There’s nothing as certain as death and taxes. While most of us don’t like thinking about either, it’s important to plan for both events with a life insurance policy.
Quite fittingly, Benjamin Franklin, the originator of that famous quote, features on the front of a $100 bill as if to remind us to get our houses in order. Taking out not just a life insurance policy but the best life insurance policy for us will ensure our loved ones are ring-fenced financially.
We’ve researched 5 of the life insurance products currently available so you don’t have to.
Let’s get to it!
Best Life Insurance Companies:
1. Haven Life Insurance – Best Life Insurance Plan Overall
Haven Life Insurance Plan Pros
- Underwritten by a major insurance company
- Coverage available without a medical exam
- Rider includes added benefits
- Simple online interface
- Up to $3 million in coverage
Haven Life Insurance Plan Cons
- Only sells term life insurance
- No applicants over 64
- Not all policies available in all 50 states
When it comes to customer experience, Haven Life is a standout. The entire application process happens online through a guided interface that rivals Sproutt’s.
Haven Life has invested heavily into simplifying its online account management system and it shows. It is a delight to use.
Haven Life has a range of helpful life insurance options. You’re not limited to just regular term life insurance but can ensure your loved ones will be able to meet specific expenditures such as mortgage payments.
Ease of Applying for Haven Life Insurance: 4.5/5 Rating
Haven Life’s application comes with a streamlined quote estimator that will provide a policy for you within minutes. This is definitely one of the most intuitive policy-application processes we’ve seen and it really stands out among its peers.
They do require quite a lot of information about you and your family’s medical history before you can receive a quote. This part of the application slows things down, despite the excellent interface. Moreover, some might not be comfortable giving out so much personal health data.
Although you probably won’t need the help, one of their friendly agents is standing by to assist you should you ask.
Haven Life Insurance Policy Options: 4.5/5 Rating
Haven Life provides a number of term life insurance policies to suit different budget needs and expectations.
Their prices are low, they offer relatively straightforward policies, and you can even buy some of them without a medical exam.
Term lengths vary from 10 to 30 years, offering coverage for up to $3 million.
The company offers several kinds of term life insurance:
- Haven Term: A life insurance policy that covers adults under the age of 60 for up to $3 million.
- Haven Secure: A life insurance policy that matches a specific ongoing expense (e.g. mortgage) for up to 30 years
- Salary Protection: Life insurance coverage that provides your loved ones with an amount equivalent to your paycheck every month for up to 15 years.
- Haven Simple: A life insurance policy for anyone who would rather not go through the trouble of getting a medical exam. Once approved, you receive up to $500,000 in coverage. Unfortunately, residents of California, Delaware, North Dakota, South Dakota, and New York are not eligible for this.
Haven Life Insurance Cost: 4.5/5 Rating
Prices for life insurance policies are competitive: 35-year-olds can expect to pay around $17 to $20 per month for $500,000 worth of coverage on a 20-year term.
Premiums rise as you age, with 45-year-olds expected to pay between $65 to $80 per month for up to $1 million in coverage.
The exact price of your life insurance policy will vary from one case to the next depending on your state of health and living circumstances. If you have a pre-existing health condition, Haven Life may not be the best option for you.
Get A Free Quote With No Medical Exam Today!
2. Bestow Life Insurance – Top Life Insurance Company for Simplicity
Bestow Life Insurance Plan Pros
Bestow Life Insurance Plan Cons
- Only term life insurance
- Coverage $1.5 million max
- Not available in New York
Bestow Life Insurance is one of the better life insurance companies available. This platform offers users great coverage and rates with an exceptional user experience which is why we ranked it as our number two.
Bestow provides a simple question-and-answer platform through which life insurance shoppers can receive the quotes they want without the hassle of medical exams or blood tests.
Here, you can get term life plans from 10-30 years. However, graduated age restrictions limit what term you can buy—you must be less than 45 to qualify for a 20-year plan, less than 55 for a 10-year plan, etc.
A Bestow life insurance plan will provide you with $50,000-$1.5 million in coverage. While many will consider this ample, this is not as much as some providers.
