Thanks to technological advancement, finding the best online life insurance companies became easier. With this, especially with insurance companies that provide easy access to purchasing policies, more and more people become more interested in getting insurance for themselves and their families.
Let’s face it, not a lot of people find scouting for an insurance company a fun thing to do. Needless to say, some people are not into getting insurance at all. While other people find it essential to have one, others do not get the point of having one.
Yes! This is true! Even in a progressive country like ours.
For one, in data published by the United States Census Bureau, it says that “In 2018, 8.5 percent of people, or 27.5 million, did not have health insurance at any point during the year. The uninsured rate and number of uninsured increased from 2017 (7.9 percent or 25.6 million).“
Meanwhile, in the 2019 Insurance Barometer Study conducted by Life Insurance Marketing and Research Association (LIMRA) and Life Happens report regarding life insurance in the United States, it says that “the percent of U.S. adults who own life insurance has ranged between 63% and 57%.“
But here’s the thing, in the same study, they found that “almost half of Americans (47%) say they’re more likely to buy life insurance using simplified underwriting versus traditional underwriting approaches.” This gives us the impression that one of the reasons why Americans do not seem to have an interest in buying insurance is because of the process.
As you know, the traditional underwriting approach is quite long and sometimes people find it a hassle. Unlike the simplified ones, which is very much prevalent these days, some companies could even provide an underwriting in just a few seconds. Do you see the difference?
Anyway, with that, we are giving you some of the best online life insurance companies today. This will hopefully give you an idea of which company or companies you can trust when it comes to your hard-earned money. Of course, making sure benefits are also well-taken into consideration.
Having said that, here are our top 9 best online life insurance companies:
- Haven Life
- Banner Life Insurance
- Globe Life Insurance
This time around, let’s go in a more detailed description of each. We are going to give you a few reasons why these companies are among the bests in the industry.
Let’s start with –
Bestow is an all-online insurance provider. This means you complete your application entirely online. After that, third-party sources will handle the verification of the information you provided. Unlike traditional insurance companies, Bestow does not require a medical exam, which is also one of the things that turn off people when it comes to insurance.
Anyway, like most online insurance platforms, Bestow offers term life insurance. The company provides policies of up to $1 million with very flexible terms. They’ve got 2, 10, and 20 years. You basically just have to choose which one suits you.
Of all the terms, we find the two-year term very interesting. You can use this for different cases like when you are transitioning between jobs, and that you only need the coverage for a short period of time. Another scenario is when you are new parents and have to deal with a few changes in your life. For this particular term, the maximum death benefit is $500,000, which we find very reasonable.
There are so many things to like about Bestow, but we thought one of the major pros of the company is its low-cost and fast application process. Since they no longer require a medical exam, the policy can be provided very quickly. Now, for those who are not perfectly healthy, Bestow may still provide you a policy. However, except that it may come with a higher monthly cost, which we find very reasonable as well.
Fabric Life Insurance is another online term life insurance company. They focus on providing level term life insurance without the need for a medical exam. This goes along with other estate planning support like wills.
Unlike other insurance companies in this list, Fabric is relatively newer to the industry. However, they offer policies issued by Vantis Life, which is a Penn Mutual Company (established 1874).
Fabric offers a very quick online application process — they say, in just 10 minutes, you’re done. That’s pretty quick, right?
Anyway, the company offers 10-year, 15-year, as well as 20-year term life insurance coverage that ranges from $100,000 up to $5,000,000.
What makes Fabric unique from other online insurance providers is the fact that they do more than what you expect from a life insurance company. Fabric also helps build a will for free. In addition, they also help organize their clients’ financial as well as legal information using their tools. This only means that if you are someone who’s starting from nothing, Fabric will absolutely help you to get started.
Just like the previous two insurance companies, Ladder also provides term life insurance policies. However, they are particularly offering such to applicants aged 20 to 60 years old.
To be able to offer policies to their clients, Ladder partnered with another well-known company in the insurance industry — SoFi.
Like the other two, the Ladder is also a pure online life insurance platform. They have salaried agents who customers can talk to should they have questions regarding the processing of policies, or about their policies itself.
Having salaried agents is actually one of the plus points of the Ladder as this only means how much they value their customers/clients. Needless to say, since they are salaried, you are assured that they will give you the right answers should you have questions because that’s their job, and not merely because they are incentivized to sell you policies.
Ladder offers policies that are issued by Fidelity Security Life Insurance.
Now, one of the pros of Ladder, which we find really unique is that once your policy is in effect, you are given the ability to decrease your coverage. What does this mean? For instance, you have already paid off your mortgage, and because of that, you feel like you need less coverage already. You can actually do it. You can decrease the death benefit. Likewise, if you feel like you have more than enough to add more coverage, you may also do it.
Apart from New York, Ladder is available in all the other states in the country. The company offers terms that range from 10 to 30 years. While in some cases they may require a medical exam, most of the time, they don’t. Yes, the medical exam is a case-to-case basis, which we find pretty awesome.
Policygenius is very popular. In one way or another, you have probably encountered this company already.
Anyway, Policy genius is tagged as an online life insurance aggregator. This means they give users access to various insurance providers.
The company acts as an insurance broker, which gives you an opportunity to look for the best, needless to say, the cheapest life insurance policies available.
To do so, you only need to complete a single online application. With that, you will receive quotes from different insurance providers.
One thing to like about Policygenius is that it offers larger policy amounts. The company offers term life insurance that ranges from $500,000 up to $10 million. With regard to the terms, it can be as long as 30 years.
Unlike the previous companies we mentioned, Policygenius is not limited to life insurance alone. You may also purchase insurance for the following: home, renters, auto, disability, as well as pet insurance.
