Everyday Life
Product Name: Everyday Life
Product Description: Everyday Life is an insurance brokerage that uses a Predictive Protection model to determine how much life insurance you need at any given point in your life.
Summary
Everyday Life is an insurance brokerage that lets you compare life insurance policies across different providers, including Legal & General, SBLI, Fidelity Life, and more. Its Predictive Protection model determines how much life insurance you need at any given point — potentially saving you money since you won’t be paying for a policy you don’t need.
Overall
Pros
- Claims that 90% of applicants will be approved
- May be able to avoid a medical exam
- Automatic laddering strategy to save money
- Policies available for those up to age 85
Cons
- Not every company offers insurance in all states
- Will still have to compare multiple quotes
Most of the time when you apply for life insurance, you’re working with a single company that offers policies directly. But if you want to find the best possible policy, you may decide to get quotes from multiple sources.
An easy way to collect multiple quotes is to apply with an insurance broker, which has access to several different providers and can get you multiple quotes with just one application.
Interested? That’s where Everyday Life comes in.
At a Glance
- Sorts through different insurance providers for customized quotes
- Offers automatic laddering strategy to help you save money
- Policies available for those up to age 85
Who Should Use Everyday Life?
If you’re planning to buy life insurance but want to review multiple quotes before committing to a single provider, Everyday Life may be for you. And since they offer automated laddering, it’s also a good option if you’d rather have someone else do the math on how much insurance you actually need over time.
However, if you’d like a more hands-on approach to choosing your insurance provider or, if you already have a chosen provider in mind, you may not need to rely on Everyday Life.
Learn more about Everyday Life
Everyday Life Alternatives
 |  |  | |
| Monthly Premium | Starts around $8 | Starts at $5 | Starts at $11 |
| Coverage Amount | $100,000 to $5 million | $100,000 to $8 million | Up to $1.5 million |
| Term Lengths | 10 to 30 years | 10 to 30 years | 10 to 30 years |
| Learn More | Learn More | Learn More |
Table of Contents
What Is Everyday Life?
Everyday Life partners with insurance companies to provide term life access to consumers. They are partnered with several companies, including Legal & General, SBLI, Fidelity Life, and more.
When you fill out the initial application, Everyday Life will determine what coverage you need. Your ideal coverage amount depends on several factors. For example, if you have many dependents who rely on your income, you’ll likely need more coverage than someone who is married without any kids.
Your health rating can also have a huge impact on your monthly premiums — and if you’re even approved for life insurance. For example, smokers will usually pay higher premiums than non-smokers.
Everyday Life’s Predictive Protection Laddering
What sets Everyday Life apart from other insurance providers is that they use a Predictive Protection model to decide exactly how much life insurance you need at any given point. One aspect of life insurance that people don’t always realize is that you don’t always need the same amount of coverage.
For example, let’s say you have two young children still in elementary school. While they’re young, you may want more coverage to pay any expenses that they have. But once they graduate college, you won’t be financially responsible for them anymore.
Also, you may have already paid off your mortgage by that time. These two factors mean that you likely won’t need as much life insurance as you did when you were younger.
This model can save you money because you won’t be paying for a policy you don’t need. This strategy is also known as laddering. You can ladder your policies manually with any insurance company. However, Everyday Life does the math for you.
They claim this model can save you up to 50% in premium costs over the entire policy life.
The right amount of coverage helps you avoid wasting money by overpaying, and it also guarantees your family’s needs will be met should the worst happen.
Learn more about Everyday Life
How Everyday Life Works
When you visit Everyday Life’s website, you will be asked basic questions, such as your ZIP code, birthdate, if you have ever used nicotine, and your annual income.
Once you complete this initial application, you will find out if you have been tentatively approved for a policy. You will also see which carriers are available and how much life insurance coverage Everyday Life recommends. However, you can always choose to purchase more or less coverage.
It’s important to note that the first part of this application is anonymous. However, you should answer the questions as accurately as possible. When you proceed to the real application, your information will be checked against your medical information and personal records. If you lie on the application, your final rate may be far off your initial quote.
Sometimes, you may be able to fill out an application online, whereas other times, you may be required to answer questions over the phone.
Everyday Life also says that most applicants can avoid getting a medical exam, but this may not apply to everyone.
Once you decide to get your official quote, you will have to provide your full legal name, email address, and phone number.
How Much Does Everyday Life Cost?
Because Everyday Life is a brokerage and not a direct insurance provider, it’s hard to guess exactly how much you will pay. Every insurance company has its own pricing algorithm that determines your monthly premium.
Another important thing to keep in mind is that everyone’s policies are priced according to their needs, as well as their age and current health status.
There’s no fee to use Everyday Life itself. You’ll only pay once you’ve confirmed a plan with your chosen insurance provider and set your monthly premium.
Learn more about Everyday Life
Everyday Life vs. Fabric
Fabric is a life insurance company primarily marketed to parents with young kids. Fabric’s term life policies range from $100,000 to $5 million, which is on the high end of what other life insurance companies offer.
Terms last between 10 and 30 years. Monthly premiums start around $8 for a typical policy for a 25-year-old.
Fabric lets you complete an application via their mobile app or on a browser. They have both Android and iPhone apps, both of which have high user ratings.
Fabric received an A+ financial strength rating from A.M. Best, which reviews insurance companies. This means that if you have to redeem your policy, the company will have the funds to pay you.
Fabric also offers life-planning services, like creating a will, setting up a Uniform Gifts to Minors Act (UGMA) account, and more.
If you change your mind, you can cancel the policy within the first 30 days and get a refund.
Everyday Life vs. Ladder
Ladder life insurance is named after the laddering strategy in which you can buy different policies to ensure that your life insurance matches your changing needs. According to Ladder, policies start at $5 a month, and you can buy coverage from $100,000 to $8 million, one of the highest limits on the market.
Ladder often lets you forgo the medical exam unless you buy a policy worth more than $3 million. Ladder knows that as your life changes, your insurance needs may decrease. As such, they will let you step down your coverage as you age, so you don’t have more insurance than you need.
If you have a Ladder term life insurance policy, you can reduce your coverage at any point. The company claims that you may be able to save thousands.
Unlike Everyday Life, Ladder requires that you ladder your policy manually. While this may require more work, it also gives you more control so you can keep more coverage if you want to.
Everyday Life vs. Bestow
Like the other companies on this list, Bestow is a direct life insurance provider. Their coverage amounts are lower than what Ladder and Fabric offer; their largest policy is only $1.5 million. Term lengths are fairly standard and last between 10 and 30 years.
Bestow claims that customers can get quotes by answering only five questions. They also say that their policies start at just $11 per month.
While other insurance companies often require that you talk to an agent over the phone to finish the application, Bestow says their entire application process is 100% online.
If you do pass away while your policy is active, your beneficiaries can receive free access to a grief support group.
Bestow offers a 30-day period during which time you can cancel the policy and get your money back.
FAQs
Yes, Everyday Life is an insurance broker rather than a direct provider. This means that it doesn’t underwrite its own policies, but instead recommends policies from a mix of providers that may be suitable to your needs and application.
Everyday Life doesn’t charge a fee for you to be matched with potential providers. However, since it’s not a direct provider and because life insurance is so personalized, policy amounts may vary depending on which provider you choose and your personal health and circumstances.
Summary
Applying for life insurance with multiple companies can help you find the lowest rate for the right amount of coverage. And unlike applying for a loan or credit card with multiple companies, getting several different life insurance rates will not affect you negatively in any way.
Also, Everyday Life’s Predictive Protection model can help you buy just the right amount of insurance so you don’t overpay or don’t have enough coverage.
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