Top online life insurance companies

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Many people looking for a life insurance policy increasingly prefer to do their shopping online.

In the past six years, the preference to buy a policy online has grown to 31% of all shoppers, according to the 2022 Insurance Barometer study by LIMRA and Life Happens, two life-insurance industry research groups.

“Consumers now have the benefit of purchasing life insurance on their own time,” says John Carroll, senior vice president and head of insurance and annuities at LIMRA. “It’s within their control and they can choose to talk to someone if they want — or not at all.”

Larger insurance companies are responding to that preference by setting up digital platforms to make life insurance easier to research and purchase, he adds.

While established insurance companies are now letting consumers buy policies online, consumers can also choose from a growing number of web-based companies that have emerged over the past few years.

Insure.com’s editorial staff analyzed the insurance market and found a number of these newer, online life insurance companies. Among them:

  1. Bestow
  2. Ethos
  3. Fabric
  4. Haven Life
  5. Ladder
  6. Lemonade
  7. SoFi
  8. Vantis Life
  9. Wyshbox

Bestow

Bestow is an insurer that uses its own technology to offer customers life insurance policies online. Anyone 18 to 60 years old can apply for 10- to 30-year term policies offering up to $1.5 million in coverage.

Read the full Bestow life insurance review

Ethos

Ethos provides term life up to $2 million and whole life coverage up to $30,000. Anyone between the ages of 20 and 65 can apply for term coverage.

Read the full Ethos life insurance review

Fabric

Fabric is owned by Western & Southern Financial Group – which also owns the Gerber Life insurance brand. Ten- to 30-year term policies from $100,000 to $5 million are available. Fabric also offers online tools for creating wills and organizing finances.

Read the full Fabric life insurance review

Haven Life

Haven offers 10-, 15-, 20-, 25- and 30-year-term policies with up to $3 million in coverage for those under the age of 64. Haven also offers disability and annuity products.

Read the full Haven life insurance review

Ladder

The company offers up to $8 million in 10- to 30-year terms. The company allows people to adjust their coverage up or down as their lives change – a process called “laddering.”

Read the full Ladder life insurance review

Lemonade

Lemonade offers from $50,000 to $1.5 million in coverage for term lengths between 10 and 30 years. The company also says that if you have an active life insurance policy with another insurer and find that Lemonade better suits your needs or budget, they’ll help you switch companies.

Read the full Lemonade life insurance review

SoFi

SoFi offers policies with between $100,000 to $8 million in coverage. The company also offers its customers estate planning services, which includes drafting a will.

Read the full SoFi life insurance review

Vantis Life

Vantis Life is a wholly-owned subsidiary of Penn Mutual Life Insurance Co. Vantis offers $50,000 to $2.5 million in term life coverage and $50,000 to $2.5 million in whole life coverage.

Read the full Vantis life insurance review

Wyshbox

Anyone between the ages of 18 and 45 can get up to $2.5 million in coverage. Policy length is flexible from two- to 35- years. All its plans offer the option of extending coverage until your 65th birthday

Read the full Wyshbox life insurance review

How to buy life insurance online

Buying term life insurance online, for many people, involves going to an insurer’s website, answering a few questions and, if approved, activating the policy. Experts recommend people start by comparing quotes from at least three insurance companies to ensure they’re getting coverage at the most competitive price.

What are the advantages of buying life insurance online?

It’s fast, easy and convenient. Many online life insurers offer term policies without the need for an applicant to take a medical exam. Many companies also offer coverage almost immediately after an application is approved.

Is it safe to apply for life insurance online?

Whenever providing personal information over the internet, you want to do your due diligence. You can research an insurance company’s third-party grades, such as A.M. Best’s financial stability rating, and you can check out a company with the Better Business Bureau.

Do life insurance companies check medical records?

It depends on the company and what type of coverage you’re buying. However, many online insurance companies don’t require a medical exam for term policies.

What is the first thing you should do when buying life insurance?

First, figure out how much coverage you need. Many insurers will recommend a policy that’s 10 times an applicant’s annual income – but, of course, you may need more depending on your situation.

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