No one enjoys buying life insurance, let alone researching which company to buy it from. But with the Internet, finding the best life insurance company (especially one that enables you to apply quickly online) is easier than ever.
Like every other financial product, the life insurance industry has gone digital. You can now buy life insurance online, completing the entire process without speaking to an individual.
As a former financial planner that sold life insurance the “old-fashioned way,” I’m impressed and amazed at how technology keeps pushing the envelope on efficiency. But as the industry makes its way online, there are variations in how the process works. For example, some companies are entirely online, while others are online with live assistance.
One of the major advantages of an online life insurance company is a simpler application process. You can complete the application online, without having to complete multi-page paper applications. This is huge!
They also offer the opportunity to easily compare prices or obtain coverage with certain medical conditions, commonly referred to as high-risk life insurance.
Below is a list of who I consider the best online life insurance companies. They’re not in any specific order because each company has strengths that make it stand out.
| Company | Best for | Learn more |
|---|---|---|
 |
High policy limits | Learn more |
 |
Adjusting coverage | Learn more |
 |
Longer terms | Learn more |
 |
Fast applications | Learn more |
 |
Multiple quotes | Learn more |
Fabric
Best for: High policy limits
- A.M. Best rating: A+
- No medical exam for qualified applicants
- Up to $5 million in coverage
- Terms between 10 and 30 years
- Prices start at $7.85 per month
Fabric is backed by Gerber Life and has an A+ (Superior) rating for financial strength from A.M. Best. Fabric has a very quick online application process (10 minutes), and they offer terms between 10 and 30 years with coverage between $100,000 and $5,000,000. There is also no life insurance for qualified applicants.
What separates Fabric from some others is that they do more than life insurance, they can also help create a will (for free) and help you organize your financial and legal information with their tools. If you are starting from scratch, they can help you get everything started.
Pros
- High A.M. Best rating
- High coverage amounts
- Fast online application
- Low prices
Ladder
Best for: Adjusting coverage
- A.M. Best rating: A
- No medical exam for qualified applicants
- Coverage up to $8 million
- Terms range between 10 and 30 years
- Prices start at $5 per month
Ladder offers term life insurance policies to applicants between the ages of 20 and 60, with coverage available between $100,000 and $8 million (coverage amounts vary by state). The process is 100% online for policies under $3 million.
Ladder makes it easy to adjust your coverage amount as your situation changes. For example, if you need less coverage because your mortgage has been paid off, you can decrease the death benefit, thus decreasing your monthly premium. But you can also apply for more coverage should your insurance needs go in the other direction.
Pros
- Good A.M. Best rating
- Very high coverage amounts
- Low prices
- Easy to adjust coverage amounts
- Likely, no medical exam
Cons
- No riders available
- Medical exams required for higher coverage amounts
Here’s our full review of Ladder for more information.
Lemonade
Best for: Longer terms
- A.M. Best rating: A+
- No medical exam for qualified applicants
- Coverage up to $100 million
- Terms between 10 and 40 years
- Prices start at $8 per month
Lemonade is backed by Legal General Group, which has an A.M. Best rating of A+. It offers terms between 10 and 40 years and coverage amounts up to $100 million. Those between ages 20 and 75 can apply, and most policies will be issued without a medical exam, although it is sometimes required depending on the policy and applicant.
Lemonade also offers renters, homeowners, car, and pet insurance.
Here’s our full Lemonade review for more information.
Pros
- Extremely high coverage amounts
- Terms up to 40 years
- Low prices
- No medical exam for qualified applicants
- 30-day look period
Cons
- You don’t work directly with Lemonade. Instead, you will be transferred to Legal General Group.
Lantern
Best for: Fast applications
- A.M. Best rating: A-
- No medical exam for qualified applicants
- Up to $1.5 milion in coverage
- Terms between 10 and 30 years
- Prices start at $11 per month
Lantern, formerly Bestow, is an online insurance provider with no medical exam for most applicants. While it is based online, you can talk to a human between 8 am and 5 pm Central Time, Monday through Friday.
