Fast Approval Life Insurance Coverage

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Fast Approval Life Insurance Coverage
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In most cases, purchasing a life insurance policy can be a very simple process.

Depending on the individual applying, the general time frame for a life insurance policy to be approved from start to finish can take up to 4 to 6 weeks.

4 to 6 weeks, however, can be a long time for someone who needs a life insurance policy fast.

In this article, we are going to discuss what fast approval life insurance is and the life insurance companies you should consider if you need life insurance coverage fast.

Fast CompaniesAM Best RatingEligible AgesHealth ClassCoverage AmountApproval TimeAdditional Info
ANICOA18-65Preferred$50,000 – $250,00048-72 HoursLearn More
AssurityA-18-65Preferred$25,000 – $500,000Same DayLearn More
EncovaA-15-70Preferred$25,000 – $500,000Same DayLearn More
FidelityA-18-65Standard$25,000 – $100,00024-48 HoursLearn More
Foresters FinancialA18-80Standard$50,000 – $400,000Same DayLearn More
Minnesota LifeA+18-50Standard$250,000 – $2,000,00024 HoursLearn More
SagicorA-18-65Preferred$50,000 – $1,000,000Same DayLearn More

Fast Life Insurance Approval in as Little as 15 Minutes!

Life insurance approval in 15 minutes, what’s the catch? We often get this question from our customers who have contacted Top Quote Life Insurance needing life insurance coverage quickly.

The answer we tell them, there’s no catch. As the life insurance industry keeps evolving, new, and exciting coverage features become available.

One of these features is the ability to get fast life insurance approval in as little as 15 minutes. Currently, there are a few life insurance carriers that offer fast approval life insurance coverage.

These select few companies have designed a straightforward, affordable, and convenient way to apply for life insurance coverage and receive approval anywhere from 15 minutes to 72 hours.

What to Expect When Applying for Fast Approval Life Insurance Coverage

The process when applying for traditional life insurance and fast approval life insurance is very similar.

However, the most significant difference is the total process time when you apply for fast approval life insurance.

Below is a list of what is typically required should you apply for fast approval life insurance coverage.

ELECTRONIC APPLICATION PROCESS

With an electronic application process, there is no need to fill out a lengthy paper application. The life insurance application is simply done over the telephone with a Top Quote Life Insurance agent and generally takes 15-20 minutes.

The electronic application will consist of your basic information, as well as some questions pertaining to your overall health history. Once we have completed the electronic application it will be sent you to by email for your electronic signature.

After you have e-signed your application it will then be routed to the life insurance company to begin underwriting.

NO MEDICAL EXAM (SIMPLIFIED ISSUE)

The largest benefit of fast approval life insurance is that it does not require a medical exam. This means you do not have to meet with an examiner or provide a blood or urine sample.

MEDICAL HISTORY CHECK

Since fast approval life insurance does not require a medical exam or labs, the life insurance company needs a way to verify your health history.

One of the ways for the life insurance company to do this is by obtaining a copy of your Medical Information Bureau (MIB) report.

Your MIB report keeps track of any time you have applied, been approved or declined for disability income, critical illness, chronic illness, health or life insurance.

Your MIB report can also contain information pertaining to any credit history, drug use, any medical conditions both personal as well as family.

This information is critical to the life insurance company in making its decision for approval.

PRESCRIPTION CHECK

In addition to your medical MIB report, the life insurance company will also run a check on any prescriptions that have prescribed to you.

The prescription report will give the underwriter insight not only on the prescriptions you are currently taking but an idea as to what the prescriptions are treating.

MVR CHECK

A Motor Vehicle Report (MVR) check is used to verify your driving history. The life insurance company will run your MVR to verify if you have multiple traffic violations or a recent DUI/DWI.

TELEPHONE INTERVIEW

Depending on the life insurance carrier, a telephone interview may be required. Telephone interviews are usually ordered by the underwriter when they need additional information pertaining to your health history.

Telephone interviews are a great way to avoid having to order medical records which can slow the process of getting fast approval life insurance coverage.

APPROVAL TIME

Depending on the life insurance company, fast approval life insurance coverage can be done within 15 minutes to 72 hours from when the application has been submitted.

Top 7 Fast Approval Life Insurance Companies

Need life insurance coverage fast?  Consider any one of the following (A) rated life insurance companies. The below list of companies currently offer the best option for getting fast life insurance coverage, and Top Quote Life Insurance provides access to apply with any one of them.

