Everyday we move closer to the eventuality that people probably won't talk directly to an insurance agent to get covered for life insurance.
And this isn't a bad thing:
More customers are skipping 3rd party companies and agencies altogether and going direct. Buying life insurance direct and online is what the future of insurance looks like.
In 2024, there is a way to get covered directly with a life insurance company without an agent and at your own pace. Some companies even offer no medical exam term life insurance.
Today, I am going to give you a more up to date definition of what the words direct term life insurance mean, how you can get life insurance quotes, and how you can go direct without the need of an agent.
What Is Direct Term Life Insurance?
Direct term life insurance seems to have a few different definitions online; however, I think my definition is more accurate to its meaning and more modern.
So, first:
What’s Term Life Insurance
At its core, term life insurance is protection against loss for a specific period. The periods range from 5, 10, 15, 20 and 30 years. There are different types of term policies like level, graded, increasing, and decreasing.
These products are always the most affordable and will give you the most coverage. This is honestly the most basic information you can get on term life insurance.
You can check out our ultimate guide for more information on things like how long is term life insurance, or how does term life insurance work.
What’s The Direct Term Life Insurance Definition
Direct term life insurance, at its root, is a type of term life insurance product offered online where consumers can deal directly with the insurance company.
You can do every step of the life insurance buying process without dealing with an agent, and you can go at your own pace.
Why Choose A Direct Term Life Insurance Company
Going direct with an insurance company can be a great thing. Some benefits of going direct include:
If the speed of the application process and a fast approval are important to you, then getting life insurance with an insurance company directly will be the best decision you can make.
How Much Does Direct Term Life Insurance Cost?
The average cost of direct term life insurance will vary based on gender, coverage amount, and term length.
The prices can range from $22 per month up to $93 per month and are based on quotes for a 20-year term $500,000 life insurance policy for a non-tobacco user in good health.
How Much Does Direct Term Life Insurance Cost For Women?
The average cost of direct term life insurance for a woman is $22 per month in her 30's, $33 per month at age 40, and around $71 per month at the age of 50.
How Much Does Direct Term Life Insurance Cost For Men?
The average cost of direct term life insurance for a man is $28 per month in his 30's, $39 per month at age 40, and around $93 per month at the age of 50.
How To Get Direct Term Life Insurance Quotes
The fastest way to get the direct term life insurance quotes is to use our quote tool above. We don’t require any personal information to run you an instant quote.
Best Direct Term Life Insurance Companies
Below is a list of the best direct term life insurance companies. These companies are mostly new to the industry and have created a whole new space for the industry.
Haven Life
They are one of the first insurance companies to offer the more modern version of a direct term life insurance policy.
Haven Life has coined the term Real Rate.
The Real Rate gives you the ability to apply for underwriting approval before you have to pay.
This is unique because most insurance companies require payment information before you get your Real Rate.
I think Haven Life is on to something with this new concept to buying insurance.
Please feel free to read our Haven Review.
Ladder Life
Ladder Life is a newer entrant into this direct life insurance industry and have come up with a unique concept of how someone should use life insurance.
They believe in a system of Laddering coverage up and down depending on your specific situation and needs.
It’s a solid concept of how you can manage your life insurance payments based on current life events and I am sure it will catch on soon.
You should check out our Ladder Review.
Fabric Life
Fabric Life is one of the newest entry into the world of direct life insurance.
They offer both an Accidental Death only product as well as a full Term Life Insurance product.
They offer the accidental death policy to get you in the mindset of having coverage especially when you are younger.
You can then upgrade to a full term life insurance policy.
We have even written a great Fabric Review.
Bestow
Bestow is the second newest entry into the field of direct life insurance.
They offer the only true No Exam life insurance product in the market place.
They created an in-house underwriting technology that allows for underwriting and approvals as fast as 5 minutes.
We have an excellent Bestow Review.
Ethos
Ethos is the newest entry into the field of direct life insurance.
They offer up to $10 Million in life insurance online.
They are one of the few companies that offer the Return Of Premium Life Insurance product and up to $1 Million in no exam life insurance
Fee free to read our Ethos Review.
These are the main five companies that are out at the moment in regards to direct life insurance, and they are changing the shape of this whole industry.
LIFE INSURANCE WHERE YOU LIVE
Life insurance by state.
