Finding the right life insurance can be a complicated process. While insurance sales increased by 11% at the beginning of 2021, it’s estimated that 48% of American adults don’t have life insurance. In addition to understanding the difference between policies, it can also be frustrating having to fill out large amounts of paperwork and time-consuming having to talk with customer service representatives. In recent years, online life insurance companies have helped resolve some of these issues. These companies offer an online application process and competitive rates, removing some of the hassle associated with applying for life insurance.
This article covers the five best online life insurance companies. Each company has been carefully evaluated, including a list of pros and cons of their features.
Policygenius
Over 30 million people have used Policygenius to find their life insurance plans. The site works as an aggregator, compiling information about many different life insurance policies in one place, so applicants can more easily understand the differences between policies. The ability to fill out one application and receive multiple quotes makes Policygenius a very useful tool for comparing insurance policies.
Smart tools allow a personalized search, and the website includes a thorough guide explaining how life insurance works. Policygenius also offers no-medical-life-exam insurance, which helps expedite the insurance process by pricing the plan based on previous medical records. All insurance companies featured on Policygenius are carefully vetted and have a rating of A- or higher by A.M Best.
Company |
Policygenius |
Plans Offered |
Term Life InsuranceWhole Life InsuranceNo-medical-exam Life Insurance |
Term Coverage |
Depends on the insurer. Quotes are available for up to 40 years |
Death Benefit |
Depends on the insurer. Quotes are available for death benefits up to $10 million |
A.M. Best Rating |
Featured companies have an A- or above |
Pros and Cons of Policygenius Online Life Insurance
Pros |
Cons |
Get quotes for multiple companies in one location | Not an insurance provider |
Includes a search tool for large death benefit amounts | Not completely online and requires onboarding with an agent |
Offers other insurance types, including home, auto and disability |
|
Bestow
Bestow offers term life insurance without the need for a medical exam. The completely digital application lets qualifying applicants receive instant coverage. All policies are provided by carriers with an A+ rating, and the ability to quickly receive coverage is one of the standout features of Bestow. Coverage is available for adults between 18 and 60, and death benefits are available up to $1.5 million. Term life insurance policies are available starting at $10 a month.
Company |
Bestow |
Plans Offered | Term Life Insurance, No medical exam |
Term Coverage | 10,15, 20, 25, 30 years |
Death Benefit | up to $1.5 million |
A.M. Best Rating | A+ |
Pros and Cons of Bestow Online Life Insurance
Pros |
Cons |
Easy-to-complete online application | Coverage only available up to 60 years old |
Coverage in 5 minutes for qualified applicants | Only sells term insurance |
Low price point, with coverage starting at $10/month | Not available to New York residents |
No medical exam required |
|
Fabric
Fabric features a simple 10-minute application and offers insurance coverage up to 30 years. Coverage begins at $100,000, and benefits go up to $5 million. Policies are issued by Vantis, which has an A+ rating and 174 years of insurance expertise. Personalized insurance plans are available, and Fabric has a team of licensed agents to provide additional assistance. Term life insurance plans start at $13.71 a month.
Company |
Fabric |
Plans Offered | Term Life Insurance |
Term Coverage | 10,15, 20, 25, 30 years |
Death Benefit | $100,000 to $5,000,000 |
A.M. Best Rating | A+ |
Pros and Cons of Fabric Online Life Insurance
Pros |
Cons |
Simple 10-minute application | Not available in New York or Montana |
Low monthly premium | Claims must be filed within 20 days of the insured’s death |
A+ A.M. Best Rating | Term Insurance only |
Ladder
A unique feature of Ladder is the ability to adjust the coverage amount of a policy. Qualifying applicants are approved in three steps, and policy refunds are available within the first 30 days. Term insurance policies are available without a medical exam for benefits up to $3 million. Ladder was named Best Life Insurance by Forbes Advisor in 2021.
Company |
Ladder |
Plans Offered | Term Life Insurance |
Term Coverage | 10-30 years |
Death Benefit | $100,000 to $8 million |
A.M. Best Rating | A and A+ |
Pros and Cons of Ladder Online Life Insurance
Pros |
Cons |
Affordable policies starting at $5/month | Policies only available to individuals between 20 and 60 |
No cancellation fees | No insurance riders |
Up to $3 million in coverage without a medical exam |
|
30-day money-back guarantee |
|
Haven Life
Several term life insurance options are available through Haven Life, with coverage up to $3 million. Additional online services include the ability to create a will. Individuals up to 64 years old are eligible for coverage through the Haven Term plan. Haven Life is backed by the Massachusetts Mutual Life Insurance Company, which has handled insurance policies for more than 160 years. Haven Life Plus, which is included in each Haven Term policy, includes additional services and apps that promote health and well-being. Haven offers Haven Simple for individuals seeking coverage without a medical exam who are between the ages of 20 and 50. Under this plan, coverage is available starting at $25,000 and up to $500,000.
Company |
Haven Life |
Plans Offered | Term Life Insurance |
Term Coverage | 10-30 years |
Death Benefit | Up to $3 million |
A.M. Best Rating | A++ |
Pros and Cons of Haven Life Online Life Insurance
Pros |
Cons |
Haven Simple available without a medical exam | Coverage only available up to $1 million for adults 60-64 |
Accelerated Death Benefit rider | Haven Simple not available in all states |
Up to $3 million in coverage | Must be paid monthly |
Ethos
Same-day coverage is available to qualified applicants through Ethos. Quotes are provided within minutes for three types of policy underwriting, each with different requirements for coverage. Ethos offers a simplified issue policy that offers coverage without the need for a medical exam. A guaranteed issue policy is available for older adults between 65 to 85, which includes instant approval of up to $25,000.
Company |
Ethos |
Plans Offered | Term Life InsuranceGuaranteed Issue Whole Life Insurance |
Term Coverage | 10-30 years |
Death Benefit | Up to $2 million |
A.M. Best Rating | A++ |
Pros and Cons of Ethos Online Life Insurance
Pros |
Cons |
Same-day insurance coverage | Must be between 65 and 85 to qualify for guaranteed issue whole life insurance |
Offers term life and guaranteed issue whole life insurance | Not available to New York residents |
30-day free-look period | Payments must be made by debit or credit card |
| |
Frequently Asked Questions
Can I get a life insurance quote online?
Yes, most insurance sites offer a quote within minutes on their websites. Be sure to complete each application correctly to ensure an accurate quote.
What type of life insurance is best?
Life insurance policies vary based on the individual. Young adults (20-65) may consider a term life insurance policy, whereas seniors dealing with medical issues may choose a guaranteed issue whole life insurance policy.
What is the average life insurance cost per month?
While premium costs may vary, the insurance policies in this guide start from $5 per month.
Should a 70-year-old buy life insurance?
While life insurance is recommended for adults, not all policies are available for individuals over 60. Be sure to find an insurance provider that will accommodate your age.
Who should shop for life insurance online?
Online insurance is good for anyone who is looking for affordable insurance policies and a streamlined application process.