2021 Shock Alert: Life Insurance no Waiting Period (Secrets Revealed)

life insurance no waiting period

Have you been trying to find a Full Life Insurance Coverage Policy for seniors with no waiting period to give you day one protection? In this article, we will clearly lay out how it can be done and how it can’t be done.

First, the good news getting a final expense full coverage policy with life insurance, no waiting period is 100% possible—no waiting time meaning that you are covered day one.  You make a single payment, and your loved ones get the full benefit (for example, $10,000). 

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It’s also possible that you will have to wait for 2 years.  In other words, you will have to make monthly payments for 2 years before the full benefit goes into effect.

What Is Guaranteed Acceptance and How It Works?

Guaranteed life insurance no waiting period

As its name suggests, the guaranteed life insurance with no waiting period ensures that the provider won’t reject your application. It has no medical exams or health questionnaire either. Even if you have a debilitating health condition, you can get an insurance policy with a guaranteed acceptance plan. 

To qualify for this policy, you need to apply and pay slightly higher premiums every month. Also, there’s a waiting period that comes with this policy.

Will You Get Life Insurance With No Waiting Period? 

Well, Day ONE coverage is possible, and I would say 80-90% of all policies we right go fully into effect the very day you make that first payment.

Here is the really good news.  Insurance companies don’t expect you to be perfect.  They know old folks have a lot of wear and tear on their bodies, and they know that you will rarely find someone that is perfect.  Or even close to perfect for that matter.

Folks are beaten up.  They take pills … Maybe they even had cancer 4 or 5 years ago.

Insurance companies know this, and they are willing to accept it and give instant or same-day approval and full coverage right off the bat.

Who Can Apply for This Policy?

Life insurance no waiting period

Life insurance with no waiting period works best for people with terminal illnesses, chronic diseases, permanent disability, cancer, or anyone who does not want to take a medical exam. 

If you want to buy a policy to cover a parent’s burial expenses, you may choose a no waiting period life insurance for seniors. It is available for people aged 50-80, even if they are declined for traditional whole life insurance.

Does Life Insurance Offer Immediate Coverage?

Getting immediate coverage depends on the carrier and type of policy you buy. Normally, you will get a waiting period with a guaranteed acceptance plan. Years ago, insurance companies learned that if they gave Guaranteed Issue to folks with NO medical questions, unsavory agents would head out to the local hospice and sign up folks on their deathbed.  They would make one payment … drop dead … and the insurance company would be on the hook for the full balance.

So, along came the two year waiting period.  You would show that you are sincere about having coverage, but you would have to make 24 payments before that coverage would go fully into effect.  Now, this two-year rule is not the end of the world, as insurance companies are very decent and return any payments you might have made to your loved ones. 

However, insurers also try to minimize their risks by disqualifying some specific medical conditions from a no-waiting period. These health conditions include:

  • You have a terminal illness and have less than 2 years to live
  • Hospice Care
  • If you CURRENTLY have active cancer
  • Dialysis
  • Nursing home, hospice, etc.
  • Organ transplant that has been recently done or will be done
  • Dementia
  • Heart attacks are typically accepted, unless it has occurred in the last 12 months
  • Stroke last 12 months
  • Heart Surgery last 12 months
  • Insulin shock/diabetic coma last 24 months

Do You Need to Undergo a Medical Exam for Life Insurance Without a Waiting Period?

Medical Exam for Life Insurance Without a Waiting Period

There may be no medical exam and health questions to answer when buying a guaranteed acceptance life insurance with no waiting period. As long as your age is within a specific category, you will get the insurance.

However, other policies need a medical exam and some health questions that you must answer honestly. Please do not lie about your health history as it may lead to the cancellation of your policy or exorbitant premiums. 

Sometimes, you may find a policy that doesn’t require a medical exam, but you still have to answer the health questionnaire. The underwriters use your answers to review your medical history and determine the risks of insuring you. 

What Are the Waiting Periods for Guaranteed Acceptance Plans?

Most of the insurers include a waiting or qualifying period in their plans to reduce their risks. The company will use this time to analyze your health profile, and it withholds your death benefits during the waiting period. 

If you were to die within these 24 months, your beneficiary or survivor wouldn’t get the full payout from your policy. They will only receive a premium refund with a small interest. You will receive the full benefits only if you survive the waiting period. 

Insurers use this clause to minimize their losses. They don’t have to payout to insured people with terminal illnesses, suicidal tendencies, or those who pass away immediately after buying the policy. In a nutshell, guaranteed acceptance with a waiting period is a safety net for the insurer. 

What Are the Types of Life Insurance Without Waiting Periods?

If you want to buy guaranteed life insurance with no waiting period, you have two main options- whole life and term life insurance.

Term Life Insurance

It offers coverage for a specific time that maybe 10, 20, 30, or 40 years. The policy can offer level, increasing, decreasing, renewable, or convertible benefits. Level insurance provides fixed premiums throughout the term, but the coverage amount may increase. Increasing term insurance allows you to buy lesser coverage at reduced premiums.

