Online term life insurance companies make getting life insurance easy.
Shopping for life insurance used to be annoying. But gone are the days when you needed to talk to an agent/salesman to get a quote. Now, online life insurance companies are making it easier than ever to get the insurance you need to protect your family.
However, the range of options is growing by the day. Luckily, the process to get a life insurance quote at most companies is quick - it can still be a hassle to know where to shop.
That's why we're breaking down the list of the top online life insurance companies. These companies make shopping for life insurance easy - by keeping the process online and quick. And remember, getting a quote doesn't cost you anything! Check out our list below!
Ethos Life
Ethos Life was one of the first companies to sell life insurance policies online. Hence, they were also pioneers in regard to using technology to make applying for life insurance easy.
Ethos won't require a medical exam during the application process. You'll just need to answer a few health questions to get a policy.
Ethos offers a wide variety of term life insurance policies, ranging from 10 years to 30 years. Payout amounts for term policies range from $20k to $2 million and are available to anyone ages 25-65.
Ethos also offers whole life policies to those who are ages 66-85. The payouts for these whole life policies are lower at $1k to $30k, but approval is guaranteed.
Read our full Ethos Life review here.
Everyday Life
Everyday Life is an online term life insurance broker that focuses on delivering high quality term life insurance at an affordable rate. Unlike some other brokers on this list, they offer a variety of options for people shopping for life insurance.
They offer term life insurance for adults from $100,000 up to $5,000,000. They offer terms from 10 to 30 years.
Read our full Everyday Life review here.
Fabric
Fabric By Gerber Life Insurance is another online term life insurance company (or life insurance technology company) that focuses on providing level term life insurance without a medical exam, along with other estate planning support such as wills.
They offer policies to individuals from 25 to 60, with premiums starting as low as $6 per month. The value of policies ranges from $100,000 to $5,000,000.
They offer term lengths of 10-year, 15-year, 20-year, 25-year, and 30-year. Read our full Fabric by Gerber Life review here.
Ladder
Ladder has the goal of making life insurance simple. They offer a completely online term life insurance experience, with a wide range of term life insurance options, and no medical exams for coverage up to $3M.
You can get a term life insurance policy with Ladder if you're between 20 and 60 years old. They offer policies ranging from $100,000 to $8,000,000. This is one of the highest values we see in the online term life insurance space.
They also offer term lengths from 10 years to 30 years and flexible coverage that can be adjusted as needs change. Read our full Ladder Life Insurance review here.
Lantern
Lantern is an online life insurance company that offers a short term and long term plan option. It uses technology to make the paperwork of getting term life insurance easy. It also eliminates the need for doctor visits.
They currently offer a 10, 15, 20, 25, and 30-year level term policy. They can serve anyone 18 to 59 years old.
They claim to be able to offer a $100,000 policy for as little as $10 per month. Their maximum insurance amount is $1,500,000.
Check out our full Lantern Life Insurance review here.
Policygenius
Policygenius isn't directly a life insurance company. Rather, it's a marketplace/comparison tool that makes shopping for life insurance (and pretty much every other type of insurance) super easy. It's one of the best life insurance comparison tools available.
They can provide you with term life insurance quotes from $500,000 to $10,000,000, and from 5 years to 30 years.
However, for some of their policies, it's not totally online. Given that they are a marketplace, they do have some online life insurance companies and others that will require more work. It's great to compare and shop around though, so don't dismiss it.
Check out our full Policygenius review here.
Prudential
Prudential is one of the oldest life insurance companies out there, and they have a complete offering of every insurance policy available. However, not all of these are available online.
Their online term life insurance policy is known as SimplyTerm, and it is available in coverage up to $500,000. It's available in term of 10, 20, or 30 years. Compared to other online options on this list, this is the least flexible and lowest maximum policy available.
However, with Prudential, they want you to move beyond the online policies and speak to an agent who can provide you with quotes on the full range of products they offer.
Quotacy
Quotacy is another online term life insurance comparison tool. It was one of the earliest tools that allowed you to quickly compare term life insurance options online.
Quotacy offers a full array of life insurance policies (beyond term), and it has a great customer support team if you need help beyond the online form. Even though they compare life insurance of other companies, everything is done directly with them.
Check out our full Quotacy review here.
Who Should Shop For Life Insurance Online?
If you're a millennial or less than 50, relatively healthy, and know exactly what you need from an insurance perspective, then shopping for life insurance online just makes sense.
Plus, for 99% of people, term life insurance is better than any other life insurance alternatives.
So, if you already know what you need, and what you should qualify for, then it makes sense to shop online for the lowest premium for the amount you need. There's no reason to hassle with an agent (who also may not want to work with you anyway because of the low commissions with term insurance).
What If I Get Denied?
If you do get denied for an online term life insurance policy, then you should reach out to a life insurance agent who can navigate the underwriting process and get you the best rate possible for life insurance.
Most of the online life insurance companies are technology companies - they use technology to craft their policies, and if you don't fall into their pre-defined criteria, they will deny you.
This doesn't mean you're uninsurable, it just means your situation is probably more complex than others and would be better suited to work with a life insurance agent.
Term vs. Whole Life
You'll notice that almost all of these companies on the list strictly offer term life insurance. The reason is that term insurance is straightforward in pricing and benefits.
Whole life, on the other hand, is expensive and messy. It's messy from the benefits offered, the cash value, the premiums, and more. As such, it's incredibly difficult to streamline the process to offer online.
But even more so, most people should stick to term life insurance. There are very few reasons when a whole life policy makes sense.
Why Should You Trust Us?
I have written about and followed the insure-tech trend over the last decade. I was one of first to review and test Ethos back in 2016 when it launched, and we've since reviewed many of the online insurance companies as they've built their products.
Furthermore, our team includes insurance experts that have been insurance agents and built and run large-scale insurance brokers.
Who Is This For And Final Thoughts
Shopping for life insurance can be daunting. But this list puts together the best online term life insurance companies all in one place.
Remember, it doesn't cost anything to get a quote. And with most of these companies, you can get a quote in less than 15 minutes.
So, spend an afternoon, shop around, get multiple quotes, and know you're getting the best premiums possible for your life insurance needs.
Editor: Clint Proctor Reviewed by: Chris Huntley
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.