Last updated: September 11, 2024
Getting approved for life insurance coverage can sometimes take up to three months, especially if medical examinations are required. For added security during this waiting period, you may be eligible for temporary life insurance coverage.
What is temporary life insurance?
Temporary life insurance is instant, temporary coverage you get while waiting for underwriting to complete the review of your life insurance application, and only after you’ve paid your first premium. You’ll remain covered until the review of your insurance application has been completed.
It’s designed to offer some coverage in case you die while your application is being reviewed. Temporary coverage is available for life insurance plans like term life insurance or permanent life insurance.
Note that temporary coverage provides coverage equal to the amount you applied for or up to $1 million, whichever is less.
What are the benefits of temporary life insurance?
Instant coverage
You’re covered immediately after you sign your life insurance application and pay your first premium.
Peace of mind during the application process
You’re covered from when you apply until your application for life insurance is approved or denied.
Frequently Asked Questions
What is the cost of temporary life insurance?
The cost of temporary life insurance depends on the policy you are applying for as well as other factors. The premium that you pay for temporary life insurance will be based on your initial life insurance quote.
If you decide not to accept the policy or if your application is denied, any paid premium will be returned to you.
What happens if you die while your application is in process?
If you were to die while your application is under review, your beneficiaries would be eligible to receive the death benefit.
The amount they get would be the same as the amount of life insurance you applied for , or $1 million, whichever is less.
How long does temporary life insurance last?
There are several factors that can dictate how long your temporary coverage may last. You’ll stop receiving temporary coverage if any of the following occur:
- We’ve approved your application, and your insurance is now in effect.
- Your application was denied.
- It’s been 90 days since you submitted your insurance application.
- You’ve written to us with a request to cancel your application.
- We’ve given you an insurance offer, but you’ve declined.
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This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.