A few decades ago, most people bought life insurance through an agent, and to get coverage, you had to pass a medical exam. But online life insurance has turned the whole process on its head, so you can now buy digital life healthcare insurance without leaving your house. You can get coverage from some companies as soon as the next business day.
Online life insurance is becoming increasingly popular partly because of these and other benefits. The number of people who would rather buy life insurance online than in person went from 17% in 2011 to 29% in 2020, according to the Insurance Information Institute (III). If you want life insurance but don’t want to deal with a salesperson who might use high-pressure tactics, the best online life insurance companies are worth looking into.
To help you with your search, we compared the best companies in this field based on their offer, how they do business, and how strong their finances are. Bestow, Sproutt, Haven Life, and Legal & General Life Insurance are some of the best online life insurance companies.
Most Important Things About Buying Life Insurance Online
- Free online quote: Purchasing life insurance online means you don’t have to deal with a representative or their high-pressure tactics. With this in mind, we only chose companies for our ranking that offer free online quotes for life insurance.
- Strong ratings for financial stability: We also looked at how AM Best rated the providers’ financial stability.
- Potential for no medical exam: Some life online insurance businesses utilize clever algorithms to qualify you for life insurance without a medical exam.
- Flexible options: Most online life insurance companies give customers a lot of freedom in their plans, such as the ability to change their coverage to fit their needs.
- Low premiums: Finally, the monthly premiums for online life insurance should be low enough to fit any budget. With a free online quote system, they should also provide a simple way to shop around and start comparing.
The 4 Best Online Companies for Life Insurance in 2022
We looked at various businesses based on the above features to develop this list of the best providers. In the end, we found that the four companies listed below offer some of the best options, reasonable prices, and full transparency. Bestow made our list because they make it easy to get a quote online, and they never make you take a medical exam.
Haven Life has a similar process, and getting a term policy without a medical exam is possible. Term policies from Haven Life can cover up to $3 million. We chose Sproutt for our ranking because they have a robust online insurance marketplace where you can compare options and prices all in one place.
Lastly, Legal & General Life Insurance was chosen because they advertised low rates. People say you can get term life insurance from Legal & General Life Insurance for as little as $7 per month. Here are the best online life insurance companies of 2022, along with the categories in which they excel:
- Bestow: Best for not requiring a medical exam
- Sproutt: The best comparison site
- Haven Life: Best for fast coverage
- Legal & General Life Insurance: The most cost-effective option.
It’s easy to see why Bestow is one of the best online life insurance companies. This company makes it very easy to get a quote online without giving any personal information, and they offer term life insurance with amounts ranging from $50,000 to $1.5 million.
You can also make your coverage fit your needs because you can choose terms that range from 10 to 30 years. Bestow policies also use advanced algorithms to decide if you are eligible for coverage, so you won’t have to move through a medical exam.
The A+-rated insurer Bestow for Life and Health Insurance® back-term coverage from North American Company. Munich RE, which has a good reputation, also reinsures its policies, so you can be sure that you will be covered if you require it. Bestow says its monthly premiums for term life insurance start at just $10.
Sproutt Life Insurance is somewhat different because it is an insurance marketplace. This means that you can compare plans from different insurance companies. This company also cares about your overall health and offers life insurance plans that are best for you based on how you live and your health goals.
Since Sproutt is an independent broker, you’ll have to research the companies offering you policies after you ask for a quote. So, this online comparison site lets you compare prices and policies from different companies, with and without a medical exam, all in one place.
We also like that all Sproutt’s plans come with a 20-day money-back guarantee and that many of them come with a free accelerated benefit rider. You can also change the policies from temporary to permanent later on.
3) Haven Life
Haven Life made our list because it offers a wide range of coverage options, such as policies worth up to $3 million. The best thing about Haven Life is that you can apply for coverage and start your policy immediately after the business day.
This company sells two types of term life insurance:
- Haven Simple policies are all digital and don’t require a medical exam.
- Haven Term policies have higher limits and may or may not require a medical exam.
Both types of policies are written by highly rated insurance companies, like Mass Mutual and C.M. Life Insurance Company, a corporation of MassMutual. Haven Life also gives people who qualify for low-cost premiums. The insurance company says that a $250,000, 20-year Haven Term policy begins at just $14.99 per month, relying on your age and other factors.
4) Legal & General Life Insurance
Legal & General Life Insurance made our list because they advertise low monthly premiums that start at $7. You can call or proceed online for a free quote, and you don’t have to give out much personal information. Legal & General offers more than just term life insurance.
They also have universal life insurance and annuities that pay out money for life. On Legal & General’s website, you can apply for up to $10 million in life insurance and choose the length of your coverage from several options that last up to 40 years. This company has 1.3 million life insurance customers in the U.S. and an A+ rating for financial strength from AM Best.
Legal & General’s policies might require a medical exam, but it also sells policies that don’t need a medical exam to people who qualify. This is because it has a fast underwriting process that lets you apply for life insurance and to get coverage within a few days or even the same day.