While Bestow’s plans are of the simplified issue type, meaning they don’t require a medical exam, you can still be denied life insurance coverage due to health issues. If you have a history of medical issues or have a chronic health condition, such as high blood pressure, Bestow may not insure you, because the company doesn’t offer guaranteed issue policies.
Bestow has an “excellent” rating on TrustPilot, with a 4.7 TrustScore out of 5 based on nearly 800 reviews. Bestow reviews often focus on the user-friendly platform, quick application process and responsive customer service.
Ease of Applying for Bestow Life Insurance: 5/5 Rating
Bestow has one of the most modern, interactive quoting systems in the business. You can choose from several different quote options and get instant, detailed information about what’s involved in the life insurance plan you’ve selected.
Bestow will even help you decide which of the plans you like best based on your answers to their questions.
To get started with Bestow, all you have to do is answer some really simple questions about yourself on their site.
While Bestow asks you things about your blood pressure and other medical conditions, it doesn’t actually look at your medical records. In fact, it doesn’t require a medical exam for you at all!
As someone who hates going to the doctors, I love that.
Bestow will then use this data to assign you a risk score based on a number of factors. The lower the score, the less you pay as a premium.
Bestow Life Insurance Policy Options: 4.5/5 Rating
Bestow can’t give you the full range of life insurance coverage available from some of its competitors, but they do offer a wide range of term plans that will meet your needs if you’re in decent health.
Terms range from 10 to 30 years in length and are available to anyone between ages 18 and 60. What policy you qualify for depends on how old you are and your current state of health.
Bestow Life Insurance Policy Cost: 4.7/5 Rating
The exact cost will vary depending on:
- The term of your policy (you’re less likely to get cheaper rates for a 10-year policy)
- Your health history
- The amount of coverage you want
- Whether you want to include your spouse in the plan, and if so, whether you want to allow him or her to continue to pay premiums on the policy.
- Where you live
Premium scales are clearly laid out, but Bestow doesn’t always give you the cheapest rates. Of course, quality matters when it comes to a life insurance policy, and you do get quality when you choose Bestow.
3. Fabric Life Insurance – Best Life Insurance Company for Freebies
Fabric Life Insurance Plan Pros
- Intuitive online interface and app
- Free wills for you and your spouse
- Pay by debit or credit card
- Helpful blogs and articles
- Up to $5 million coverage
- No medical exam for those who qualify
Fabric Life Insurance Plan Cons
- Only offers term life insurance
- Under 60s only
- Narrower range of policies
- No phone number
- Not available in all US states
Fabric Life Insurance cuts out the middleman and sells life insurance policies to you directly through its online interface.
Their smart website determines if you qualify or not, giving an almost-instant approval or denial. If you’re approved, no medical exam is needed. However, some policies will require you to have a medical exam, especially if you’re a little older.
One of the great things about this site apart from the freebies (free wills) is that you can pay by debit or credit card including on an ongoing basis.
Some customers, however, may be irked that there is no phone number: communication with Fabric Life Insurance is by email only.
If you live in Colorado, Massachusetts, Montana, New York, North Dakota, Pennsylvania, Virginia, and Washington D.C., you will also be limited in what life insurance policy you can take out with this life insurance company.
Ease of Applying for Fabric Life Insurance: 4.2/5 Rating
The application process takes as little as 10 minutes, but Fabric is very thorough in its data collection despite that. You can expect to hand over a good amount of medical information and history before receiving a quote.
Although it’s not complicated, it may be a little irritating to go through all the trouble only to either not find what you’re looking for or get denied altogether.
Fabric Life Insurance Policy Options: 4.5/5 Rating
Fabric only offers term life insurance policies. Fabric does offer a death benefit if someone passes away before the end of their term length, but its insurance services are only available to those between the ages of 21 and 60.
With respect to its term life insurance policies, their lengths vary anywhere from 10 to 30 years. Fabric provides up to $5 million in coverage, which is higher than many of its competitors.
Younger insurance applicants can usually secure a policy worth as much as $1 million with no medical exam.
Fabric Life Insurance Policy Cost: 4.5/5 Rating
Fabric only works with a few insurance companies and is somewhat selective about its applicant pool. It might not be the best option for those with preexisting conditions or older adults.
