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No one wants to contemplate death, but getting insurance is necessary to help loved ones in our absence. We've taken the liberty of researching the best life insurance companies and answering specific questions to help you choose the right company for your situation.
Ladder Life offers the best life insurance for adults because most applicants don't have to take a medical exam to qualify, and you can get up to an $8 million term life policy. This company is the perfect option for those who want a simple plan with flexible coverage amounts.
The primary reason to purchase a life insurance policy is to ensure your dependents will be taken care of in the event of premature death.
The insured individual selects one or more beneficiaries that would receive a specified amount that goes directly to them after the death.
Additionally, you can pay off debts such as a mortgage, credit card, or student loan, save for your child's college tuition, or even use the funds for retirement.
As of 2020, three out of five American families, around 30 million American households, do not have sufficient life insurance coverage.
This figure largely centers around the misinformation regarding what life insurance offers, its accessibility, and how to calculate the amount of life insurance you need.
How much will it cost? Can I change my mind later? Do I need a medical exam? Keep reading to learn more about how life insurance can benefit you and your family in unforeseen circumstances.
6 Best Life Insurance Providers in 2023
Comparison of Life Insurance Companies
Policygenius is America's #1 independent online insurance marketplace. Save money on life insurance, disability insurance, health insurance, pet insurance and more.
Ladder offers a quick, simple, and smart way for individuals to buy a term life insurance policy at an affordable cost.
Bestow uses data to remove doctor visits and paper work of traditional life insurance, offering you an affordable plan without the hassle.
Ethos Life Insurance connects you with a life insurance carrier using a streamlined process that is quick, simple, and fast.
Haven Life offers an easy way to buy high-quality, affordable term life insurance online. Get your real rate today.
Fabric is a life insurance company focused around the financial needs of parents by providing term life insurance.
We reviewed hundreds of brokers and analyzed their credibility to determine the best life insurance companies. We feature companies with transparent fee structures, an organized and knowledgeable leadership team, verified 3rd party reviews, and cost-effective premiums.
Additionally, they have been in business for a substantial amount of time, demonstrating that their licensed experts can assist you with finding the perfect policy for your budget and needs.
Detailed Life Insurance Company Reviews
Here are the companies you can trust to provide fair life insurance quotes to help secure a stable financial future for yourself and your family.
1. Policygenius: Best Overall
Policygenius, founded in 2014, is amongst the top online life insurance marketplaces. They have agents who patiently address your concerns as they assist you with selecting the best policy based on your needs and budget.
They are not partial to any specific provider, so you can trust that their feedback is honest. Their customer service team is knowledgeable, personable, and always ready to offer a solution.
Policygenius makes it effortless to buy life insurance for adults. The interface is easy to use, and you can compare multiple life insurance quotes at once from different companies.
They offer term, whole, final expense, and universal life insurance policies. Accredited since 2014, Policygenius has a B+ rating from the Better Business Bureau (BBB).
2. Ladder Life: Best for Adults
Founded in 2015, Ladder Life specializes in adjustability. You can increase or decrease your coverage as you see fit. Ladder Life premiums begin as low as $5 per month, perfect for the budget-conscious consumer.
Though you have to be somewhat young to get a term policy with the company, they are the most flexible, with one of the most straightforward application processes.
You'll also get continued support as you make your decision. Lastly, you can cancel your coverage without penalty. Ladder Life has received a 4.8 rating on TrustPilot for prompt customer service and problem resolution.
This rating comes from over 2,000 reviews.
3. Bestow: Best for No-Medical Exams
Bestow, launched in 2016, is one of the most accessible companies to work with when searching for term life insurance. They provide exceedingly high death benefits for policies that don't require a medical exam, which many applicants don't want to do.
You may apply online without getting any blood work or tests done at the hospital. Bestow offers up to $1.5 million in coverage, which is the highest for a policy that doesn't necessitate a trip to the hospital.
Answer a few questions regarding your hobbies, medical history, and lifestyle, and they'll determine if you're eligible and give you your options.
Accredited since 2017, Bestow has received a rating of A+ from the BBB.
4. Ethos Life: Best for Seniors
This company utilizes fully underwritten and simplified issue for the term policies, and for whole life insurance, they use guaranteed issue.
No other company allows guaranteed coverage for term life policies, making Ethos a unique option for anyone needing life insurance for adults from 65 to 85 years old.
You can get approved instantly for up to $25,000, no matter your medical history. Ethos Life has received a 4.5 rating on TrustPilot for flexibility and excellent quality assurance standards.
This rating comes from over 400 reviews.
5. Haven Life: Best for Term Life
Haven Life, founded in 2014, offers a vast range of term life policies, making it the best in this category. They also include high death benefits. You can also apply for Haven Life Plus.
This rider allows you to access online services for a sleep and fitness tracking app, an online storage vault for your essential documents, and trust or will planning tools.
The policy terms are ten to thirty years, with coverage from $100,000 to $3 million. The quote and application process are all online, and you don't have to enter personal info until you apply.
You can always contact an agent via phone or online chat if you need help throughout the process. Accredited since 2016, Haven Life has received an A+ rating from the BBB.