With regards to how long the process will take, that will depend on the insurance company that you chose. In some cases, insurance providers may require a significant amount of time, while others do it quickly.
Before we move on to the next, here’s a quick tip on strategies for saving money on life insurance from no less than, Policygenius. Watch the video by clicking the play button below:
Haven Life is a record-breaker. Yes, you read it right. That is because they are the only online life insurance agency that offers an online application.
Haven Life’s underwriting algorithms work using third-party verification sources. Thus, policy approvals can sometimes be made in just a few minutes.
Furthermore, Haven Life offers term life insurance policies only. These policies are issued by Haven Life’s mother company MassMutual.
With Haven Life, they offer death benefits that range from $100,000 up to $3 million. However, it is important to note that the policies they offer are only good for applicants who are 64 years old and below. Also, another thing to keep in mind, Haven Life limit policies to $1 million for clients who are 60 years old and up.
Unlike the previous companies, most of Haven Life clients need to undergo a medical examination for coverage and rate to be finalized. There are cases though when applicants are eligible for the InstantTerm process, which means they no longer need to take a medical exam. If you need a medical exam, expect that this will slow down the processing of your policies for two to three weeks depending on when you will undergo the medical exam.
Haven Life provides low-cost medically underwritten term life insurance. This means that it takes into account much healthy information to be able to determine your eligibility as well as your price.
Generally, it’s a good thing for applicants as these results in the best pricing. Just a piece of advice, if you are someone who has chronic health conditions, medically underwritten coverage may not be perfect for you.
Some of you may have heard of Esurance already especially if you once looked for car insurance. Esurance is popular in the car insurance industry. However, what some people do not know about is that they also offer online life insurance.
Just like what the company has become known for, they make getting a quote for life insurance online a breeze.
Compared to the ones on this list, Esurance provides a full range of life insurance products, which include the term, whole, as well as universal.
The thing about Esurance though is that for most of the more complex policies, you will be required to talk to a life insurance agent to be able to complete the whole process. Having said that, it’s pretty obvious that in some cases, rather, depending on the policy, we cannot consider Esurance as an all-online insurance provider.
Nevertheless, we got to include it as one of the bests for what it offers.
By the way, Esurance is a subsidiary of Allstate Insurance Company. The said company is known as one of the largest and best-known companies in the industry.
Talk about the oldest in the insurance industry. That has to be Prudential.
Being one of the oldest life insurance companies, it is not surprising that Prudential offers a complete set of every insurance policy available. Just a quick disclaimer though, not all of these policies are available online.
What they do offer online is a term life insurance policy, which is known as SimplyTerm. This policy is available in coverage of up to $500,000. Prudential’s term life insurance policy is available in three different terms — 10 years, 20 years, and 30 years.
The reason why we had to include Prudential in our list is that compared to other online options we have on this list, Prudential has the least flexibility. At the same time, it also has the lowest maximum policy available.
The thing though about Prudential is that the company wants you to move beyond online policies. They encourage you to talk to an agent who can provide you with quotes on the different products that they offer.
BANNER LIFE INSURANCE
Banner Life Insurance is owned by Legal and General America. The company offers both whole and universal life insurance, apart from term life insurance. The company offers terms range that goes as short as 10 years, and as long as 40 years.
For whole life policies, though, the company offers guaranteed acceptance policies, which covers people aged 50 to 80 years old. This coverage also comes with death benefits of no higher than $15,000.
Unlike the other companies on our list, one of the things that actually convinced us that Banner Life is among the best online life insurance companies is the fact that they accept policies for higher risk applicants.
When we say higher risk applicants, these are people who are prone to acquire diseases like smokers and those with asthma conditions.
Furthermore, Banner Life is known for its flexible underwriting especially if you are someone who has a single medical condition. In addition, they also provide favorable consideration if the applicant has a history of taking care of his or her health like exercising regularly, completing routine preventive medical tests, as well as going through annual check-ups.
GLOBE LIFE INSURANCE
Globe Life Insurance has grown popular because of offering low-cost term life insurance policies.
They are the company that advertised “$1 Buys $50,000” or “$1 Buys $20,000 for Children”. In reality, however, it’s a bit of an exaggeration. Apparently, $1 gets the processing started, which in turn acts as the first month’s premium.
Meanwhile, the actual premium that you will have to pay is more than $1. Nevertheless, they do have a great sales hook, and we got to give that to them.
Moving on, Globe Life Insurance, just like the other best online life insurance companies we mentioned in this list has its own advantages as well.
For one, the policies you will buy are supplied directly by the company. They offer both term life and whole life insurance. This includes whole life for children.
Apart from those, the company also provides accidental death insurance, mortgage protection insurance, as well as Medicare supplements.
The only downside with Globe Life is the size of their policies. The company is limited to no more than $100,000 for a term life policy for adults, while $50 for the whole life policy. Meanwhile, for children’s policies, they are capped at $20,000.
Globe Life, just like most of the companies we mentioned, tend to favor healthier applicants.
FINAL THOUGHTS ON BEST LIFE INSURANCE COMPANIES
It’s nice knowing that the life insurance industry has coped up to the concerns of people when it comes to buying insurances to be able to reach out to more potential clients. From the traditional way of selling insurance, companies made it more accessible by making it available online, which we all know is the way to go in this time and age.
What we have in this list is just some of the many online life insurance companies. As mentioned, the industry has learned to cope and made use of technology as well to reach more people – especially those whose main reason for not getting insurance is because of the so much time and effort it needs to get one.
With so many to choose from, to be honest, it is really hard to choose just one or two. Thus, we gave you 9 out of the so many choices there. But then again, at the end of the day, the choice is yours. Meaning, while we can give you recommendations, it will still be all up to you which company will you deal with.
So, have you decided yet?