Choosing life insurance isn’t easy.
Whole. Term. Rider. Accelerated death.
There are so many terms it’s difficult to understand exactly what you need, and which company will best meet your needs.
We’ve combed through tons of insurance companies, from long-established giants to newcomers on the market to bring you these 5 top life insurance companies to help make your selection a little easier.
1. Bestow Life Insurance
Founded in 2017, Bestow Life Insurance is an online life insurance provider that offers term life insurance to people between 21 and 55 ½ years old.
Bestow offers affordable term life insurance at affordable prices, making their plans great for anyone who doesn’t want to make a long-term commitment to one insurance company. Their 2-, 10-, and 20-year terms provide quick coverage thanks to a fast application process.
They also don’t require medical exams for approval. Instead, Bestow’s online underwriting process checks third-party data, such as the Medical Information Bureau, to assess how much of a risk you are.
Coverage starts at $50,000 and goes up to $1 million, offering flexibility for those who want some peace of mind without the high premium.
What Bestow Life Insurance Covers
Bestow covers death during the insurance policy term for almost any reason. Death by suicide within 2 years of taking out a life insurance policy, however, is not covered.
Bestow only offers term life insurance in 2-, 10-, and 20-year terms. Coverage is available beginning at $50,000 and up to $1 million.
What We Like about Bestow Life Insurance
The lightning-fast application and decision process allows you to get coverage minutes after applying. This helps give you peace of mind right away.
And, if you decide for any reason that Bestow isn’t right for you, you can cancel within 30 days.
The shorter terms and wide variation in coverage amounts also make Bestow a great choice for people who don’t want to pay an arm and a leg each month for life insurance. Premiums begin at $2.50 per month, with factors such as age, medical history, criminal history, and credit history impacting your premium.
There’s also no medical exam necessary to get covered, meaning a less invasive and lengthy process for you to get life insurance.
Pros & Cons of Choosing Bestow Life Insurance
Pros
- Quick, easy online underwriting
- No medical exams
- Affordable premiums
- Backed by respected insurance companies
- Premium stays the same
Cons
- No riders or additional coverage options
- No coverage for those with a history of heart disease or cancer
- No 30-year term available
- Doesn’t offer whole life insurance
How to Apply for Bestow
- Go to the Bestow website, www.hellobestow.com, or use Bestow’s app
- Enter basic information about yourself, such as birthdate, gender, height, and weight
- Receive a preliminary quote
- Fill out a more detailed questionnaire that covers your lifestyle and medical history
- Give authorization to Bestow to collect information from third parties during the underwriting process
- Receive a final quote based on Bestow’s underwriting algorithm
Bestow Life Insurance Customer Review
Bestow has an A rating with the Better Business Bureau, and an average rating of 4.5 from customers.
_“The quote and application process was the easiest I’ve ever seen! The rate was also better than I’ve gotten in the past.” _- Justin L.
2. LadderLife Insurance
LadderLife offers term life insurance that’s flexible to suit your needs. You’re not locked into the same amount of coverage during the term; if you want to increase or decrease your coverage amount at any time, you can easily do that on the company’s website.
Get quick, easy online quotes and get coverage in minutes. Many applicants aren’t required to take a health screening, meaning coverage is immediate and you get peace of mind.
If you do need to take a health screening, you can get temporary life insurance coverage during the underwriting process. And LadderLife makes the health screening process quick and easy, with a screener visiting you at your home or office, saving a trip to the doctor!
LadderLife offers coverage for people between 20 and 60 years old, as of their nearest birthday, and you can get insurance in terms from 10 to 30 years.
What LadderLife Insurance Covers
LadderLife covers death for nearly any reason at any time during the term of your insurance policy. If you die by suicide within 2 years of taking out your policy, LadderLife won’t pay.
LadderLife only offers term life insurance.
What We Like about LadderLife Insurance
LadderLife provides a quick, easy online application that allows you to get coverage in minutes. And, if you need a medical screening during the underwriting process, you still can receive coverage until your official policy kicks in.
There also are no insurance brokers in the middle of your insurance purchase, so you won’t get someone trying to get you to add extra coverage to make a commission. When you need help, talk to one of LadderLife’s licensed professionals to get just the information you need.
But the thing that makes LadderLife stand out from the crowd is its “ladder” concept.
If you purchase insurance at a time when you still owe a lot on your mortgage, or you’re anticipating paying to put your kids through college, you need more coverage than you would once your house is paid off and your kids are older.
