The US life insurance industry is built on the bedrock of large, well-established, financially solid corporations, many of whom have been in operation since the 19th century. Companies like New York Life, Northwestern Mutual, and MassMutual have been trusted names in the business world, and provided millions of satisfied customers with life insurance policies for over 100 years.
However, success and innovation don’t always go hand in hand. Large, financial organizations who have been dominating the marketplace with a functioning business model for ages tend to resist change. As seen in, for example, the music industry, these entities can often become the victims of their own successes. It requires the most visionary leadership to predict the future and change the course of a massive ship. After all, if it ain’t broke…
Since basically forever, the life insurance game has been dominated by agents working for commission. Even though all of the big name providers have moved online, providing rate calculators and free quotes for their policies, the vast majority of them still use this utility to gather your email and/or phone number in order to ultimately connect you with an agent.
These days, we’ve become used to getting really anything we need online. We point, click, and get what we want more or less instantly. For the above reasons the life insurance industry has tended to lag behind the modern age. The process of dealing with an agent to get approval on a life insurance policy can be tedious, complicated, and (when you throw in medical exams, agents upselling for higher commissions, and approval times) time consuming.
In the course of researching our top 10 life insurance providers, we’ve decided to highlight two organizations we feel are well placed to provide the accustomed to convenience of buying online, combined with the financial reputation of two of the most trusted names in the business.
Our advertising partner AARP offers a straightforward, easy-to-qualify for life insurance policy that requires NO MEDICAL EXAM and only answers to a few, simple medical questions. It provides seniors with $10,000-$100,000 in term coverage and can be issued at ages 50-74.
In order to qualify you need to be a member of AARP. However, it is easy and inexpensive to join (as little as $13/year) and membership provides you with a host of useful discounts and benefits.
The process for applying is online and simple; most of those who apply are accepted. What’s more, the AARP Life Insurance Program is underwritten by New York Life, the company with the highest financial ratings in the life insurance marketplace.
When purchasing this policy you must be aware that, unlike other level term policies, the AARP plan premium increases in five-year bands. Those under age 50, or those looking for a more traditional level term policy, should take a look at one of our other advertising partners, Haven Life.
Like the AARP plan, Haven Life is backed by one of the biggest life insurance providers. In this case it is MassMutual. Haven Life is unique because in our research, they are one of the only insurance companies to enable consumers to apply, qualify for, and purchase policies totally online. Although customer service reps are available to assist you over chat or phone, they are not required and you can get approved in as little as 20 minutes with NO MEDICAL EXAM.
Haven life offers term policies of up to $1,000,000 for those ages 18-45. Policy premiums remain level for the selected term of 10, 15, 20, or 30 years. Like AARP, Haven offers affordable, straightforward policies, but the company also streamlines the usually complex and lengthy process further than anyone else so far.