Best Life Insurance

Looking for the best rate and coverage for life insurance? Consider Sproutt.

If you have a spouse or children who depend on your income to pay for life’s necessities, chances are high that you’ve considered purchasing a life insurance policy in the past. And finding the best life insurance is important—it's a big investment into the well-being of your loved ones.

Multiple types of policies are available. The best option for you will depend on the unique needs of your family, what you can afford to pay in monthly premiums and a host of additional factors. 

The Best Life Insurance

When it comes to this type of insurance, you have a ton of great options. In recent years, a solid roster of insurtechs have made quite an impression in the life insurance space. These future-focused providers leverage technology like blockchain, machine learning and AI to streamline the underwriting process.

Insurtechs are able to deliver highly targeted risk assessments and customized coverage, meaning you're likely to find just-the-right-fit from one of these providers. Read Benzinga's reviews to find the best term life, whole life policies and specialized policies for groups like seniors, young families and more.

1. New York Life

New York Life offers the AARP life insurance program. New York Life designed its AARP products for the needs of people ages 50 and older.

It offers term and whole life options, and you can obtain either without a medical exam. Its whole life insurance for seniors comes with additional benefits, including an accelerated benefit that you can use if you’re diagnosed with a terminal illness.

New York Life’s AARP products have a simple online application. You can also call for assistance. 

2. Bestow Life Insurance

*excludes New York

If you’re looking to get term life insurance coverage without pages of legal jargon, consider a policy offered by Bestow.

Bestow is an online life insurance agency focused on simplifying and streamlining the insurance application.

You can enroll in coverage if approved in Bestow’s simple online application — no invasive medical exam required.

You’ll be given a final price after completing the application which takes only minutes. With simple signups and policies available with up to $1 million worth of coverage, Bestow is an excellent choice for anyone looking to make getting term life insurance easier. 

3. Ladder Life Insurance

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.

Ladder offers term life insurance products issued by multiple highly rated insurers. The platform’s focus is on fast coverage and low rates. Moving the process online helps Ladder keep rates affordable. Automating underwriting tasks helps the company stay lean — but not mean. Instead, you’ll find a vast help center and helpful online chat powered by licensed insurance pros to answer any questions you have.

Choose from 5 term lengths up to 30 years. Term length eligibility varies by age.

4. Policygenius Life Insurance

If the thought of spending hours individually requesting a quote from dozens of life insurance companies seems exhausting, consider starting your search with Policygenius.

Policygenius offers an easy and intuitive policy search tool that helps you find the best life insurance options in your area in just a few minutes.

Simply enter a bit of personal information, choose your preferred death benefit and Policygenius will instantly collect quotes for you on your behalf.  

From there, compare plans from the most trusted providers.

Want an idea of how much your life insurance premium will be before you start comparing? Scroll down a bit to use Policygenius' life insurance calculator and get a quote.

5. Colonial Penn

Colonial Penn offers a unique whole life insurance product. Its guaranteed acceptance policies are available to those 50 and older. You don’t need to answer any health questions. It limits the benefit amount during the first 2 years you have the policy, though. Colonial Penn also offers permanent and term life insurance.

It also offers a life insurance product with a living benefit. Its Living Insurance pays out partial benefits if you have a heart attack, stroke, cancer or a disabling illness. You can get a quote online or by calling its customer service team. 

6. State Farm

State Farm also has high marks from rating agencies. Its unique whole life products are what got it a spot on our list, though. State Farm offers a standard whole life product.

If you don’t want to pay premiums for the rest of your life, you can opt for one of its other products.

You can buy a whole life policy with a single payment or with payments over a set term. These policies still have cash value, but they give you some flexibility. 

What is Life Insurance?

A life insurance policy is a contractual agreement between you and an insurance company that, in most cases, guarantees a payout to those who you select and add to the policy should you die while your policy is active.

How Does Life Insurance Work?

Life insurance offers an affordable way to provide for others or pay for final expenses. If you die while your policy is in force, your policy pays a death benefit to your chosen beneficiary. In most cases, death benefit payouts are tax-free to beneficiaries, which helps your coverage go further. 

Common Benefits, Coverage and Terms

Your policy often provides more than just death benefits, though. For example, you’ll also find options for living benefits that can help pay expenses due to chronic illness. Some policies even offer a rider that pays your premiums if you become disabled.

Today’s choices range from short-term policies that provide coverage for 5 years or less to lifelong coverage that never expires. Some policies also offer an investment component that can help the policy grow in value. There’s a life policy available for nearly every situation.

Many people have coverage through an employer but these types of policies tend to have low coverage amounts. There’s also a risk that your coverage goes away if you change employers or lose your job. Purchasing your own coverage helps ensure that you get the coverage amount your family needs and that your coverage is in place for as long as you need it.

How to Compare Life Insurance

You’ll want to consider the following factors before you pick a policy.

Term vs Permanent Life Insurance

There are 2 major categories of life insurance policies: term life or permanent life. There are several subtypes of life insurance that fit within these 2 categories, like whole life, a type of permanent policy. The major difference between these 2 types of policies is the time period your policy is active.

What are the Different Types of Term Life Policies?

Note: some providers may refer to these policies by different names.

Permanent life insurance policies do not have a term. This means that your beneficiaries are guaranteed to receive your death benefit, no matter when you pass.

These policies also include a cash-value portion that grows over time. When you purchase a permanent life insurance policy, your insurance company invests a portion of your premium. Also, this is an investment that grows tax-deferred over time and may be accessible while you are still alive.

Key Takeaways

How Much Does Life Insurance Cost?

Use the tools and guide below to get a solid view of how much you can expect to pay for life insurance.

Life Insurance Calculator

Average Cost of Life Insurance

Health, age, gender and coverage amounts all play a role in your insurance premiums. Coverage length also drives rates, with longer coverage terms leading to higher premiums. Smoking has a big effect as well. In many cases, rates for smokers triple compared to non-smokers.

How to Buy Life Insurance

Here is a general outline of what to expect during the buying process.

Starting the Search for Life Insurance

When is this type of coverage worth it? If you have a spouse who relies on your income or children who you’d like to leave a nest egg to when you die, it's something to consider. Even if you aren’t sure you need a policy, collect a few quotes — the peace of mind that comes with coverage might be much more affordable than you think. 

Frequently Asked Questions

What factors are most important when choosing a life insurance policy?

You should consider your personal income, goals and any outstanding debts you have when you select your policy. Speaking with an insurance agent can help you find a policy that’s affordable for you.  

Does life insurance pay funeral costs?

Your beneficiaries may choose to use your death benefit for funeral costs if they wish. There are no laws that dictate how your beneficiaries must use your death benefit.   

When should you buy life insurance?

Buy life insurance as soon as possible, but keep in mind that you may need to change your beneficiaries or add coverage throughout your life.

Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.

About Sarah Horvath

Sarah Horvath is a highly respected freelance senior copywriter specializing in insurance content. With a wealth of experience, she is recognized as one of the top insurance copywriters in the industry. Sarah’s expertise encompasses various aspects of insurance, including home warranties, life insurance, health insurance, and more. Her insightful articles and guides are regularly featured on major finance sites, providing invaluable information to readers seeking to navigate the complexities of insurance policies. Known for her clear, concise writing style and comprehensive understanding of insurance products, Sarah is dedicated to empowering individuals with the knowledge they need to make informed decisions about their insurance coverage.

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