With LadderLife, you can easily adjust your coverage level at any time during your term, free of charge.
Pros & Cons of Choosing LadderLife Insurance
Pros:
- Instant quotes and decisions
- No cancellation fees or penalties
- Available in all 50 states
- Adjustable coverage to meet your needs
Cons:
- Premiums can be high depending on your coverage level
- Your actual age plus the term cannot exceed 70, meaning you can only have coverage until you’re 70 years old
- No discounts or additional coverage types
How to Apply for LadderLife Insurance
- Visit www.ladderlife.com
- Click “Get Started”
- Choose your coverage amount and term. Use LadderLife’s coverage calculator if you need help
- Answer the questions on each screen, including demographic information, medical history, and lifestyle questions
- You should receive a decision and quote within minutes
- If you don’t need a health screening, sign your policy and get covered within minutes
- If you do need a health screening, you may be eligible for temporary coverage while you finish the underwriting process
LadderLife Insurance Customer Review
LadderLife has over 300 reviews on Trustpilot, with an average trust rating of 9.2.
_“Highly recommend Ladder. Great process and competitive rates for life insurance. Happy customer, hoping never to file a claim!” _- Kevin C.
3. AIG Direct Life Insurance
One of the top names in the life insurance industry, AIG Direct offers a variety of life insurance options for people aged 18 to 80.
Plans are customizable to meet your needs, so you can add any of a series of riders to pay out in the event of pre-death tragedies such as critical or terminal illnesses.
Choose from term life insurance in terms from 10 to 30 years, or select whole life insurance that accrues value over time and allows you to make cash withdrawals in the event that you need some extra money.
It does have one of the slower decision processes, and medical examinations are required for all term and whole life policies, and premiums are higher based on whether or not you meet the qualifications for risk factors.
What AIG Direct Life Insurance Covers
AIG Direct offers a variety of insurance options. Their main products are term life insurance (10- to 30-year terms) and whole life insurance.
You can also add a variety of riders to your whole or term life insurance, such as coverage for your children, coverage that will pay in the event of a chronic or terminal illness, and coverage that will pay for critical conditions.
AIG Direct’s parent company also offers auto, home, and travel insurance, as well as annuities and mutual funds.
What We Like about AIG Direct Life Insurance
Founded in 1919, AIG Direct has a long history as being one of the top life insurance companies in the industry, making taking out a policy with them less of a risk than with a newer company.
If you’re looking for flexible coverage options that will provide for your family in the event of a catastrophic injury or illness, AIG Direct has you covered. You can even add your spouse or children to your policy, something the lower-cost companies don’t offer.
For a non-budget life insurance company, premiums are fairly affordable depending on your age, the amount of coverage you want, and whether or not you have any risk factors such as heart disease or a hazardous occupation.
Pros & Cons of Choosing AIG Direct Life Insurance
**Pros: **
- Offers term and whole life policies
- Support available over the phone
- Add riders to get living benefits in an emergency
- Well-established, global company
Cons:
- Was caught up in the 2008 financial crisis
- Medical exam required
- Customers report difficulty filing claims and updating beneficiaries
- No mobile app or easy-to-use online tools
How to Apply for AIG Direct Life Insurance
- Visit www.aigdirect.com
- Fill out the questionnaire with personal information and health information
- Enter your phone number and email address
- Consent to receive communications from AIG Direct by phone and text
- An AIG agent will contact you
AIG Direct Life Insurance Customer Review
AIG Direct has received nearly 200 customer reviews on consumeraffairs.com, averaging just under 3 stars.
_“I like everything about this company. It is a great company. It has so many different types of options as well as many different policies. My parents bought the policy for me when I was a child and they have always been good to me. My experience has always been awesome.” _- Tina
4. Ethos Life Insurance
Backed by celebrity investors and partnered with established insurance providers, Ethos Life Insurance offers direct-to-consumer life insurance, meaning there’s no middle man when you decide it’s time to buy.
Ethos offers 10- to 30-year term policies and insures its customers using predictive analytics based on their driving records, medical histories, and other available information. The vast majority of Ethos’s customers don’t need a medical examination to qualify, making coverage decisions quick and easy.
Plans start at affordable prices (Ethos uses a healthy 30-year-old paying $1 per day for $1 million in coverage as an example), and the company offers additional riders to give you customized coverage.
What Ethos Life Insurance Covers
Ethos offers term life insurance for adults 18 to 75 in 10-, 15-, 20-, and 30-year terms.