That said, its life insurance premium prices for younger people or for those in good health are very competitive. A 10-year policy can run you as little as $15 to $17 per month if you’re around the age of 35. Longer-term policies range from $20 to $29 per month, which again compares favorably with other life insurance companies.
Get Up to $5 Million In Coverage
4. Sproutt Life Insurance – Excellent Approval Rates
- Easy to navigate website
- Quick approval
- More insurance options
- Amazing customer service
- Great TrustPilot reviews
- No medical exam option
- $50,000 – $5 million coverage
- Available in all 50 states
- Few short-term policies
- Not the best for over 45s
Sproutt offers more types of life insurance than most companies: Whole Life Insurance (aka Permanent Life Insurance), Term Life Insurance (10, 20, or 30 years), and Guaranteed Life Insurance, which covers those who are sick and won’t get insurance elsewhere.
Sproutt also offers Universal Life Insurance and No Medical Exam Insurance.
That’s a whole lot of life insurance options!
This site is a breeze to use, making it super simple to get a quote. What’s more, the customer service rocks. Live agents are on hand to guide you through the process if you need it.
Where Sproutt really comes into its own is if you’re under 45 and healthy. Sproutt will reward your good lifestyle habits in dollars off your policy. They do this through what they call their Quality of Life Index, a simple 10 minutes quiz.
Now, aren’t you grateful you ate those Brussels Sprouts last Christmas?
If you prefer not to take that time out to do the quick quiz, you can get a higher-priced life insurance policy with very few questions asked.
Sproutt has a phenomenal A++ rating from A.M. Best Company and amazing Trustpilot reviews. All these factors combined made it our number one.
Ease of Applying for Sproutt Life Insurance: 5/5 Rating
As we said, you have a choice of whether you wish to answer their quiz.
If you want the lowest-priced options, you should fill in the quiz to ensure Sproutt can find you the best possible life insurance discounts for your healthy living choices.
The QL Index is a series of quick and easy questions to determine your risk level. You’ll be asked about your age, health history, family medical history, sleep habits, diet, and more. It then assigns you a health risk score based on the answers you give.
Although the system makes heavy use of A.I., it never feels impersonal. It uses one of the most modern interfaces in the industry, giving you a lot of great feedback as you go along with the Q&A process.
If you do happen to not qualify for something, it’ll let you know why. We were surprised by how much the Sproutt process felt like talking to a friend!
Getting a policy didn’t even require a trip to the doctor’s office. The introductory interface is thorough and detailed enough that it wasn’t necessary to meet with a doctor to get the right plan. We were able to get quotes from a wide range of carriers in minutes.
However, if you are a bit of a technophobe or if your situation is a little more complex, a member of friendly staff is here to help you at the end of the phone.
Sproutt Life Insurance Policy Options: 5/5 Rating
Sproutt has way more policy options than other insurers including the largest maximum payout of US $5 million. Let’s have a look in more detail at the specific options they offer:
Whole Life Insurance (aka Permanent Life Insurance) is life insurance you pay for until you die. Policies that include whole life insurance also accumulate a cash value that can be accessed if needed.
Term Life Insurance is paid for a fixed term, e.g. 10, 20, or 30 years. Term life insurance policies are ideal if you want to provide for your children until they are adults. The life insurance coverage simply expires if you live longer than the term (period) of the policy.
Because of this, term life insurance policies are substantially more affordable than other options.
No-Exam Life Insurance: This is a convenient option for people in a hurry where no medical exam is needed. It will cost you a little more for the privilege, but you may find it best suits your needs.
Universal Life Insurance: here, you are not locked into fixed payments on premiums or coverage limits, for that matter. This account is designed to let you borrow against it, build cash value in it, and then put that value into interest-bearing market accounts.
Guaranteed Life Insurance: For those who think they’ve missed the boat on getting life insurance as they’re already ill, the good news is that it is NOT too late.
Sproutt has life insurance coverage just for you that has guaranteed approval and accidental life cover from day one.
