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If you need guaranteed life insurance (no medical exam), benefits may not payout for 2 years. If you die within 2 years, your loved ones may only get a return of the premiums you paid plus a small percentage.

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What if that’s not enough? Can’t you insure your loved ones even if you die in less than 2 years?

The good news is you can with no waiting period life insurance.

But how does it work, who qualifies, and what’s the cost?

What is Life Insurance with no Waiting Period?

The waiting period may defeat the purpose of some people buying life insurance. If you know, you’ll die in the next couple of years, spending the money on premiums and knowing your loved ones won’t get the full payout isn’t worth it.

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But life insurance with no waiting period has a catch.

You must answer health questions to get covered. In other words, you can’t get guaranteed coverage that doesn’t require a medical exam OR health questions. You must let the insurance company underwrite you by answering the questions they have about your health.

How Does it Work?

If you don’t have any conditions that insurance companies consider ‘risky’, you can get a policy with no waiting period.

Here’s what they consider risky.

  • Cancer
  • Alzheimer’s
  • Heart issues
  • Organ transplant
  • Kidney failure
  • Any terminal illness
  • Live in a nursing home
  • Chronically ill
  • In hospice

If you don’t have any issues the insurance company considers ‘risky’, you could get insurance immediately with no waiting period.

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Before they insure you, the insurance company will check various databases to ensure the information you provided is legit. They will look at your prescription drug history, motor vehicle record, and the Medical Information Database to ensure you are healthy and don’t have any of the risk factors that would hold you back.

If you pass all of this, you can get instant life insurance.

This means you have coverage from day one. If you die 3 months later, your loved ones will get the entire payout, not just a return of premiums. This assumes you were 100% honest on your application and didn’t lie. If the insurance company suspects any fraudulent activity, they won’t payout on the policy, and there could be legal consequences.

How do I get Instant Life Insurance?

Many companies like Haven Life, State Farm, Erie, and Bestow offer instant life insurance. Each company has its requirements, though.

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Some require online health questions; others require an interview over the phone. They all typically check their resources to ensure you are at a good risk.

Here’s the crazy thing.

The insurance process is the same as it is for any other life insurance policy. You complete an application and do what the insurance company says. They’ll underwrite your application and come up with an answer.

If they decide you’re a good candidate for instant life insurance, you pay your premium immediately and have coverage. Make sure you name your beneficiaries so the right people receive the payout. You can always change them down the road should something change.

What are the Benefits?

  • Coverage starts on day one of the policy
  • You don’t need a medical exam
  • Your premium payments won’t increase
  • It’s a whole life policy
  • The death benefit is guaranteed as long as you pay your premiums

What are the Downsides?

  • The premiums are higher than policies with a medical exam
  • You won’t qualify if you have any major health conditions
  • The coverage amount is lower than at traditional whole life policy

Who is it Best For?

No waiting period life insurance policies are best for seniors who need final expense insurance. You may need insurance coverage if you’re over 80 years old and don’t have money saved for your loved ones to cover your final expenses.

If you aren’t ill with any of the issues mentioned above but worry about how much time you have left, you may not want a policy with a waiting period.

It would be crazy to pay for insurance only to die a few months short of the waiting period and your loved ones not getting the full benefit. Then what?

They’re left with a return of premium and not enough money to cover your final expenses.

No waiting life insurance ensures you get a policy with a full payout no matter when you die. It’s the best way to protect your loved ones financially, so you don’t leave them with the cost of your final expenses.

Final Thoughts

Should you get life insurance with no waiting period?

You’ll pay for it in the premiums, so think long and hard before you do. It’s a great way to ensure your loved ones have money for your final expenses, but only get it if you have to.

If you can withstand the two-year waiting period on a guaranteed life insurance policy, or better yet, you can undergo the medical exam and get life insurance right away and not worry about waiting periods, you’ll pay less.

But, if it’s your only option and you need the peace of mind of knowing your loved ones are covered, no waiting life insurance can be the way to go.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.