Life Insurer Quotes

Menu

How to Buy Life Insurance Without an Agent: A DIY Guide

Buying life insurance used to mean sitting down with an agent, filling out paperwork, and navigating complex policies. But today, you can buy life insurance on your own—no agent required. Thanks to online platforms and direct-to-consumer insurance companies, the process is now faster, more transparent, and often more affordable.

If you prefer a DIY approach, this guide will walk you through how to research, compare, and purchase life insurance without an agent.

Why Buy Life Insurance Without an Agent?

Skipping the agent has its advantages, including:

✅ Faster Process – Online applications can take minutes instead of days.
✅ Lower Costs – No agent commissions can mean lower premiums.
✅ More Control – You can compare policies at your own pace without sales pressure.
✅ Convenience – Apply anytime, anywhere—no appointments needed.

However, going solo requires careful research. Without an agent’s guidance, you need to make sure you’re choosing the right policy for your needs.

Step 1: Determine How Much Life Insurance You Need

Before you start shopping, figure out how much coverage makes sense for your situation. A common rule of thumb is to get coverage equal to 10-15 times your annual income, but here’s a more detailed way to calculate:

ExpenseEstimated AmountPurpose
Outstanding DebtsMortgage, student loans, credit cardsEnsures debts are covered
Income Replacement10-15x annual salaryHelps family maintain lifestyle
Children’s Education$100,000+ per childCovers college expenses
Funeral Costs$7,000 – $12,000Pays for final expenses

Use an online life insurance calculator for a personalized estimate.

Step 2: Choose the Right Type of Life Insurance

There are two main types of life insurance:

TypeBest ForProsCons
Term Life InsuranceMost peopleLow cost, simple coverage for 10-30 yearsNo cash value, expires after term
Permanent Life Insurance (Whole or Universal)Estate planning, lifelong coverageBuilds cash value, lasts a lifetimeHigher premiums, more complex

If your goal is affordability and financial protection, term life is usually the best choice. If you want an investment component, permanent life insurance may be better.

Step 3: Research and Compare Insurance Providers

Not all life insurance companies offer direct-to-consumer policies. When comparing providers, look for:

✔ Financial Strength Ratings – Check ratings from A.M. Best, Moody’s, or Standard & Poor’s to ensure the insurer is financially stable.
✔ Customer Reviews – Read online reviews on sites like Trustpilot or BBB to learn about other customers’ experiences.
✔ Policy Options – Make sure the insurer offers the coverage amount and term length you need.
✔ Pricing – Get multiple quotes to find the best price for your coverage.

Popular Companies That Sell Life Insurance Online

CompanyPolicy Types OfferedMedical Exam Required?
Haven LifeTerm LifeNo (for some policies)
BestowTerm LifeNo
EthosTerm & Whole LifeNo
LadderTerm LifeNo (for some policies)

Step 4: Get Quotes and Compare Prices

Most online life insurance providers offer free quotes in minutes. To get an accurate quote, you’ll need to provide:

  • Age and gender
  • Health history
  • Lifestyle habits (e.g., smoking, high-risk hobbies)
  • Coverage amount and term length

After entering your details, you’ll receive a range of prices. Always compare at least three different companies to ensure you’re getting the best deal.

Step 5: Apply for Coverage

Once you’ve found the right policy, it’s time to apply. The application process may include:

  1. Answering Health Questions – Some policies require medical details, even if no exam is needed.
  2. Medical Exam (If Required) – Some insurers require a quick medical exam, but many online policies offer no-exam options.
  3. Identity and Financial Verification – You may need to provide ID and bank details.

If you qualify for instant approval, you could have coverage in place the same day. Otherwise, the insurer may take a few days to review your application.

Step 6: Pay for Your Policy and Keep It Active

After approval, you’ll receive your policy documents and can make your first payment. Most insurers offer:

  • Monthly, quarterly, or annual payments
  • Discounts for paying annually
  • Automatic payments to prevent lapses

Make sure your loved ones know about the policy and how to claim the benefits if needed.

Pros and Cons of Buying Life Insurance Without an Agent

ProsCons
No sales pressureNo personal guidance on policy choices
Faster and easier processMay miss out on specialized policy options
Potentially lower costsResponsible for all research and decisions
24/7 availabilitySome insurers may still require a medical exam

When You Might Need an Agent

While buying life insurance online is convenient, an agent may be helpful if:

  • You have complex financial needs (estate planning, high net worth).
  • You need a customized policy that isn’t available online.
  • You want expert guidance to find the best deal.

If you’re comfortable doing your own research, an agent-free approach can save you time and money.

Final Thoughts

Buying life insurance without an agent is easier than ever, thanks to online platforms and direct-to-consumer insurers. By understanding your coverage needs, comparing policies, and choosing a reputable provider, you can secure the right policy on your own terms—without the hassle of a sales pitch.

Sources:

  • National Association of Insurance Commissioners (NAIC)
  • Insurance Information Institute
  • U.S. Department of the Treasury