The post Best Online Life Insurance Providers by Janet Hunt, Insurance Agent appeared first on Benzinga. Visit Benzinga to get more great content like this.
Insurance tech trends have made buying life insurance easier than ever. You can compare quotes and buy a policy online in just a few minutes. Learn more about these insurance trends and the best online life insurance providers.
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Here are Benzinga’s picks for the best digital life insurance companies:
1. Sproutt
Sproutt connects you with insurance options based on your lifestyle. You start by taking Sproutt’s quality-of-life quiz, which not only assesses where you are but also gives you tips for improvement. It looks at a range of factors, including movement, sleep, emotional health and balance.
From there, it connects you with insurance policies that are a good match based on your quality of life. You can buy term and whole life insurance through Sproutt, including simplified-issue and guaranteed-issue policies.
One of most quickly growing life insurance platforms, Sproutt leverages insurtech to provide its Sproutt Instant approval life insurance. Get instant-issue policies in under 15 minutes from application to coverage. No medical exam necessary for qualifying applications.
This process is entirely online. You have the option to speak to an experienced Sproutt advisor for assistance or complete your coverage purchase on your own. It works with top-rated life insurance carriers like AIG, SBLI, Principal and Sagicor Life.
The company has also developed its Guided Artificial Intelligence Assessment (GAIA) platform to power the Quality of Life Index. The platform evaluates your lifestyle to offer personalized recommendations to help you live a healthier lifestyle.
- Numerous policy and carrier options
- Those who prefer no-exam life insurance
- Young parents
- Works with top-rated life insurance carriers
- Online process
- Diverse policy options
- An AI-based assessment delivers perks to those with healthy lifestyles
- Not best for unhealthy people on a budget
2. Ladder
Ladder provides affordable term insurance. It offers $100,000 to $8 million in coverage to applicants ages 20 to 80. You can complete the application in 5 minutes. What sets Ladder apart, though, is that you can easily make adjustments to your coverage, which Ladder calls “laddering.”
You can increase your coverage if you have life changes that require more coverage, like buying a house or having a baby. You can also easily decrease coverage as you need less. For example, as you pay down the balance on your home or as your children finish college. It’s coverage you can adapt to your needs.
Ladder offers policies with no hidden fees, on-the-spot underwriting and a streamlined website. Coverage ranges from $100,000 to $8 million and you can adjust your coverage over time as needs change.
You can choose a 10, 15, 20, 25, or 30-year term. Ladder also offers up to $3 million in coverage without a medical exam — just answer a few health questions and complete the application to get an instant decision.
Ladder doesn’t impose policy, cancellation or processing fees and you can cancel at any time. Take three steps to get Ladder insurance:
- You can apply for life insurance coverage with Ladder right now via the online application.
- Find out whether you’re instantly approved.
- Accept your offer — including affordable prices and no hidden fees.
Its price lock guarantee ensures your premium won’t increase as your health changes and you age. Policies in New York are issued by Allianz Life Insurance Company of New York and in the other states and DC by Allianz Life Insurance Company of North America. You can receive a refund within the 1st 30 days if you’re unhappy with your coverage and you can cancel at any time.
- Term life insurance
- Online application
- Policyholders between 20 to 60 years of age
- Up to $8 million in coverage
- Price lock guarantee
- No policy fees
- 30-day money-back guarantee
- Adjustable coverage
- No policy riders
- Term life insurance only
3. Policygenius
Policygenius makes it easy to get quotes from multiple insurance companies. You answer questions about yourself and your situation, and Policygenius finds the best policies for you.
Insurance companies evaluate your application in a process called underwriting. Sometimes they offer a higher rate than the one you were quoted.
If you apply for a policy and the insurance company offers you a higher rate than the one you were quoted, Policygenius will also assist you in seeing if you can find a cheaper rate for the coverage at no extra cost.
Policygenius is a great option if you want to compare cheap life insurance companies and apply for a policy all in one place.
The service could save you up to 40% with its comparison of top-rated carriers. And because Policygenius is a marketplace, not an insurance company, you can trust that you’re getting unbiased life insurance advice from their licensed experts.
Use Policygenius’ free cost calculator to help you figure out the amount of coverage you need. There are also good educational tools if you want to buy a policy on your own.
Policygenius can also help you find the best provider to build an online will and plan your estate, rounding out their life insurance resources.
