The Best Life Insurance Companies [for Term Quotes]

best life insurance companiesIt 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:




Ladder was created with this vision: offer an instant way for people to buy term life insurance rather than going through the hassle of visiting an agent. To do this, Ladder has partnered with Fidelity Security Life Insurance Company (with an A.M. Best “Excellent” rating), and Hannover Re, the third-largest reinsurer in the world, to provide term life insurance policies up to $8 million, the largest available for an instant term product.

Based in Palo Alto, California, Ladder offers fee-free, straight term life insurance at rates that are among the most competitive in the industry. It has no whole life insurance policies because the founders of the company believe that “term life is a pure insurance product that gives you the best bang for your buck.” More info…show

Pros: Ladder offers a quick, online application and an instant insurance decision for term policies up to $8 million, along with the ability to change your coverage amount whenever you like. For some applicants, Ladder may require a lab to get some more health information. Additionally, the site offers a great insurance calculator that can help you determine what level of coverage you need.

Cons: The site does not offer whole life insurance.





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.


Haven Life

Haven Life

Imagine you could fill out a life insurance policy application entirely online and get a decision in real-time with no medical exam, and receive affordable, high-quality coverage.

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.




Select Quote

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 an 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.

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About Emily Guy Birken

Emily Guy Birken is a former English teacher and respected personal finance blogger. She lives in Milwaukee, Wisconsin with her engineer husband and two high-energy little boys. She has written four books: The Five Years Before You Retire, Choose Your Retirement, Making Social Security Work For You, and End Financial Stress Now. Emily's thoughts on parenting and life in general are found at The SAHMnambulist.


  1. Jim @ Route To Retire says:

    Nice post! I bought my policy (and my wife’s) through my insurance agent a handful of years ago and think I did pretty well on it. I’ve actually never thought about running the numbers again, but it might be worth checking out some of these suggestions to see if I can get a better rate.

    Thanks, PT!

    — Jim

  2. Steven Goodwin says:

    Some interesting companies you have here. I started out just grabbing a term policy through my insurance agent, that was a mistake. Once I smartened up, I went through Zander Insurance and ended up cutting my rate in half for the same policy and extended it by about a year due to when I took the policy out. It was a really easy way to get it done and they sent someone out to the house and everything! I might have to run some quotes for my wife through these other options as well since we need to up her policy anyways as she’s making more money now. I’ve always tried to keep 10-12x our income in insurance with around a 20 year term. Thanks for the suggestions!