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Lifefy Life Insurance Reviews
Looking for Lifefy life insurance reviews? We'll give you a summary of who they are, what they sell, and what people online are saying about them. Lifefy is a digital life insurance broker offering non-med term life policies online, plus a few supplemental insurance products. Wondering what all that jargon actually means? We’ll explain – and tell you why your best bet to save money on life insurance might be elsewhere.
Lifefy
- 848 Brickell Ave Suite 1030-A
Miami, FL 33131
Lifefy is a 100% online life insurance broker. This means that they are not the actual insurer who issues your life insurance policy. They have contracts with a partner, SBLI, to sell their policies in most but not all of the country. As of October of 2023, excluded states include Oregon, Washington, Montana, Utah, Minnesota, Illinois, Virginia, New York, New Jersey, Pennsylvania, Massachusetts, New Hampshire, and Hawaii. Currently, you can only shop Lifefy for policies issued by SBLI or one of its subsidiaries, Centrian Life or Manhattan Life. Any policy you buy through Lifefy will be issued by one of these providers.
Looking for life insurance? We’re a broker, too – and we can bring you more policies from more carriers than Lifefy! For a better range of options and prices, shop with us here at LifeQuote, where we source policies from over 40 of the country’s top-rated insurers. Click the button below for a fast, free term life insurance quote.
Life Insurance Products Available Through Lifefy
Lifefy has an online questionnaire that, once you fill it out, gives them enough of a picture about your current health and lifestyle to decide whether to offer you one of their two types of coverage. If you’re generally healthy, you will be offered a term life policy. If you have any health issues, you will be offered a guaranteed issue policy.
Term Life Insurance
Term life is the most basic and affordable type of coverage. With Lifefy’s options, you select the length of coverage (10, 15, 20, 25, or 30 years) and the amount of coverage you want ($50,000 - $500,000). Their Level Term policy comes with a free accelerated death benefit rider, which lets you access that death benefit if you’re diagnosed with a terminal illness. You also have the option to buy two additional riders. The accidental death rider pays an additional cash benefit if you pass away due to an accident. The waiver of premium rider waives your monthly premiums if you ever become totally disabled and can’t work.
Guaranteed Issue Life Insurance
The guaranteed issue policy they offer is also called Level Term, with a set term length of 10 years. You can qualify even if you have some serious health issues. If you pass away within that term from natural causes, the policy pays $2,500 to your beneficiary(ies). If you pass away within that term due to an accident, the policy pays $152,500 to your beneficiary(ies). Prices for this guaranteed issue policy start at $35/month. As online Lifefy life insurance reviews have noted, the $2,500 death benefit is very small. This is likely not enough to cover the cost of even a modest burial and funeral. Check out our article on the best life insurance policies for high risk health conditions here.
Looking for life insurance? Why shop with Lifefy and limit yourself to two policy types from three carriers? For a better range of options and prices, shop with us here at LifeQuote, where we source policies from over 40 of the country’s top-rated insurers. Click the button below for a fast, free term life insurance quote.
Advantages of Lifefy
Easy purchase process. Lifefy’s online system is completely automated. The entire application and purchasing process takes about 10 minutes, according to their estimates. You don’t have to speak to an agent and you don’t have to give them your phone number or email to get a quote. Lifefy life insurance reviews note how fast and easy-to-follow this process is.
No medical exam. These policies do not require you to take a medical exam. As we’ll explain below, this might actually be a disadvantage if you’re shopping on a budget. The life insurance medical exam consists of measuring your height and weight, and collecting blood and urine samples. So if you have a fear of needles or just don’t like the idea of a mobile medic coming to your home or office to complete the exam, these no-exam policies might be a great fit. Keep in mind, though, that we offer no-exam policies, too – from many more insurers than Lifefy. So if you’re trying to maximize your budget, comparison shop with us before you choose Lifefy. It could save you money!
Disadvantages of Lifefy
Age & citizenship restrictions. To qualify for a policy offered by Lifefy, you need to be a U.S. citizen or permanent resident between the ages of 18 and 55. If you are over age 55, you cannot buy a policy from Lifefy. Although we didn’t see any Lifefy life insurance reviews point this out, there is conflicting information on their website; their supplemental insurance page lists a different set of age restrictions for their guaranteed issue policy. However, since the 18-55 restriction is more prominent and on the life insurance page, it appears to be the current, accurate representation.
