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 firstname.lastname@example.org 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.
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