Back in the day, getting life insurance was a real pain. It took forever, was stressful, and you had to wait for a medical exam result. Plus, you had no idea how much it would cost until it was all over. But those days are gone, thanks to online life insurance companies. They use algorithms to decide if you qualify, often without a medical exam or a ton of questions about your health. You can apply while eating lunch and get on with your day.
But not all online life insurance companies are the same. Here are some of the best ones:
Ladder is top-notch. They offer up to $3 million in term life insurance without a medical exam, which is twice what most competitors offer. If you need more than that, you can still apply online, but you’ll need a medical exam at home. They offer 10 to 30-year term coverage options, and you can reduce your coverage over time without reapplying. Plus, they’re backed by national insurers with strong financial ratings.
Bestow is great if you want a quick decision. They have a streamlined digital application process that can give you a decision in as little as five minutes. They only offer term life insurance, with terms from 10 to 30 years and coverage up to $1.5 million with no medical exam required.
Sproutt uses a unique model called the Quality of Life Index to assess risk. They look at things like your exercise habits, sleep quality, emotional health, nutrition, and work-life balance. They offer a variety of life insurance types, including term life, no-exam life, and guaranteed issue life insurance.
Ethos is unique because they offer permanent life insurance. They offer a low-value whole life insurance policy for people aged 66 to 85. They also offer term life insurance with coverage ranging from $20,000 to $1.5 million.
Fabric offers policies with coverage up to $5 million, which is unusually high for an all-online application process. They also offer a no-exam option for applicants with uncomplicated health histories.
Walnut stands out with their "price-first" term life insurance. You know how much you’ll pay for 10-year term coverage before you apply. They also offer a premium membership program included in the cost of insurance, which includes subscriptions to various services.
Quotacy is an online insurance broker specializing in life insurance quotes. They offer access to a variety of types of life insurance, including term life and multiple permanent life insurance options.
Policygenius is an all-purpose online insurance quote aggregator. They focus on a variety of different types of insurance, including life, homeowners, renters, auto, disability, pet, and long-term care insurance.
When choosing an online life insurance company, consider their financial strength and customer satisfaction, the types of policies they offer, term options, no-medical-exam options, coverage amount, and policy add-ons. Also, consider why you’re applying for life insurance and what you want out of your relationship with your insurer.
