Average Cost of Instant Approval Life Insurance: Rates by Age Chart 2023

Instant issue term life insurance rates by age chart

Instant-issue (instant approval) life insurance allows applicants to purchase a level term life insurance online and if approved, have immediate coverage. Instant-issue term life insurance simplifies the underwriting process down to an easy online application which checks several databases instantaneously once the application is formally submitted and returns a final decision. The process from quotes to active coverage can be completed in less than 15 minutes.

How Much Does Instant Issue Life Insurance Cost?

Average instant issue term life insurance rates for men and women

AgeGender$100,000 $250,000 $500,000 $1 million $1.5 million$2 million
Average instant issue life insurance rates for men and women

Monthly rates are at the Preferred Plus health rate class, non-tobacoo for a male, date of birth May 1st on a 10-year level term. Your rates could be lower or higher depending on your underwriting profile. Rates are from top four instant issue term life insurance companies.

Price Differences Between: Regular Term Life Insurance vs No Medical Exam Life Insurance vs Instant Issue Life Insurance

CoverageRegular TermNo-Exam Term Instant-Issue Term
Regular Term Life Insurance vs No Medical Exam Life Insurance vs Instant Issue Life Insurance

Rates for a 40-year old male in excellent health at the preferred plus health class non-tobacco, 10-year term. Date of birth 5/1/1982.

Instant Issue Life Insurance Policy Details (FAQ)

AboutPolicy Details
Ages20-60 years old
Type of life insuranceLevel term
RatesFixed for the term
Term lengths10, 15, 20, 25, 30 years
Coverage amount$50k – $3 million
Cancellation policyCan cancel anytime without a penalty
Waiting periodNone- covered immediately for full policy amount
Incontestability periodTwo years
Suicide clauseTwo years
Conversion optionNone
Application timeline10 minutes
Policy deliveryOnline
Claims paid100% valid claims
Instant Issue Term Life Insurance Policy Details

Wrap Up

Instant issue life insurance is allowing more people than ever to own a life insurance by simplifying the application and underwriting process. What was once seen as a time consuming and unpleasant buying process, now can be completed quickly online in about 10 minutes. A traditional life insurance application can have a timeline of 3-8 weeks before a final policy is delivered, instant issue term life insurance has changed this timeline to just minutes for those that qualify.


What is the average cost of instant issue term life insurance?

The average cost of instant issue term life insurance for men and women for ages 20-60 for $500k policy is $35 month using our chart above. This is for a 10-year level term.

Does everyone qualify for instant issue term life insurance?

No, instant issue term life insurance is available to those between the ages of 20-60 years old. Also, applicants have to generally be in good health and meet the qualifying requirements on the application and in automated underwriting.

Is there a conversion option to permanent insurance?

There is no conversion option on instant issue term life insurance.

Is there a waiting period on instant issue term life insurance?

There is no waiting period. Coverage begins immediately for the full policy amount once the policy goes in force. If you pass away the next day, 100% of the policy amount will be paid out.

Is there an incontestability period?

Yes, as with every term and whole life insurance policy, if you pass away in the first two year of the policy the insurance company can investigate to see if there was misrepresentation on the application. If the insured lied on the application, the insurance company can contest the claim.

Are instant issue term life insurance rates more expensive than regular life insurance?

Instant issue term life insurance are generally costs more than regular term life insurance. However, as seen in the tables above, the rates are typically very affordable and the often not the much more than the traditional application underwriting process.

Have a question about instant issue life insurance? Speak to a licensed agent by calling us at (888) 676-5429 or contact us online.

error: Content is protected !!