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Life insurance offers valuable coverage for loved ones once approved, but the underwriting process takes time, especially if the policy requires a medical exam. In some cases, applicants may need coverage more quickly without opting for a no-exam policy. Temporary life insurance can help fill this gap, with coverage for the applicant until they receive an official life insurance offer. Below, we’ll discuss how temporary life insurance works to help you decide whether to purchase it while waiting for your official policy approval.
Temporary life insurance is a short-term policy you can purchase from an insurer while waiting for them to finish underwriting and finalizing a review of your policy application. If you pass away during the application, generally your assigned beneficiaries should receive the temporary policy’s death benefit. The death benefit will generally be equal to your policy’s death benefit.
The application process for traditional life insurance policies can take up to four to six weeks, depending on policy type and coverage amount.1 Applying for a temporary policy can help the applicant obtain coverage after the exam, while the insurer underwrites and processes their official policy decision.
Temporary insurance generally lasts up to 90 days, giving the insurer enough time to review your policy application without you losing coverage, if you're approved. However, temporary life insurance coverage may expire earlier in several scenarios:2
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Temporary life insurance premiums may be the same as the insurer’s quoted premiums.1 These will also be your official policy premiums if the underwriter finds no significant information that would impact premiums.
For example, if your insurer quoted you $40 per month for your official policy. The insurer will likely charge $40 per month for the temporary policy. This could make it easier to budget for coverage since you may not have to adjust your expectations to a different payment amount.
Here are some instances where getting a temporary life insurance policy may make sense:
Life insurance applications can take time. Fortunately, temporary life insurance can offer coverage and added peace of mind while the insurer finishes underwriting your actual policy application. To learn more about life insurance and explore your options for long-term coverage, speak with an Aflac agent today.
1Policygenius - Temporary life insurance: What is it & how does it work? Updated February 1, 2024. https://www.policygenius.com/life-insurance/what-is-temporary-life-insurance/. Accessed May 9, 2024.
2Forbes - How To Get Temporary Life Insurance When You Buy Coverage. Updated June 8, 2022. https://www.forbes.com/advisor/life-insurance/temporary-life-insurance. Accessed May 9, 2024.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One Insurance | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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