1. Bestow
Bestow offers a novel method for purchasing life insurance. Typically, applications for term life insurance involve filling out an online or paper application, going through a medical examination, and then waiting a few weeks for approval. Bestow uses an algorithm rather than a human underwriter to evaluate eligibility and speed up the underwriting process. The process is 100% online, doesn’t require a medical exam, and decides eligibility in around 10 minutes.
Through its online application, it gathers personal information about applicants, including their Social Security number and contact details, which it then uses to access information about them that is available to the public. Through sources like MIB Group, a non-profit organization that offers underwriting services in the United States and Canada, the supplier also gathers health information, such as usage statistics for prescription drugs. As well as providing information about their citizenship, way of life, past health issues, and interests.
If the system accepts the application, the client checks the coverage options and costs before paying with a credit card for a policy. The coverage starts right away. Bestow is a fantastic option for those who are young, healthy, and in need of coverage right now. The application, qualifying, and purchasing processes are all conducted entirely online, enabling qualification and purchase in minutes as opposed to weeks. Its policies don’t require a medical checkup, and the monthly premium is set.
For those in their late 40s or early 50s with a history of health issues or who require a 20-year term policy to protect them until retirement, Bestow life insurance is not a smart alternative.
2. Principal Financial
Principal provides some of the most affordable life insurance premiums in addition to competitive underwriting for both common and complex medical conditions including cancer, diabetes, and asthma. For a variety of common medical concerns, including as asthma, diabetes, sleep apnea, and a personal or family history of cancer, Principal offers some of the most affordable prices in the market for every age bracket.
The main credit rating agencies, including A.M. Best and Standard and Poor’s, give Principal top ratings. Don’t be concerned about their future ability to provide beneficiaries with death benefits.
Principal has fewer term length options and riders than other carriers. They do, however, provide the most popular riders, such as an accelerated death benefit rider, at no additional expense.
Principal clients can alter their payment information and address online, but they must call and mail in documentation to change the policy’s beneficiary and terminate their policy.
Most applicants for Principal Term will go through complete underwriting. This comprises setting up a medical exam and responding to phone-based inquiries about your medical and pharmaceutical histories. The underwriter then assesses the results of the phone interview and medical examination to determine the precise terms of your policy. Some candidates might be eligible for rapid underwriting, which allows you to forego the medical examination. You must not smoke, be in good health, and lead a low-risk lifestyle to be eligible.
3. Sproutt
Sproutt is a simple marketplace that matches you, your budget, and your objectives with a top-rated insurance vendor. It’s similar to Kayak.com, but for life insurance, and it has some pretty cool features geared specifically toward young, healthy people.
Not for unhealthy individuals – Sproutt posts less-than-subtle reminders that they won’t receive the greatest deals on the site if they’re unhealthy.
However it does link high-quality applicants and affordable prices The technology and provider relationships at Sproutt are particularly made to help young, healthy individuals save money.
4. Haven Life
As long as you’re under 45 and require less than $1 million in coverage, you may submit a totally online application for insurance and get a verdict almost immediately. Although candidates with some common pre-existing chronic diseases, like diabetes, are accepted by Haven Life, those who are healthy and yet quite young will receive the most affordable quotations. Haven Life’s customer service is especially praised, should you need to consult with its staff or have questions answered.
Term life insurance policies from Haven Life are algorithmically underwritten. You can apply for coverage and receive approval in less than an hour if you’re under 45, require coverage for less than $1 million, and the algorithm doesn’t find any issues with your application. Additionally, the full application procedure takes place online until a problem is found and a medical exam is required.
Even if certain applicants won’t be exempt from the medical exam and some applicants with certain higher-risk pre-existing diseases will be rejected by the algorithm, this is still a huge benefit because the procedure usually takes weeks with conventional insurers. Rates are significantly less than what you would pay for most no-exam life insurance policies because the policy has been thoroughly underwritten.
Even if you are required to have a medical examination, you might still be granted interim coverage, however this choice isn’t always available. Those who do receive interim protection will already have life insurance in place, and their rates will be finalized following the examination (so long as their application is approved post-exam).
