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Haven Life-Best for Those Wanting a Term Life Policy

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  • Term Coverage: 10, 15, 20, 25, or 30-year

  • Sample Monthly Cost: 81.16

  • AM Best Rating: A++

Haven Life is a well-known digital insurance agency that allows you to purchase high-quality life insurance from the comfort of your home. It offers two term life insurance options – Haven Term and Haven Simple. Haven Term is the longer-term insurance policy with durations between 10–30 years. This plan covers up to $3 million. On the other hand, Haven Simple is a shorter coverage plan with terms between 5–20 years.

What’s great about Haven Life is that it allows you to apply for both policies online without needing an agent. You won’t even need a medical exam to qualify in many cases. It’s important to mention that both Haven Life insurance policies are limited to people age 64 and under, meaning you will no longer qualify for coverage after age 64. Overall, Haven Life insurance policies are flexible and generous, although they might be more expensive compared to other life insurance policies on the market. If you’re looking for term life insurance and qualify for Haven Life policies without a medical exam, this could be an excellent option to consider.


New York Life-Best for Permanent Life Insurance

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  • Term Coverage: 10, 15, or 20-year

  • Sample Monthly Cost: 142.67

  • AM Best Rating: A++

New York Life offers a wide range of insurance policies, including both term and permanent. It also allows users to convert term policies to permanent policies when needed. If you’d like to upgrade your insurance policy, you can add different features, including a disability waiver of premium, accidental death benefit, and living benefits. While New York Life seems to offer very flexible, user-oriented insurance policies, its website does not provide much information.

If you want to learn more about what New York Life offers, you will have to contact a New York Life agent. This insurer does not provide the best customer experience, but its insurance policies are certainly worth considering. However, keep in mind that its policies are more expensive than most of its competitors.


Bestow-Best for No Medical Exam Insurance Policies

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  • Term Coverage: 10, 15, 20, 25, or 30-year

  • Sample Monthly Cost: 56.00

  • AM Best Rating: A+

Bestow is a life insurance provider that only sells one type of policy, a term life policy ranging between 10–30 years. Its terms are also available in five-year increments and cover up to $1.5 million. Although Bestow has its limitations, it allows you to complete the entire life insurance application online without needing an agent. If you need help deciding if Bestow’s services are the right fit for you, you can always contact its exceptional customer support team.

Moreover, it is important to address that Bestow does not issue the life insurance policies they sell; its policies are issued by the North American Company for Life and Health Insurance. Most importantly, its life insurance does not require a medical exam, which makes it a good option for users who don’t qualify for other insurance policies because of medical exam requirements. Bestow offers a 30-day trial period as well.

FAQ About Life Insurance

What You Need to Know to Choose the Right Policy

All kinds of life insurance exist, ranging from short-term contracts to lifetime coverage. The right life insurance policy is based on many factors, including but not limited to your age, health status, and financial goals. What are the different types of life insurance, and how do you know which one fits your needs?

  • Annuities

    This insurance contract offers a steady stream of income during your retirement. Funds can be made in one lump sum or through the accumulation phase , which begins at the annuitization phase and varies based on the contract details.

  • Final Expense/Burial

    This life insurance provides funds to cover the burial and funeral costs. These are usually small monetary amount policies that may or may not require a medical exam.

  • Guaranteed Issue

    This policy is a type of permanent life insurance that provides guaranteed approval for a minute amount of coverage, no matter the health status of the person needing it. There is no required medical exam for this coverage.

  • Indexed

    This type of universal life insurance policy allows people to invest the cash value collected in market indices, such as the S&P 500. A person can borrow the money tax-free.

  • Term

    This type of life insurance policy is permitted for a certain period, usually no more than 30 years. They also have a high death benefit for a low premium. This life insurance policy is best for young and healthy people who need low-cost coverage.

  • Universal

    This is another permanent life insurance with flexible premiums and benefit amounts. Policies can build cash value that is investable for more growth and can be borrowed against tax-free when necessary.

  • Whole

    Another permanent life insurance policy that ensures coverage for a person’s lifetime is the whole life insurance policy. This policy can build cash value with interest that is borrowable if needed without a tax penalty.

Four Important Life Insurance Keywords to Help You Choose Your Next Policy
  • Cash Value

    Some life insurance policies will allow some portion of the premium to go toward a cash value, which earns a fixed interest amount for growth. You can borrow this money without a tax penalty.

  • Death Benefit

    This is similar to a policy’s face value, payable to your beneficiaries upon your death. The payout may be less if you have ever withdrawn money or taken out loans against the policy’s cash value.

