The Best Life Insurance Companies 2020

Life insurance is big business in the USA. In 2019, Americans spent $730 billion on new life insurance policies, 60% more than on vehicle purchases. Although the 10 top life insurance companies account for more than half of all premiums, an increasing number of Americans now purchase life insurance through Insurtech providers.Insurtech is a combination of the words ‘insurance’ and ‘technology’. According to Investopedia, the word refers to the use of technology to squeeze out savings and efficiency from the traditional industry model.Today, the best online life insurance companies all deploy Insurtech in one way or another. These Insurtech companies can be divided into three categories:Direct insurance carriers directly offer life insurance policies.Brokers work closely with the customer to secure the best life insurance policy from a network of third-party insurance carriers. Marketplaces also help the customer find the best life insurance rates, but take a more hands-off approach than brokers.In this guide, we present our list of the best life insurance companies on the internet. We hope this helps you find the best life insurance policy for your needs and lifestyle.
The Best Life Insurance Companies 2020

Life insurance is big business in the USA. In 2019, Americans spent $730 billion on new life insurance policies, 60% more than on vehicle purchases. Although the 10 top life insurance companies account for more than half of all premiums, an increasing number of Americans now purchase life insurance through Insurtech providers.Insurtech is a combination of the words ‘insurance’ and ‘technology’. According to Investopedia, the word refers to the use of technology to squeeze out savings and efficiency from the traditional industry model.Today, the best online life insurance companies all deploy Insurtech in one way or another. These Insurtech companies can be divided into three categories:Direct insurance carriers directly offer life insurance policies.Brokers work closely with the customer to secure the best life insurance policy from a network of third-party insurance carriers. Marketplaces also help the customer find the best life insurance rates, but take a more hands-off approach than brokers.In this guide, we present our list of the best life insurance companies on the internet. We hope this helps you find the best life insurance policy for your needs and lifestyle.

1

Policygenius

Broker that helps you every step of the way

Policygenius Review

Policygenius is an independent broker and has nothing to gain from you signing up with a specific insurance …
  • Max coverage$10 million
  • Terms10-40 years
  • Issue AgeNo limit

Policygenius is a major online insurance broker specializing in many types of insurance, including life insurance. It uses technology to find the best types of life insurance and best rates for your profile. Then, before handing you over to an insurance carrier, one of Policygenius’s agents will call you to talk you through your options and make sure you’re getting the best possible deal.

The Policygenius network consists of around 20 major insurance carriers, but you’re better off applying through Policygenius than directly through the carriers. Policygenius is so confident of finding you the best life insurance rates that it promises to give you $100 if you find a better rate elsewhere. Moreover, its exclusive relationship with some of its partners helps expedite the underwriting process—getting you coverage faster than the usual 6-8 weeks.

Positive
  • Assistance from real insurance agents
  • Best-price guarantee
  • Customizable insurance types
Negatives
  • Not a direct insurance carrier
  • Network only consists of around 20 carriers
2

Bestow

Quick, affordable term life insurance

Bestow Life Insurance Review

Bestow offers term life insurance policies using a fast, simple algorithm to give you a quote in seconds and a …
  • Max coverage$1 million
  • Terms10-20 years
  • Issue Age21-54

Bestow offers term life insurance for the 21st century, making it our vote for the best term life insurance provider. It takes only a few seconds to get a quote and just minutes to complete an application. All of this is made possible by Bestow’s proprietary insurance technology, which has been funded to the tune of more than $50 million by major venture capital investors.

All Bestow policies are issued by the North American Company for Life and Health Insurance, an A+ rated insurer. Policies are then reinsured by Munich RE, one of the best-known names in life insurance. Bestow gives back to the community through the Bestow Foundation, a 501(c)(3) organization that assists people affected by the death of loved ones from Covid-19 and other circumstances.

Positive
  • Takes only 5-10 minutes to apply
  • No medical exam needed
  • Policies provided by A+ carrier
Negatives
  • No permanent life insurance
  • No coverage over $1 million
3

Sproutt

AI-powered life insurance broker

Sproutt Review

Sproutt is an independent life insurance broker that matches users with insurance coverage. Through a combination …
  • Max coverage$3 million
  • Terms5-30 years
  • Issue AgeNo limit

Sproutt is one of a new generation of Insurtech brokers using artificial intelligence to find you the best life insurance policy for your profile. It works in 3 simple steps. First, you answer a few questions about yourself and your lifestyle. Then, Sproutt shows you your Quality of Life Index, which we’ll tell you more about in a second. Finally, Sproutt shows you the best term life and best whole life insurance policies for you and your family.

The Sproutt Quality of Life Index (also known as QL Index) uses your data and AI to assess your life and help you live better. Ultimately, the goal of the QL Index is to help you improve your health and get better life insurance rates in future. The QL Index gives you a personalized score and report in 5 areas: movement, sleep, emotional health, nutrition, and life balance.

