Choosing the right life insurance policy is an important financial decision that can provide protection for your loved ones. With so many options to consider, it can be overwhelming trying to find the best marketplace for your needs. That’s why we’ve put together this definitive list of the top 5 best life insurance marketplaces for 2024.
1. Policygenius – The One-Stop Online Insurance Marketplace
Policygenius is one of the most popular online life insurance marketplaces, known for the variety of policies available and transparency around pricing.
A Wealth of Policy Options
At Policygenius, you can compare quotes and apply for term, whole, and universal life insurance from over a dozen highly-rated insurance companies like Brighthouse Financial, Lincoln Financial, Pacific Life, and Transamerica. Whether you want lifetime coverage or just need insurance for 10 or 20 years, you’ll find policies to suit your budget and needs.
Policygenius offers three main types of life insurance:
- Term life insurance – Provides coverage for a specific period of time, typically 10-30 years. It’s the most affordable type.
- Whole life insurance – Provides lifetime coverage as long as you pay the premiums. It builds cash value that you can borrow against.
- Universal life insurance – A flexible permanent policy that combines death benefit coverage with a savings or investment component that earns interest.
Simple Online Application
Applying for coverage through Policygenius only takes about 15-20 minutes. You’ll answer some basic health and lifestyle questions to generate real-time quotes from multiple insurers. Policygenius uses data and algorithms to match you with your best-fit policies – taking the legwork out of shopping multiple companies.
Many applicants also qualify for accelerated underwriting, allowing coverage to start in days instead of weeks without needing a medical exam. Convenient!
Superior Customer Service
Policygenius aims to simplify insurance – living up to their reputation for exceptional customer service along the way. Customers rave about the helpfulness of their licensed experts available by phone or online chat. These agents know which companies offer approvals for specific health histories and can guide you to the right policy.
“I have used Policygenius twice now…both times the agents were knowledgable, friendly and HELPFUL!” – Nathan B.
If you’re looking for a streamlined way to compare and buy life insurance online, put Policygenius at the top of your list!
2. Haven Life – Simple, Affordable Term Life Insurance
Haven Life shakes up the old insurance model by selling term life coverage directly to consumers online. They’re backed by MassMutual but operate with the speed and efficiency you’d expect from a tech startup.
Convenient Online Process
The folks at Haven Life realized that the traditional way of buying life insurance took too much time. Their simplified online process delivers real-time decisions in under 10 minutes for U.S. citizens ages 20-60 applying for up to $3 million of coverage.
No medical exams or waiting weeks for approval!
Haven Life’s instant decision algorithm approves over 80% of applicants. If you have minor health issues or need higher coverage limits, you may need to provide additional details for manual underwriting. Even then, their dedicated licensed agents provide white-glove assistance to get you insured quickly.
Did You Know?
- Over 80% of Haven Life customers are approved instantly for coverage after an online application taking less than 10 minutes.
- Coverage amounts range from $100,000 to $3 million.
- Haven Life has an Excellent rating from independent evaluators like Consumer Affairs.
Budget-Friendly Premiums
Haven Life touts highly affordable premiums available in 10, 15, 20 or 30-year term lengths. Get a free instant quote online – which considers your age, health, lifestyle and more – to see which policy fits your budget.
Many customers save up to 40% compared to buying through traditional insurers or agents! After the initial term expires, you can also convert existing Haven Life policies to permanent insurance without another health check.
For simple no-fuss term life insurance that won’t break the bank, check out Haven Life.
3. Ladder – Top-Notch Service Meets Leading-Edge Technology
Ladder takes a balanced approach to modernizing life insurance – combining compassionate support from real humans with smart tech. They sell easy-to-understand term policies 100% online for U.S. citizens ages 20-60.
All-Star Leadership
Ladder was founded by industry veterans with executive experience from top insurance providers and financial institutions. Their executive team, board of directors and reinsurance partners reads like a who’s-who list including Ring, Allianz and Fidelity Investments.
