It can be quite the feat to tackle the issue of finding the right life insurance. There are what seems to be limitless options available, and it can be difficult to know which plan is right for you and your family.
This is especially true when you’re trying to find an appropriate company to purchase your life insurance from; but is Geico an ideal option?
Here’s a quick hint… you’re not actually buying from Geico at all.
But, we’ll leave the final decision to you, so just keep reading.
We’ve put together a more in-depth evaluation of Geico’s life insurance plans to help you figure out if this company (or another one) is the best for you.
Our Geico Life Insurance Review
Geico makes it easy to get a term life insurance quote through its collaboration with Life Quotes, Inc. — yes, you read that right.
Potential customers who just want to take a look are welcome to obtain a quote at any time, “hassle free,” until your phone starts blowing up.
So, how do you feel about working with a call center?
That’s what Geico out sources to.
But let’s pretend there are still some benefits.
There are a few important details to keep in mind about Geico life lnsurance:
- Geico uses term life insurance, meaning you can get your coverage over certain lengths of time like 5, 10, or up to 30-year plans.
- The insurance policy cannot cancel you as long as you’re making timely and accurate payments, which can be done in increments of monthly, quarterly, or annually.
- Geico uses straightforward paperwork and has helpful insurance agents.
- Customers work directly with Life Quotes, Inc. rather than Geico when obtaining a life insurance plan through Geico.
A Quick History on Geico
A well-known insurance company, Geico uses its life insurance program to provide term life insurance. This type of insurance allows customers to pick the length of their plan as well as their payment options.
Their partnership with Life Quotes, Inc. has helped to make this kind of life insurance possible by helping you find a good life insurance agency.
Geico emphasizes the importance of life insurance and the idea of protecting loved ones. The company is dedicated to giving customers a certain peace of mind.
Since Geico has been around for so long, a customer can feel confident that the company won’t be going anywhere any time soon. This is an important factor to consider when purchasing a life insurance plan, as you may be with a company for 20 to 30 years.
Consistently receiving the highest A++ rating for financial strength from A.M. Best, customer’s can know for sure their life insurance is in good hands.
Does Geico Offer Life Insurance (or just pass it off)?
Before Geico was known for car insurance or even property insurance, it sold life insurance.
However, now the company has partnered with Life Quotes, Inc.; Life Quotes, Inc. is the company customers will work with to find the right insurance.
Geico and Life Quotes, Inc. work with more than 50 life insurance companies, so technically, rather than providing the insurance itself, Geico uses its resources to help you find the right company.
But… that’s what we do, along with thousands of other brokers across the country!
If you’re just looking for quotes on life insurance, we’ve already got you covered.
This has benefits because you won’t be stuck with whatever life insurance plans one company has; when working with Geico and Life Quotes, you’ll have a wide variety of options ranging from smaller policies to large policies.
The Application Process
If you still find the need to try to get life insurance through Geico, here’s all the extra steps you’ll need to take.
To acquire a plan through Geico, customers can start by getting a quote online.
Once they’ve filled this form out, they are presented with the companies and plans that are best for them. From here, customers can request an application.
Each company will list whether a medical exam is required or not. Once the application and exam are completed customers will wait to see if they are approved or not.
This process can also be done over the phone.
What We Like About Geico
Because we’re a fan of comparing prices before you buy, it’s actually an advantage for Geico, but only when compared directly to other carriers.
It doesn’t actually benefit you any more than working with us, or the broker down the road.
By offering assistance through a third-party company, Geico has been able to provide a few benefits that customers may find helpful:
- Geico and Life Quotes, Inc. work with more than 50 life insurance companies to give you a wide range of options and assistance.
- Geico is financially stable and reliable, based on consistent A++ ratings from A.M. Best.
- Life Quotes, Inc. has insured more than 300,000 individuals.
1. More Than 50 Life Insurance Options
Again, we’re fans of this, because it’s exactly what we do (but you won’t need Geico for this).
Through its collaboration with Life Quotes, Inc., Geico has been able to get their customers working with more than 50 other life insurance agencies. Their work with Life Quotes, Inc. has done wonders to open doors to a variety of options and plans.
In addition to that, they all have received the stamp of approval from the Geico company itself. This carries a lot of weight, considering how reliable Geico is in terms of other insurances like auto and home.
2. A++ A.M. Best Rating
Regardless of what the company has to offer or its policies, a very important thing to consider when looking into insurance is the company’s financial ratings.
Not only is Geico highly rated, but so are all of the companies it has chosen to work with. Geico has consistently received A++ ratings from A.M. Best, and the 50+ companies it makes available to customers have all been rated at A’s or above.
Quality is key; Geico only wants the best for its customers.
3. Reliable Third-Party Assistance
While your life insurance doesn’t technically come from Geico, the company has made sure its customers receive the most reliable and helpful agents assisting them on their choices.
By partnering with Life Quotes, Inc., Geico has been able to connect their customers with a great company.
Life Quotes, inc. has proven itself to be a very successful company. Having served more than 300,000 individuals in the last 30 years, they have declared they operate as a fast-paced environment on a goal-oriented basis.
What We Don’t Like About Geico
Although the use of a third-party company is innovative, there are some flaws that come with it:
- Neither Geico nor Life Quotes, Inc. will handle retirement plans, living wills, or other advanced health care directives, and they only help families with claims.
- When working with Geico, you get redirected to Life Quotes, Inc., which can be confusing.
We recommend skipping this process and just getting a quote on this page. Save yourself the time, and get more options.
1. Only Life Insurance and Claims
When working with Geico, via Life Quotes, Inc., customers are only given options for life insurance plans.
This is fine if that’s all you’re looking for. However, some people prefer companies that can help them with things like retirement planning as well.
Additionally, after the death of a loved one, these companies can only assist the beneficiaries with claims—that’s it.
They may be able to further direct them to other services they need, but they can only offer help in terms of claims. They will have to go elsewhere for other financial needs and planning.
2. No Direct Work with Geico
It’s not a secret that Geico is a reliable company. For this reason, customers may have a hard time accepting that they’re not actually dealing with Geico when they turn to them for life insurance.
Working with a third party that links you to another company can be confusing. For the younger, fast-paced individuals this may not be an issue.
However, someone who is older, not in great health, and needs advanced planning, may find Life Quotes, Inc. is not right for them.
Who is Geico Best For?
The real question here might have to be, “Who is Life Quotes, Inc. best for?” since that’s the company you’ll really be working with through Geico.
Life Quotes, Inc. tends to take a more call center approach to the issue of life insurance.
For this reason, someone with a less complicated situation will probably be happy using their system to choose their life insurance plan.
Life Quotes, Inc. is good for:
- Younger applicants
- Someone who is in good health
- Customers looking for basic life insurance policies
Geico Customer Service
When dealing with Geico regarding life insurance, customers will be redirected to an agent at Life Quotes, Inc. once again.
These agents will be able to assist customers further in terms of policies, finding insurance companies, payments, and any other questions they may have.
Life Quotes, inc. agents work fast and do their best to meet goals and get things done quickly.
This is good for someone who is always busy or on the go and needs a reliable professional to help them out.
While Geico is certainly an insurance company, it may not be completely accurate to call them a life insurance agency.
Geico itself does not provide life insurance; it simply connects its customers to a partner company that links them with several resources and assistance.
Customers do not deal directly with Geico in terms of their life insurance; they deal with Life Quotes, Inc.
This company uses its connections to more than 50 life insurance companies that are both Geico approved and rated A or higher.
We don’t recommend Geico, though, because you have no real benefit in using them.
You can get the same benefits (plus a LOT more) right here.