Introduction:
Navigating the world of life insurance can be complex, but digital life insurance companies are simplifying the process with advanced technology, providing better customer service, and seamless digital experiences. Below is a list of the top 15 digital life insurance companies globally, offering superior policy options, customer care, digital platforms, and overall reliability.
Lemonade Life Insurance
Website:
Lemonade Life Insurance
Customer Service:
Fast, friendly service
Policy Options:
Term life insurance
Advantages:
AI-driven service, lightning-fast sign-up, easy-to-understand claim process
Drawbacks:
Limited policy customization
Comparison:
A streamlined, tech-forward approach that many traditional insurers can’t match
Summary:
Lemonade manages policies and claims by first porting them through bots, resulting in a highly automated, user-friendly experience. On the flip side, policyowners have fewer personalization options.
Ladder Life Insurance
Website:
Ladder Life Insurance
Customer Service:
Online communications are plentiful, but efficient
Policy Options:
Flexible term life insurance
Advantages:
Coverage is easily adjustable, pricing is competitive
Drawbacks:
There are no permanent life insurance options
Comparison:
One of the most flexible policies with unique adjustment capabilities
Summary:
Ladder offers the ability to adjust your life insurance coverage as your needs change. So you won’t need to sign more physical paperwork, get another exam, or redo the approval process. Keep in mind that with the new policy, you will go through the same process of signing a policy, getting an exam, and waiting for approval. The company has been around for a couple of years, so it’s unclear if the process is as quick as it once was.
Fabric Life Insurance
- Website: Fabric Life Insurance
Customer Service:
The transaction process is digital and fine-tuned. Bronze customers are serviced by top insurance companies across the country. Gold customers have their transaction backed by A+ financial companies, and their portfolios are monitored on a schedule. A third-party expert review team has vetted these companies. The Silver level offers competitive rates and satisfactory service. The Platinum customer will have a dedicated account executive through the entire transaction process. Expert competitive rate reviews and priority in scheduling and binding are offered. Gold is the subscription level recommended for most people.
Policy Options:
Term life, accidental death, wills
Advantages:
Mobile app access for policy management, some don’t require physicals
Drawbacks:
Limited to term life and accidental death, policies are bare-bones beyond life insurance
Comparison:
Streamlined policies and focus on family financial tools
Summary:
Fabric is aimed at parents with rich online tools for the modern support network.
Ethos Life Insurance
Website:
Ethos Life Insurance
Customer Service:
Knowledgeable and available
Policy Options:
Term life, whole life
Advantages:
Swift application, no medical exam for many
Drawbacks:
Not all can get by the medical exam
Comparison:
Broad policy range for a digital-first insurer
Summary:
Ethos focuses on a quick application process with no medical exam for most.
Haven Life
Website:
Haven Life
Customer Service:
Highly rated customer support
Policy Options:
Term life, including Haven Simple (without the physical exam)
Advantages:
Backed by MassMutual, a major insurer in the space
Drawbacks:
No whole life option
Comparison:
The power of a pedigree underwriter with the convenience of digital
Summary:
Haven Life merges with an established underwriter with the ease of an online platform.
Bestow Life Insurance
Website:
Bestow Life Insurance
Pros:
Very positive reviews for customer service Were rated by Reviews.com as the one of the four best in the industry for: Entirely online, no-med-exam term life insurance and guaranteed acceptance whole life insurance
Cons:
Not available in New York
Bottom Line:
Bestow is dedicated to delivering a fully online and mostly agent-free experience with an emphasis on simplicity and ease-of-access.Show and tell: BestowTerm is great – it’s super simple. Available for ages 21 – 54, it’s …If you want an exclusively online (no agents in your face) experience with pricing and powerful policy options, look no further than Bestow.7.
Policygenius
Top 6-to-10 If you prefer to have access to every popular term life insurance provider, you’ll love Policygenius.
Show and tell:
PolicygeniusIf you’d rather find the cheapest option from a wide variety of top-notch term providers with just one simple visit, Policygenius is your best bet.
Prudential Financial
If you prefer to work with an insurer that performs all its own services in-house and commands a global reputation while doing so, Prudential is for you.The many ways to chat with Prudential …
Show and tell:
PrudentialIf you need a good menu of products for your financial planning and you like doing it all in the comfort of your pajamas over the internet, Prudential is your huckleberry.
