ConsumersAdvocate.org Rating: 8.8 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
Life Insurance Lab is an online life insurance aggregator site that connects customers interested in life insurance with a list of potential providers. Customers can get a quote from a top carrier in as little as 2 minutes. The company only requires some basic information to get the ball rolling such as gender, age, and previous medical conditions.
How is Life Insurance Lab rated?
Overall Rating: 8.8 / 10 (Excellent)
Life Insurance Lab is your standard online insurance marketplace. It offers a host of partner companies that features some of the bigger and well known life insurance providers alongside local entities as well. It is a particularly good choice for those who may not be as savvy when it comes to life insurance and want to get the widest possible sampling of coverage and policy options. For those who prefer the one on one touch of a personal agent employed by an individual life insurance company, it's probably a better idea to look elsewhere.
|Standard & Poor's Financial Rating||
|Moody's Financial Rating||
|AM Best Financial Rating||
Financial Strength - 9 / 10
Life Insurance Lab's online marketplace offers policies from innumerable local and national life insurance carriers. Many of the larger, more recognizable firms, like Travelers, hold outstanding financial strength ratings (FSR) and are judged as able to meet long term claims paying obligations, which is obviously of paramount concern when shopping for life insurance. However, should a customer choose to go with a life insurance policy provided through Life Insurance Lab's online portal, we recommend thoroughly researching the financial strength, history, and reputation of whichever company Life Insurance Lab ultimately connects you with.
*The above information reflects the financials strength of one of the partner insurance companies that this insurance marketplace offers policies through: Travelers Casualty and Surety Co. of America.
Reputation & Customer Experience
Customer Experience - 9 / 10
Although Life Insurance Lab claims on its website to be BBB accredited with a grade of A+, we could not verify this as there is no BBB entry for the company. Additionally, it is almost impossible to make any kind of evaluation as to their customer service as there is barely anything in the way of customer feedback online. This is no doubt due to the young age of the company. However, most of the entities Life Insurance Lab can connect you with do have this information. As with financial strength, we encourage consumers to research the individual companies with which they are paired through the website for NAIC complaint ratios, BBB reviews, and Trustpilot scores.
Life Insurance Lab Policies
Life Insurance Lab offers customers the following life insurance policies: Term, Whole Life, Universal Life, Variable Universal Life, Indexed Universal Life, Survivorship Life, Guaranteed Acceptance/ Final Expense. Because we feel that Term Life insurance is a superior choice for most customers, we've focused our review on the Life Insurance Lab Term Life policy.
Term Life Insurance
Key Term Policy Features
- Term-Permanent Conversions
- Guaranteed Level Premiums
- Guaranteed Renewability
- Waiver of Premium
- Accelerated Death Benefit
- Return of Premium
Policies - 8.5 / 10
Life Insurance Lab works with multiple partner carriers in order to get customers a wide range of quotes. With the ability to provide policies from such companies as MetLife and the Hartford, Life Insurance Lab can connect consumers with nearly every coverage option available. This includes term, whole, and universal life insurance, plus nearly every permutation of each. But be aware, when filling out their online form you are consenting to receive communication from many different sources, including actual agents and automated calling and emailing.
Flexibility & Available Riders
- Disability Income Rider
- Guaranteed Insurability Rider
- Critical Illness Rider
- Child Protection Rider
- Spouse Protection Rider
- Long-Term Care Rider
- Family Income Benefit Rider
- Accidental Death Benefit
MetLife, American National, the Hartford, Travelers
Flexibility - 8.5 / 10
With policy and coverage options from so many life insurance carriers, Life Insurance Lab affords an enormous amount of flexibility with regard to plan riders and additional options. Generally speaking, this is where online marketplaces usually shine. A wider net of insurance carriers allows for the ability to get the specific plan option you want, whether that be long term care rider, critical illness rider, etc. The downside though, is that instead of dealing one on one with a representative for a specific life insurance company, through Life Insurance Lab you concede to be contacted by several.