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It may not always be at the forefront of your mind, but the payment of a death benefit to your beneficiaries is an important decision we make for loved ones. A life insurance payout provides financial protection to dependents once we have passed on. These funds might be used for covering basic family expenses like mortgage payments, tuition, car loans, funeral costs, and much more. Essentially, life insurance policies help beneficiaries survive financially until they can get back on their feet without us.
It's estimated that about 40% of Americans don't have life insurance. In very few cases this accounts for individuals without beneficiaries or people with lots of assets that could easily be sold. However, most people without life insurance simply misunderstand the reasons for needing it and how affordable it actually is. Since people are living longer and healthier, life insurance is becoming less expensive than ever. Quite a bit of life insurance can be purchased without breaking the bank.
Wednesday, January 27th
Health IQ not only rewards individuals for their healthy lifestyles, but also promotes change to create healthy exercise habits. Health IQ evaluates customers' current health, quizzing them on their health knowledge, and then incentivizes lower rates by having them participate in a specific physical activity. By doing this, they say they can get rates up to 41% lower than their competitors. The unique way Health IQ rewards active lifestyles and promotes better mental and physical health is impressive and has earned our highest rating for life insurance companies.
To get a quick quote estimate, you report through Health IQ's online form:
You'll either qualify for a basic rate, special rate, or both from Health IQ. For the special rate (the best one available), an agent will call you shortly after finishing the form to discuss how you might qualify. Rates are double-checked by Health IQ, as they will consider up to 30 additional carriers for you to view. To qualify for the best rate, you can make an account and take a quiz that identifies your health literacy before choosing a policy.
Essentially, you are taken to a series of quizzes on topics like cold remedies, kissing risks and rewards, tips to keep working out, and many more. Answering correctly within each quiz earns you points that go towards your overall "health IQ". From there, you can verify your activity level by competing in a swim meet, cycling over 50 miles, running an 8-minute mile, or other activity. Once your "health IQ" and lifestyle verification is complete, you can choose your life insurance plan and hopefully be saving money.
Health IQ's focus on healthy lifestyle habits is unique because it shows they care about their customers. By keeping users informed through daily quizzes, they are creating change in people and getting customers invested in their personal health journey. This saves both Health IQ and the customer money in the long run if the customer is willing to put in the extra effort. We like the idea of earning lower life insurance rates by taking your exercise habits into account.
Forbes, TC, CNBC, VentureBeat, and San Diego Union-Tribe have all featured Health IQ and its appealing practices for healthy individuals. The Better Business Bureau gives them an A+ rating. Other customer reviews are extremely positive, referring to Health IQ as "top notch", "prompt", and "honest". If you're someone who cares about your health or needs an incentive to take care of yourself a little better, it will be worth your while to use Health IQ to get you on the right path and save you money on life insurance along the way. We recommend them as the best life insurance company among their competitors.
The eFinancial website doesn't waste any time in asking for information to start comparing quotes for you. Their "Start, Compare, Apply" process could not be any easier. By filling in your name, DOB, height, weight, zip code, phone number, and email address, you're almost immediately connected to eFinancial's pick of the best policy for you - which is based on a combination of factors including convenience of application, price, acceptance rate, and more.
The first policy that eFinancial suggests for a customer provides the name of the company, coverage length, coverage amount, and monthly premium. This is the best suggested offer, but customers can browse other policies and compare them side-by-side as well. The coverage amount and length can be changed with a drop-down menu to quickly find a policy that caters specifically to your needs. Once you find a policy you would like to apply for, the application process is short (about 7 questions) and you can submit it directly from the site once you've entered your answers.
If you're reading this thinking you don't understand all there is to know about life insurance and the terms used, don't worry. There is a glossary for that on the eFinancial website. From A - Z (actually, just to W), there are brief explanations of things like conditional receipts, death benefits, and free look provision to make sure you don't feel left in the dark when it comes to understanding what you're paying for.
Another helpful feature on the eFinancial website is the FAQ section. Here you can browse through questions like, "What determines my rate?", "Who needs final expense insurance?", and "How much does life insurance cost?" Each question is followed by one or two paragraphs of a simple explanation that is easy to understand, regardless of how much previous knowledge you may have. The eFinancial blog further explains specific insurance topics that customers may find helpful.
Real customer reviews from other third-party sites can be viewed on the eFinancial website, which is beneficial. There are over 150 reviews and they are mostly very positive with a 4.5/5-star average rating. The Better Business Bureau gives eFinancial an A+ rating as well. Needless to say, you have nothing to lose by choosing eFinancial for your life insurance policy search.
