No-Waiting-Period Life Insurance | QuickQuote.com (2024)

Life insurance is one of those things that people want in place as quickly as possible for peace of mind. Not only is it possible to get no waiting period life insurance, but it’s also possible to find no medical exam term life insurance and no waiting period.

Life insurance policies will replace income and pay final expenses if the insured passes away, but they often pay a lump-sum payment after a specified timeframe has passed.

For some people, though, waiting is not an option. So can you get life insurance that starts immediately? And if so, how can you get life insurance with no waiting period?

Some policies will allow you to buy life insurance that does not require a waiting period.

This article will be helpful if you’re asking yourself: How can I find life insurance policies with no waiting period? How do I get the best rates for life insurance? Will I need a medical exam? Which companies should I consider to find the best term life insurance quotes?

Looking for life insurance with no medical exam and no waiting period online? Don’t wait to find affordable no waiting period life insurance. Just enter your ZIP code and click on our free insurance quote tool to get no waiting period life insurance quotes online.

What is immediate coverage life insurance vs waiting periods?

When your life insurance goes into effect depends on the policy you buy and the company you get it from.

What is the waiting period for life insurance terminology?

A waiting period is a specific amount of time you must wait until your policy pays out.

A waiting period in life insurance is normally two years but can be up to four. If you die before your waiting period is over, then the beneficiaries of the life insurance policy can claim what you’ve already paid in premiums or a percentage of the benefits.

If you are asking yourself, do all life insurance policies have a waiting period, or what life insurance has no waiting period, the answer is no. You can get life insurance with no waiting period, and life insurance with no waiting time may be your best bet.

What health conditions can’t get life insurance with no waiting period?

Life insurance with no waiting period will give the contract holder immediate access to full benefits, but this is at the insurers’ risk.

Because the risk is on the insurer, life insurance with medical conditions can be hard to get. Those suffering from specific medical conditions aren’t eligible for a no-waiting period. These conditions include:

• HIV or AIDS
• Dialysis
• Heart attack or heart surgery in the last 12 months
• Stroke in the last 12 months

That doesn’t mean you wouldn’t be eligible for life insurance, though. Having one or more conditions like this just means you will have to get a life insurance policy with a standard waiting period. In fact, you can learn how to get life insurance after a stroke and how to get term life insurance with heart disease risk factors.

Will you need a medical exam for life insurance with no waiting period?

What is no medical exam term life insurance? And can I get life insurance with no medical exam and no waiting period?

When applying for life insurance, you can choose from four different types of personal insurance plans. Who is eligible for no medical exam life insurance? Whether there is a medical exam is usually determined by the kind of insurance plan you’re interested in (rather than certain categories of individuals).

LIMRA’s 2018 Insurance Barometer Study found that half of the consumers would be more likely to buy life insurance if they were given quotes without a medical exam.

The Insurance Information Institute reports that about 60 percent of people in the U.S. were covered by life insurance in 2018.

For example, a 40-year-old can get life insurance without answering any health questions by choosing a guaranteed issue policy for a relatively low amount.

Can I get guaranteed acceptance life insurance with no waiting period?

Guaranteed acceptance life insurance with no waiting period has no health costs and does not require a medical exam. You’re guaranteed acceptance as long as your age falls within a specific range.

Most people want life insurance with no medical exam and no health questions. Those wanting “no question asked life insurance” will find that no medical exam life insurance, or guaranteed issue life insurance, is a good option for them.

However, many policies require a medical exam, without which insurance companies will not approve you. Don’t lie about your medical history with the life insurance company.

If the life insurance company finds out, the company can cancel your policy, not pay the benefit after your death, or charge you exorbitant rates.

It should also be noted that HIPAA, which offers guidance material for consumers, does not apply all of its standard rules to life insurers. Life insurers do not have to follow HIPAA’s privacy and security rules.

If you find a policy that doesn’t require you to get a medical exam, you may still have to answer health questions. This is because underwriters will review your medical history to see how much of a risk it will be to insure you.

Should you buy life insurance with no medical exam and no waiting period?

Whether or not no medical exam life insurance is a good fit for you is entirely dependent on your situation, needs, and type of coverage you’re looking to purchase.

It’s also important to note that even if you choose no medical exam life insurance, you’ll probably still have to answer some basic health questions (as we noted earlier).

What are types of life insurance with no waiting period?

You must decide what kind of life insurance you are interested in buying: term vs whole life insurance. Your no waiting period life insurance rates will differ depending on the type of policy. Here’s a quick overview of the differences between the two types of life insurance:

Depending on your needs, one or the other may be better for you.

Can you get term life insurance with no waiting period?

