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finder.com's rating: 2.5 / 5
★★★★★
18 to 60
Issue Age
$50,000 to $350,000
Coverage
No
Medical Exam Required
Policies | Term life, Guaranteed issue |
---|---|
Coverage maximum | $350,000 |
Term lengths | 10, 15 or 20 years |
Medical exam required | No |
Available states | 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 |
Issue age | 18 - 60 (or 55 for smokers) |
Riders |
Accelerated death benefit rider Accidental death benefit rider Waiver-of-premium rider |
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Review by
Katia 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).
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, compare life insurance companies.
Lifefy sells two types of policies, both underwritten by SBLI:
You can enhance your coverage with these riders:
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.
Lifefy is accredited with the Better Business Bureau (BBB), earning an A rating for its customer service and interaction. To date, the BBB hasn’t recorded any customer complaints. Among customers, the insurer has 5 out of 5 stars — though it’s worth nothing this is based on just one review, as of October 2020.
On TrustPilot, Lifefy has 3.7 out of 5 stars.
Lifefy’s policies are underwritten by the Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI), which has an A+ rating with the BBB.
AM Best financial rating |
A- |
BBB accredited | Yes |
BBB rating | A 5/5 out of 5 customer reviews |
Trustpilot score | 3.7/5 out of 33 customer reviews |
Customer reviews verified as of | 22 January 2021 |
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:
★★★★★ — 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.