With no need for a medical exam, this kind of life insurance is perfect for those in poor health fretting about providing for their loved ones or funeral expenses. It will obviously be more expensive than a regular policy but can give you peace of mind in trying times.
Sproutt Life Insurance Policy Cost: 4.8/5 Rating
Because Sproutt offers a range of life insurance coverage levels, you have a range of options to fit your budget.
The best rates from Sproutt’s are for those aged under 45 in good to excellent health. These premiums will range anywhere from $10 to $100 per month depending on the policy.
Competitive Life Insurance Plans
5. PolicyGenius Life Insurance – For Pre-Existing Health Conditions
PolicyGenius Life Insurance Plan Pros
- Multiple policy types
- Prior health issues okay
- 18-85 years old
- Great customer service
- Good education resources
- Doesn’t sell your information to third parties
- Covers All 50 states
PolicyGenius Life Insurance Plan Cons
- Limited insurers
- Longer sign up and approval
- Their interface isn’t as fluid or intuitive
- Medical exam required in almost all cases
PolicyGenius compiles quotes from a number of top life insurance companies and then shows you the details of several unique plans at once.
They’re highly selective about the insurers that they work with in order to offer some of the best, most competitive rates. However, because of this, they don’t offer as wide a selection of options as some other life insurance sites do.
So you’re talking about quality over quantity.
Although they require a lot of information from you initially, PolicyGenius has a stated policy of not selling any of your data to third parties.
That’s a nice touch in this day and age.
As an accredited member of the Better Business Bureau, PolicyGenius is rated A+ for its operations and customer interactions.
PolicyGenius has an average 4.8-star rating on Trustpilot. Users love its great customer service and the simple, straightforward process to obtain insurance.
The site is an excellent option, particularly for people with prior health issues who have a hard time finding affordable life insurance with another insurance agent.
Ease of Applying for PolicyGenius Life Insurance: 4/5 Rating
The process of enrolling for insurance with PolicyGenius is easy, but not quite as easy as it could be. You have to fill out a detailed questionnaire to get started.
The questions are specific to your personal health history. For instance, you’re asked about conditions such as diabetes. The nice thing is that PolicyGenius isn’t just for those in perfect health.
If you have a pre-existing health problem, you don’t have to worry about automatic disqualification. This genius of a company is happy to work with you to find the right plan.
Once you’ve filled out the questionnaire, you’re taken to a page where you submit your details, which are then manually reviewed by an insurance expert.
This process is slower than it is with PolicyGenius’s competitors. Approval isn’t instantaneous and you’ll probably have to do a medical exam too.
PolicyGenius Life Insurance Policy Options: 4.9/5 Rating
PolicyGenius doesn’t have as many life insurance companies to analyze as some other sites, but the ones they do have are high-quality, so you should have no trouble finding what you need. This includes if you are unwell or a bit older. We’re not all spring chickens.
Terms vary in length from 10 to 40 years.
One of the nicest features of PolicyGenius is its easy-to-use Insurance Check-Up Tool. This makes it simple to evaluate and revise your existing life insurance policies.
Instead of making you go through hoops to make a basic change, they provide an easy way to find a new life insurance policy based on your current needs, rather than relying on you to come up with everything from scratch. If you’re not happy with what you have, you don’t necessarily have to wait until a year goes by to switch to another plan.
This is a nice feature that adds a lot of appeal to PolicyGenius as a whole.
PolicyGenius Life Insurance Policy Cost: 4.8/5 Rating
Premiums for as little as $18 per month are available (and popular). In terms of price, PolicyGenius stands up nicely to its competitors.
Best Life Insurance Companies – The Takeaway
There are a lot of great life insurance companies for you to choose from on this list, all of them reputable. Which plan you pick will depend largely on your circumstances and needs.
Haven Life wins the top spot due to its stellar reputation and simplicity.
On top of that, Bestow life insurance comes with a 30-day guarantee and offers coverage as soon as you apply!
Lastly, PolicyGenius is a perfect pick for those with pre-existing health conditions.
No matter where you’re at in life, there’s a life insurance policy out there waiting for you, many of them just minutes away with the click of a mouse and with no medical required.
Thanks for reading!