Lifefy life insurance review 2020
Get generous term and guaranteed issue policies with this innovative provider.
finder.com’s rating: 4.0 / 5.0
Get a quote if…
- You want to apply for a term life or guaranteed issue policy online.
Pick something else if…
- You live outside one of the states Lifefy services, or you need permanent life insurance.
18 to 60
$50,000 to $350,000
Medical Exam Required
|Insurance Products||Term life, Guaranteed issue|
|Issue Age||18 to 60|
|Coverage Amount||$50,000 to $350,000|
|Term Lengths||10, 15 or 20 years|
|Medical Exam Required||No|
|Ways To File A Claim||Phone, email|
|Ratings, Accreditation and Memberships||Lifefy - BBB: A-|
SBLI - A.M. Best: "Excellent"
|State Availability||Lifefy is not available in the following states: Hawaii, Illinois, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Puerto Rico, Utah, Virginia, Washington|
|Customer Service Options||Phone: 855-360-0303 |
|Policy Riders Offered||Accelerated death benefit, accidental death benefit, waiver of premium|
Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
With an aim to make life insurance accessible to more people, Lifefy offers term and guaranteed issue policies online. It’s backed by one of the biggest insurers in the game, and its coverage amounts are generous for instant-approval policies. But if you live outside one of the 38 states it services, you’ll need to look elsewhere.
What types of life insurance coverage does Lifefy offer?
Lifefy sells two types of policies, both underwritten by SBLI:
- Term life. Available in 10-, 15- or 20-year terms, this term life policy has predictable premiums and a face value between $50,000 and $350,000. It comes with a complimentary accelerated death benefit rider, though you may be charged an activation fee.
- Guaranteed issue. Unlike most guaranteed issue policies, Lifefy’s come with an accidental death benefit rider and has a set term of 10 years. Approval is guaranteed, and your beneficiaries will receive $152,500 if you die in an accident, or $2,500 if you die from natural causes.
What riders can I add to my life insurance policy?
You can enhance your coverage with these riders:
- Accelerated death benefit. Built into the term life policy, this rider allows you to access half the death benefit if you’re diagnosed with a terminal illness.
- Accidental death benefit. This pays an additional benefit if you die within 180 days of an accident.
- Waiver of premium. If you become totally disabled, Lifefy will waive your premiums for at least six months
How do I get a low rate?
Like most insurers, Lifefy reserves its best rates for nonsmokers who don’t have high-risk jobs or hobbies (like skydiving), or a serious health condition. Depending on your answers to the health questionnaire, you might be offered a guaranteed issue policy over term life.
Pros and cons of Lifefy
- Fully online. You can apply for coverage online and manage your policy by logging into the LifeHub.
- No medical exams. Lifefy sells simplified issue and guaranteed issue policies, both skip the medical exam.
- Quick claims payments. The company aims to settle claims within 48 hours — or two business days of approval.
- Backed by a big-name carrier. The policies are underwritten by SBLI, a financially strong company with an A (Excellent) AM Best rating.
- Added value. The term life policy includes an accelerated death rider free, aside from a possible activation fee.
- Comprehensive site. Lifefy’s site is informative and easy-to-digest, and includes handy features like a life insurance calculator.
- Get a decision within five minutes. If approved, Lifefy provides you with the final rate right there on the site – no waiting for an agent to contact you.
- Limited product line. Lifefy doesn’t offer permanent policies, like whole life.
- Not available nationwide. Policies are currently open to residents in 38 states.
- Not a true guaranteed issue policy. You’ll need to answer at least one question about your health to apply for a guaranteed issue policy.
Compare life insurance companies like Lifefy
Lifefy reviews and complaints
Lifefy launched in early 2019, so it doesn’t have a huge online presence yet. Although Lifefy is still a young company, it’s already been accredited with the Better Business Bureau, earning an A- rating for its customer service and interaction. To date, the BBB hasn’t recorded any reviews or complaints.
On TrustPilot, Lifefy has 3.5 out of 5 stars. However, this is based on just one review, so it isn’t a well-rounded reflection of the company.
Lifefy’s policies are underwritten by the Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI), which has an A+ rating with the BBB.
How does Lifefy protect my data?
To safeguard your personal information, the company limits access to the employees who need it to do their jobs. It complies with federal and state privacy regulations, and won’t sell or pass on your data to third-party companies without your consent. Finally, all payments are protected by secure socket layers — the standard technology for securing any communication between you and the server.
How do I sign up?
To apply for coverage, you have to be a US citizen between 18 and 60 years old (or 55 if you’re a smoker). If you’re eligible, you’ll fill out an online application. It takes about 10 minutes to complete these steps:
- Go to the Lifefy website. On the homepage, click Get Started.
- Enter your ZIP code. Click Next.
- Confirm if you’re a US resident. Click Next.
- Indicate whether you have an existing or pending life insurance policy with another company.
- Answer questions about your hobbies, health, recent surgeries or hospitalizations, and any treatments you’re undergoing. If you answer no to one of these questions, you’ll be directed to a guaranteed issue policy application, which asks no further questions.
- Highlight the extent of your tobacco or nicotine use in the past 24 months.
- Enter your height and weight.
- Type in your full name, date of birth and occupation.
- The system will then generate your final rates, and you can adjust your coverage amount as needed. When you’re happy with the price, submit your application and submit payment through Authorize.net’s secured portal and sign the electronic Docusign.
I’ve signed up. What happens next?
Once you sign off on your policy, it should be issued instantly. You can then choose to pay your premium monthly or annually.
More about Lifefy
Founded in 2018, Lifefy is a fintech company that focuses on simplified and guaranteed issue life insurance policies. Based in Miami, its goal is to make the buying process as simple and transparent as possible by doing away with medical exams and commissioned agents. Its policies are backed by SBLI, a mutual company that’s been in the life insurance game since 1907 and has an A (Excellent) rating with AM Best.
Lifefy caters to multigenerational and multicultural segments, according to a press release from SBLI.
However, if you’re looking for a policy outside its limited lineup, compare life insurance providers.
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