But, the amount of coverage will increase at predetermined periods. Renewable term insurance extends the coverage for a specific period without any need to re-qualify for a new plan. In contrast, the convertible insurance policy can be turned into permanent term life insurance no medical exam no waiting period during a specific period without any medical exam. 

Whole Life Insurance

This policy provides coverage for your lifetime with options to buy traditional plans, universal life insurance, guaranteed universal coverage, variable life insurance, or variable universal insurance. Each of these plans has specific features that you can discuss with your insurance agent to make the right selection. 

Whole life insurance policies, in general, offer full coverage from day one with a consistent face value. The payments never increase, and you will never outlive the policy. As long as you pay your premiums regularly, your life insurance with no medical exam, no waiting period will stay in force.

Burial and Final Expense Insurance

Irrespective of whether you wish to be cremated or buried, the expenses of your funeral can be exorbitant. You will not only pay for the memorial service and casket. There will be other expenses like embalming the body for burial, burial vaults, flowers, and transportation for the family. 

Caskets alone can cost from $2000 to $10,000. The average funeral costs may go up to $8,000 to $10,000 in most of the states. Hence, buying burial or final expense life insurance with no medical exam no waiting period makes a lot of sense. It will help your loved ones give you the funeral of your choice without any additional stress or financial burden. 

Some burial insurance policies also have riders or supplemental benefits that come with additional payments. 

Common Riders Available with Burial Insurance

Accelerated Death Benefits: If you buy this rider, you may get death benefits before you pass away.

Accidental Death Benefits: If the insured person dies in an accident, this rider will increase the death benefits. It also increases the payout if an insured loses a limb in an accident.

Guaranteed Insurability: With this rider, you may get insurance even if your health declines immediately after the policy.

Disability Income: This rider pays off the insured person if they become disabled during the policy’s term.

Return of Premium: With this rider, your premiums will be returned at the end of the policy term to you or your beneficiaries upon your death. The premiums are marginal during the policy term.

How Can You Qualify for Guaranteed Insurance with No Waiting Period?

No waiting period life insurance

When you apply for insurance coverage, the carriers conduct underwriting to assess their risks if they insure you. They ask a few questions to determine your lifestyle, health, and risk class.

The questions are divided into four main categories for assessing:

  • Your personal profile
  • Lifestyle
  • Policy requirements
  • Medical history

Personal identification questions include inquiries about your name, address, job title, employer, and social security number. 

Lifestyle questions may ask:

  • Do you have any drinking habits?
  • What is your driving record?
  • Do you abuse drugs or smoke?

For medical history, the company will ask about the medications you take, current or past diagnosis, and your family’s medical history. 

Finally, the policy questions revolve around the type of policy you need, the coverage you are applying for, and how much income you’ll need.

Depending on your answers, underwriters will put you in a specific risk class determined during the process.

What Are the Risk Classes and How Are They Determined?

There are six main risk classes determined based on your health, personal profile, lifestyle, and habits. Here are these qualifications with details:

Risk ClassesQualifications
PreferredFor non-smokers with no health issues. High blood pressure and high cholesterol are included in this classification. Also, it allows a slightly over-average weight and height.
Preferred PlusAllows non-smokers with superior health, no chronic illnesses, and no family history of death before 60 due to cancer or heart problems. Height and weight should be average. 
StandardNon-smokers with average health and normal life expectancy. Minor issues allowed, and height/weight can be above average. Accepts elevated blood pressure and cholesterol lab results.
Standard PlusNon-smokers with average health, while height and weight can be above average.
SubstandardIt is meant for high-risk individuals who may be obese, have major health issues, or below-average life expectancy.
SmokerThey are put under a specific category with a separate classification. It includes smokers and tobacco users.

How to Shop for Life Insurance with No Medical Exam No Waiting Period?

Your local insurance agent probably deals with only ONE. 

You have zero flexibility with them.  Now, why would they only handle one product?  Good question, but the answer is simple.  In the insurance industry, there is something known as being a captive agent.  A captive agent works for an insurance agency (State Farm, for example).

An agent wants to be captive because they get paid a salary, have an office provided to them, and don’t have to pay for leads.  It is a sweet deal for those with limited skills.

On the other hand, we are totally independent.  We only answer to two groups: 

  • You-Our Clients
  • Insurance companies.

They want us to represent them well, so we always have to be honest and straightforward with our clients to keep both sides happy. These are checks and balances that actually work for your benefit.

We can deal with any carrier we want.  And the prices and terms can swing wildly.  For example, we have seen Final Expense Burial coverage that costs $130 per month from one carrier and only $43 a month for the same coverage.

What Factors May Determine Your Life Insurance Rates?

Several factors can affect your policy’s rates, especially if you are looking for a guaranteed acceptance life insurance with no waiting period. These include:


Men normally get higher insurance premiums than women due to their lower life expectancy. 


While younger people get lower premiums, seniors have to pay more due to their age alone. That’s because a 20-year-old has a higher life expectancy than a 60-year-old woman. 

Health and Family’s Medical History

Your current health and family history can also change life insurance quotes. Whether you have any preexisting conditions, heart disease, diabetes, cancer, stroke, or high blood pressure, you’ll have to pay higher premiums. Some conditions are hereditary, so if any of your family members had those conditions, you would fall under the high-risk category. 