Artificial Intelligence and Automation
Ladder uses A.I., algorithms and automation to dramatically shorten application and approval times. Answer basic health questions via phone to get an instant decision in minutes without scheduling exams or meetings. Starting in February 2023, you can now apply completely online via computer or mobile device – with select customers approved immediately.
While artificial intelligence powers their efficiency behind the scenes, caring humans deliver Ladder’s exceptional service. Licensed agents are available 24/7 via phone, email or webchat to answer questions and help manage your policy.
Ladder also built user-friendly tools to manage your account, view policy documents or change beneficiaries in real-time through their online portal.
For an easy digital-first experience with some high-touch human support, Ladder hits the sweet spot.
4. Bestow – Quick Coverage with No Medical Exam
Bestow keeps costs low by selling easy-to-understand term life insurance directly to consumers online. Their focus stays on offering affordable premiums by eliminating expensive overhead like agent commissions and physical exams.
No Medical Exam Required
Bestow uses alternative data sources and predictive analytics to quote and approve policies without requiring lengthy medical checks. U.S. citizens ages 21-60 seeking $50,000 to $1.5 million in coverage start by answering some health and lifestyle questions.
An instant decision algorithm immediately approves most applicants for 10, 15, 20 or 30 years of coverage. If you have minor health conditions, a Bestow agent may request additional details to manually review your application for approval.
Budget Friendly Premiums
By removing expensive sales commissions and physical exams, Bestow offers very competitively priced premiums. Depending on your age, health, lifestyle and coverage needs, policies start around $10 per month.
Get a customized quote online in minutes. If approved, coverage starts effective the day your application gets submitted. Fast, affordable and convenient!
For easy no-fuss term life insurance on a budget, Bestow gets the job done.
5. Ethos – Use Artificial Intelligence To Get Covered
Ethos stands out by using predictive analytics and artificial intelligence to make buying life insurance simple and intuitive online. U.S citizens ages 20-75 can apply for up to $20 million in term, universal and whole life coverage without leaving home.
Cutting-Edge Technology
Ethos built their whole company from scratch around technology – designing the ideal system to evaluate applicants and match them to appropriate policies. Their sophisticated algorithms analyze thousands of data points and patterns pulled from massive databases of actuarial science.
This “LifeScore” system accurately predicts your life expectancy and approves over 90% of customers instantly. For more complex health histories, licensed Ethos agents provide white-glove assistance to get you insured quickly.
In Their Own Words:
“We are maniacally focused on building financial products that leverage technology to deliver a superior customer experience.”
Their innovative tech also makes managing your policy a breeze via online account dashboards, built-in service bots and deep integration with wearables like Fitbit or Apple Watch.
Simple Quotes & Application
Getting covered takes just minutes on Ethos’ easy-to-use website. Answer a few health questions to get instant quotes from multiple highly-rated insurers under one roof. Apply online and track status until policies can be issued and delivered digitally in days.
For a thoroughly modern insurance buying experience that makes great use of leading-edge technology, Ethos should be high on your list!
Still Not Sure Where To Buy Life Insurance?
While the marketplaces featured on our list are all great options to check out first, make sure to get quotes from several companies before deciding. Comparing options from insurers like Banner Life, Lincoln Financial, Pacific Life, Mutual of Omaha or State Farm ensures you find the right fit coverage at the best price.
An independent agent can also simplify the process of finding the right policy to protect your family’s financial future without any extra fees. They have access to exclusive rates from top providers and navigate the application intricacies daily.
Top Factors To Consider When Choosing Life Insurance:
- Your budget – Compare premium costs across multiple companies for the coverage amount you need.
- Approval odds – Understand how health conditions impact qualifying for policies with certain providers.
- Ease of application – Pick a company with a hassle-free purchasing experience.
- Customer service – Insurers with helpful, responsive support teams minimize headaches!
I hope this list gives you a great starting point to find the best life insurance marketplace for your needs in 2024!
This article is for informational purposes only and not insurance advice. Please consult an insurance professional before making significant decisions related to any insurance product.
