What Is Plum Life Insurance?
Plum Life Insurance is a brand of term life insurance sold by Plum, an online insurance marketplace that partners with multiple carriers. The policy provides a death benefit to beneficiaries if the insured dies during the term, typically ranging from 10 to 30 years. Unlike whole life, Plum's product is a pure term plan, so it doesn't accumulate cash value.
- What Is Plum Life Insurance?
- Key Features of Plum Term Policies
- Coverage Options
- Term Lengths
- No Medical Exam for Certain Ages
- Premium Stability
- How Plum Calculates Premiums
- Example Cost Table
- Who Should Consider Plum Life Insurance?
- Comparing Plum to Other Term Options
- What Happens When the Term Ends?
- Customer Experience and Support
- Regulatory and Safety Considerations
- Is Plum Life Insurance Worth It?
More from this site
Keep reading the latest coverage
Key Features of Plum Term Policies
Coverage Options
Plum offers three main coverage amounts: $250,000, $500,000, and $1,000,000. The chosen amount directly influences the premium schedule.
Term Lengths
Available terms are 10, 15, 20, 25, and 30 years. The longer the term, the higher the premium, but the policy remains in force for the entire period.
No Medical Exam for Certain Ages
For applicants under 45, Plum's application process is typically online with a short questionnaire. Those over 45 may still avoid an exam through "low‑cost" underwriting, but premiums can rise.
Premium Stability
Premiums are locked for the chosen term, so you pay the same amount each month or year for the life of the policy.
How Plum Calculates Premiums
Premiums depend on age, health, gender, smoking status, and the selected coverage and term. Plum uses actuarial tables from its partner carriers to estimate risk and set rates.
Example Cost Table
| Age | Coverage | Term (years) | Monthly Premium (USD) |
|---|---|---|---|
| 30 | $250,000 | 20 | $25 |
| 30 | $500,000 | 20 | $45 |
| 30 | $1,000,000 | 20 | $80 |
Who Should Consider Plum Life Insurance?
Plum is ideal for:
- Young families needing affordable protection.
- Homeowners looking to cover mortgage debt.
- Individuals who prefer a straightforward, no‑cash‑value policy.
Comparing Plum to Other Term Options
Compared to traditional insurers, Plum offers:
- Lower upfront costs due to online distribution.
- Fast approval times—often within 24 hours.
- Limited flexibility: no riders or cash value.
What Happens When the Term Ends?
At the end of the term, coverage lapses unless you:
- Renew for another term (usually at a higher premium).
- Convert to a permanent policy through a partner insurer (available for some carriers).
Customer Experience and Support
Plum offers 24/7 customer service via chat and phone. Policyholders can manage coverage online, view statements, and file claims through the Plum portal.
Regulatory and Safety Considerations
Plum is licensed in all 50 states and partners with reputable carriers like New York Life and Lincoln. Policies are regulated by state insurance departments.
Is Plum Life Insurance Worth It?
For those seeking affordable, term coverage without additional features, Plum provides a competitive, transparent option. However, if you want cash value or the ability to borrow against a policy, a whole life product would be more suitable.