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PlumLife Company Review

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There is no doubt that most Americans are taking advantage of purchasing goods and services in the digital age. More and more Americans can shop for virtually everything online and take advantage of the competition between providers of goods and services.

The ability to compare prices and reviews instantly has put shoppers in an advantageous position by eliminating the need for shopping by phone or in person across all industries, and shopping for life insurance is no different.

Easy Article Navigation

  • About PlumLife
  • PlumLife Term Life Insurance
  • PlumLife Term Insurance Rate Comparison
  • About SBLI
  • PlumLife Term Insurance Pros and Cons

Recent startups like PlumLife that partner with established highly-rated life insurance providers can direct consumers to the best source of life insurance products and make online purchases in a matter of minutes. In this article, we’ll drill down into PlumLife and provide you with a company review about products, pricing, and service.

NOTE

We are not PlumLife. If you need to contact them, please call them at 800-694-7254 or contact them through their website.

About PlumLife

Founded in 2020, PlumLife is a life insurance marketing organization with headquarters in Berkeley Heights, New Jersey.

The management team has established a mission to offer the best life insurance shopping experience where consumers can find experienced insurance professionals and a digital application process in one place.

The company’s goal is to simplify the insurance shopping, underwriting, and purchasing process by embracing innovative technology that assists the company with offering competitive rates combined with a consumer-friendly application platform.

PlumLife’s CMO and Co-Founder, Rahim Rajpar, is focused on leading PlumLife to become the company that consumers can rely on to learn about, purchase, and depend on term life insurance that will be there for surviving loved ones and family members.

PlumLife Term Life Insurance

PlumLife offers Level Term Life insurance underwritten by The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) and its agency services partnership with Hawthorne Solutions, LLC.

The PlumLIfe term products are guaranteed level premium for the policy period chosen by the applicant. Available policy periods are 10, 15, 20, 25, and 30 years. Eligibility requirements are as follows:

Face Amounts: Minimum $100,000 and Maximum $10 million

Issue Age Eligibility:

 

10-Year

15-Year

20-Year

25-Year

30-Year

Non-Nicotine

18 – 74

18 – 65

18 – 60

18 – 55

18 – 50

Nicotine User

18 – 70

18 – 60

18 – 55

18 – 50

18 – 45

All Term policies are renewable up to age 85.

Underwriting Requirements:

Accelerated – No Medical Exam

Face Amounts of $100k – $750k – Ages 18 – 60

Traditional – Medical Exam Required

Face Amounts more than $750k – All ages

 

Payment Options:

Monthly, Quarterly, Semi-annually, and Annually

Conversion Option:

Policyholders have the option to convert their Term policies to a permanent policy (whole life or universal life) at any time prior to the end of the policy term or age 70. If selecting a universal life policy, the death benefit must be $100,000 or greater (not available in California).

Riders:

All term policies automatically include at no extra cost the Accelerated Death Benefit which provides for the insured to access a portion of the policy death benefit if diagnosed with a terminal illness.

PlumLife Term Insurance Rate Comprison

The rate comparison table provided below compares PlumLife term insurance with three other leading term insurance providers using the following applicant assumptions:

Face Amount: $500,000 

Policy Term: 20-years

Female – Preferred Rating

AgePlumLIfe SBLIAIGBannerProtective
25$19.64$18.57$18.56$18.57
35$23.19$22.16$22.14$22.15
45$45.21$42.84$42.82$42.83
50$69.09$65.40$65.35$65.36

Face Amount: $500,000

Policy Term: 20-years

Male – Preferred Rating

AgePlumLIfe SBLIAIGBannerProtective
25$25.04$23.79$23.78$23.79
35$27.68$25.99$25.98$25.98
45$58.46$54.93$54.92$54.92
50$100.00$87.55$83.71$83.72

About The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI)

Since PlumLife has partnered with SBLI, it’s important to know that SBLI has the financial strength to meet its claims and operating responsibilities. This can be demonstrated to consumers by a quick review of SBLI’s ratings by the national rating services and its financial statement that is readily available on the SBLI website.

The highlights of SBLI’s financial statement provided for 2020 are:

  • In-force life insurance: $184.1 billion
  • Capital and Surplus (in millions): $187.0
  • Insurance Reserves (in millions) $2,497.5

SBLI’s financial strength rating with A.M. Best is A (Excellent). The company’s NAIC complaint index code is .22 which is less than the average for the industry.

PlumLife Term Life Insurance Pros and Cons

Like with any other life insurance provider, life insurance shoppers should weigh the pros against the cons as part of their decision-making process as well as rates and coverage offered:

Pros:

  • Offers no-exam term policies
  • Quick comparisons with competitive companies online
  • Policies are convertible up to age 70 or the end of the policy term
  • All policies include the Accelerated Death Benefit Rider
  • Expert agent advice and ongoing support

Cons:

  • Term Life insurance is currently the only available product
  • Rates are slightly higher than the top 3 term providers

The Bottom Line

LifeInsure.com is pleased to announce its partnership with PlumLife as we continue to search out new products and life insurance platforms that make purchasing life insurance quick, easy, and affordable.

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  • Author
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Richard Reich
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Richard Reich
President at Intramark Insurance Services
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.

I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.

I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.

Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
Richard Reich
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Here is the legal information we're required to provide you. LifeInsure.com, a Califronia corporation and subsidiary of Intramark Insurance, is a licensed independent insurance broker. The information provided on this site has been developed by LifeInsure.com for general informational and educational purposes. We try hard to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.