Shopping for life insurance can 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 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!
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Note: The life insurance offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all life insurance companies or all life insurance offers available in the marketplace.
Bestow 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 year level term policy and a 20 year level term policy.
They claim to be able to offer a $500,000 policy for as little as $8 per month. Their maximum insurance amount is $1,000,000.
Check out our full Bestow Life Insurance review here.
Ethos is one of the original online term life insurance companies. They were one of the first companies to use technology to make applying for life insurance easy. They were also one of the first online companies to not require a medical exam for most policies.
Ethos offers a wide variety of term life insurance policies, ranging from 10 years to 30 years. They also offer policies without a medical exam up to $1,000,000, and they offer larger policies if you do get a medical exam.
Read our full Ethos life insurance review here.
Fabric 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, or 20-year. Read our full Fabric review here.
Fiona, and their licensed life insurance agency LeapLife, can help you search, compare, and get recommended personalized life insurance policy quotes to find the best rate.
They offer low cost level term life insurance online, and unlike many of the other companies on this list, you can also purchase whole life policies by calling their life insurance specialists.
As such, they offer a little more customization than many companies listed here.
Read our full Fiona review here.
Haven Life is another one of the original online term life insurance companies that focuses on delivering high quality term life insurance at an affordable rate. Their application is slightly longer than others, but they do offer extremely competitive rates for no medical exam term life insurance.
They offer term life insurance for adults under age 59 up to $3,000,000. If you're 60 to 64 years old, you can see if you qualify for a $1,000,000 term life insurance policy.
Read our full Haven Life review here.
Ladder is one of the newer companies in the online term life insurance space, and they have 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.
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. Read our full Ladder Life Insurance review here.
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 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 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.
Sproutt is one of the newest online term life insurance companies. What makes Sproutt different is that they attempt to reward you with lower premiums by doing healthy activities.
By creating a healthy lifestyle score for you, you have the potential to save money on your term life insurance policy. It's quick and easy to get a quote online, so check them out and see if you can save.
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.
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.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.