*This post may contain affiliate links, please see my disclosure
Let’s talk about the NOT sexiest part of personal finance: Life Insurance!
For real, nothing brings down the mood more than starting conversations like “so….if I died….”
But it is an important part of having a complete financial plan, and luckily, getting life insurance has NEVER been easier!
In my opinion, I choose Term Life Insurance, because it can be a more cost efficient option versus other policies such as Whole Life, Universal Life, etc.
And the list below only features places that give free, online quotes, and a way to sign up and get covered quickly.
Our Favorite: Right now, we LOVE how Sproutt rewards you for choosing a healthy lifestyle. Their platform is crazy simple to use (and mobile friendly), and can get you an online quote quickly! They make it SUPER simple to get covered (possibly without a medical exam!). You can get a free quote from Sproutt HERE
Note: The life insurance offers on this site are from companies from which iHeartBudgets may receive compensation. This may impact how and where products appear on this site. iHeartBudgets does not include all life insurance companies or all life insurance offers available in the marketplace.
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Sproutt: Get Rewarded For Healthy Choices!
Sproutt is a life insurance broker that has paired their Artificial Intelligence (AI) with some of the best insurance companies to reward you with low rates based on your lifestyle.
Sproutt will reward you for things like sleeping more, exercising, and eating well. They have what they call the QL Index Score, and based on your lifestyle, you can significantly reduce your life insurance rates by answering their QL survey questions and making healthy choices.
Sproutt is makes it really easy to get approved for life insurance, with many people getting covered quickly online with NO medical exam. The partner with some of the top insurance agencies and help compare and give you the BEST rate.
With their focus on a healthy, balanced lifestyle and ability to shop the lowest rate with high-quality insurance companies, we really like Sproutt….like….a LOT!
Get a quick quote from Sproutt and see if you can get covered today!
Fabric: Best Family-Focused Life Insurance
Fabric Life Insurance offers 10, 15 and 20-year term life insurance policies, aimed at young families to make sure they are covered appropriately for their lifestyle and family size.
Becoming a parent is one of the major life milestones that drive people to consider life insurance, and Fabric has built their company around helping parents navigate this process.
They do have a simple online application, and can get you instant coverage in just a matter of minutes. They will ask questions about your family to ensure you get the right amount of coverage and the right term to take care of your family. They may require more info and a medical exam, based on your application.
To get a quick estimate, you can get a Fabric Life insurance quote HERE
Haven Life: Easiest Life Insurance Application Process
Haven Life insurance is an online life insurance company that makes applying for term life insurance easy. You can get a quick estimate in less than 3 minutes (only took me 30 seconds!), and can even get approved completely online within minutes of submitting an application.
With a really simple interface, and VERY competitive rates, they are currently one of our favorites.
You can check out Haven Life and get a life insurance estimate within minutes HERE
Bestow: Life Insurance With No Medical Exams
Bestow is a simple company that offers term life insurance. You can apply for coverage up to $1 million in coverage with no medical exam. They offer only three policy terms; a 2-year term, 10-year term, and 20-year term.
Bestow is probably best for people with no major medical history (major disease, cancer, etc.), and who don’t need a longer policy (capped at 20 years currently).
Since they have limited options, they do offer pretty competitive rates compared to others on this list. And if you don’t want to hassle with a medical exam and long application process, Bestow is a great choice!
You can check them out and get a life insurance quote from Bestow HERE
Everyday Life: Best Personalized Life Insurance
Everyday Life Insurance is a family-focused life insurance company that gives you a custom plan based on your life stage and assets/debts. This helps make shopping for life insurance much less intimidating, and can help you get the right coverage for the right amount of time.
The have a simple, 5-minute questionnaire that helps them get some details about your life and what you need coverage for, and then they spit out a custom quote (may include multiple terms) for you.
I filled out the form and it gave a very competitive quote for coverage, and showed me a higher coverage for 10 years, then lower coverage for 5 years, and stepped down coverage for another 5 years.
This follows life stages (such as kids moving out, paying off house, etc.) and could save money in the long run.
If you want a personalized insurance plan, you can get an Everyday Life insurance quote HERE
Health IQ: Best Health-Focused Life Insurance
Health I.Q. is a new life insurance broker with a really cool way to get some of the cheapest rates around. Instead of simply penalizing you for poor health like most life insurance companies, they actually REWARD you for living a healthy lifestyle.
They are a life insurance broker that partners with over 30 life insurance companies to provide discounted rates for the “health-conscious” individual.
There are a few extra steps but essentially you take an online health evaluation, then a free “at-home” medical exam, then a take a health literacy quiz, and then an athletic performance test (running a mile, cycling a long distance, swimming, etc.
Armed with this information, Health IQ will then shop your stats to multiple life insurance companies, who can then offer a substantial discount on your life insurance.
If you would say that you live a “healthy lifestyle”, I highly recommend trying out Health IQ to save yourself some serious money!
If you want a personalized insurance plan, you can get a Health IQ insurance quote HERE
Ladder Life: Most Flexible Life Insurance Plans
Ladder Life has their own unique approach to Life Insurance. They give you the ability to change your coverage in the middle of your term.
Kids move out? You can lower your coverage. Paid off the house? You can adjust it again.
They call this “Laddering-Down” your policy, and can save you thousands over the life of the policy. It helps you always have the appropriate amount of coverage during all life stages.
They also have a simple application process online, and allow you can get coverage right away, even BEFORE completing a medical exam (if required).
To get a quick estimate, you can get a Ladder Life insurance quote HERE
Ethos: Widest Selection Of Life Insurance Policies
Ethos has been offering life insurance online since 2016, and offers a wide range of term life insurance policies. They have policies from 10 to 30 years, and up to $1 Million in coverage WITHOUT a medical exam (more if you opt for an exam).
Their online application process is simple, and gives you a wide range of term life options to best fit your lifestyle.
If you want to largest selection of options and the ability to get up to $1 Million in coverage WITHOUT a medical exam, check out Ethos.
To get a quick estimate, you can get an Ethos Life insurance quote HERE
Who Should Get Life Insurance Online?
If you are younger, relatively healthy, and know how much coverage you want, shopping online for life insurance is a no-brainer. You can get instant quotes, and many times instant coverage without a medical exam.
There’s no need for a lengthy process and talking to an insurance agent. Simply find the best online quote and sign up quickly to get covered instead!
Should I Consider Whole Life Insurance?
Short Answer: No.
Long Answer: In my personal opinion, whole life insurance can be more of a headache than it is worth, and many of these policies can be too complicated to really take advantage of the upside.
Term Life Insurance can be the most cost efficient, easiest way to get covered and STOP THINKING ABOUT IT. Then you can focus on investing and growth. We focus on term life insurance here, so if you think whole life insurance might be best for your needs, please know you will not find that information here.
How Much Life Insurance Coverage Do I Need?
There are many rules of thumb out there for how much term life insurance coverage you need.
Most of them land within 10x to 15x your annual household income, essentially replacing your total income for a period of 10-15 years. I generally agree, and say a little MORE is always better, especially since a significant increase in coverage (say, $250k more), doesn’t push your monthly payment up too much.
As always, your life circumstances determine your level of coverage, so spend some time getting a few quotes from the companies listed here, and find the best fit with the lowest premium available. You will NOT regret being covered.