Best known for its auto insurance, GEICO also helps shoppers compare life insurance quotes from a select group of insurers through a partnership with LifeQuotes, Inc.
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Geico Life Insurance Review
- Financial security
- Brand recognition
- Free online quotes
- No exam coverage available
- Does not underwrite life insurance
- Limited policy options
- Vague policy information online
- Avaialble riders vary by company
Life insurance rates can vary drastically depending on factors like your age, gender, health, and high risk hobbies.
But what you pay for a policy also depends on the type and amount of coverage you choose, what riders you add to your policy, and whether or not you take a medical exam for underwriting.
When it comes to life insurance, GEICO operates as a comparison tool rather than an insurer.
In partnership with LifeQuotes, GEICO has access to 40 life insurance companies, matching you with the best companies for you needs.
To see what rates you might be eligible for, you can complete GEICO’s online quote form.
If you’re a fairly young and considerably healthy applicant looking for a basic term policy, GEICO could be a valuable tool.
As you compare life insurance companies, you should pay close attention to credit ratings, which assess a company’s likelihood to meet its financial commitments.
While you may not technically be purchasing a GEICO policy, you can count on the company to partner with insurers who help, rather than hurt, its sterling reputation.
GEICO has exceptional ratings from all four of the premier credit rating agencies:
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In addition to the company’s ratings, GEICO’s performance is also promising.
GEICO boasts over $44 billion of assets and is a subsidiary of Berkshire Hathaway, lending further to its financial strength.
Since GEICO merely provides quotes for life insurance, you should also look into the credit ratings and financial performance of the company underwriting your policy.
User experience is another important measure of a life insurance company’s success.
You should pick a life insurance carrier which is dedicated to making the process of buying a policy and managing it as easy and straightforward as possible.
To gauge GEICO’s user experience, we’ve factored in considerations like the company’s website, quoting process, and third-party ratings.
The annual J.D. Power life insurance study and the Better Business Bureau are two of the foremost rating sources for life insurance companies.
GEICO was not included in J.D. Power’s most recent survey of customer satisfaction, likely because it does not issue its own life insurance policies.
The company has earned an “A+” from the Better Business Bureau, based on its business practices, transparency, and complaint history.
GEICO provides insurance shoppers with a basic, easy-to-navigate website.
The site features an overview of GEICO’s history, community involvement, and corporate information.
You can also read a quick overview of the different types of life insurance and get answers to a series of FAQs, but the site is primarily geared towards providing quotes.
To manage your life insurance policy, make payments, or alter your information, you’ll need to communicate directly with your insurer rather than GEICO.
To apply for life insurance through GEICO, your first step is to complete the online quote form.
From there, you’ll be redirected to LifeQuotes.com to see what companies and plans are best suited for you.
You can then request an application from the providers on the list.
Each company will state whether a medical exam is required or not, so be sure you understand what’s expected before you apply.
Once the application, and potentially an accompanying medical exam, is completed, you’ll simply wait to see if you are approved or not.
The application can often be done over the phone, simplifying the process for some applicants.
GEICO is best for shoppers looking to obtain quotes for term life insurance, but it also matches shoppers with whole and universal policies.
Term life insurance gives you coverage for a set period of time.
This is the most affordable type of coverage, suitable for most families’ needs. It allows you to tailor your policy to fit temporary needs, like income replacement or paying for your child’s education.
GEICO offers quotes for up to $25 million of term life insurance from dozens of providers, with both medically underwritten and no exam options.
You can choose anywhere from a 5-year term to a 30-year term with GEICO.
In addition to term life insurance, GEICO can also connect you with providers offering universal coverage.
Universal life insurance offer a death benefit, plus an accessible cash value account that accumulates interest over time.
Universal policies can also provide you with lifelong coverage and flexibility as you can adjust your face amount and premiums over the life of the policy.
GEICO also matches customers with whole life insurance options.
Whole life insurance provides guaranteed lifelong coverage as long as you maintain premium payments.
GEICO provides limited info online regarding its whole and universal policies.
You’ll need to contact the company or continue the quoting process with LifeQuotes to get specifics on these policies.
GEICO was founded in 1936 by Leo and Lillian Goodwin as the Government Employees Insurance Company.
The couple started out strategically targeting insurance sales to government employees, later expanding the brand to other groups.
Born into the hardships of the Great Depression, the company survived and progressively became a thriving leader in the insurance industry.
Fast forward to 1951, when a young Warren Buffett bought his first GEICO stock, beginning a longstanding relationship with the insurance giant.
In 1996, the company became a subsidiary of Berkshire Hathaway, Inc.
Over the remainder of the 20th century and into the 21st, the company steadily grew its customer base and product offerings.
Today, GEICO has surpassed 17 million insurance policies in force.
With a specialization in car insurance, GEICO now insures over 28 million vehicles, making it a force to be reckoned with in the world of auto insurance.
In an attempt to extend its coverage beyond cars, GEICO provides products like business, property, travel, pet, and life insurance.
Over the years, GEICO has exhibited a strong commitment to empowering communities in several ways:
- GEICO Philanthropic Foundation: GEICO’s giving foundation has supported over 7,000 organizations in the last 40 years, donating an average of $6 to $8 million annually.
- Diversity and inclusion: GEICO is committed to inclusion and growth, supporting its 40,000 employees with resource groups, mentorships, and ethical workplace policies.
- Children’s National Hospital: GEICO has volunteered and raised millions of dollars of support for the Children’s National Hospital, recognized with the GEICO Family Waiting Area and the GEICO Cares Atrium.
GEICO is one of the most recognizable names in the life insurance industry.
In addition to being a subsidiary of Berkshire Hathaway, GEICO has solidified itself as a household name through its memorable marketing efforts.
Besides airing commercials starring the company’s famous gecko and other creative characters, GEICO connects with the public via social media.
GEICO has a massive following across its Facebook, Instagram, and Twitter accounts, posting and engaging frequently.
The company has over 1 million followers on Youtube as well.
The general consensus among industry experts is that GEICO is an insurance powerhouse with solid ratings and an excellent relationship with customers.
However, it isn’t typically featured as one of the best life insurance companies overall.
Why? Despite partnering with dozens of A-rated life insurance companies, GEICO isn’t technically a life insurance carrier itself.
Regardless, GEICO offers a free and useful comparison tool which can connect you with highly reviewed carriers.
Whether you get quotes here or use GEICO’s shopping tool, be sure to compare rates to land on the right policy for your family’s needs.
Geico Life Insurance Review
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