2020 Fastest Approval Life Insurance Companies

  1. ANICO
  2. Assurity Life
  3. Encova
  4. Fidelity Life
  5. Foresters Financial
  6. Minnesota Life
  7. Sagicor

American National Insurance Company
(ANICO)

ANICO offers fast approval life insurance coverage with their Xpress Plus accelerated underwriting program.

Xpress Plus is available on all of ANICO’s life insurance products, both term and permanent. The accelerated underwriting program requires no medical underwriting and is designed for applicants between the ages of 18-60.

The minimum death benefit is $250,000 and goes as high as $1,000,000. ANICO does offer the accelerated program on coverage amounts less than $250,000, but the best health classification will be at the company’s standard health class rates.

Approval for coverage can be made in as quickly as 72 hours from when the electronic application has been submitted. Applicants that do not meet the program underwriting guidelines could be asked to take an exam.

COVERAGE BONUS: Xpress Plus underwriting policies come with a free policy rider called Accelerated Benefit Riders. This rider allows for the option to obtain cash from the policy’s death benefit due to a qualifying terminal, critical or chronic illness.

  • Policy Name: ANICO Signature Term Express
  • A.M. Best’s Rating: A
  • Type of Policy: Simplified No Medical Exam
  • Issue Age: 18-65 (Depending on coverage length)
  • Term Lengths: 10, 15, 20 & 30 year
  • Health Classification: Standard & Preferred
  • Minimum Coverage Amount: $50,000
  • Maximum Coverage Amount: $250,000
  • Fastest Approval Time: 48-72 Hours

Assurity

Assurity’s Term Life Insurance with Accelerated Underwriting is no medical exam simplified issued term life insurance coverage. Their fast approval life insurance can offer coverage within the same day as of applying.

Applicants between the ages 18-50 are eligible to apply for up to $500,000 while applicants up to age 65 can get up to $350,000.

What do we like most about Assurity?

The first benefit of obtaining a fast life insurance policy with Assurity is the preferred health classes on coverage amounts lower than $100,000.

While most companies would consider applicants at the standard health class, Assurity can offer qualifying applicants as preferred.

Assurity at the moment is the best life insurance company for people who require less than $100,000 and are in good health.

The second benefit is in the form of a return of premium options. Assurity along with Cincinnati Life are two of the final remaining companies to offer a return of premium term insurance policy.

COVERAGE BONUS: Coverage comes with a free critical illness rider. This rider allows for the option to obtain cash from the policy’s death benefit due to a qualifying critical illness.

  • Policy Name: Term Life Insurance with Accelerated Underwriting
  • A.M. Best’s Rating: A-
  • Type of Policy: Simplified Issued No Medical Exam
  • Issue Age: 18-65 (Depending on coverage length)
  • Term Lengths: 10, 15, 20 & 30 year
  • Health Classification: Preferred & Standard
  • Minimum Coverage Amount: $25,000
  • Maximum Coverage Amount: $500,000
  • Fastest Approval Time: 24 Hours

Encova

Encova Life Insurance Company, formerly Motorists Life, is one of the newest companies to offer extremely fast life insurance coverage.

Approval is so fast that it can be made within the same day of applying. The application process is all done electronically and consists of just 12 yes or no application questions.

Real-Time Term is available in just a few select states. To see if you’re located in a qualifying state please be sure to check out our review on Encova Real-Time Term.

Motorists Real-Time Term gets our vote the best senior no medical exam coverage.

  • Policy Name: Real-Time Term
  • A.M. Best’s Rating: A-
  • Type of Policy: Simplified Issued No Medical Exam
  • Issue Age: 15-70 (Depending on coverage length)
  • Term Lengths: 5, 10, 20 & 30 year
  • Health Classification: Standard & Preferred
  • Minimum Coverage Amount: $25,000
  • Maximum Coverage Amount: $500,000
  • Fastest Approval Time: 20 Minutes

Fidelity Life

Rapid Decision Express is fast approval term life insurance coverage offered by Fidelity Life. The term insurance option is available to applicants who are between the ages of 18-65. 

There is no medical exam required and approval is often made with 24-48 hours from applying for coverage.

The downside to Fidelity’s Rapid Decision Express coverage is that the best health class will be at standard rates. It also only offers a maximum death benefit of $100,000.

An alternative term insurance option offered by Fidelity is its Rapid Decision Life. This coverage offers a blend of day one coverage plus accidental death coverage. The catch is that you may be required to take a medical exam within six months from being issued a policy. 

If you fail to take the exam your policy will remain more of an accidental death policy rather than it paid out for death that was a result of medical issues.   