Positive
  • Policies customized to your lifestyle choices
  • Personalized health and lifestyle assessment
  • Wide range of insurance types
Negatives
  • Only founded 2 years ago
  • No weekend contact hours
4

Haven Life

Term life insurance up to $3 million

Haven Life Review

Haven Life offers a quick and painless way to apply for term life insurance, and has become a popular choice since …
  • Max coverage$3 million
  • Terms10-30 years
  • Issue Age18-64

HavenLife is a tech-powered insurance platform providing speedy term life insurance coverage. All policies are underwritten by Massachusetts Mutual Life Insurance Company (MassMutual), an A++ rated insurer with some of the best term life insurance rates in the business. US citizens under age 60 may apply for up to $3 million in term life insurance coverage. Applicants aged 60-64 and eligible non-US citizens may apply for up to $1 million.

There are 2 processing options, and HavenLife’s sophisticated technology will decide which you qualify for. InstantTerm is offered to qualifying applicants up to age 59 and $1 million in coverage. It lets you skip the medical exam and get full coverage immediately. All other applicants are required to take a medical exam. This exam takes up to 20 minutes and can be conducted at your home office. After the exam, it can take up to 7-10 days to get your term life insurance coverage.

Positive
  • Open to US and non-US citizens
  • Most users get to skip exam and purchase instantly
  • Backed by MassMutual, an A++ rated insurer
Negatives
  • Lower coverage limits for some users
  • Can take up to 7-10 days for some users
5

National Family

Best for quickly comparing the market

National Family Review

National Family Assurance is an insurance start-up that can connect you with insurance carries from across the US. …
  • Max coverage$1 million
  • Terms10-30 years
  • Issue AgeAll ages

National Family Assurance is an online life insurance marketplace that exists to connect insurers with consumers. It has one of the largest networks of its kind, with hundreds of carriers and agents competing for your attention. It’s a good starting point if you’re looking to do a quick market comparison of life insurance providers without having to do endless hours of research.

Although National Family Assurance has licensed agents, it doesn’t offer the hands-on customer service of some of the brokers higher up on this list. However, the fact that it’s so quick and covers such a broad range of insurers makes it a good starting point for your next life insurance purchase.

Positive
  • Network of hundreds of carriers and agents
  • Customer support from its own licensed agents
  • Takes 1-2 minutes to see your results
Negatives
  • Website lacks information
  • Shares your contact details with third parties
6

Assurance

Lets you compare life insurance and other cov…

Assurance Review

Assurance offers many different life insurance and health insurance policies through a variety of platforms. Its …
  • Max coverage$1 million
  • Terms10-30 years
  • Issue AgeAll ages

Assurance is an online insurance marketplace operated by Assurance IQ, LLC, a subsidiary of Prudential Financial, Inc and the same company that operates National Family Assurance. Where the Assurance and National Family Assurance platforms differ is that Assurance specializes in multiple types of insurance, including life insurance, health insurance, and auto insurance.

Like its sister company, Assurance is a good starting point for anyone wanting to do a comparison shop of life insurance providers. It maintains a network of literally hundreds of top life insurance companies and agents. It takes only a couple of minutes to fill out a quote-request form and see your top four results.

Positive
  • Network of hundreds of carriers and agents
  • Results come up in 1-2 minutes
  • Lets you compare health, auto and other types of insurance
Negatives
  • Website lacks information
  • Shares your contact details with third parties
7

Health I.Q.

Reap the benefits of your healthy lifestyle

Health IQ Review

Health IQ is all about rewarding health conscious people – those who live a healthy lifestyle, exercise regularly …
  • Max coverage$3 million
  • TermsTerm, Whole
  • Issue AgeMarketplace

Health IQ is a marketplace provider with a unique pitch—it focuses on those with healthy lifestyles, and commits itself to rewarding them with lower rates than they’d otherwise find from direct providers. 

Because of this, Health IQ has a more rigorous application process. Applicants must score high on a medical history quiz and may have to submit medical records and other evidence of good health in order to qualify. But those that are eligible will be privileged with quotes from top providers at highly competitive rates. Successful applicants to Health IQ, therefore, might find life insurance policies from top-notch providers such as Prudential and Transamerica at lower rates that reward their health status and positive lifestyle habits. 

Positive
  • Impressively low rates for those in good health
  • High-profile partners such as Prudential and Transamerica
  • Choose from a variety of plans and riders
Negatives
  • Eligibility can be contingent on healthy habits
  • Not a direct provider
8

Leap Life

Cut through confusion and find a policy quickly

Leap Life Review

Leap Life is a life insurance marketplace that matches consumers with the right policy provider for their needs. …
  • Max coverage$5 million
  • Terms10-30 years
  • Issue Age18-75

Leap Life offers insurance-seekers a simple and fluid platform for getting quotes from some of the top insurance providers out there. The marketplace provides quick quotes and easy comparison facts to help users who may be overwhelmed by their choices make a decision within minutes.

With an A+ rating from BBB and a large network of A-rated AM Best carriers, Leap Life is a safe bet, even if it’s not the most comprehensive marketplace. Visitors can apply online and get approved instantly to a wide range of policies and terms. A unique algorithm is in place to provide the best rates and plans that match each user’s needs, and customer service is accessible, along with helpful tools like a needs calculator and a Life Insurance 101 guide to help clarify confusing terms and details. 

Positive
  • Compare, apply, and get approved online
  • Quick and transparent
  • Smart algorithm provides highly relevant matches
Negatives
  • No live chat
  • Online only
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