Choose the right life insurance for you

How To

Choose The Best Life Insurance Policy For You

Sep-02 2021

Life insurance - Where Do I Start?

Roughly half of Americans are covered by some form of life insurance. But that leaves upwards of 150 million people who are not. Like with creating a will, it’s something we know we should do but often leave aside. We might make a calculation like it’s “not worth it” or “dying is so far into the future.” But the reality is that life insurance is one of the few ways to ensure loved ones are taken care of with monetary means. An investment upfront and over time helps the people in your life when you’re no longer able to. If someone in your life relies on you financially then it’s time to get life insurance.

But where to get started and what does it involve?

A slew of companies have popped up in the past few years to remove the confusion around life insurance and make it as easy as possible to get it. Of course there are variables like your age, health and lifestyle choices but anyone can sign up and apply for coverage with minimal effort. Most sites offer a basic survey that can be completed in minutes and no physical exam.


Bestow specializes in life insurance and offers a fully online experience from initial questionnaire to approval process. They also offer every applicant a decision within minutes. Bestow focuses on policies between 10-30 years and with eligibility between 18-60 years old. Policies can be valued up to $1.5 million and plans start from just $10 per month. 


Ethos offers an “instant quote” and same-day coverage if qualified. It’s also a fully digital experience and offers customization depending on your budget. Plans range from term lengths of 10 to 30 years with coverage amounts of $50,000 to $1 million depending on qualifications. You can choose plans depending on your needs and budget and there is no medical exam.


Fabric offers life insurance policies for anyone under the age of 59 years old up to $3 million. If you’re 60 to 64 years old, then you can also see if you qualify for a $1 million term policy. You can also read about why certain policies are more relevant to you and why you might want to invest more for certain coverage. There’s an extensive amount of educational material and a quick experience to get a quote and discover the best options.


Ladder also makes it simple to get started and run through the application process online. You potentially qualify if you’re between the ages of 20 and 60 years old and policies range from $100,000 to $8,000,000. They suggest that the entire application process can be completed in roughly 5 minutes. There’s also educational content on the site like recommending that a life insurance policy should be roughly 10x your salary. 


Lemonade offers “full-stack” insurance options, which means you can choose a variety of policies including rental, homeowner, life and pet. They are also fully licensed so Lemonade can handle the underwriting and selling of policies as well as handling and paying claims. With life insurance, they offer 10, 15, 20, 25 and 30-year levels of term policies for people ages 18-60 years old. In terms of payment, instead of profiting from unpaid claims, Lemonade makes its money through a flat fee and even donates what may be left over to charities.


Sproutt takes a unique approach to life insurance by offering to lower your premiums with rewards for doing healthy activities. The experience is quite interactive as it starts with just needing your zip code and then proceeds to a chatbot-style conversation to learn more about you and your lifestyle. At the end of that chatbot-style conversation you’re presented with the best options that can be customized depending on your budget. 

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