You also can add riders to your term insurance plan that cover disability and critical illness.
What We Like about Ethos Life Insurance
Ethos leverages all the power of technology to give customers fast coverage decisions. Using predictive analytics to determine eligibility means that 99 percent of their customers don’t require a health screening to get covered. That means you can get covered faster.
In addition to the basic term life insurance plans, Ethos lets you add riders that may pay in the event that you become disabled or develop a critical illness, such as terminal cancer. These payouts can help ease the financial burden should you find yourself in these situations.
One thing that makes Ethos unique is its return of premium rider. If you outlive your 20- or 30-year policy, you can receive some or all of your premium dollars back.
Pros & Cons of Ethos Life Insurance
Pros:
- Flexible riders allow for customized coverage
- Low likelihood you’ll need a medical screening
- Fast online underwriting
- Coverage goes up to $10 million
Cons:
- Must enter credit card information to see a final quote
- Claims filing process is done via email
- No mobile app
- Website is clunky and offers few resources
How to Apply for Ethos Life Insurance
- Visit www.getethos.com
- Select “Get My Price”
- Enter basic information, including health and lifestyle information and payment information
- Create an account using your email address
- If no additional information is required, you will be able to purchase your policy immediately
- If additional information is required, you will be contacted by phone or email
Ethos Life Insurance Customer Review
Ethos has more than 150 reviews on Trustpilot, with an average rating close to 5 stars.
“The application process was a breeze. The underwriting process did take some time. Perhaps it varies depending on case by case basis. Overall the process was easy and efficient.” - ST
5. Haven Life Insurance
A no-frills online application with quick decisions and a variety of rider options makes Haven Life Insurance the provider of choice for many.
Backed by MassMutual, Haven offers policies for 10-, 15-, 20-, or 30-year terms to customers between 18 and 64. Many customers don’t need to take a health screening to qualify for coverage.
Add accelerated death benefits or waiver of premium riders to get more out of your term life insurance policy.
And, at no extra cost, add the Haven Life Plus for access to CVS MinuteClinics, online tools for creating a will, and access to a secure site for storing estate planning documents.
What Haven Life Insurance Covers
Haven offers term life insurance geared toward healthy adults between 18 and 64.
If you engage in risky behaviors or have a dangerous hobby or occupation, you may still receive coverage but may have an additional “flat fee” added to your policy. This fee can be removed if you prove to Haven that you have quit those behaviors or occupations for at least a year.
Additional riders are available to cover accelerated death benefits in the event that you’re diagnosed with a terminal illness and waiver of premium that keeps your policy active even if you can’t pay due to disability.
What We Like about Haven Life Insurance
Haven’s easy online application and low percentage of required medical screening means you can get covered very quickly after applying for coverage.
It’s also easy to contact customer service or update beneficiaries online, making Haven less frustrating for many customers in the long run.
The Haven Life Plus rider offers free access to a variety of helpful services, including CVS MinuteClinic access, the ability to create a legal will online for free, and a secure site for storing all your estate planning documents, such as your will and a copy of your life insurance policy.
Pros & Cons of Haven Life Insurance
Pros:
- Backed by MassMutual
- Easy online account management
- Riders provide unique benefits to customers
- Competitive rates
Cons:
- Only monthly payment available (no annual or biannual option)
- No whole life option
- Final rate is not always the same as initial quote
- Cannot add additional people (parent, child, or spouse) to your policy
How to Apply for Haven
- Visit www.havenlife.com
- Use the Quick Estimate and Needs Calculator if you need to see how much coverage to buy
- Click “Get Your Rate” to receive a quote
- Haven checks your information against third-party vendors
- View or purchase your policy immediately if you qualify for InstantTerm (You’re under 59 years old and don’t need more than $1 million in coverage)
- You may be asked to do a health screening before approval
Haven Life Insurance Customer Review
Haven has nearly 600 customer reviews on Trustpilot, with 86 percent of customers giving the company an Excellent rating.
_“Fast and easy application process, with excellent rates. I shopped around when I decided to take out a new Term policy, and Haven Life even beat the supposedly 'discounted rate' from my union. I only wish they also offer a 30-year term as well.” _- Susan W.
The Information You Need to Get the Life Insurance You Want
Choosing the top life insurance company for you doesn’t have to be complicated.
Taking some time to investigate what makes each life insurance company the same - and what makes them all so very different - can help you make the best decision so you can have the peace of mind you deserve and your family can be protected well into the future.
