Are you overwhelmed by the thought of buying life insurance? You’re not alone. With so many options to pick from, it can be hard to choose.
Back in the day, purchasing life insurance meant meeting with a salesperson to get a quote and sometimes it required a complicated medical exam. Luckily, you have better options than your grandparents did.
Here are 5 providers of term life insurance that are making it easier than ever to get the coverage you need.
Bestow is a popular company for life insurance. They have short-term and long-term options, making it great for people who are in different life stages. Even without a medical exam, Bestow can give you instant coverage if you qualify.
The automated process walks you through from start to finish. Prices start at just $3 a month, and policies from $50,000 to $1 million are available. Keep in mind there are a few restrictions. For instance, the 20-year term is only open to individuals aged 21 to 45. But if you’re between 21 and 54 years, you can pick from either the two-year or ten-year term policy.
If you know you need life insurance but aren’t sure what type of coverage to buy, their two-year policy is perfect. It gives you up to $500,000 in coverage to make sure you’re protected while you evaluate your needs.
As one of the first online comparison tools for buying life insurance, Quotacy streamlines the process. Getting a quote is quick and easy, and you don’t even have to provide your contact information. If you’re shopping for life insurance online, spending about five minutes with Quotacy can get you multiple options to pick from.
In addition to term life insurance, they offer whole life and disability insurance, too. Sticking with a term policy is usually your best bet, and Quotacy has plans from five to 35 years available. Coverage starts at $50,000 and can go up to $65 million or more.
Like with most life insurance options, your age plays a factor in your rates and policy availability. The younger you are when you apply generally means you’ll pay less for coverage. But if you’re age 16 to 80, shopping online with Quotacy could qualify you for a great rate.
Another company to offer online term insurance before it became mainstream is Haven Life. Thanks to their technical ingenuity, they have some of the fastest approval times and could get you covered in a matter of minutes.
They are backed and wholly owned by MassMutual, an A++ rated life insurer by A.M. Best for financial strength and claims-paying ability.
With Haven Life’s policies, getting up to $3 million in term coverage is within reach. Though if you’re 60 to 64 years, there’s a $1 million limit in your coverage amount, and that’s subject to underwriting approval. But there is good news for U.S. citizens up to age 59: You could qualify to finalize coverage without a medical exam.
Tomorrow is more than just life insurance. It helps you answer those nagging what-if questions that no one wants to think about. In addition to purchasing life insurance, using the app or web browser to create a will, living trust, and distribute assets is possible.
It’s worth mentioning that wills and trusts are complex legal documents. If your situation exceeds anything than the most basic of estates, you may want to consider meeting with an attorney.
But as far as life insurance goes, Tomorrow offers excellent policy options. Whether you’re looking to buy life insurance for the first time or just want additional coverage, you can purchase it right from the app.
The pricing is average, with 20-year policies starting around $13 per month for a $250,000 payout. Even if you’re not a U.S. citizen, you could get policy approval if you’re a permanent resident with a green card.
Getting term life insurance with Fabric is straightforward. The step-by-step process has excellent documentation to explain different options, and it only takes about five minutes to get an offer for a term policy.
If you qualify, coverage could start almost instantly. But if not, you might need to take a health exam. It depends on the state you live in and the underwriting process. If you do need an exam, there’s no cost. They’ll also come to your home or office for your convenience.
For term life insurance, their prices are reasonable. A 20-year term policy with $250,000 in coverage comes in around $15 per month.
In addition to term life, Fabric offers accidental death insurance and a free online will-writing tool. This makes it a one-stop-shop for help with estate planning.
Life Insurance FAQs
Buying life insurance is one of those things in life you might not think about until it’s too late. But life is fleeting. Knowing your loved ones are protected if the worst should happen can bring you peace of mind.
Who should apply for life insurance?
If anyone relies on you as a source of income, it’s likely you need life insurance. More than a third of households in the U.S. would struggle financially if the primary income earner passed away, according to a recent study. This means single moms and dads, couples, parents, stay-at-home moms, and retirees can often benefit from coverage under a term policy.
How much life insurance is enough?
One of the hardest parts about buying life insurance is knowing how much coverage to get. It’s nearly impossible to calculate the amount down to the penny. But to get a ball-park number, you can multiply your wages by ten. If you have a young child, adding $100,000 for college costs to 10x your wages is a good start, too.
How can I find the best rates?
When buying term life insurance, your rate is largely dependent upon your age. The younger you are, the less expensive it is to buy a policy. To find the best prices, you can skip the phone and go straight online. Instead of spending hours talking with an insurance agent, getting an instant quote for term life insurance is possible from each of the five companies listed above.
The process of getting a term life insurance quote is simple and straightforward. Answering a few health questions is enough to know if you qualify for coverage, often without a health exam. For instance, if Quotacy approves you for coverage, there’s no requirement to take a medical exam.
Buying life insurance was once a hassle. Now, it’s quickly done online from the convenience of your home. Policies are affordable and can start for just a few dollars per month. That means skipping the coffee counter only once a month could buy the peace of mind that comes from knowing your family is protected.