Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
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Our take: Generally, life insurance rates go up with age. If you don’t purchase enough coverage now and need to buy more later, it’ll usually cost you.
That’s what makes Wyshbox different — you can add more coverage to your policy later without the higher price tag attached. If you have maintained your health, Wyshbox will charge you the same rate that you received when you originally signed up for the policy — with caveats.
This feature is ideal for growing families. With every new child or a bigger house, your financial obligations are going up — and your life insurance coverage needs are too.
Like the other online life insurance companies we ranked, Wyshbox allows customers to purchase a term life insurance policy quickly and offers almost instant coverage. But what makes the online insurer stand out from the rest is its rewards system — if you remain in good health as you age, you can get more coverage without paying a higher premium. A Wyshbox policy is especially useful to those who may have more financial obligations in the future, such as those growing their family.
What Wyshbox has to say: Alex Matjanec, CEO of Wyshbox, says Wyshbox’s flexible coverage structure helps growing families make smart financial decisions. If you have too much coverage, you can decrease it.
Likewise, if your life insurance needs increase a few years later — say you get a new mortgage or have a new baby— you can add more coverage to your policy. And if you’re in the same health as you were when you originally bought coverage, you’ll get the same rate — leaving more money for you to invest in your family.
Pros:
Cons:
*NR = not rated
Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. Wyshbox has not been rated by the BBB.
Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Wyshbox an A-.
Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Wyshbox a rating of 4.5 out of a possible 5.
Additional product line details: Wyshbox’s term offering can be personalized to suit your specific needs. For example, while many companies sell policies in increments of 10 years, with Wyshbox, you can get a policy for any term you need.
In fact, Matjanec says that the average term length Wyshbox sells is 18.45 years. But people can get policies for as little as a year or two.
Wyshbox offers fairly competitive rates. In fact, of the competitors we ranked, it offered the most affordable premiums to 25-year-old female nonsmokers purchasing $500,000 and $1 million in life insurance coverage.
How much Wyshbox costs for healthy nonsmokers:
The following table shows Wyshbox’s monthly rates by age and gender for healthy nonsmokers purchasing 20-year term policies.
For smokers:
The following table shows Wyshbox’s monthly rates by age and gender for smokers purchasing 20-year term policies.
The following table shows how Wyshbox’s monthly rates for a healthy 35-year-old compare with selected competitors for $500,000 in coverage.
Company background: Wyshbox, the marketing name of Wysh Life and Health Insurance Company, received its initial insurance license in 1972 and is a fully licensed insurance carrier. The company has previously been known as Greenhouse Life Insurance Co. and, before that, under a handful of other names, including National Teachers Life Insurance Company, Advanta Life Insurance, Smart Insurance and United Prosperity Life Insurance. “Wyshbox,” Wysh’s digital platform, was launched in 2021 as a strategic partnership between Wysh’s Founder Alex Matjanec and Northwestern Mutual. The company allows customers to customize term life policies by selecting how they’d like their life insurance spent. These areas, or “wyshes” as the company calls them, include paying off your mortgage, covering college tuition for your children, or even boosting retirement savings for your spouse.
Interesting tidbit: Wyshbox has a team of “Wysh Granters,” a claims-service group that works with customers to customize policies, answer insurance and claims questions, and even help beneficiaries handle final requests – such as partnering with lenders to pay debts.
Policyholders will note what their “wyshes” are — or what financial obligations need to be covered by their policy — and Wyshbox will handle the payout. The rest will be given to the beneficiaries.