Pacific LifeTop6-to-10
The Pacific place :Pacific LifeFor the first-time buyer who feels more comfortable working with a carrier that has a strong business reputation and plans to be around for the long haul, go check them out if you’re into pacifics.
Advantages:
Innovates in multiple product lines, fosters customer care
Drawbacks:
Less a digital-first firm than traditional companies we’ve compared it to
Comparison:
An established brand that’s successfully integrating the latest digital tech into all areas
Summary:
Pacific Life melds old-school insurance strategies with ever-evolving digital methodologies.
John Hancock
Website:
John Hancock
Customer Service:
Their personalized customer care has been praised
Policy Options:
Term, universal and indexed universal life insurance
Advantages:
They offer interactive tools like the Vitality program that rewards healthy living
Drawbacks:
Their policies could be overwhelming if you’re looking for the absolute most simple term policy possible
Comparison:
They’re probably more wellness-oriented than some of the stodgy old insurers
Summary:
John Hancock differentiates themselves somewhat by adopting policies that reward clients for living healthy lifestyles.
New York Life
Website:
New York Life
Customer Service:
Well-rated service, and good for those who may be overwhelmed by the coverage options alone or need comprehensive guidance
Policy Options:
Whole, term, universal and variable life insurance
Advantages:
Many financial products, tailored solutions
Drawbacks:
Prices could be higher than some digital-first competitors
Comparison:
A hybrid, with traditional service but access to a cool new digital world
Summary:
New York Life counterbalances their age and insurance history well by using digital strategies like many new firms will, without losing that attention to all their clients that made them one of the oldest insurance firms out there. You’ll feel like your link to buying a policy online somehow doesn’t disconnect you from a steady old hand. No easy neat trick, to be sure, if they can pull it off, after literally centuries, better than most of us can update our iPads.
Northwestern Mutual
Website:
Northwestern Mutual
Customer Service:
Tops in client satisfaction, excellent customer service
Policy Options:
Term, whole life, universal and variable life insurance
Comparison:
Content is clear with an abundance of financial guidance while lacking a dedicated insurance section
Summary:
Northwestern Mutual is best for those who value a higher-touch insurance experience and comprehensive financial planning (not just insurance).
Aegon
Website:
Aegon
Customer Service:
Global reach with localized support
Policy Options:
Various insurance and pension solutions
Advantages:
Strong presence in several markets, tailored to local needs
Drawbacks:
Navigation through region-specific offerings can be complex
Comparison:
Multinational presence with a personalized approach
Summary:
Aegon is a powerhouse when it comes to financial services covering life insurance and pensions on a global scale.
MetLife
Website:
MetLife
Customer Service:
Excellent support reputation
Policy Options:
Term, whole, and universal life insurance
Advantages:
Long standing with a wide range of financial services
Drawbacks:
A bit more traditional in structure
Comparison:
Traditional insurer that’s modernizing with tech
Summary:
As a financial industry mainstay, MetLife is transitioning to the digital future with significant investment and an eye on a worldwide customer base.
MassMutual
Website:
MassMutual
Customer Service:
Known for strong customer relationships
Policy Options:
Range of insurance and financial products
Advantages:
Strong financially with a comprehensive selection
Drawbacks:
It may not provide the instantaneous digital experience of more recent entrants into the market.
MassMutual represents an old guard insurance provider leveraging the expertise afforded by its more than 160 years in the industry and combining that with a suite of modern, tech-savvy services. The company offers a raft of digital solutions that are likely to make getting covered easier than you ever thought possible. For example, with MassMutual’s InstantTerm offering, you can purchase life insurance online from the comfort of your couch and, as the name implies, do so quickly. From the web, you can also get a quote through MassMutual’s LiveMutual app, which offers a variety of tools to help you manage your policy. Finally, for those of you whose penchant for paperwork hasn’t missed the 21st century, MassMutual’s Smart App employs machine learning to help you customize your policy, access your account and manage your beneficiary from your my phone.
Summary
With their own respective strengths and pros and cons, any of these truly global leaders in digital life insurance could be an excellent match for you. With opportunities to blend the convenience and speed of digital tools with personalized customer care and the vast array of policy options currently available only through time-tested (and award-winning) advisors, there might never have been a better time to be in the market for life insurance. Just remember to do your own due diligence and have a look at your specific needs and circumstances when choosing a life insurance provider. By locating and selecting the best possible combination of provider, plan and premium for your unique needs, you should be able to enjoy the peace of mind that comes with knowing that your loved ones are protected, no matter what.