Like most of the other platforms on this list, Lantern offers term life insurance. It’s backed by Sammons Financial Group, and you can get policies for up to $1.5 million, with terms of 10 to 30 years. Coverage is available for those between the ages of 18 and 60.
The major advantages of Lantern are the low costs and speed of application. Since no medical exam is required, your policy can be in force very quickly (upon checkout). And even if you aren’t in perfect health, they may still provide a policy, though it may come with a higher monthly cost.
Here’s our full review of Lantern for more information.
Pros
- No medical exam
- Fast application process
- Low prices
- 30-day look period
Cons
- No riders available
- Lower coverage limits than other companies
Everyday Life
Best for: Getting multiple quotes
- Term and whole life
- Coverage up to $100 million
- 30-day look period
- Prices start at $3.65 per month
Everyday Life is an insurance broker, which means that they connect individuals with various insurance companies to help them find the best option. They work with major carriers like SBLI, Legal & General, and more. The policy terms and application requirements will depend on the company you select.
Their initial application only takes a few minutes to complete, and it can be done online or over the phone. You also don’t need to give your email or phone number to receive your quote.
Everyday Life has a 4.4 out of 5 rating on Trustpilot. One reviewer said they went through the process and Everyday Life said they didn’t actually need to buy life insurance at all. If you purchase a policy and aren’t happy, you can get a refund within the first 30 days.
Here’s our full review of Everyday Life for more information.
Pros
- Shops mulitple companies on your behalf
- Extremely high coverage amounts
- No contant info required to receive quote
- 30-day look period
Cons
- Doesn’t offer insurance directly
Who Needs Life Insurance
You need life insurance if someone depends on your income, which is most people who are married or have kids and are not retired. Life insurance can help your family pay off debts, pay for college, and cover living expenses if you pass away.
You may also want to consider life insurance on a business partner. If your business partner dies, you can use the proceeds to buy them out of the business. This prevents your partner’s spouse or children from becoming unintentional owners in the business.
Lastly, if you just want to cover funeral costs, you can consider a small policy that will cover those costs so your family doesn’t have to come up with the funds.
How Much Life Insurance Do You Need?
One quick and easy formula is to purchase 10 times your annual income.
If you want to get more precise, you can consider what you want the money to do for your family. Many people want to pay off any debts, including the mortgage, send the kids to college, and cover some living expenses for a set period of time.
For example, if you have $200,000 in debt, want to contribute $50,000 to college costs, and then provide $5,000 a month in income for 10 years, you’d need approximately $850,000.
Factors that Impact the Price of Life Insurance
Many factors impact the price of life insurance. Age is one of the most significant factors, which makes sense. The older you are the more likely you are to have a major health issue and pass away.
Your health and medical history is another factor that plays a big role in the price of life insurance. If you’ve been diagnosed with a medical issue that increases your mortality, you’ll pay a higher premium. This is one of the things they look for when doing a medical exam. They test for things like cholesterol levels, blood sugar levels, kidney function, and more.
Your lifestyle can also play a part. Smoking or doing drugs will also increase the cost of life insurance. Dangerous hobbies or a dangerous job will have an impact as well.
Final Thoughts
There are several great online life insurance providers. Not requiring a medical exam can be great, but if you are in excellent health, you may actually benefit from getting one as it may lower your premiums. Either way, apply at several places to get an idea of costs and policy features before deciding on a particular company.
If you need to insure against disability, we have this list of the best disability insurance companies today.
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About Jeff Rose
Jeff Rose is an entrepreneur disguised as a certified financial planner, author and blogger. He’s best known for his blog GoodFinancialCents.com and book, Soldier of Finance: Take Charge of Your Money and Invest in Your Future. He escaped a path of financial destruction from dropping out of college with over $20,000 of credit card debt to become a self-made millionaire. His mission is helping future generations accelerate achieving financial freedom by becoming Wealth Hackers™ on his YouTube channel.