Term life insurance rates from Haven Life are consistently better than average when compared to those of the best insurers, even for smokers and senior citizens. However, they are not the lowest rates on the market. Those who qualify for coverage without an exam will also pay much cheaper rates than they would for a conventional no-exam policy because Haven Life’s products are fully underwritten.
5. AIG Direct
AIG is a top-notch life insurance provider that excels at offering a selection of flexible policies to suit almost every financial need. Although AIG’s life insurance premiums aren’t the lowest available, the company stands out for its wide range of plan options. AIG offers distinctive coverage alternatives that are centered on meeting the needs of clients, ranging from term life insurance policies that may be pooled and altered to reflect your financial commitments to guaranteed universal policies that can be used for income in your senior years. One concern when buying a permanent life insurance policy is that AIG’s customer service and claims reviews don’t compare favorably to those of other leading insurers.
You may “ladder” life insurance policies with AIG to fit your financial circumstances because the company’s term insurance offers adjustable term lengths and coverage levels. Laddering simply allows you to identify the precise lengths and sums of life insurance you require and then combine plans to suit that condition. Consider the scenario where you have a $500,000, 30-year mortgage that you’d like your family to be able to pay off in the event of your death. You also have a child that you’d like to be able to send to college in 16 years. To cover your mortgage, you could buy a 30-year term life insurance policy from American General and ladder it with 16 years of coverage for the amount you’d plan to spend on your child’s school.
Until you turn 70, AIG’s term life insurance is also convertible. This implies that if, for instance, you are diagnosed with a condition that makes it challenging to acquire reasonably priced permanent coverage, you can change the policy to a whole or universal life insurance policy with AIG. You would be approved because you don’t have to prove your insurability before switching to a permanent life insurance policy.
6. HealthIQ
Most life insurance companies that customers are accustomed to dealing with are a little different from Health IQ.
They concentrate on providing lower-cost insurance for those with outstanding health and active lifestyles. They concentrate on long-distance swimmers, cyclists, and runners. You have a great possibility of getting approved, charged low rates, or even given discounts on your life insurance if you lead an active lifestyle and achieve excellent results on the Health IQ test. This could result in significant cost savings on term or whole life insurance over the course of 20 to 30 years.
When it comes to the approvals of your life insurance plans, Health IQ is different.
Health IQ starts with a health assessment and then needs you to undertake a variety of tests and considerations to be accepted for coverage, as opposed to the standard underwriting process that other life insurance companies use.
These include your diet, level of health literacy, general level of physical activity, and way of life. You can engage in healthy activities like swimming competitively or running a mile in under eight minutes to reduce rates. Health IQ calculates your overall risk in this manner. Even if Health IQ is unquestionably a fantastic option for fit and healthy people, you may do yourself a favor by comparing prices with a few other life insurance providers before deciding.
The best approach to ensure that you are giving yourself the best opportunity of being approved for coverage and the best chance to get the lowest prices is, in the end, to compare rates with a number of different life insurance providers.
7. Northwestern Mutual
Whether you’re looking for term life insurance or life insurance with a cash value, Northwestern Mutual is a reliable insurer. If you’re older or a smoker, Northwestern Mutual’s term policies have affordable rates, and the company’s permanent life insurance policies offer a variety of payment alternatives. Additionally, because your demands for life insurance may change over time, the CompLife product enables you to combine term and whole life insurance protection to meet your financial position.
However, Northwestern Mutual doesn’t provide a large range of term lengths or no-medical-exam life insurance products. So, you might want to think about using a different insurer if you have serious pre-existing conditions or need term insurance for a specific period of time.
If you’re looking for a life insurance provider with high financial strength ratings and a low complaint rate, Northwestern Mutual is a good option. Northwestern Mutual’s capacity to pay claims is indicated by its rating.
Although Northwestern Mutual receives occasional unfavorable customer feedback, most of these complaints center on its agents’ propensity to recommend permanent life insurance to clients rather than term insurance. Permanent life insurance plans, especially those that accrue cash value, are only practical in specific circumstances, but selling them earns brokers more commissions. Before visiting with a representative from Northwestern Mutual, you should do your homework on the coverage you require.