Term life insurance is insurance that offers coverage for a specified amount of time—usually 10-, 20-, 30-, or 40-year periods. There are multiple types of term life insurance. They include:

• Level
• Increasing
• Decreasing
• Renewable
• Convertible

Level term insurance is a type of policy that offers rates at a constant price throughout your term life, but the amount of coverage you have will increase during the term life.

Increasing term life insurance is a type of policy that allows you to purchase less coverage at a lower rate. The policy will increase the amount of coverage over the life of your policy at predetermined periods.

Renewable term life insurance is a type of policy that will allow you to extend the amount of coverage for a specified amount of time without having to re-qualify for a new policy.

Convertible term life insurance is a policy that can be converted to a permanent policy. This conversion happens during a specified time, and you won’t need a medical exam or proof of health.

Can you get whole life insurance with no waiting period?

Whole life insurance, also called permanent life insurance, is a policy that covers you for your entire lifetime. These different kinds of coverage include:

• Traditional life insurance
• Universal life insurance
• Guaranteed universal life insurance
• Indexed universal life insurance
• Variable life insurance

There’s also variable universal life insurance to consider.

Traditional whole life insurance is a type of life insurance policy that provides insurance coverage for the entire lifetime of the contract holder.

Of direct premiums written, 25 percent are traditional life insurance products. It is possible to get whole life insurance with no waiting period.

Universal life insurance is a type of life insurance policy that has an investment saving element. Most policies have a flexible rate option. Some universal plans require fixed rates or a lump-sum rate that’s paid one time.

You have some options if you choose universal life insurance—either guaranteed or indexed life insurance.

Guaranteed life insurance is a policy that has a fixed rate throughout the life of your policy. Guaranteed life insurance companies set payouts at a specific age and include a fixed death benefit. The ages that these policies end are normally above 90.

The policy cashes out and ends before most contract holders die. Policies that last longer have higher rates. This policy does not accrue cash value.

Indexed universal life insurance is a permanent life insurance policy that consists of two parts: a death benefit that will pay out when the contract holder dies and a cash value feature.

Variable life insurance is a type of life insurance policy that’s offered for your lifetime and offers you an investment option and a savings component called the cash value. Any interest accrued should add to the cash value on your policy. You should compare cash value vs surrendered value life insurance benefits.

Within variable life insurance, variable universal is an option that may be available. This insurance offers variable insurance and universal insurance in one policy. It’s possible to pay rates through the cash value that has been accrued.

This type of policy is more complicated and normally costs more. This policy has a minimum interest rate. Interest rates are based on an index that’s chosen by the insurer. An index is a group of investments, like stock or bonds.

Read more: Cash Flow Banking (Explained)

Can you get burial insurance with no waiting period?

Many people don’t realize how expensive the average funeral can be. When paying for your funeral, you’ll not only be paying for the funeral service and casket.

If you want to be buried, then someone will have to pay for the embalming process. Many funeral homes require embalming for burial, unless you choose cremation.

Caskets are also quite expensive. Caskets average about $2,000 but can be as much as $10,000. Urns (for cremated remains) cost a lot less.

Burial vaults and liners for your grave will also be an expense. Vaults and burial liners are used in traditional burial services. They go in the ground before the casket to help ensure that the grave won’t sink.

It may be more cost-efficient to buy a burial container from a place other than the funeral home.

The average cost for a funeral in 2019 was $6,560.

Final expense insurance with no waiting period is a good way to ensure your family won’t be left paying these expenses. Find out more at the complete guide to burial insurance.

Riders are supplemental benefits that you can add on to your basic insurance policy. Some of the more common riders are an accidental death benefit, accelerated death benefit, disability income, guaranteed insurability, and return of rates. (For more information, read our “Life Insurance vs. Accidental Death & Dismemberment (AD&D) Insurance: Which Is Better for You“).

There are many more rider options available, so ask your insurance company if you have something specific in mind.

This type of policy is a good choice for senior life insurance with no waiting period.

What’s the best way to find life insurance with no waiting period?

When you’re trying to get life insurance coverage, the insurance company will conduct what is called the underwriting process.

An underwriter works for the insurance company and is qualified to assess the amount of risk a company would take by insuring individuals. Questions can be asked online, in person, or on the phone.

Lifestyle questions that can cost you money:

• Do you have a dangerous job?
• Are you a smoker?
• Do you have a bad driving record?
• Do you have any risky hobbies?

If you answered yes to any of these questions, your lifestyle is costing you extra on your life insurance premiums. If you want to pay a lower life insurance premium, there are things you can do to improve your risk.

