These Startups Are Completely Transforming How People Get Insurance
By Ashley Rogers 1. Fabric: You Can Get $100,000 Of Life Insurance In Minutes
The amount of life insurance coverage you need varies from person-to-person based on income, lifestyle, debt and more, but even so many companies take a one-size-fits-all approach to policies. Enter Fabric, a new startup offering life insurance that’s changing the game. They offer 10, 15 and 20-year term life insurance policies that help protect your family’s needs at affordable prices. Fill out an application — it only takes about 10 minutes — and thanks to Fabric’s accelerated underwriting process, you could be approved and receive a policy offer on the spot without a medical exam. Adjust your policy before you purchase it and you’re all set. Policies can go for as low as under $10 per month and coverage ranges between $100,000 and $5 million. Another huge perk? You can make a last will and testament completely for free with Fabric. That should be an essential for everyone. Apply for a life insurance policy that fits your needs with Fabric.2. Everyday Life: This Is The Quickest Way To Protect Your Family
After spending hours on the internet researching life insurance companies and comparing rates and coverage, you’re still no closer to buying a policy than you were when you started. You’ve read a ton of “how-to-choose” explainer articles and more insurance company customer reviews than you care to count, and now you’re frustrated and probably want to call it quits for the time being (and who can blame you). But before you do, we have just the thing to bring your life insurance search to an end today — Everyday Life. This online insurance concierge service is totally revolutionizing the life insurance game. Instead of the fixed and overpriced policies that traditional insurance companies push on you even if it’s not a fit for your needs, Everyday Life will build a policy around you and your family’s unique circumstances that adjusts as your needs change over time. Policies produced by Everyday Life are often 50% to 80% cheaper than those offered by traditional insurance companies. Costs and coverage will automatically decrease over time as your children age, your savings grow and retirement nears, which will ultimately save you a lot of money. Take a quick and straightforward assessment (it takes 3 – 5 minutes) and the information gathered from it will be used to give you a personalized life insurance plan recommendation and quote and if you want, you can purchase immediately. Get a life insurance policy that will go through your life changes with you through Everday Life.3. Gabi: Finally Transparency Around Car Insurance Prices
Finally, car insurance has entered 2019 and that’s thanks to Gabi. Gabi allows its users to compare up to 20 quotes instantly and then to buy insurance directly on its platform. This might seem very simple, but if you’ve bought car insurance in the last 20 years you probably can attest to how difficult some companies make this process. Gabi wants to make it easy, kind of like comparing flights on Expedia and booking the one that’s right for you. No cold calls, no tedious forms, Gabi is all about simplicity. Plus: They’ll let users know if their current policy is the cheapest policy out there, so people can instantly see if you’re being ripped off. Gabi does such a good job of saving people money, on average people walk away saving $865 a year. All you need to do is connect your existing insurance policy and provide your driver’s license number. In minutes, you’ll get different options that you can switch to. See how much money you are wasting on car insurance right now with Gabi!4. Metromile: Thinking About Drivers Who Don’t Drive That Much
Most people don’t know this, but some insurance companies offer discounts to senior drivers who don’t put a lot of miles on their cars. These low mileage discounts can also apply to drivers who carpool to work, too. Metromile car insurance was set up to address exactly this using cool technology and is perfect for low mileage drivers who want to get a major discount paying for insurance per mile.Users who sign-up for Metromile pay-per-mile receive the Metromile Pulse, which plugs into their car’s OBD-II port to measure mileage (it also powers Metromile’s super cool app). With Metromile’s app, you can track and optimize your car trips, monitor your car’s health and even track where your car is parked (for those times that you might just forget).
Metromile is a true disruptor in the insurance space because it tackles a problem, and allows its customers to get a much better deal than they otherwise would. If you have a car but don’t put a lot of miles on it, you are definitely going to want to look into this immediately. See how much Metromile could save you here!5. Bestow: Life Insurance That Has Truly Been Simplified
Most people who have bought life insurance will tell you there is absolutely nothing simple about the process. In the past, people have had to fill out books of paperwork and even undergo a comprehensive medical exam to get approved. Bestow is turning all of that on it’s head using an algorithm to calculate risk, so people can skip the doctor’s office before getting life insurance. Customers can get coverage from anywhere in just a few minutes and all it takes is answering a few questions online. Bestow then works in the background pulling in data including identify verification, prescription history databases, motor vehicle reports, and financial data to assess an application.
This isn’t just random insurance, either, it’s backed by two of the largest and most highly rated insurance companies in the world.
Bestow is quite literally changing the game–allowing people to get a $500,000 or even a $1 million life insurance policy–within minutes (if accepted).
