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Effortless life insurance review 2020
Last updated:
This marketplace does some of the research for you by comparing 50 life insurance carriers.
finder.com's rating: 3 / 5
★★★★★
- Get a quote if… You want to compare quotes from a range of carriers now, or if you’re a high-risk individual who wants to get a good deal on a life insurance policy.
- Pick something else if… You’re interested in a whole or variable life policy.
18 to 80
Issue Age
$25,000 to $10,000,000
Coverage
Depends on policy
Medical Exam Required
Details
| Free quote | Online |
|---|---|
| Available states | Nationwide |
| Policy options | Term, Return of Premium, No-Exam, Final Expense, Universal Life |
| Term lengths | 10, 15, 20, 25 or 30 years |
| Issue age | 18 to 80 |
| Coverage | $25,000 to $10,000,000 |
| Medical exam required | Depends on policy |
| Monthly cost | $10.10 |
| Claim methods | File a claim directly with the carrier |
| Customer support | Phone, Email |
| Riders | Accelerated death benefit rider, Accidental death benefit rider, Child rider, Disability income benefit rider, Return-of-premium rider, Term insurance rider, Waiver-of-premium rider |
Expert review
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
Effortless is a useful one-stop-shop to compare over 50 carriers. The system spits out a range of quotes in less than a minute, and caters to those who struggle to find coverage elsewhere. But the marketplace doesn’t include whole or variable life policies, and there aren’t many customer reviews online.
As always, it’s worth comparing life insurance companies on your own.
What types of life insurance does Effortless offer?
Effortless doesn’t sell life insurance. Run by brokers, it’s a marketplace that works with over 50 carriers to help its customers to compare policies. It represents big-name insurers like Prudential Financial, Protective Life, Met Life, TransAmerica, Principal Life and Legal & General.
On the site, you can apply for a range of coverages with a face value between $25,000 and $10 million:
- Term life insurance. The cheapest policy, term life offers protection for a set period of time and pays out a death benefit if you die during that term. Effortless provides quotes for 10-, 15-, 20-, 25- and 30-year policies.
- Return of premium (ROP) life insurance. The marketplace provides quotes for 15-, 20-, 25- and 30-year Return of Premium policies. If you outlive your policy, you’ll get a tax-free refund on the premiums you paid. If you die, your beneficiaries will receive a death benefit.
- No-exam life insurance. If you want or need coverage now, you can apply for a simplified issue or guaranteed issue policy. Effortless represents insurers that offer no-exam policies with a face value between $25,000 and $500,000, and the policies are typically issued within two days.
- Universal life insurance. This policy provides lifetime coverage and becomes a cash asset over time. The premium payments are flexible, which is appealing to those who foresee income fluctuations or can’t commit to paying the same amount of money every month. You can adjust the death benefit, too, and tap into the cash value of the policy during your lifetime.
- Final expense policies. These policies are designed to take care of end-of-life expenses, such as medical bills, burials and funerals. Effortless works with companies that offer final expense policies to those between the ages of 50 and 85, with a face value of $5,000 to $50,000.
What riders can I add to my policy?
Depending on the insurer you go with, you may be able to dress up your policy with the following riders:
- Waiver-of-premium rider
- Disability income benefit rider
- Accelerated death benefit
- Accidental death benefit rider
- Return-of-premium rider
- Child rider
- Conversion rider
- Term insurance rider
How much does Effortless life insurance cost?
The rates vary between insurers, and reflect the age, location, gender and health of the policyholder. However, Effortless has a range of sample rates on its site.
Let’s use a $250,000, 15-year term life policy as an example. According to Effortless, a healthy, 30-year-old female might pay $10.10 a month for a traditional policy. If she opts for a no-exam policy, the price might increase to $11.65. Men tend to pay slightly more for life insurance. A 30-year-old male could expect to pay $10.67 for a traditional policy, or $14.14 if he forgoes the medical exam.
Remember, these rates are based on sample data. To get a better idea of how much you’ll pay, enter your details on the site to get a quote.
How do I get a low rate?
Young, healthy applicants often get the cheapest rates. But insurance companies place their own emphasis on things like height, weight, tobacco use and family medical history.
To reach the highest rate class, you’ll typically need to meet these requirements:
- Good health. If you’re healthy and take no medications, you’ll pay less than someone with high cholesterol, high blood pressure, diabetes, heart disease or other major health conditions.
- Non-smoker. Smoking is linked to health issues and a decreased lifespan, so you’ll need to prove you’ve been a non-smoker for three to five years — depending on the carrier. Most insurers will allow a celebratory cigar per month, but that’s it.
- Safe occupation and hobbies. People with dangerous jobs and hobbies tend to pay higher premiums. So, if you’re a pilot or firefighter, or spend your spare time skydiving or bungee jumping, you can expect to pay more for life insurance.
Pros and cons of Effortless life insurance
Pros
- Access to 50 insurers. You can compare policies from over 50 providers with the click of a button.
- Quick quotes. Effortless promises quotes within 30 seconds. We tested it, and the system generated a range of quotes even quicker than that.
- Free service. As a customer, you won’t pay anything to get advice from an insurance broker or apply for a policy.
- Caters to all applicants. The marketplace offers quotes for term and permanent policies, and provides options for high-risk individuals.
- Comprehensive website. Effortless’ site is full of information and FAQs about the complexities of life insurance.
Cons
- Quotes aren’t anonymous. You’ll need to enter your full name and email address to get a quote.
- Can be unresponsive. While there are plenty of ways to contact Effortless, our emails went unanswered.
- Small online presence. Though it’s been in business for a few years, Effortless isn’t on key consumer sites like the Better Business Bureau (BBB) or TrustPilot.
Compare other life insurance companies
Effortless life insurance reviews and complaints
Effortless doesn’t have a presence on the BBB or consumer review sites like TrustPilot. On Google, it has a near-perfect rating and glowing reviews about the site’s personalized service and ability to provide online quotes for independent contractors and no-exam policies. There are only a handful of reviews, though, and Google is generally a less credible source than the BBB.
How do I apply for life insurance with Effortless?
These are the steps to get a quote:
- Go to the Effortless website. On the homepage, click Get started.
- Select your state, birthdate, gender and smoking status. Choose the type of insurance and face value you’re after.
- Enter your full name and email address. Tap Get quotes.
- A list of quotes will pop up from the cheapest to most expensive. To adjust your coverage, make new selections and click Recalculate. If you see a quote you like, click Apply now.
- Type in your contact details and add any comments. Press Send request.
I’ve signed up. What happens next?
Once you’ve chosen a carrier, a broker will help you to complete the application and schedule your medical exam if you need one. Effortless then sends your application to the insurance provider, who contacts you directly about the next steps.
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.