Everyday Life insurance review
This fintech startup encourages people to ladder policies so they only buy the coverage they need.
Consider Everyday Life if …
- you want to ladder multiple policies to suit your financial obligations.
Look elsewhere if…
- you’re in the market for a permanent policy.
20 to 75
$100,000 to $10,000,000
Medical Exam Required
|Free quote||Online, Phone|
|Policy options||Term, Universal, Final Expense|
|Term lengths||10, 15, 20, 25 or 30 years|
|Monthly cost||As low as $8 per month*|
|Claim methods||Online, Phone, Mail|
|Ratings||A.M. Best: A+, Standard & Poor's: AA-, Fitch Ratings: AA-|
|Available states||All states & DC|
|Customer support||Phone, online|
Katia Iervasi is a writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. With a journalistic eye for detail, she navigates insurance, mortgages and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Everyday Life is among the sea of fintech startups that offer term life insurance online. But it stands out for being the only online broker that promotes a laddered strategy and offers quotes to support that.
While it’s partnered with a top-rated carrier, it’s worth comparing life insurance companies on your own to ensure you’re getting the best policy for your needs.
How does Everyday Life work?
Everyday Life is an online broker that partnered with Legal & General to offer term life insurance. It has a needs-based approach to life insurance and specializes in helping you ladder multiple life insurance policies to match your financial obligations. With this strategy, the term policies expire at the same time as each financial responsibility drops off your list.
Let’s say you’re a parent with student loan debt, young children and a mortgage. You could take out a 10-year policy to cover your debt, a 20-year policy to carry your kids through college and a 30-year policy to line up with your mortgage. That way, your coverage lessens over time, but if you die prematurely, your policies would ease the financial burden on your family, no matter when it happens.
How do I know I’m getting a good rate?
Legal & General is known for its competitive rates, and it caters to seniors, smokers and people with pre-existing conditions.
To reach the highest rate class, you’ll need to meet these requirements:
- Health. If you have low cholesterol levels, normal blood pressure and a healthy height for your weight, you’ll likely score a low rate. The insurer also requires your parents and siblings to have no family history of cardiovascular disease before age 60.
- Driving record. If your record is free from DUIs and DWIs, and you have less than three moving violations in the past two years, you could qualify for the lowest rates.
- Alcohol and substance use. You’ll need to prove you haven’t abused alcohol or illegal substances in the past 10 years.
Everyday Life reviews and complaints
Everyday Life doesn’t have a presence on the Better Business Bureau yet, but it has earned 4 out of 5 stars on TrustPilot. Customers commented on the personalized service they received, as well as the user-friendly platform and reasonable rates.
Which companies does Everyday Life work with?
The broker is unique in that it works with only one carrier, Legal & General. Formerly known as Banner Life, it offers term life insurance spanning 10, 15, 20, 25, 30 or 40 years, with up to $1 million in coverage. It has an A+ rating with AM Best, which means it has the cash reserves to pay out claims, and holds an A+ rating on the Better Business Bureau for its customer interaction.
Pros and cons of using Everyday Life
- Customizable coverage. Everyday Life encourages people to ladder their life insurance so they only buy the coverage they need for their stage of life.
- Lenient underwriting. Its partner, Legal & General, is known for its relaxed approach to underwriting. This opens up coverage to “risky” applicants, like seniors and smokers, and often leads to lower rates.
- Range of term life lengths. Legal & General issues term life insurance lasting up to 40 years — which is rare.
- Accelerated application. Applicants in excellent health can buy up to $1 million in coverage without taking a medical exam or health questionnaire
- Ability to adjust coverage. Everyday Life gives policyholders the chance to change their coverage once — which is ideal for those who may need to increase or decrease their coverage in soon.
- No permanent policies available. If you want a permanent policy that builds cash value, you’ll need to look elsewhere.
Compare alternatives to Everyday Life
How do I sign up?
It takes around five minutes to get a recommended coverage plan and quote, and learn if you qualify for coverage. Head to Everyday Life’s site and follow these steps:
- On the homepage, click Get Started.
- Indicate whether you have financial dependents and answer basic questions about their age, work status, and so on.
- Enter your age, gender, state and level of health.
- Provide basic financial information, including your gross income, retirement accounts, savings and debt, if any.
- The system generates a personalized coverage plan and initial price quote, and you can adjust the term length and coverage amount as needed. Once you’re happy with the quote, click Next to confirm and begin your application.
- Type in your name and email address to save your progress.
- Answer six questions about your height and weight, family medical history, nicotine use and driving record.
- The system then provides an updated quote based on those factors, and asks for your phone number and ZIP code.
- Everyday Life then reviews your request and follows up with the next steps, which may be a link to an online application or a call with Legal & General’s underwriters.
More about Everyday Life
Everyday Life was founded in 2018 by CEO Jake Tamarkin and CTO Dipali Trivedi. Based in Boston and backed by DCU FinTech, Global Insurance Accelerator and Village Capital, the startup aims to make the life insurance buying process easier and less confusing for consumers. The company specializes in selling term life insurance from its launch partner, Legal & General.
The company donates a portion of every commission to organizations that align with its mission to support working families.