Though you might never guess it from the name, the bread and butter of Fabric is life insurance and wills. By providing a thorough amount of information about yourself including hobbies, health history, beneficiaries, SSN, and more, you will receive life insurance quotes from Fabric. You will need to set aside about 15 minutes for the application process and plan to provide personal information to ensure accuracy of available life insurance plans.
From there, Fabric explains how the quotes are calculated and why certain factors play into the pricing of your life insurance policy. The one downside of their site is that you can't receive a fast, estimated quote like some people might want before filling in a full application.
If you aren't convinced you even need life insurance, Fabric has a short quiz that will help you decide. At the end of the quiz, Fabric gives a breakdown as to why life insurance would be beneficial for you your surviving loved ones. A frequently-updated blog on Fabric's website gives additional information about trust funds, executing an estate, how much life insurance your family needs, how mental health affects coverage, and much more.
In addition to life insurance information and quotes, users can create free wills on Fabric's website whether insurance is purchased or not. A simple step-by-step form prompts information about you, your children, spouse, and other beneficiaries. For complicated terms throughout the will creation process, Fabric provides an explanation of what they mean and the implications of including the information in your will. By creating a will through Fabric, you can appoint guardians and beneficiaries, mirror your will with your spouse's, and make final arrangements all in as little as five minutes. This is a great, risk-free perk considering it is offered at no cost!
Given the amount of personal information you have to provide upfront, you may be wondering if this life insurance site is trustworthy. Rest assured, Fabric has been featured in articles on CNBC, TechCrunch, Credit Donkey, ValuePenguin, and more. Their A+ rating from the Better Business Bureau and high praise on other third-party sites makes this company, though still less than five years old, a revolutionary option for families looking to secure their financial future. By using Fabric's app, users can manage their will and life insurance policy from wherever they are. For all of these reasons, Fabric is a simple solution to getting started with a comprehensive financial plan for your family's future, including your life insurance needs.
There isn't a whole lot to the Haven Life website besides providing information about life insurance policies and quickly providing quotes to users. (But that's what you're wanting from the company anyways, right?) They are backed by Massachusetts Mutual Life Insurance Company (MassMutual), which has been around for over 160 years. Haven Life is both reputable and reliable when it comes to providing fast and easy quotes to individuals and families looking for life insurance policies. Even the Better Business Bureau gives this company an A+ rating.
Right away, you'll find the Haven Life website displays a form asking your gender, birthday, nicotine usage, overall health rating, state of residence, and what type of policy you're looking for. These few questions will lead you to a fast quote with an estimated dollar amount you'd spend per month based on your answers. To get a real, accurate quote, you can opt to go through the full application process. You'll need to know the following things to complete the full application:
Applicants are selected at random to verify their information, so they can ensure that people are honest with their application - though Haven Life doesn't go into more detail as to how that verification takes place (e.g. medical exam, submitting records from your primary care physician, etc.). In order to know your exact life insurance needs, it is recommended that you use their life insurance calculator. Based on just 11 questions, an estimated dollar amount provided for how much life insurance you might need to meet your coverage needs. From there you can choose the best life insurance policy option after your application is submitted.
Although they are not always the most inexpensive when compared to other companies, Haven Life has competitive rates. Their sometimes higher premium costs could be due to the fact that their approval process is much faster than other companies. For customers who need additional information before biting the bullet on a life insurance policy, Haven Life provides one of the most thorough FAQ pages we've seen among life insurance providers. You can learn just about everything you need to know from this page, from medical exam procedures to life insurance riders.
We appreciate the streamlined process of getting quick quotes and full policy options from Haven Life. They are both transparent and helpful for customers who may otherwise feel lost in the search for life insurance. Their backing by MassMutual and ease of use makes us confident in recommending them as one of the best life insurance policy companies on the market.
Customers who use Ladder Life generally have positive things to say about their experiences. Some of these customer reviews in text and video form can be found easily on the Ladder Life website. The platform is clean, appealing, and easy to navigate. Despite the many perks of using Ladder Life to obtain life insurance, the main reason they did not earn our highest rating is due to their term coverage limitations and processes that take longer than they advertise.
Ladder Life markets their application process as taking five minutes, offering an instant decision without a medical exam. However, when we went through the application process, it took at least 15 minutes and quickly required personal information such as a social security number, address, phone number, name, and more in order to even view possible plans. We would have liked to get more information on their policies before being obligated to complete a full application.
Policies are only open to individuals between the ages of 20 and 60. In addition, coverage can be purchased between $100k and $8M with terms from 10 to 30 years. Between the age requirement and term life options, this will eliminate the ability for many people to obtain life insurance from Ladder Life. On the plus side, it is unusual for a life insurance company to offer policies as high as $8M without needing a medical exam. For customers looking for a lot of life insurance, this will be an appealing selling point.
