What is the cheapest life insurance with no waiting period?

Term life insurance is generally the cheapest type with no waiting period. Many accelerated-underwriting and no-exam term policies cover from day one, while guaranteed issue policies, the easiest to qualify for, pay a reduced graded benefit if death occurs in the first two to three years. One no-exam insurer's August 2026 sample data showed a healthy 30-year-old woman paying a low monthly premium for a mid-six-figure, 20-year term policy; rates rise with age, term length, and coverage amount.