If you have an average weight, you will get lower premiums than obese or overweight people. This is because the weight directly relates to high cholesterol, high blood pressure, and chronic issues like diabetes.

Risky Habits

Sometimes, risky habits or behaviors can also increase your life insurance premiums. For example, if you drive recklessly, smoke, binge drink, or indulge in skydiving-like activities, it will increase your premiums. If you are a smoker, alcoholic, or tobacco user, some companies may allow you time up to 12 months to quit your habits and get lower premiums.

High-Risk Occupations

Some occupations like firefighter, pilot, or police officer also put you in the high-risk category due to increased chances of death or life-threatening accidents. 

Finding the Top Insurance Companies for Guaranteed Acceptance

Life insurance policies with no waiting period

Depending on the market share, ratings, and products, you can choose the best providers to buy your life insurance with no medical exam no waiting period. You can start by checking the credit ratings of top insurers. Use rating providers like Fitch, BBB, A.M. Best, Moody’s, and S&P as the bases for this comparison.

CompaniesA.M. BestBusiness BureauFitch RatingsMoody’sS&P
Northwestern MutualAA+A-AAAAaaAA+
New York Life GroupA++A+AAAAaaAA+
Prudential FinancialA-B-A+AaaaA
Lincoln FinancialA+A-A+AaAA-

Depending on these parameters, the leading five insurance companies in the market are:

Northwestern Mutual 

The company has A++ ratings from A.M. Best, A+ from BBB, AAA from Fitch, Aaa from Moody’s, and AA+ from S&P.


As one of the best insurers in the market, MetLife is awarded A+ by A.M. Best, A- by BBB, Aaaa by Moody’s, AA- by Fitch, and S&P.


Non-Smoker Age, Marital Status, & GenderAARP Annual RatesAverage Annual Rates
25-Year-Old Single Female$158.00$164.50
25-Year-Old Single Male$152.00$183.61
35-Year-Old Married Female$164.00$170.47
35-Year-Old Married Male$160.00$190.40
45-Year-Old Married Female$262.00$247.50
45-Year-Old Married Male$245.00$274.59
55-Year-Old Married Female$414.00$417.01
55-Year-Old Married Male$696.00$543.23
65-Year-Old Single Female$924.00$589.76
65-Year-Old Single Male$1,416.00$1,308.00

AARP or New York Life is a famous insurer that specializes in guaranteed insurance with no waiting period. The company received an A++ rating from A.M. Best, A+ from BBB, AAA from Fitch, Aaa from Moody’s, and AA+ from S&P.

Lincoln Financial

Non-Smoker Age, Marital Status, & GenderLincoln Financial
Average Annual Rates
Average Annual Rates
25-Year-Old Single Female$187.00$164.50
25-Year-Old Single Male$231.00$183.61
35-Year-Old Married Female$191.00$170.47
35-Year-Old Married Male$238.00$190.04
45-Year-Old Married Female$239.00$247.50
45-Year-Old Married Male$283.00$274.59
55-Year-Old Married Female$435.00$417.01
55-Year-Old Married Male$615.00$543.23
65-Year-Old Single Female$903.00$898.76
65-Year-Old Single Male$1,577.00$1,308.00

The company offers several guaranteed insurance plans with slightly higher premiums and above-average ratings. It gets A+ from A.M. Best, A- from BBB, A+ from Fitch, Aa from Moody’s, and AA- from S&P.

The Differences between Male and Female Insurance Rates 

Men have to pay higher premiums than women due to their shorter life expectancy and higher risk to insure. Here is a breakdown of average insurance rates for non-smokers based on their age, gender, and marital status.

Age,Married/Single & GenderAARPPrudential FinancialLincoln FinancialMassachusetts MutualAegon /
John HancockState FarmAverage Annual Rates
25-Year Single Female$158$195$187$132.$164$173$143$165
25-Year Old Single Male$152$237$231$147$176$178$164$184
35-Year Married Female$164$196$191$137$161$178$166$170
35-Year Married Male$160$248$238$151$171$190$175$190
45-Year Married Female$262$314$239$209$229$242$238$248
45-Year Married Male$245$378$283$230$255$292$239$275
55-Year Married Female$414$496$435$373$453$407$341$417
55-Year Married Male$696$584$615$451$527$533$396$543
65-Year Single Female$924$941$903$763$1,139$937$684$898
65-Year Old Single Male$1,416$1,412$1,577$1,049$1,367$1,380$955$1,308

How Can Insurance for Final Expense Help?

Considering the various factors and underwriting processes, only about 15% of the folks we deal with end up in the Guaranteed Issue 2 year waiting period coverage.

And again, that’s not the end of the world, because the two years go by fast.

Surely we can all understand that the insurance companies do not want to give FULL coverage to someone who has just had a heart attack or is in hospice. But the time is now! Call to get your guaranteed life insurance with no medical exam no waiting period, and ensure that your loved ones will be at peace.

Gary P. Cubeta
(Serving Americans In All 50 States)