Life Insurance: Old Terms and Modern Moves

In 2020, Ladder, Bestow, and Ethos were the leading names in direct-to-consumer life insurance. While others operated in the space, these three stood out as the most recognizable life insurtech startups. Even then, Ethos had already begun moving away from its original D2C-only model. That debate is behind us. The product is sound, the market is stable, and distribution—any distribution—is fair game. In 2023, total individual term life premiums reached $32.01 billion. In 2024, that number rose slightly to $33.72 billion. Term life remains the go-to product for new entrants looking to modernize life insurance.

Looking ahead, LIMRA expects low to moderate premium growth (1% to 5%) in 2025. But broader demographic trends tell a different story. The U.S. fertility rate in 2024 was 1.6 children per woman, well below the replacement rate of 2.1. First-time mothers are also getting older—averaging 27 years old in 2022, up from 21 in 1970. These trends carry clear implications for life insurers and likely contributed to American National’s decision to stop writing new life policies in favor of focusing on other lines. Still, there’s no shortage of life carriers in the market.

In the D2C race, Bestow—and many others—are now out. Sammons is in, launching a new brand. Whether it follows the path of Haven Life, TruStage, or carves out something new, remains to be seen.

This report surfaces the failures, pivots, and launches that shape the life insurance space—because who you pay attention to matters.