No-exam policies are often more expensive. As we mentioned above, Lifefy’s polices do not require a medical exam. And while that might be the right choice for some people, what we call “non-med policies” generally cost more than a fully underwritten policy that requires a medical exam. You don’t even have the option to apply for these less expensive, fully underwritten policies through Lifefy. If you’re on a really tight budget, you could be missing out on lower rates!
Limited policy types. Lifefy only offers two types of policies: term life and guaranteed issue. But what if you want coverage that lasts for your entire life, and grows cash value? You’d need to work with a different broker who offers a greater range of policy types, including whole life. If you’re interested in policies that are a real financial asset that grow cash value over time, call us at (800) 521-7873 or email us at info@lifequote.com and we can get you quotes for these types of policies. You can learn more about whole life insurance and its benefits here.
Limited insurance carriers. Lifefy only offers policies issued by SBLI and its subsidiaries. But what if a different insurer would offer you a similar policy for less? You won’t know, because Lifefy’s quoter will only show you rates for the Level Term policies offered by their partner, SBLI.
Still shopping for life insurance? Don’t limit yourself to two policy types from three insurers. For a better range of options and prices, shop with us here at LifeQuote, where we source policies from over 40 of the country’s top-rated insurers. Click the button below for a fast, free term life insurance quote.
Lifefy’s Additional Products
Lifely also offers several supplemental types of insurance you may want to add:
- Accident Insurance. Pays you benefits in cash if you have to visit the hospital and are admitted, have a dental emergency, or require surgery, air/ground transportation in an ambulance, emergency room treatment, intensive care, accidental death, and more. Available to applicants age 18-64.
- Cancer Insurance. Pays you benefits in cash if you are diagnosed with cancer, ranging from $5,000 to $50,000 depending on the type and severity of cancer. Plan also covers one cancer screening test per year. Available to applicants age 18-69.
- Dental/Vision/Hearing Insurance. Pays you benefits in cash from $1,000 to $1,500 per policy year to cover common needs like eye exams, glasses/contacts, hearing aids, and basic dental work, such as fillings and extractions. Available to applicants age 18-85.
- Hospitalization Benefits. Pays you benefits in cash to help pay your health insurance deductible. Amount paid depends on care service received. Includes benefits for inpatient care, surgery, doctor’s office visits, outpatient care, emergency care, and more.
- Out-of-Pocket Insurance. Pays you benefits in cash to help pay your health insurance deductible and co-payments if you are admitted to the hospital. Choose a benefit amount for hospital admissions of either $2,500, $5,000, or $6,350.
Lifefy Life Insurance Reviews & Ratings
Currently, Lifefy has an A+ rating with the Better Business Bureau. They have been accredited since 2019. Keep in mind that this BBB rating does not take Lifefy life insurance reviews into consideration. They look at the amount of time the company has been in business, how transparent they are about their business practices, and the company’s complaint history with the BBB. Lifefy company currently has 0 reviews on their BBB page. There have been two customer complaints, both of which the company has taken action to explain and solve.
The company currently has zero Google reviews.
The company currently has a 2.5/5 review score on Trustpilot. The most frequently mentioned complaints involve the difficulty in reaching customer service to cancel, confirm, or find details about payment transactions.
Since their term life policies are exclusively provided by SBLI and its subsidiaries, here’s a look at SBLI’s current financial ratings. Check out our explanation of what these financial ratings mean here.
| Agency | Rating | Description |
| A.M. Best | A | Excellent |
| Standard & Poor´s | A- | Stable |
| Moody´s | N/A | -- |
| Better Business Bureau | A+ |
Conclusion
If you’re short on time and require a 100% online purchasing experience, Lifefy could work for you.
But because of the lack of options in terms of policies and insurance providers, we recommend choosing a broker with more to offer. At LifeQuote, life insurance is all we do. We only include rates from the country’s top-rated insurance providers, with ratings of A or higher. Why not get a quote here to comparison shop with what you see on Lifefy? You could be saving money!