  • Policy name: Rapid Decision Express
  • A.M. Best’s Rating: A-
  • Type of policy: Simplified Issued No Medical Exam
  • Issue age: 18-65 (Depending on coverage length)
  • Term lengths: 10, 15, 20 & 30 year
  • Health classification: Standard
  • Minimum coverage amount: $25,000
  • Maximum coverage amount: $100,000
  • Fastest Approval Time: 24-48 Hours

Foresters Financial

Fast approval life insurance coverage from 18 up to age 80 with instant approval?

That’s correct and it’s offered with Foresters Financial Your Term life insurance. The insurance coverage allows for up to $400,000 of no medical exam coverage up to age 55. Applicants up to age 56 to age 80 can receive up to $150,000 with no medical required.

Foresters underwriting process is so fast that approval can be made in as short as 10 minutes from submitting an online application.

The term insurance coverage also offers free built-in living benefit riders that will allow early access to the death benefit if qualified with a qualifying chronic, critical or terminal illness.

Foresters Financial offers a term insurance policy that we highly recommend to customers who want to fast a simple process but are also ok with paying a little extra for their life insurance.

The rates for the term insurance plan start at the standard health class which will be higher than one of our other fast approval life insurance options that can offer the preferred health class.

  • Policy Name: Your Term
  • A.M. Best’s Rating: A
  • Type of Policy: Simplified Issued No Medical Exam
  • Issue Age: 18-80 (Depending on coverage length)
  • Term Lengths: 10, 15, 20, 25 & 30 year
  • Health Classification: Standard
  • Minimum Coverage Amount: $50,000
  • Maximum Coverage Amount: $400,000
  • Fastest Approval Time: 10 Minutes

Minnesota Life

Minnesota Life Insurance offers its WriteFit accelerated underwriting with approval times as fast as 24 hours of applying.

Part of the underwriting program does require a quick telephone interview so if you’re looking for a company that can offer fast approval, make sure you complete your telephone interview quickly.

Ideal applicants should be healthy and certain medical issues will not be eligible for the program. If found ineligible you may be given the opportunity to complete an exam for coverage.

Minnesota Life receives our top choice when it comes to fast approval for high coverage amounts. With WriteFit underwriting, you can apply for up to $2,000,000 in coverage without having to take an exam.

  • Policy Name: Advantage Elite Select Term 
  • A.M. Best’s Rating: A+
  • Type of Policy: Accelerated No Medical Exam
  • Issue Age: 18-50 (Depending on coverage length)
  • Term Lengths: 10, 15, 20 & 30 year
  • Health Classification: Standard
  • Minimum Coverage Amount: $250,000
  • Maximum Coverage Amount: $2,000,000
  • Fastest Approval Time: 24 Hours

Sagicor

Our overall top choice for fast approval life insurance is with Sagicor and their very fast Accelewriting underwriting process.

Sagicor’s popular Sage Term Insurance offers the potential approval time of 15-minutes with coverage amounts as high as $1,000,000.

We should also mention that you can qualify for preferred rates as well. The complete application process is done online, and there is no telephone interview or medical records required.

Sagicors term insurance rates are incredibly competitive, especially compared to companies that require you to take an exam to qualify for coverage.

  • Policy Name: Sage Term
  • A.M. Best’s Rating: A-
  • Type of Policy: Accelerated No Medical Exam
  • Issue Age: 18-65 (Depending on coverage length)
  • Term Lengths: 10, 15 & 20 year
  • Health Classification: Standard & Preferred
  • Minimum Coverage Amount: $50,000
  • Maximum Coverage Amount: $1,000,000

Pros & Cons of Applying for Fast Approval Life Insurance Coverage

PROS:

  • It’s fast. If you qualify you could get an approval within 15 minutes to 72 hours
  • No medical exam needed
  • No lab tests required
  • No paper applications
  • Electronic signature process

CONS:

  • Limited to age 65 and younger 
  • Fast approval life insurance coverage generally has limited coverage amounts ranging from $25,000 to $500,000
  • Your health classification is often limited to the health class of “Standard” even if you’re in excellent health
  • If you have medical issues it will be harder for you to qualify for fast approval life insurance versus traditional life insurance coverage

What to do if you need a Fast Approval Life Insurance Quote

Top Quote Life Insurance represents all of the following fast approval life insurance companies discussed in this article.

Quotes for each one of these companies are available here on our website by using our instant life insurance quote form.

As always if you need assistance or have a question please do not hesitate to call (888) 777-7574 or send us a message below and will help you right away.

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Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

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Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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