Many customers enjoy the ease of the online portal that Ladder Life uses. In this portal, coverage can be purchased and adjusted at any time. Most communication is done online, rather than over the phone with a live agent. Because of this, cancelling and adjusting coverage is quite simple and they don't make you jump through hoops or wait on long calls to get the help you need.
Compared to other life insurance companies we have evaluated, Ladder Life has fewer educational resources than some competitors. They do have a blog and FAQ section, but they cover topics less specific to life insurance and may be a bit hard to filter through for relevant information.
All in all, Ladder Life has many benefits for individuals between the ages of 20 and 60 looking for lots of life insurance without waiting weeks to get qualified. If you fall into this category, Ladder Life is a great option. For those outside of the age range or looking for permanent life insurance, Ladder Life is, unfortunately, not going to be a possibility.
Insurance Quotes provides loads of insurance information on their website, but the information is text-heavy and hard to filter through. Grammatical errors are scattered throughout the website and ongoing blocks of text make everything appear messy. Since Insurance Quotes also caters to people looking for auto insurance, health insurance, home insurance, and business insurance, the life insurance information is hard to isolate from the other topics.
Once we provided our name, date of birth, height, weight, some basic health history questions, email address, phone number, and zip code in an online form for a free quote, we were redirected to a new page. Here we were shown five companies that we could go through to find life insurance. This isn't very helpful considering we could have gone straight to these companies' websites in the first place and skipped Insurance Quotes as the middle man. Once we clicked on one of the life insurance companies we were interested in, we had to start all over to get a quote from the new company. Insurance Quotes does not actually provide life insurance, but rather makes money through referrals to companies that do issue the policies.
The number of life insurance companies that Insurance Quotes referred us to was few and fairly unhelpful considering no quote is initially provided, and therefore we weren't even sure which company to look into.
But, if we had to highlight something helpful that Insurance Quotes offers, it would be the expert Q&A about life insurance. In that section of the website, there are 17 questions answered about topics like term vs. whole life insurance, borrowing money from a life insurance policy, how much life insurance to buy and more. These are frequently asked questions that could easily be found elsewhere, but they are compiled on the Insurance Quotes site if you want to quickly browse for answers.
Overall, Insurance Quotes broadly covers so many types of insurance that we don't feel it guides new customers to life insurance information without causing frustration. The platform was both messy and unprofessional, which is concerning if they are wanting you to trust them with personal information. We suggest going with one of our higher-rated sites when searching for life insurance plans.
US Insurance Online is not an insurance company, but rather sends your information to up to eight different insurance companies. They connect website visitors to insurance companies for home, auto, life, health, and annuity policies. Besides providing your personal information to US Insurance Online to receive referrals to other life insurance companies, there is nothing else offered to users: no blogs, no life insurance FAQ, no glossary of terms.
A disclaimer is included at the end of the life insurance quote form letting the customer know that up to eight insurance companies, agents, or their partners are authorized to contact you at the phone and address provided. This could be for marketing purposes or to get more information using an automated telephone dialing system and/or prerecorded voice, email or text messages. Giving this blanket permission to up to eight providers could result in being bombarded with offers from those companies. Customers may not appreciate this and may find themselves very frustrated by subsequent marketing efforts, just from trying to get a life insurance quote.
When we submitted our information via the online quote form, only two companies were provided as options for life insurance. After all the information we filled out through US Insurance Online, we were redirected to our chosen third-party insurance company and had to fill out an application all over again. We wound up providing the same information we already gave US Insurance Online, which feels like a waste of time.
Although US Insurance Online's services are free, we can assume they are making a profit from the life insurance companies they refer us to. We feel like there is really no point in using US Insurance Online since it would be faster to go directly to a company that can actually provide the life insurance. We were not provided with information that is any more useful than what we can obtain elsewhere from their competitors. For faster, more effective results when looking for a life insurance policy, try using one of our higher-rated companies.
It's suggested that individuals evaluate their life insurance policies yearly to make sure their coverage is sufficient for future needs. Premium costs are determined based on age, current health and health history, and occupational hazards. Depending on the policy, you'll typically be paying premiums either monthly or annually. Finding the best policy for you is quick and easy with online tools that connect you to the right company and terms for you and your loved ones.
Before signing up for a new life insurance policy, we suggest you keep the following criteria in mind when choosing a program:
To help you identify the best life insurance plans, TopConsumerReviews.com has reviewed and ranked the best life insurance companies available. We hope this information helps you find a life insurance policy that will give you and your loved ones peace of mind!
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