to be approved for life insurance and prove that they’re in great shape!
So while it’s great to know that there are options out there for someone to get life insurance immediately, for some, the easiest life insurance policy to get is one that is submitted to the right insurance carrier and DOES REQUIRE A FULL MEDICAL EXAM.
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