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
By Katia Iervasi 
Updated
Edited by Erica Corbin

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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.

The best online life insurance companies of May 2023

4.0

NerdWallet rating 

Instant coverage amount: $100,000 to $3 million.

5.0

NerdWallet rating 

Instant coverage amount: $25,000 to $3 million.

4.0

NerdWallet rating 

Instant coverage amount: $100,000 to $2.5 million.

4.0

NerdWallet rating 

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.


Best for coverage flexibility
insurance-product-card-logo

Ladder

4.0

NerdWallet rating 
Bottom line: With this insurtech, you can lower your coverage amount at any time, and score a lower premium to match.
GET A QUOTE

from Ladder

Financial strength rating

Strong

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term & no-exam
Best for coverage flexibility
insurance-product-card-logo
GET A QUOTE

from Ladder

Ladder

4.0

NerdWallet rating 
Bottom line: With this insurtech, you can lower your coverage amount at any time, and score a lower premium to match.

Financial strength rating

Strong

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term & no-exam

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.

Thanks to these policy features, Ladder won NerdWallet's Best Same-Day Term Life Insurance Award for 2023.

Instant life policy: Ladder Term Life.

Eligibility age range: 20 to 60.

Coverage amount: $100,000 to $3 million.

Availability: All states.

Term lengths: 10, 15, 20, 25 or 30 years.

» Read the full review: Ladder Life insurance review


Best online buying experience
insurance-product-card-logo

Haven Life

5.0

NerdWallet rating 
Bottom line: Backed by insurance giant MassMutual, Haven Life offers up to $3 million in instant life insurance coverage for eligible applicants.
GET A QUOTE

from Haven Life

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term & no-exam
Best online buying experience
insurance-product-card-logo
GET A QUOTE

from Haven Life

Haven Life

5.0

NerdWallet rating 
Bottom line: Backed by insurance giant MassMutual, Haven Life offers up to $3 million in instant life insurance coverage for eligible applicants.

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term & no-exam

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.

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.

» Read the full review: Haven Life insurance review


Best for policy add-ons
insurance-product-card-logo

Lincoln Financial Group

4.0

NerdWallet rating 
Bottom line: Lincoln Financial allows you to customize your policy with three riders, which is unusual for instant life insurance policies.
COMPARE QUOTES

on Policygenius

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam
Best for policy add-ons
insurance-product-card-logo
COMPARE QUOTES

on Policygenius

Lincoln Financial Group

4.0

NerdWallet rating 
Bottom line: Lincoln Financial allows you to customize your policy with three riders, which is unusual for instant life insurance policies.

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

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.

Instant life policy: Lincoln TermAccel.

Eligibility age range: 18 to 60.

Coverage amount: $100,000 to $2.5 million.

Availability: All states except NY.

Term lengths: 10, 15, 20 or 30 years.


Best for instant whole life
insurance-product-card-logo

Erie

4.0

NerdWallet rating 
Bottom line: Erie offers a choice of term or whole life insurance, which is rare for instant policies.
COMPARE QUOTES

on Policygenius

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent
Best for instant whole life
insurance-product-card-logo
COMPARE QUOTES

on Policygenius

Erie

4.0

NerdWallet rating 
Bottom line: Erie offers a choice of term or whole life insurance, which is rare for instant policies.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

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.

Instant life policy: ERIExpress Life.

Eligibility age range: 18 to 55.

Coverage amount: $10,000 to $500,000.

Availability: All states except NY.

Term lengths: 5, 10, 15, 20 or 30 years.


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Alternatives to the best instant life insurance

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.

Term life insurance lasts a set number of years, while permanent life insurance offers lifelong coverage and builds cash value over time.

More about top-rated life insurance companies

Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:

Insurer complaints methodology

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.

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