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4 Best Instant Life Insurance Companies in May 2023
Apply for and buy a life insurance policy on the same day with these top-rated companies.
Katia Iervasi Assistant Assigning Editor | Life insurance, disability insurance, health care
Katia Iervasi is an assistant assigning editor and spokesperson at NerdWallet. An insurance authority, she previously spent over six years covering insurance topics as a writer, where she loved untangling complicated topics and answering readers’ burning money questions. She holds a Bachelor of Arts in communication and has studied writing, fact-checking and editing with Poynter. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. Originally from Sydney, Australia, Katia currently lives in New York City.
Erica Corbin joined NerdWallet in 2020 as an assistant assigning editor at large. She previously wrote and edited content at companies such as GOBankingRates and Nasdaq. Her work has been syndicated to USA Today, Yahoo Finance, MSN and more. She also has worked as a freelance writer and editor for over a decade for various clients and publications across industries, with particular emphasis on entertainment reporting. Erica believes that money, like most topics, is best discussed with understanding, transparency and a healthy dose of humor.
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Until recently, it could take several weeks to get life insurance coverage. While that’s still true for traditional policies, a string of insurers now offer instant life insurance. Sometimes known as “fast life insurance,” these are policies you can apply for online and often get a decision on within minutes.
To create this list, our experts analyzed insurers who sell life insurance online and offer at least $100,000 in coverage. We then assessed policy features, age eligibility and available riders, as well as the amount of coverage you can buy without taking a medical exam.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Instant coverage amount: $100,000 to $2.5 million.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Instant coverage amount: $10,000 to $500,000.
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its instant life insurance policy specifically.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are determined by our editorial team. Star ratings are based on consumer experience, weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare life insurance quotes from several companies to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Best instant life insurance companies: Pros and cons
Learn more about each company in our list by reading the brief summaries below and checking out the NerdWallet review links.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Pros
Quick online application.
Most applicants won't need a medical exam.
Coverage limits up to $8 million.
Cons
No riders available, though this is common among insurtechs.
Ladder issues up to $3 million in instant coverage, a higher amount than most insurers. It’s also one of the few companies that sells instant life insurance nationwide. Policyholders can easily lower their coverage using the Ladder app, with changes going into effect immediately.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: With this insurtech, you can lower your coverage amount at any time, and score a lower premium to match.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Strong
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Pros
Quick online application.
Most applicants won't need a medical exam.
Coverage limits up to $8 million.
Cons
No riders available, though this is common among insurtechs.
Ladder issues up to $3 million in instant coverage, a higher amount than most insurers. It’s also one of the few companies that sells instant life insurance nationwide. Policyholders can easily lower their coverage using the Ladder app, with changes going into effect immediately.
Overview: Unlike most of the instant policies on our list, Ladder’s term life is available nationwide. Ladder also stands out for offering up to $3 million in instant life insurance coverage online, making it one of the most generous policies for qualifying applicants. If you’re looking for an even larger policy and willing to take a gamble, you can apply for up to $8 million in coverage — but you might be asked to take a life insurance medical exam.
The insurtech partners with Fidelity Security Life Insurance Company and Allianz Life Insurance Company of New York to offer policies nationwide. You can decrease your coverage online or on the app, and the changes go into effect right away — including a lower premium. For example, if you lower your coverage from $1 million to $750,000, your next premium payment will be 25% lower to match. To increase your coverage, you'll need to fill out an application form.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Pros
Backed by longstanding insurance company, MassMutual.
Sleek online application.
Additional financial services available in most states at no charge.
Cons
Term life insurance can't be converted to permanent coverage.
Haven Life, a subsidiary of MassMutual, has two instant life insurance options. e. You can apply for both policies on the company’s sleek, user-friendly website and secure coverage in minutes.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Backed by insurance giant MassMutual, Haven Life offers up to $3 million in instant life insurance coverage for eligible applicants.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Pros
Backed by longstanding insurance company, MassMutual.
