Best Online Life Insurance Companies 2020

No one enjoys buying life insurance, let alone researching which company to buy it from. But with the internet, finding the best life insurance company (especially one that lets you apply quickly online) is easier than ever.

Table of Contents
  1. Sproutt
  2. Bestow
  3. Fabric
  4. Ladder
  5. Policygenius
  6. Haven Life
  7. Final Thoughts

Sproutt

Sproutt is an independent life insurance broker that helps you shop around for life insurance. They are based out of Hartford, CT, and as a broker they are not affiliated with any one insurance company. Like many other companies on this list, you can apply for an insurance policy online without ever speaking with an advisor. If you wish to speak to one, you can call them but it’s not required to get coverage.

Another innovation they’ve created is a proprietary metric, a Quality of Life Index (QL Index), that assesses your lifestyle and provides suggestions that would help you improve the rates you get on life insurance. The QL score is based on activity, sleep, emotional health, nutrition, and balance in your life.

Here is our full review of Sproutt to learn more.

Get a free quote on Sproutt

Bestow

Bestow Logo

Bestow is an online insurance provider with a completely online experience. You complete your application entirely online, and your information is verified with third-party sources. No medical exam is required.

Like most of the other platforms on this list, Bestow offers term life insurance. You can get policies for up to $1 million, with terms of 10 or 20 years.

They also offer a very interesting term for just two years. There are a lot of possible use cases for a two-year term such as for folks transitioning between jobs and need the coverage only for a relatively short amount of time. Perhaps there are new parents, folks who have recently moved, or some other life change where they only need two years. The maximum death benefit is $1,000,000.

The major advantages of Bestow are low-cost and speed of application. Since no medical exam is required, your policy can be in force very quickly (upon checkout). And even if you aren’t in perfect health, they may still provide a policy, though it may come with a higher monthly cost.

Here is our in-depth review of Bestow.

Get a free estimate from Bestow

Fabric

Fabric Logo

Fabric is a relatively newer entrant to the life insurance space but they offer policies issued by Vantis Life, which is a Penn Mutual Company (established 1874). Vantis also has an A+ (Superior) rating for financial strength by A.M. Best. Fabric has have a very quick online application process (10 minutes) and they offer 10-, 15-, and 20-year term life insurance with coverage from $100,000 all the way up to $5,000,000.

What separates Fabric from some others is that they do more than life insurance, they can also help create a will (for free) and help you organize your financial and legal information with their tools. If you are starting from scratch, they can help you get everything started.

Get your estimate today for free from Fabric

Ladder

Ladder offers term life insurance policies to applicants between the ages of 20 and 60. It has partnered with SoFi offering policies to their customers. Ladder is a pure online life insurance platform that has salaried agents that current or potential customers can talk to if they have questions about the process or their policy. Their agents aren’t commissioned and you don’t have to work with an agent to buy a policy. They’re a valuable resource to help answer questions, not incentivized to sell you policies, which is great. Their policies are issued by Fidelity Security Life Insurance, a company with an A (Excellent) Rating from AM Best.

One of the big advantages with Ladder is that once your policy is in effect, you can decrease your coverage. For example, if you need less coverage because your mortgage has been paid off, you can decrease the death benefit. But you can also apply for more coverage, should your insurance needs to go in the other direction.

Ladder is available in all states and provides only term life insurance. Terms range from 10 to 30 years and may or may not require a medical examination.

We did a review of Ladder where we go deeper on them and its offerings.

Get your free estimate today from Ladder

Policygenius

Similar to SelectQuote, Policygenius is an online life insurance aggregator, giving users access to many different insurance providers. More precisely, they’re an insurance broker, giving you an opportunity to find some of the lowest priced life insurance policies available. By completing a single online application, you can get quotes from several different companies.

One of the major advantages is larger policy amounts. Policygenius offers term life insurance, ranging from $500,000 to as high as $10 million. Terms can be as long as 30 years. Another is that Policygenius isn’t limited just to life insurance. You can also purchase auto, home, renters, disability, and even pet insurance.

Exactly how much of the process will be completed online will depend on the insurance company you work with. Some may require a significant amount of phone contact, while others may require none at all.

Get your free estimate today from PolicyGenius

Haven Life

Haven Life is the only life insurance agency where you can only apply online. Traditional paper applications aren’t available so Haven Life might very well be the quickest source of life insurance available. Since their underwriting algorithms work using primarily third-party verification sources, policy approvals can sometimes be granted in a matter of minutes.

Haven Life provides term life insurance policies only, which are issued by their parent company MassMutual. Death benefits range between $100,000 and $3 million. Their policies are only good for applicants up to 64 years old, but they limit policies to $1 million if you’re 60 or older.

The majority of Haven Life customers need to take a medical exam to finalize their coverage and rate. In some cases, eligible applicants may qualify for the InstantTerm process, which lets them skip the medical exam altogether. If a medical exam is needed, it can be taken at a time and place that’s convenient to the applicant, and once the results are in, a decision is usually communicated quickly. A medical exam can slow the process to two or three weeks depending on when you take the medical exam.

You should also be aware that while Haven Life provides low-cost medically underwritten term life insurance; by the product’s nature it takes into account a lot of health information to determine your price and eligibility. This is a good thing for all applicants since it usually results in the best pricing. If you have a severe chronic health condition, like diabetes, medically underwritten coverage might not be the right fit for you.

Get your free estimate today from Haven Life

Final Thoughts

If you have a medical condition, you may be better served by applying through online brokers, like SelectQuote or Policygenius. If you’re looking for coverage for children, Globe Life is one of the leading providers in that category.

Finally, make sure you understand how much life insurance you need. You could be at risk if you don’t get enough and you may overpay if you get too much coverage.

Use this list as a high-altitude information source and choose the online provider that will work best for you.

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