3 Best Instant Life Insurance Companies in March 2024

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.

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The best online life insurance companies of March 2024

4.0

NerdWallet rating 

Instant coverage amount: $50,000 to $1.5 million.

4.0

NerdWallet rating 

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

3.5

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.


insurance-product-card-logo

Lemonade

4.0

NerdWallet rating 
Lemonade sells term life insurance online, with many policies going into effect on the same day.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term & no-exam
insurance-product-card-logo

on Nerdwallet

Lemonade

4.0

NerdWallet rating 
Lemonade sells term life insurance online, with many policies going into effect on the same day.

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Fewer than expected

Policies offered

Term & no-exam

Overview: Lemonade offers term life insurance lasting 10, 15, 20, 25 or 30 years in all states except New York. To apply for coverage, you’ll fill out a sleek online application and answer a few basic questions about your health and lifestyle. If you’re approved, your policy may be issued within minutes. Eligible applicants can get up to $1.5 million in coverage without a medical exam, and easily manage their policy via Lemonade’s user-friendly app.

The insurer is backed by North American Company for Life and Health Insurance, a longstanding and financially strong insurer with a track record for low complaints.

Instant life policy: Lemonade Term Life Insurance.

Eligibility age range: 18 to 60.

Coverage amount: $50,000 to $1.5 million.

Availability: All states except New York.

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

» Read the full review: Lemonade 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.

on Nerdwallet

Financial strength rating

Strong

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

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

on Nerdwallet

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

Strong

Online purchase

No

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

3.5

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

on Nerdwallet

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

on Nerdwallet

Erie

3.5

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: District of Columbia, Illinois, Indiana, Kentucky, Maryland, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wisconsin.

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:

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. 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 several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. 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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