FastLife Insurance Review: Fast Coverage but Comes With Extra Broker Fees

FastLife Insurance Review: Fast Coverage but Comes With Extra Broker Fees

Offers products from a variety of life insurance providers but lacks in its customer service.

Good for

  • Fast coverage
  • Insurance provider options
  • Cheaper quotes

Bad for

  • Broker fees
  • Personalized customer service

Editor's Rating

3.0/5.0

Find the Cheapest Life Insurance Quotes in Your Area

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FastLife is a brokerage firm that offers life insurance, annuity and long-term care products. They do not underwrite policies at their company and instead partner with some of the largest life insurance companies — Lincoln National, Prudential and John Hancock — that would provide the coverage. When purchasing coverage through FastLife insurance, there is a one-time broker fee when you buy a policy but then no extra fees after, which is similar to other brokers. FastLife Insurance does provide over-the-phone customer service, but the company is only based in Florida, which can limit in-person service if you live in another state.

FastLife Products and Services

FastLife insurance is a company that acts as a broker for life insurance products, meaning they represent multiple life insurance providers. This differs from a life insurance agent who works for a single company and can only get quotes for you from that insurer. Through these insurance providers, FastLife can provide you term or permanent life insurance coverage.

If you decide to work with FastLife Insurance, they may be able to get you a cheaper rate due to their various relationships with different life insurance companies. But, FastLife Insurance is a small company based out of Florida so if you live elsewhere, you would only be able to talk to your insurance broker over the phone and not in person. We wouldn't recommend FastLife for residents of other states that consider it important to be able to ask personalized questions about your policy and receive customer service in person.

No-Medical Exam Policies

FastLife offers no-medical exam policies, which can be applied on its website with up to $500,000 in coverage. After applying for this type of policy, your application would be evaluated by insurers to see if you qualify for a true no-exam policy or would be required to complete an in-person exam.

If you are in good health, then you may qualify for the no-exam policy, but it will depend on the amount of coverage you have requested. For instance, if you have some pre-existing conditions and want a $500,000 policy, the insurer might request an exam in order to confirm your health. Additionally, these policies will come with increased rates since the insurer will not have enough knowledge of your medical history to give you an accurate quote.

Filing a Claim with FastLife

If you decide to purchase a policy through FastLife, your dependent would be able to file a claim by contacting FastLife or the insurer that issues your coverage. FastLife will have copies of your policy ready so that if a claim needs to be filed they can contact the insurance company. Also, if you have any questions about policy options, need to change your beneficiary or update contact information you would be able to do this by contacting FastLife.

FastLife Insurance Affiliates

When you enter your information into the FastLife web application or over the phone, FastLife will take your application and then offer you quotes from a variety of insurers that fit your profile. Some of their largest affiliates include Prudential, Lincoln National Life Insurance and National Western. In the graph below, we have compiled sample term quotes from these life insurance companies and compared them with an average of the largest U.S. insurers.

FastLife Insurance Quote vs Competitors

Prudential

Prudential is one of the most reputable insurance providers in the industry. The company has a positive history of dealing with customers, demonstrated by its National Association of Insurance Commissioners complaint ratio of .05 (significantly below the national median, 1.00). The company offers term life insurance through its Term Essential product, which has coverage lengths of 10, 15, 20 and 30 years with a maximum face value of $500,000. As seen in the graph above, Prudential has competitive prices for their term policy and the best rates if you smoke. Permanent policies are also available through Prudential and FastLife but often can come with additional fees along with the upfront broker fee.

Lincoln National Life Insurance

Lincoln National is similar to Prudential in that they have a low NAIC complaint ratio, .08. This means they receive less than the median number of complaints compared with the number of policies they write. Term life insurance is available through the Lincoln TermAccel Level Term, which has policy lengths from 10 to 30 years. The plan's death benefit is flexible, ranging from a minimum of $100,000 to a maximum of $1 million.

Lincoln has some of the cheapest term life insurance quotes available among FastLife's affiliates for standard and senior groups. But, if you smoke, you would be able to get a better rate by avoiding Lincoln National Life Insurance.

National Western Life

National Western Life insurance is another provider that underwrites policies for FastLife. This company has the most restricted coverage options compared with Prudential and Lincoln — policy face values with a minimum of $25,000 and a maximum of $250,000. Therefore, if you are looking for a smaller policy, National Western Life may be a good choice. For example, if you are looking for insurance to cover final expenses like a funeral, which typically costs $10,000 to $15,000, then a smaller face value policy would be a lower cost solution.

National Western does have the highest complaint ratio of .24 out of all three of these affiliate insurers. Although this is high out of this group, it is still significantly less than the national NAIC complaint median of 1.0.

Customer Reviews and Complaints

FastLife LLC was founded in 2016 by their CEO and founder Phillip Wasserman and the insurance broker is headquartered in Sarasota, Fla. The company is not accredited but has received a grade of A+ from the Better Business Bureau (BBB). This indicates that they have shown an awareness of customer service and solve complaints in a timely manner. The only negative review filed against FastLife in the past three years outlined an experience where a potential policyholder was contacted persistently about different policy options and plans.

Comments and Questions

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.