Sleek online application.
Additional financial services available in most states at no charge.
Cons
Term life insurance can't be converted to permanent coverage.
Haven Life, a subsidiary of MassMutual, has two instant life insurance options. e. You can apply for both policies on the company’s sleek, user-friendly website and secure coverage in minutes.
Overview: Haven Life is owned by MassMutual, a longstanding insurer in the US, and offers two types of instant life insurance policies (Haven Simple and Haven Term). The applications for both policies are fully online. If you’re approved, your coverage could be issued within minutes. Haven Simple doesn’t require a medical exam, while some applicants may be asked to take a medical exam to qualify for Haven Term. The policies include an accelerated death benefit rider at no charge. This rider allows you to access a portion of your death benefit if you’re diagnosed with a terminal illness.
You can increase your coverage in the first 90 days if you decide you need more life insurance, and decrease it at any time.
Haven Life instant policy details
Instant life policies: Haven Simple, Haven Term.
Eligibility age range: 20 to 55 for Haven Simple; up to 64 for Haven Term.
Coverage amount: $25,000 to $1 million for Haven Simple; $100,000 to $3 million for Haven Term.
Availability: All states except DE, SD, ND and NY for Haven Simple; nationwide for Haven Term.
Term lengths: 5, 10, 15 or 20 years for Haven Simple; 10, 15, 20, 25 or 30 years for Haven Term.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer complaints to state regulators than expected for a company of its size.
Cons
Ranked below average in the 2022 J.D. Power study on customer satisfaction for life insurance.
Applicants must work with a financial advisor.
Applicants looking for multiple riders may want to consider Lincoln Financial. The company issues no-exam policies for applicants up to age 60, and you can customize your coverage by adding a child, waiver of premium or accelerated death benefit rider for a fee.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Lincoln Financial allows you to customize your policy with three riders, which is unusual for instant life insurance policies.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer complaints to state regulators than expected for a company of its size.
Cons
Ranked below average in the 2022 J.D. Power study on customer satisfaction for life insurance.
Applicants must work with a financial advisor.
Applicants looking for multiple riders may want to consider Lincoln Financial. The company issues no-exam policies for applicants up to age 60, and you can customize your coverage by adding a child, waiver of premium or accelerated death benefit rider for a fee.
Overview: With Lincoln Financial, you can apply for a no-exam policy online or over the phone. Policyholders can upgrade to permanent coverage before their term policy expires or when they reach their 70th birthday — whichever comes first. The policy is guaranteed renewable up to age 95.
The insurer offers a child rider that can cover multiple children. You can also choose to add a waiver of premium or accelerated death benefit rider to your coverage for an additional fee.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Low customer complaints.
Offers a variety of term and whole life options.
Cons
Not available in most states.
Erie stands out for offering both term and whole instant life insurance, with coverage available the same day you apply for qualifying applicants. Policies include an accelerated death benefit at no extra charge, with the company issuing coverage amounts ranging from $10,000 up to $500,000.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Erie offers a choice of term or whole life insurance, which is rare for instant policies.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Low customer complaints.
Offers a variety of term and whole life options.
Cons
Not available in most states.
Erie stands out for offering both term and whole instant life insurance, with coverage available the same day you apply for qualifying applicants. Policies include an accelerated death benefit at no extra charge, with the company issuing coverage amounts ranging from $10,000 up to $500,000.
Overview: Erie’s instant life insurance policy is one of the most flexible on the market. If you qualify, the coverage can go into effect the same day you apply. Otherwise, you may need to take a medical exam. You can buy small amounts of coverage, starting at $10,000, and a term as brief as five years. An accelerated death benefit rider is automatically included at no extra charge.
If you’re not in a time crunch, consider applying for a traditional life insurance policy. You’ll most likely need to take a medical exam, but if you’re relatively healthy, you could end up paying less for your policy.
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