With a Life Insurance policy you can take care of your family the right way.
Should anything happen to you, you'll want to leave your loved ones a financial nest egg for their wellbeing.
Click on your state to find out more.
Sample Direct Term Life Insurance Rates
Direct Term Life Insurance Rate Chart For Men
*Rates are based on a non-smoking male in preferred health looking for 30 years of coverage.
AGE | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
23 Years Old | $18.92 | $31.00 | $56.00 |
29 Years Old | $20.38 | $33.08 | $60.17 |
33 Years Old | $21.63 | $36.42 | $66.83 |
39 Years Old | $28.29 | $49.75 | $93.50 |
43 Years Old | $38.71 | $71.42 | $136.83 |
49 Years Old | $66.63 | $124.75 | $243.50 |
Direct Term Life Insurance Rate Chart For Men (Tobacco)
*Rates are based on a smoking male in preferred health looking for 30 years of coverage.
AGE | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
23 Years Old | $59.54$ | $110.17 | $214.33 |
29 Years Old | $72.25 | $126.83 | $247.67 |
33 Years Old | $81.42 | $142.67 | $279.33 |
39 Years Old | $127.46 | $238.08 | $470.17 |
43 Years Old | $180.79 | $350.17 | $694.33 |
49 Years Old | $271.63 | $536.00 | $1066.00 |
Direct Term Life Insurance Rate Chart For Women
*Rates are based on a non-smoking female in preferred health looking for 30 years of coverage.
AGE | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
23 Years Old | $15.58 | $25.17 | $44.33 |
29 Years Old | $16.63 | $26.83 | $47.67 |
33 Years Old | $17.46 | $28.92 | $51.83 |
39 Years Old | $24.33 | $39.75 | $73.50 |
43 Years Old | $32.04 | $56.42 | $106.83 |
49 Years Old | $49.96 | $92.67 | $179.33 |
Direct Term Life Insurance Rate Chart For Women (Tobacco)
*Rates are based on a smoking female in preferred health looking for 30 years of coverage.
AGE | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
23 Years Old | $46.21 | $82.67 | $159.33 |
29 Years Old | $54.33 | $97.25 | $188.50 |
33 Years Old | $59.75 | $109.75 | $213.50 |
39 Years Old | $72.04 | $138.08 | $270.17 |
43 Years Old | $101.21 | $194.75 | $383.50 |
49 Years Old | $174.54 | $337.67 | $669.33 |
THE SIMPLY INSURANCE WAY
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The Future of Direct Term Life Insurance
The direct life insurance industry is wide open. The companies that I mentioned above are some of the pioneers of this industry because of the technologies that they created surrounding their life insurance products.
Several life insurance companies are entering the arena now like Sagicor Life with their Sagicor Now product and Bestow with their Instant Life Insurance products.
Currently, these are the only two companies that plan to offer both direct and instant coverage online.
This means that not only will you be dealing directly with the insurance company, but you will be able to get a quote, apply online and be covered before the end of the day.
I can see the Direct Term Life market growing fast, and more companies will eventually follow suit.
I will continue to update this post as more companies like Bestow & Sagicor start to push their offerings more.
Taking Action
Choosing a direct term insurance policy in 2022 is super easy and it will help keep your family protected.
There really isn't a reason to hold off buying your life insurance, you can click here to get started, click on one of the above buttons, or use our quote tool above.
Frequently Asked Questions
Is term insurance a good idea?
Term insurance is a great idea because it puts you in a position to have a large amount of life insurance for a very small monthly premium.
Can you cash out a term life insurance policy?
Unlike a whole life insurance policy, a term life insurance policy can't be cashed out on. The fact that these policies don't build cash value is another reason they are so affordable.
Do you get your money back at the end of term life insurance?
You don't get your money back at the end of a term life insurance policy, these policies cover you for a set term and then they end. If you pay for a return of premium rider; however, you can get the money back you paid for the policy.
What happens when a term life insurance policy matures?
When a term life insurance policy matures you will need to let it cancel or renew it, if you decide to renew the policy premiums will increase.
How long should I keep term life insurance?
You should keep term life insurance for as long as you possibly can. The younger you are when you purchase the coverage the longer term length you should purchase. Always try to go for a 20 or 30 year term.