You’ve most likely heard of Geico for auto insurance, but how is Geico life insurance? Before pulling the trigger on that new life insurance policy be sure to take a couple minutes to read our review on Geico life insurance policies. There may be some other options worth looking into.
Signing up for life insurance is an important step, and not an easy decision to make.
As you’re browsing through several life insurance coverage options and many life insurance companies, it’s important to do your research well to ensure that you’re getting the best plan possible that suits your financial and longterm needs.
If you’ve stumbled across Geico in your search for life insurance providers, we’ve got exactly the review you need to inform your decision.
Read on to get our deep dive into Geico insurance coverage and reviews.
Geico Uses a Third Party Called Life Quotes, Inc.
Before we get deep into our review on Geico life insurance, we wanted to inform our online vistor’s that Geico does not actually provide life insurance quotes or life insurance policies directly.
When visiting Geico’s online website we noticed that within their life insurance section they make mention that if you choose to get a life insurance quote you will be re-directed to another company’s website called Life Quotes, Inc.
Who is Life Quotes, Inc?
Similar to Top Quote Life Insurance, Life Quotes, Inc also provides instant online access to comparison rates from several top life insurance companies with the ability to apply for coverage online.
Life Quotes, Inc is based out of Illinois and has been operating since 1984. They actually state on their website that they have recently insured their 350,000th policyholder which is very impressive.
Life Quotes, Inc appears to be very good at what they do which is providing insurance coverage to online consumers.
One area of concern that we will make worth mentioning is that it appears Life Quotes, Inc operates like a call center. We cannot vouch for this ourselves as we have never worked with Life Quotes, Inc but we see this noted among several other review sites pertaining to Life Quotes, Inc.
If that is true, it should be a concern to any consumer wanting to do life insurance business with Geico or Life Quotes, Inc. The reason being is that call centers operate in a very fast paced setting with quotas that need to be met. Call centers work through hundreds of leads per day with a goal to get through those leads as quick as possible meeting their call or sales quota.
For most consumers that are healthy looking for fast life insurance, this won’t really be a concern for you. However, for those with health issues that require time and planning, you may want to look elsewhere.
This is really what sets a company like Life Quotes, Inc and Top Quote Life Insurance apart. Top Quote is not a call center and every client is treated equal to provide the best coverage at the most affordable price based on you individual needs.
With that said, we have no doubt that Life Quotes, Inc is capable of providing you great life insurance coverage. We only question how great the service will be.
So when considering Geico life insurance know that Geico does not sell its own life insurance, for reasons we don’t know.
Geico Life Insurance Policies (Offered Through Life Quotes, Inc)
Geico heavily promotes term life insurance policies making it their preferred choice of coverage. Term insurance is an extremely popular form of life insurance coverage. It allows for the insured to purchase a policy for a set period of time in which the premium will remain the same price for the entire length of the contract. This is different from permanent life insurance policies that can provide protection from now until their death, whenever that may be.
Geico advertises term life insurance on their website as “the easiest life insurance to understand“. This is definitely true, particularly if you are new to life insurance and exploring your options.
Term life insurance is the most affordable life insurance option available. In most cases it can meet the protection goals of both families as well as business protection needs.
Term insurance does not accumulate any cash value like or have any built-in investment opportunities like universal life or whole life insurance. You simply pick how long you want coverage for and receive coverage in the incident of your death within that time span.
If you die during the term you’ve chosen, the amount you’re insured for will immediately pass to whomever you’ve identified as a beneficiary.
Importantly, Geico does recommend that people signing up for Geico life insurance insure themselves for at least ten times their annual income. So, if your annual income is $35,000, you would insure yourself for $350,000.
In regards to Geico offering a permanent life insurance option, we don’t see them promoting it but we do believe it is obtainable but only by request.
Geico Life Insurance Costs
Just like any other life insurance company, premium rates for Geico life insurance will vary based off several underwriting factors such as age, health, hobbies, policy amount and length of the term contract you choose.
Geico does mention how affordable Geico life insurance premiums are on its website. This is mostly because they are advertising term insurance which is already the most affordable of all the available life insurance options.
Geico also allows insured individuals to pay flexibly, either on a monthly, quarterly, or annual basis. People can even pay large chunks up front if that works for them.
More About Geico Insurance
There are a few more things to keep in mind as you’re considering Geico life insurance.
Geico Prioritizes Convenience
Geico makes it clear throughout its term life insurance page that it wants to make life insurance as easy as possible for its clients. This may resonate with a lot of people who are looking for convenience and fewer headaches.
It is also easy to renew your term life insurance coverage whenever you want, particularly if your term is up and you’re healthy.
However, this convenience may not be as great for people who have more niche medical conditions that require highly specific plans.
If you have cancer, for example, or a particular medical condition that means a more uncertain future, you may want to consider a plan that doesn’t just prioritize ease of use.
Geico Has Been Around a While
When you’re looking for life insurance, it’s important to purchase from a reputable institution.
You’ll want to look for a provider that’s going to be around for as long as your term. You’ll also want to look for a company that has been insuring people for decades with good reviews.
Geico has been around for quite some time–it was founded in 1936. It also has a solid A rating from A.M. Best Company, a quality it emphasizes on its website.
What People Are Saying About Geico Insurance
Geico does rank moderately well when it comes to insurance providers. On Consumer Affairs, the provider has an average 4-star out of 5-star rating.
In general, reviews seem to be mixed. Most of the complaints that do surface about Geico as a life insurance provider involve customer service, long hold times on the phone, and limiting plans.
This is understandable given the fact that insured individuals have to call customer service in order to make complaints rather than speaking to an expert representative.
Higher reviews cite the relationships they’ve built with Geico through excellent customer service, affordable premiums, and ease of signing up. Most people who are satisfied with Geico appreciate the discounts they’ve received and how easy it is to solve any issues that arise.
In general, Geico does hold a fairly good ranking, particularly given the rankings of other providers. However, not many reviews do exist online.
How to get a Geico Life Insurance Quote
As mentioned earlier if you visit the Geico website you can click a link for a life insurance quote. When that link is clicked a disclaimer will pop-up making you aware that you are being re-directed to their partner website “Life Quotes”.
From there, you will be asked to provide a bit of personal information in order to see sample rates. This can be annoying if you’re only looking for sample rates. However, it can provide a more accurate quote by filling out the information.
Once your done submitting all the required personal information your quotes will be displayed.
Life Quotes does provide several different life insurance companies but we noticed that they do fall short in comparison to some additional carriers that we can offer to our clients.
Exploring Life Insurance through Geico
Purchasing life insurance is a significant decision, and it can be tough to choose between different providers. If you’ve looked into Geico term life insurance, it’s still important to shop around to find the best coverage for your needs.
Geico has been around for nearly a century and offers several different insurance options. It prioritizes convenience when it comes to setting up and paying accounts.
Customer reviews for Geico term life insurance do vary. This is why it’s critical to keep doing your research so that you can feel confident in choosing the life insurance package you need.
One important piece of advice we can give is to weigh out all your options. Online is a great place to get reviews and do research on many of the top life insurance companies.
Here are a few more helpful company reviews to consider…
At Top Quote Life Insurance, you can get a term life insurance quote in an instant from expert representatives. What’s more, you can choose from a variety of life insurance options, including permanent options including universal life and whole life. We even have several companies that offer no medical exam options as well.
Get your free quote from us today!