Luis Pazos 
A few decades ago, buying life insurance meant meeting with an agent and taking a medical exam. But nowadays, online life insurance has completely changed the way we get coverage. You can now purchase digital life insurance plans from the comfort of your home, and with some providers, you can be covered as soon as the next business day. This ease and speed are why online life insurance is becoming more popular. In fact, the Insurance Information Institute (III) reports that the preference for online life insurance has grown from 17% in 2011 to 29% in 2020.
If you’re looking for life insurance and want to avoid pushy sales tactics, the best online life insurance companies are a great option. We compared top companies based on their offerings, ease of use, and financial strength ratings. The leaders in this industry include Bestow, Haven Life, Sproutt, and Legal & General Life Insurance.
Key Factors for Choosing Online Life Insurance:
- Free Online Quotes: No need to deal with agents. We picked companies that offer free online quotes.
- Strong Financial Ratings: We selected providers with high ratings from AM Best.
- No Medical Exam: Some companies use advanced algorithms to approve life insurance without a medical exam.
- Flexible Options: Online companies often allow you to customize your coverage.
- Affordable Premiums: We looked for companies with low monthly premiums that fit any budget.
The Top 4 Online Life Insurance Companies of 2024:
- Bestow: Known for no medical exams and an easy online quote process.
- Haven Life: Offers quick coverage up to $3 million without needing a medical exam.
- Sproutt: An insurance marketplace that lets you compare options in one place.
- Legal & General Life Insurance: Advertises very low rates, starting as low as $7 per month.
Detailed Reviews:
Bestow:
Bestow makes it simple to get a quote online without personal information. Their term life insurance ranges from $50,000 to $1.5 million, with terms between 10 and 30 years. Bestow uses advanced algorithms for approval, so no medical exam is needed. Policies are backed by the highly-rated North American Company for Life and Health Insurance®. Premiums start at just $10 per month. However, coverage is limited to ages 18-60, and no riders are available.
Haven Life:
Haven Life offers flexible term policies up to $3 million and the potential for no medical exam. Their Haven Simple policy is fully digital, while Haven Term policies may require an exam. Policies are underwritten by reputable insurers like Mass Mutual. Premiums are affordable, with a $250,000, 20-year policy starting at $14.99 per month. Note that the Haven Simple plan has age and term limitations and is not available in certain states.
Sproutt:
Sproutt is a marketplace that lets you compare plans from multiple providers. It focuses on your overall health and lifestyle. Sproutt offers a 20-day money-back guarantee and policies that can be converted to permanent coverage. However, getting a free quote requires extensive personal information, and Sproutt doesn’t issue policies directly.
Legal & General Life Insurance:
Legal & General is known for low premiums, with rates starting at $7 per month. They offer term life, universal life, and annuities. Coverage can go up to $10 million, with terms lasting up to 40 years. While some policies require a medical exam, others do not, thanks to accelerated underwriting. However, their online quote tool is not very user-friendly.
Other Life Insurance Options:
Consider companies like Ladder, AIG, American National, and National Family Assurance for more options. Look for providers with strong financial ratings and a user-friendly online presence.
In conclusion, online life insurance has made it easier than ever to get the coverage you need, often without a medical exam. Bestow, Haven Life, Sproutt, and Legal & General Life Insurance lead the pack in 2024, each excelling in different areas. Make sure to thoroughly research and choose a policy that fits your needs, making the most of the convenience that online life insurance offers.
