It can hardly be a coincidence that no language on Earth has ever produced the phrase “as fun and exciting as shopping for life insurance.”
That’s because insurance shopping is traditionally a frustrating endeavor.
For one thing, no one wants to think about their own mortality, which makes life insurance shopping something of a bummer from the get go. Then the difficulty of comparing apples to apples among products and the relentless nature of high-pressure insurance salesmen make it even harder to drum up enthusiasm for this important financial task.
It’s no wonder that 40% of Americans have no life insurance whatsoever.
But going without life insurance is a bad idea, and having inadequate life insurance is only marginally better.
Thankfully, with the advent of online life insurance sites, shopping for insurance no longer means that you have to sit through a hard sell presentation from an overzealous insurance salesman. You don’t even have to change out of your pajamas to get a life insurance quote from any of the following sites:
PolicyGenius was created to make navigating insurance a less frustrating process. The cornerstone of the PolicyGenius experience is the Insurance Checkup tool.
For consumers who aren’t sure where their coverage gaps are, the Insurance Checkup can help you figure out both how much and what kind of insurance you need. The entire Checkup process takes approximately five minutes to complete, and it gives you a good starting place for determining where your coverage gaps are—with no sales pitch. If you don’t need a policy, PolicyGenius will not try to sell you one. More info…show
Pros: The site is very user friendly and intuitive. Customer support is helpful and easily available, and there is no pressure to buy.
Cons: If you have a significant health issue, you might not be able to find the best deal.
That seemingly impossible scenario is exactly what Haven Life offers. This company offers competitive and fully medically underwritten term life insurance. Applicants must be non-military, between the ages of 18 and 65, and they must have a valid U.S. driver’s license. The application and approval process is quick and painless, and some applicants will not even have to undergo a medical exam. More info…show
Pros: The application process is lightning fast, and you can have a coverage decision in real-time, instead of waiting weeks. The insurance coverage available is the same quality as you would receive through the traditional application process—it’s just much faster.
Cons: Haven Life does not offer any whole life policies. There is currently no coverage in California or Montana.
Though California residents cannot yet access life insurance through Haven Life, Ladder offers them a similar product. Based in Menlo Park, California, Ladder offers term life insurance for any U.S. citizen in the Golden State between the ages of 20 and 60. It is currently unavailable in any other state.
Like Haven Life, Ladder promises a decision on your life insurance policy within minutes. Once you have your quote, you can apply online for the policy without having to visit with an agent, and you receive coverage instantly upon submitting your application. More info…show
Pros: Ladder offers an instant insurance decision and a fully online application. There does not appear to be any medical exam whatsoever (although it is not entirely clear on the website). The site offers a great insurance calculator that can help you determine what level of coverage you need.
Cons: Ladder is only available to California residents. The site does not offer whole life insurance.
Founded back in 1985, SelectQuote was the first company to offer direct marketing of term life insurance, long before the Internet made such direct marketing easy. The company calls itself the #1 Term Life Sales Agency in America, and it offers unbiased price comparison of the best rates from 11 different highly-rated life insurance companies—something it’s been doing for more than 30 years. More info…show
Pros: You can receive your quote within 10 minutes on the phone, after filling out the necessary information online. SelectQuote works with 11 different insurance companies, meaning rates are very competitive for healthy applicants.
Cons: You must work with SelectQuote over the phone, rather than entirely online. Some reviews have described the agents as somewhat aggressive.
Founded in 2011 to help graduates from top-tier universities to refinance their student loans at low interest rates, SoFi is a newcomer to the life insurance marketplace. SoFi has partnered with Protective Life Insurance Company to start offering up to $1 million term life insurance policies with up to 20-year terms. More info…show
Pros: A fast application process and no medical exam for eligible applicants. If you are looking for a larger policy, you can still work with SoFi and Protective to get the full underwriting.
Cons: Not available in New York. While prices are competitive, SoFi is only working with a single insurance provider.
Getting Life Insurance Coverage Doesn’t Have to Be a Drag
While no one will ever consider life insurance shopping to be a rollicking good time, using any of the sites on this list can help take the sting out of this dreaded financial task. And it will be good to know that your family has a protection plan in place in case anything happens to you.