There are four basic categories of questions that are asked. These four categories are:

• Personal identification
• Lifestyle
• Medical
• Policy

Personal identification questions include:

• Your name and address
• Employer and job title
• Social Security number

Lifestyle questions include:

• What are your drinking habits?
• What is your driving history?
• Do you engage in drug use?

Medical questions include:

• What medications are you on?
• What are your current and past diagnoses?
• What is your family medical history?

Policy questions include:

• What type of insurance are you applying for?
• How much coverage are you applying for?
• How much income do you need to replace?

When the underwriter has evaluated how much of a risk you are, they will put you in a risk class.

What are the risk classes?

How are life insurance rates determined? Much of the answer depends on your risk category. Risk classes are determined during the underwriting process. The classes that the underwriter will choose from are:

• Preferred Plus
• Preferred
• Smoker
• Standard Plus
• Standard
• Substandard

All risk classes are for non-smokers unless “smoker” is in the title of the class.

Read more: Life Insurance for Smokers

The Preferred Plus class is for people who are in superior health. They have no chronic illnesses and their immediate family members did not die before the age of 60 from cancer (read our “Life Insurance for Cancer Patients” for more information) or heart disease.

Their lab results are within the normal range and their height and weight profiles are also within the average range.

The Preferred class is for individuals who are in outstanding health. High blood pressure or high cholesterol that’s being treated is acceptable in the Preferred class ranking. Height and weight may be slightly over average, and lab results may also be slightly abnormal. (For more information, read our “How To Get Life Insurance With High Blood Pressure“).

The Standard Plus ranking is for those who have average health. Their height and weight may be higher than normal.

The Standard ranking is for those who have an average life expectancy and health.

They may be receiving treatment for minor conditions. One or more of the applicant’s parents may have died from heart disease or cancer before the age of 60. Height and weight can be above average. Elevated lab results for blood pressure and cholesterol are accepted. (For more information, read our “How to Get Life Insurance With High Cholesterol“).

The Substandard class is for those who need high-risk life insurance. If you have a below-average life expectancy, are obese, or have major health conditions, you’ll be covered in this ranking.

It’s also the class ranking that will cover those suffering from major health conditions, including diabetes, cancer, and abnormal lab results. Life insurance for the terminally ill is nearly impossible to find. (For more information, read our “How To Get Life Insurance With Diabetes“).

Smokers are often offered a specific ranking but with their own classification. The Smoker class isn’t always reserved for smoking cigarettes but also can include many kinds of tobacco use, meaning that chewing tobacco and smoking cigars could increase your rates. (For more information, read our “How To Get Life Insurance With Chewing Tobacco Use“).

For a summary of this information, take a look at this table.

Certain risk classes have lower rates than others. In this case, it pays to be healthy.

What’s the truth about no health question policies?

Many people don’t realize how helpful having life insurance can be.

Here are six term life essentials your loved ones won’t have to worry about with the right coverage.

1. It covers expenses and replaces income for your family
2. Some policies will offer a cash value that you can access during your lifetime
3. It will cover funeral costs
4. It will cover your mortgage
5. It will pay for your child’s education
6. It will pay for your groceries or to keep your car

You can use a term life insurance calculator to help you determine how much life insurance you’ll want to buy.

What do you need to know when shopping for guaranteed life insurance quotes?

In 2018, Americans purchased $3 trillion in life insurance coverage. When shopping for life insurance, you’ll probably ask yourself:

• How much life insurance do I need?
• What will affect my rates?
• How do I get the best rates?

Those are all normal questions to ask.

What are some factors that affect life insurance?

Multiple factors will affect life insurance rates. Keep reading for more.

Do demographics affect life insurance?

There are basic demographics that affect life insurance.

Males have higher insurance rates than women do, based on age alone. Therefore, a 40-year-old man would have higher life insurance rates than a 40-year-old female.

Men have a lower life expectancy and are a higher risk to insure for the insurance company.

Age similarly affects life insurance rates. Younger people are offered lower rates than older people based on age alone.

This is because an 18-year-old has a much longer life expectancy than a 60-year-old woman. It’s a higher risk for the insurance company to insure older people since they aren’t expected to live as long as younger people. If you’re buying life insurance for children, you’ll discover children pay the lowest rates available.

Do current health and family history affect life insurance?

Current health factors and your family medical history can affect life insurance rates. These factors can be:

• Pre-existing conditions
• Stroke, cancer, heart disease
• Diabetes, high blood pressure, and high cholesterol

Depending on the condition, if you’re on medication or following treatment, you may qualify for lower rates.