6. Fabric: Best for Kids & Young Adults
Fabric Insurance, founded in 2015, is a licensed online insurance agency. Anyone can sign up with their fully digital process. Fabric's policies range from ten to thirty years through a Penn Mutual subsidiary.
Coverage amounts start at $100,000 and go as high as $5 million. You can also receive accidental death insurance quotes if you are between the ages of 25 and 50.
However, accidental death insurance policies are not available in every state. Coverage options are guaranteed, even if you have health issues.
The website is easy to navigate, and the customer support team responds promptly and effectively. Accredited since 2019, Fabric has received an A+ rating from the BBB.
How to Pick the Right Life Insurance Company
When searching for a life insurance provider, there are many variables to take into consideration.
For starters, choosing a life insurance company that is financially responsible is essential. Useful 3rd party sites such as the Business Consumer Alliance or the Better Business Bureau are a great indicator of your prospective insurance provider's financial strength.
Any rating ranging from an A + to an A-minus signifies a financially stable and trustworthy company.
One of the most crucial components to consider when deciding which life insurance products are available to you is your age. Typically, the younger you are, the more options you'll have at your disposal.
For instance, with basic term life insurance, your eligibility to purchase ends at 60.
Permanent and term life insurance are the most popular life insurance products. Some insurers will specialize in selling one or the other; however, many offer both types.
The next step is to choose a company that has been around for a while and has a reputation for taking good care of its customers. Having longevity in the insurance industry doesn't mean that the insurance provider has an excellent track record.
Some organizations, such as the National Association of Insurance Commissioners and J.D. Power and Associates, routinely perform studies and surveys to gauge customer satisfaction.
The surveys and studies focus on why claims get filed, policy cancellations, the length of time it takes before a policyholder receives compensation, etc.
Utilize these resources to aid you in doing your due diligence before choosing an insurance provider.
Cost of coverage
The goal is to go for the best value and refrain from buying a plan purely because it costs the least. Research and find companies that have fair rates while not compromising quality service.
All fees should be transparent. Consider flexible premiums and ensure you're aware of all convertibility options.
Types of Life Insurance
Below are the three most common types of life insurance that most people choose between:
Term Life Insurance
You can generally get term life insurance in periods of 1, 5, 10, 15, 20, 25, or 30-year increments. If you die during the agreement's term, the company will pay your beneficiary a set amount of money.
Term life insurance is the easiest and most accessible type of insurance policy. It is also more affordable than other types of life insurance.
Depending on the agreement, companies can dispense it as insurance. Companies can distribute it as an annuity, monthly payments, or lump sum.
- Pro: It is considered the most efficient and cheapest kind of life insurance.
- Con: If you happen to outlive the length of your policy, your beneficiaries won't be eligible for a payout.
Whole Life Insurance
Whole life differs from term insurance because it does not expire. Every month, a portion of the premium you pay goes into the cash value saved.
In other words, the more money you put into the policy each month, the faster it grows. You can use your cash value as a loan or buy anything you need.
One key benefit of whole life insurance is that you're protected the total time you pay premiums. Typically, your premiums will stay the same, and you are guaranteed a set rate of return on the cash value of your policies, and the amount received for the death benefit won't change either.
- Pro: It builds cash value and covers you for your entire life.
- Con: This policy is generally more expensive than term life. Therefore, if you want affordable life insurance, this may not be the option for you.
The common types of insurance are either permanent or term life policies:
- Group life insurance
- Simplified issue life insurance
- Indexed universal life insurance
- Variable life insurance
- Guaranteed issue life insurance
A life insurance policy is a binding and legal contract between the life insurance provider and yourself. The agreement calls for you to pay regular premiums in exchange for a sum of money to your loved ones if you were to pass away.
Or it goes to you after a definite period referred to as maturity. Life insurance is not only a financial safety net. It's a tool for savings and a source of financial freedom during retirement.
It also helps to reduce your tax liability. Choosing between the best life insurance companies is tricky. We suggest reviewing all the companies provided and assessing your life insurance goals to decide on an ideal amount of coverage for your situation.
Contact an agent today in-person or online and get covered today.
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Below are the answers to the most commonly asked questions concerning life insurance:
Life insurance is a binding contract between an insurer and you. In exchange for premium payments from you, the insurance company agrees to pay out a lump sum of money to your beneficiaries in the event of your death.
Your beneficiary can use the money for whatever they want afterward.
The chances of developing an underlying health condition can increase as we age. That results in higher mortality rates and, consequently, higher life insurance rates.
You'll generally pay less for term life insurance from 20 years old until 40. If you wait until the age of 60 typically means you'll pay considerably more to be covered.
Whole life insurance provides life-long protection, while term coverage only protects you for a few years.
Choose term life if you:
- If you only want to be covered for a set time.
- Want the cheapest coverage.
- Wish to convert to whole life insurance when you are in a better financial position to afford it.
Choose whole life if you:
- Can keep up with your lifelong commitment to making higher premium payments.
- Want to leave money to family and heirs.
- Want life insurance that grows guaranteed cash.
- Have a lifelong dependent, such as a child that has disabilities.
- Want life insurance that builds guaranteed cash value.
You can determine how much life insurance you need by multiplying your annual salary by the number of years left until retirement.