8. Guardian
A pioneer in providing high-risk life insurance for people who are not in perfect health or have serious medical conditions like HIV is The Guardian Life Insurance Company. Having been in the life insurance business for more than a century, Guardian Life offers simple-to-understand coverage alternatives and affordable prices. Continue reading to find out more about how Guardian Life can assist customers who are concerned about health tests and life insurance.
The whole and universal life insurance policies offered by Guardian Life provide a number of useful features, as well as some intriguing riders. They have an average term life, so if you are in good health, you might want to look over a few other businesses before choosing. They are the only insurer we looked at, though, who specifically mentioned being able to cover HIV-positive individuals, indicating they are not averse to covering those with serious health issues.
Top mutual insurance Guardian has a solid track record of distributing dividends to qualified policyholders.
9. MassMutual
Whether you are hunting for basic term insurance or seeking lifelong coverage through a permanent insurance policy, Massachusetts Mutual Life Insurance is a reliable provider. The company offers cheap rates for regular applicants, but if you smoke or are a senior, you might be able to obtain better quotations elsewhere. Additionally, MassMutual would be a wonderful option if you have a prior condition and want a guaranteed acceptance or no medical exam policy because it has plans with these features. Above average customer feedback and ratings show that MassMutual values resolving grievances and providing for its policyholders.
If you want to buy life insurance from a dependable company, MassMutual is a fantastic option. The overall financial strength ratings for MassMutual are positive. These ratings show that MassMutual is financially sound and in a strong position to pay claims.
Some of the biggest rating agencies have given MassMutual average ratings and evaluations. Included in this is the Better Business Bureau, which has given MassMutual a B rating rather than accredited status. This is because the department’s claims and policy servicing have received some unfavorable client feedback. Furthermore, MassMutual’s NAIC complaint ratio is 0.06 percent. The average complaint is 1.00, and this low ratio suggests that MassMutual is aware of how to address client concerns.
10. Legal & General
The product selections from Legal and General stand out for people who want low rates and might be older or have a pre-existing ailment. Legal and General distinguishes itself from its rivals by offering these rates with flexible terms and payment alternatives. Legal and General is able to offer a wide range of products to those who would not otherwise be eligible because to this form of underwriting.
For instance, this company’s age flexibility is one of its key selling points. Twenty years later than most competitors, Legal and General offers term policies for customers as old as 95, although many other businesses could decline an older applicant based on that person’s age.
However, there isn’t a coverage alternative available that doesn’t call for a physical. People who don’t want to get a medical exam can get coverage after answering a few quick health questions or even get guaranteed coverage with a no medical exam life insurance policy. If you doubt your ability to pass the medical examination, you might find better options with other businesses.
In the end, Legal and General is the best choice for some people. The flexibility provided by this organization may make obtaining coverage more viable for older customers and those with certain pre-existing diseases. On the other hand, it´s cheaper term prices will also appeal to customers who are younger and in better condition.
It’s essential to work with an independent agent or company that has access to multiple insurance carriers after researching life insurance providers to discuss your needs. You will then be able to compare the advantages, available policies, and premium estimates of the top term life insurance providers.
11. New York Life (Honorable Mention)
A mutual life insurance firm, New York Life provides a variety of whole and universal life insurance plans with alternatives to suit a wide range of financial goals and price points. Although term insurance policies from New York Life are also available, they mostly mirror those from rival companies. If you’re seeking for a lengthier duration of coverage, none lasts longer than 20 years. New York Life has an excellent selection of permanent life insurance products; however we advise carefully researching their agents before working with one as clients’ experiences can vary depending on the representative.
Given that New York Life is a reliable firm with a sizable agent network, we advise speaking with a few agents before choosing one with whom you feel comfortable to get life insurance. It’s crucial to have faith in your representative to provide guidance and be available if your family needs support, especially if you’re looking for a permanent life insurance coverage.
Although New York Life Insurance doesn’t offer a mobile app, you can check in to its website to pay life insurance premiums online. This functionality enables you to schedule regular payments from an account. Similar to that, you can modify or update your beneficiaries using its site. To revoke coverage, you must contact New York Life directly by phone or email.