When applying for insurance, you’ll be asked about your health and your family’s medical history. Many conditions are hereditary, and if one of your family members suffered from those conditions then you’ll be considered a higher risk to insure.

Weight is a common factor that’s evaluated. You can get better rates if you have a healthy lifestyle and are within a normal weight range. If you’re overweight, losing weight will lower life insurance rates.

There is a high correlation between weight and high blood pressure, high cholesterol, and chronic diseases such as diabetes.

Weight gain can lead to a higher risk of health issues, so being overweight can increase your rates.

Some conditions that increase rates are heart disease, cancer, and a history of stroke, but you can get life insurance with heart disease problems. You may be able to get some kinds of life insurance with heart disease.

Essentially, the insurance company will charge higher rates if you have conditions that the insurance company believes they’ll have to pay for.

Do high-risk habits affect life insurance?

Multiple high-risk habits can affect your life insurance rates. These habits can make finding affordable high-risk life insurance a challenge.

Common high-risk behaviors that increase life insurance rates are:

• Smoking
• Excessive drinking
• Skydiving
• Reckless driving

Smoking cigarettes or being a tobacco user will increase rates.

Many companies make sure you’ve quit smoking for a pre-set time before they’ll give you a non-smokers class. It’s often a year. If you smoke and are going to be shopping for life insurance, you’ll want to quit before buying to make sure you get lower rates.

This same thinking applies for alcoholics. The insurance company will be taking a higher risk of having to cover health costs for an excessive drinker.

It’s a higher risk for the insurance company to provide insurance to people who aren’t in good health.

Do high-risk occupations affect life insurance?

There are some jobs that could raise your life insurance premiums. Multiple occupations are considered high-risk by life insurance companies.

Some of these jobs include:

• Pilot
• Firefighter
• Police officer

Those occupations are considered high-risk because they have an increased risk of death or serious accidents. That means that the life insurance company will be at a higher risk if they decide to insure you.

Does veteran & active military status affect life insurance?

Military service members are considered high-risk because of their occupation. It’s not impossible for active military or veterans to get life insurance though.

There are extra factors that will be considered if you have active military status. Where you’re located and the duties that you have for your occupation will be assessed. There are people with some military jobs who are denied coverage.

Military service members are automatically issued coverage from Servicemembers’ Group Life Insurance. The military does have burial and memorial benefits for veterans or soldiers. (For more information, read our “Life Insurance for Disabled Veterans“).

If you are a veteran, you may be eligible for life insurance for veterans through the VA’s benefits.

These benefits can range from a burial at Arlington National Cemetery to a free headstone or a cash allowance for final expenses.

What are the top life insurance companies by market share?

To find the best no waiting period life insurance company, start with the top companies. Like every industry, not all life insurance companies are created equal. The top five life insurance companies are:

1. Northwestern Mutual
2. MetLife Life Insurance
3. AARP (New York Life)
4. Prudential Financial
5. Lincoln Financial

The market share of a company is the total industry sales over a fiscal year divided by the company’s total revenue of sales. Take a look at this table for market share of the 10 largest insurance companies in the country.

Checking credit ratings is a great way to find out if the company you’re interested in is stable and legitimate. The most common rating companies are A.M. Best, the Better Business Bureau (BBB), Fitch Ratings, Moody’s, and Standard & Poor’s (S&P).

A.M. Best’s rating scale is called the Financial Strength (FSR) Scale. The scale is composed of rating symbols and rating notches.

The rating symbols are A+, A, B+, B, C+, C, and D. The rating notches are an additional + or – added to the rating symbol. The company determines its rankings from research, both written and statistical.

The Better Business Bureau has a detailed rating system with ratings on a scale of A+ to F. The company compiles information from public and business data sources to record business complaints.

Fitch Ratings has multiple ratings that they award. Take a look at this table to see a summary of the company’s rating structure.

They also use rating notches in the form of an addition of a + or -.

Moody’s offers multiple types of ratings.

Standard & Poor’s (S&P) also has many rating categories.

Let’s look at the top five companies and their credit ratings.

These rating companies make it easy to decide whether you’re willing to buy insurance from a company.

Northwestern Mutual has very good ratings. A.M. Best gave the company an A++. The Better Business Bureau gave it a rating of an A+. Fitch Ratings awarded the company a rating of AAA. Moody’s gave a rating of Aaa. Standard and Poor’s (S&P) rates it an AA+. (read our “AAA Life Insurance Review” for more information).

MetLife also has great ratings. A MetLife life insurance review reveals positive findings. A.M. Best awarded the company an A+ from its rating system. The Better Business Bureau gave it an A- rating. Fitch Ratings awarded the company an AA- rating. Moody’s rating system gave MetLife an Aaaa. Standard & Poor (S&P) rated the company an AA-.