- Comparing policies side-by-side
- Multiple coverage options
- Comparison of multiple policies
- Unbiased advice from licensed insurance experts
- Free cost calculator
- Quotes from all providers not always available
4. Fabric
Fabric is geared toward families with children. For many, buying life insurance is a part of financial planning, which also may include writing a will. Fabric offers affordable term insurance and a free last will and testament tool that you can use for planning.
It also offers tools to help you map your financial accounts and collaborate financially. Fabric also offers 529 college savings plans and high-yield savings accounts. Overall, Fabric helps you manage your financial planning from one simple app.
Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.
Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.
Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.
- No exam required for most
- Those who want to avoid the hassle of insurance salesmen
- New or expecting parents looking for a broader suite of financial tools
- Affordable premiums
- Free digital will creation
- Free app with helpful tools for parents
- Apply and see your rate in less than 10 minutes
- No term life coverage in New York or Montana
- Can’t increase coverage after purchasing
Definition of InsurTech
InsurTech is behind these top insurance providers, but what is it?
InsurTech is a combination of the words “insurance” and “technology.” It can refer to the technology companies are using to improve the insurance process. It can also refer to the companies employing this technology.
InsurTech companies use data analysis, artificial intelligence (AI), blockchain, machine learning, chatbots and more to improve every aspect of the insurance process. This includes everything from getting quotes and buying insurance to the claims process.
How InsurTech is Disrupting the Insurance Industry
Here are a few ways InsurTech is disrupting the insurance industry:
- Lowering insurance costs by improving the claims process with AI and machine learning
- Using chatbots to provide quick answers to common questions
- Using wearable activity trackers to offer users lower premiums and other bonuses
- Allowing users to get multiple insurance quotes through one platform
- Reducing the risk of fraud through blockchain technology
Online Life Insurance Platforms vs Traditional Insurance
Both online and traditional life insurance provide term and permanent life coverage. Term insurance is straightforward coverage that’s in effect for the term of your policy. You may be able to renew the policy when the term expires, but you typically pay a higher premium when you renew.
Permanent life coverage is intended to be in place over your lifetime. It builds up cash value, which you can borrow against or receive if you surrender, or end, the policy. Whole life and universal life are two types of permanent life insurance policies.
Online life insurance platforms may have live-chat and customer-service representatives available by phone. Traditional life insurance may be sold directly by a company or through an agent or broker. Your agent or broker would be your main point of contact if you need assistance.
Traditional life insurance companies are following in the footsteps of InsurTech companies. Many have developed apps and/or websites to make it easier to buy coverage.
Ultimately, both options can provide you with coverage. It all depends on your preferences and needs.
For example, if you’re more comfortable working with a long-established company, or if you prefer bundling life with other types of coverage, you may prefer a traditional insurance company.
If you prefer a quick and easy insurance experience, an online life insurance provider may be a good fit. Many online life insurance providers are backed by long-established reinsurance companies, which means they’re financially secure as well.
Pros and Cons of Online Insurance Providers
Here are the benefits and drawbacks of working with a digital insurance provider:
Pros
- Easy to buy a policy
- Easy to compare policies
- Better pricing due to technology
- Policies may go into effect instantly
Cons
- Less personalized attention if you need assistance
- Less personalized advice than you would find working with an in-person agent or broker
- May be challenging to find coverage if you’re not in great health
- Fewer bundling options (buying multiple types of policies for a discount)
Is an Online Life Insurance Policy Right for You?
If you’re in relatively good health, buying a policy online can be quick and easy. You can compare policies easily, and you may find inexpensive term life insurance as well as other options.
Ready to learn more? Check out Benzinga’s insurance resources to get quotes and more.
Frequently Asked Questions
Can insurance from an online life insurance platform replace my traditional insurance plan?
Insurance from an online life insurance platform can replace a traditional life insurance plan. With life insurance, you want to be careful about replacing coverage because policies are cheaper when you’re younger. You may pay more if it’s been a few years since you purchased your coverage, but it varies depending on the type of policy, the amount of coverage and whether you purchase any add-ons. If you already have life insurance, carefully compare the coverage you have now to policies you’re considering, and don’t cancel coverage until you have new coverage in place.
Can I save money using an online life insurance provider?
You may be able to save money with an online life insurance provider. It’s easy to compare coverage, and they may use data analysis to offer more accurate rates. Some companies also use information about your lifestyle to offer you more accurate pricing. The best way to find out whether you can save money is to get quotes and compare them to your current coverage.
The post Best Online Life Insurance Providers by Janet Hunt, Insurance Agent appeared first on Benzinga. Visit Benzinga to get more great content like this.
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