Instant, online term life insurance

Summary: A newer way to buy no-exam life insurance is by using a company such as Haven Life or Ladder that offers instant approval and a process that can be entirely online. It’s possible to get a policy in 10 or 20 minutes, especially if you’re younger than 60 and healthy.

These “fully underwritten” policies can offer competitive pricing because they use medical and personal information, and an algorithm that calculates price.

What to know: These companies will quickly calculate a premium based on personal data pulled from MIB, your motor vehicle report, prescription drug databases and other sources. You could still be asked to do a medical exam if the company wants more information or you request a high amount of coverage.

Policies are available up to $8 million, depending on the company.