  • Face Value

    An insurance policy’s face value is how much money your beneficiary will get after you die, so long as the policy is still in effect.

  • Riders

    An insurance policy rider is additional coverage you can buy, such as covering your spouse or children, payouts in case of accidental death, and the ability to use the funds when you need them. The fee for a rider can be either a flat yearly fee or a percentage of the policy’s premium.

Who Should Purchase a Life Insurance Policy?

A life insurance policy offers a level of income protection for your loved ones so that they can pay for any debts/obligations and ensures your assets are protected to a degree. If you fit into any of the categories below, you should get a life insurance policy:

  • Married
  • Mortgage holder
  • Family’s main provider
  • Need coverage for burial and funeral expenses
  • Need supplemental retirement income
  • Hold large debts
  • Own a business
  • Desire to accrue tax-deferred cash value

Bear in mind that these are just a handful of reasons to consider getting a life insurance policy. The reality is that most people can benefit from one.

How Do You Determine How Much Coverage to Attain?

Several factors will affect how much coverage you need:


Debt obligations



How long to retirement

According to financial professionals, it’s best to get 10x your yearly salary to replace your income. How much you really need depends on your current situation. For example, if you have a mortgage and are your family’s main provider , you may elect to get more than this. Or, you may decide that the final expense policy is enough.


David is married with two kids. He currently is the only income earner in his household and earns $70,000 a year. Together, the debt load is $500,000 ($100,000 in loans and $400,000 for a mortgage). David elects an amount that is 10x his salary for his life insurance coverage with an additional $500,000 to deal with the debt obligations. He goes with a 20-year term coverage policy at the lowest possible monthly amount.

The key behind life insurance coverage is to ensure your loved ones don’t have to worry about taking care of themselves if you die.

How to Find the Right Life Insurance Policy

The right life insurance policy is the one that meets your and your family’s needs. Make sure you understand what coverage amount is right for you and what the money should be used for after you die. Do you want temporary or lifetime coverage? If you like the idea of lifetime coverage, you may find that a term policy can save you money and handle all your debt upon your death.

Determine what you can afford. The majority of policies have a monthly or annual premium with other costs for riders. If you want a low monthly premium, you may want a term policy. If you want an insurance policy that builds in value, you may decide that a universal or whole life insurance policy is right for you. This is where comparison shopping is best.

In simple terms:

Choose what policy type you want – permanent or term

Determine the coverage amount you need and for how long

Speak with an insurance agent to get quotes

Review each quote, comparing them against one another to determine what fits your situation and budget

Set up a time for a medical exam if necessary; if not, wait for the company to approve or deny your policy

Yes, you can shop around and get multiple quotes. The key is to ask questions, do your homework, and talk with a professional about your situation. From there, you can decide which company is best for you.

What Does and Doesn’t Life Insurance Cover?
  • What Is Covered…

    The key aspect of a life insurance policy is to ensure that your loved ones are taken care of financially after you die. You can add more coverage to the policy by covering the potential death of your spouse or children. Riders can also help if you become permanently disabled and cannot work or become inflicted with a terminal sickness.

    Life insurance will cover the majority of deaths and could include additional benefits if the death is deemed accidental. Some policies will permit cash value accrual that can be used without a tax penalty after you reach a certain age.

  • What Is Not Covered…

    However, most life insurance policies will not pay out if a person commits suicide within two years of the policy becoming active. After this period, the suicide limit is then dropped, and the act is then covered by the policy and company. Also, life insurance companies will not pay out benefits if the person holding the policy lied when answering the medical questions.

    Some company policies will not pay out death benefits that result from high-risk activities (skydiving, bungee jumping, etc.). Your policy lays out the coverage details, so it’s important to talk with a professional insurance company to determine what activities are not covered.

    And, though no one wants to think about this, if a beneficiary murders a policyholder, the beneficiary will not receive the payout. Instead, it will go to a secondary beneficiary. However, this depends on the crime’s nature.

Should You Get Multiple Life Insurance Policies?

If you’re wondering if you can have several active life insurance policies, the answer is yes. Multiple life insurance policies protect you in case your life situation changes. For instance, you may opt for a $500,000 life insurance policy when you get married. When you purchase a home and grow your family, you may decide to buy a $750,000 life insurance policy to ensure your mortgage is paid off and your children are taken care of.


Before choosing which type of loan to go with, it is vital to have knowledge of the lenders that are in the industry offering loan product. Due diligence is needed to know about the loans offered and the expenses attached to them.

Borrowers also should keep a check on their credit score to be aware that they follow within the minimum guidelines of home equity loan providers. It is crucial to know the type of loan one can afford to pay and which lender best fits them.

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