New York Life is a well-known company. You may know them as AARP, and life insurance with no waiting period is one of their specialties.

A.M. Best gave New York Life Insurance Group a rating of A++. The Better Business Bureau rated it an A+. Fitch Ratings gave the company an AAA rating. Moody’s rated the company an Aaa. Standard & Poor’s (S&P) rating for the company is an AA+.

Comparing New York Life’s rates versus the average life insurance rate is a great way to see if the company has affordable rates. Take a look at this table for rates.

As you can see, a New York Life life insurance review reveals slightly above-average rates.

Prudential Financial is a respected life insurance company. A.M. Best gave Prudential Financial a rating of A-. The Better Business Bureau rated it a B-. Fitch Ratings gave the company an A+ rating. Moody’s rated the company an Aaaa. Standard & Poor’s (S&P) rating for the company is an A.

Comparing Prudential Financial’s rates against the average life insurance rate is a productive way to see if the company is an affordable option. Take a look.

As you can see, a Prudential life insurance review shows that their financial’s rates are higher than average.

Lincoln Financial has above-average ratings. A.M. Best gave Lincoln Financial a rating of A+. The Better Business Bureau rated it an A-. Fitch Ratings gave the company an A+ rating. Moody’s rated the company an Aa. Standard & Poor’s (S&P) rating for the company is an AA-.

Comparing Lincoln Financial’s life rates against the average life rates (as we did in this table) will allow you to determine how reasonable the company’s rates are.

Like with the other companies we’ve looked at, Lincoln Financial’s rates are also above-average.

Honorable Mentions

AIG life insurance is affordable and offers life insurance with no waiting period.

Colonial Penn life insurance for seniors offers a no waiting period and no exam feature.

Globe Life is also a highly rated company that offers life insurance with no waiting period. Globe life insurance has no waiting period on most policies.

What are the average male versus female life insurance rates?

There will be a difference between male and female insurance rates. This is because men pay higher rates for life insurance than women do.

A 35-year-old male will have a higher rate than a 35-year-old female. Men have a shorter life expectancy, so they are considered a higher risk to insure, and their rates are higher. Take a look at this table to see what we mean.

MassMutual and State Farm are the cheapest options in comparison to the average life insurance rates.

Read more:

• AIG vs. MassMutual Life Insurance
• Massachusetts Life Insurance
• MassMutual Life Insurance Review

Ready to find life insurance with no waiting period?

Ready to buy no waiting period life insurance? It’s important to shop around for life insurance. There are multiple ways to get lower rates and increase coverage. Now that you have a basic understanding of life insurance, are you ready to apply?

Click our free life insurance quote tool to get started comparing no waiting period life insurance quotes.

Exploring No-Waiting-Period Life Insurance: Real-Life Case Studies

Case Study 1: John’s Immediate Coverage With Term Life Insurance

John, a 35-year-old professional with a young family, recently realized the importance of life insurance. He wanted to secure immediate coverage without any waiting period. After considering his options, John decided to opt for a term life insurance policy.

The policy offered him coverage for a specified term of 20 years, during which his family would receive a lump-sum payment in case of his untimely demise.

Since John was in good health and didn’t have any risky habits or occupations, he was able to secure the policy without the need for a medical exam or any waiting period. This provided him with the peace of mind he sought, knowing that his family would be financially protected in the event of his passing.

Case Study 2: Sarah’s Burial Insurance With No Waiting Period

Sarah, an 80-year-old retiree, wanted to ensure that her final expenses were taken care of without burdening her family. She decided to explore burial insurance options, which offer immediate coverage with no waiting period.

After researching different policies, Sarah found a suitable burial insurance plan that provided her with a modest coverage amount to cover funeral costs and other end-of-life expenses. The policy did not require a medical exam, making the application process quick and hassle-free for her.

With the policy in place, Sarah had peace of mind knowing that her loved ones would not have to worry about the financial aspects of her final arrangements.

Case Study 3: Michael’s Lifetime Protection With Whole Life Insurance

Michael, a 45-year-old business owner, wanted life insurance that would offer lifetime protection without any waiting period. He considered various options and decided on a whole life insurance policy.

The policy not only provided immediate coverage, but it also offered a cash value component that would grow over time. This cash value could be accessed in the future for emergencies or to supplement his retirement income.

Michael underwent a medical exam, but due to his overall good health and lifestyle, he was quickly approved for the policy. The certainty of lifelong coverage and the potential for building cash value made whole life insurance an ideal choice for Michael’s long-term financial planning.