Finding the right life insurance company is quite a feat.
With what seem to be limitless options available, it can be difficult to know which provider is right for you and your family.
Partnering with a familiar and reputable company, like GEICO with its beloved gecko, may seem like a comforting choice.
But is GEICO actually an ideal option?
While you can shop for a life insurance policy on GEICO’s website, you may be surprised to learn you’re not actually buying insurance from GEICO at all.
Read on to learn who actually underwrites GEICO’s life insurance policies and decide whether or not you should work with GEICO or another company.
Our GEICO Life Insurance Review
When you’re trying to find an appropriate company to purchase your life insurance from, a good place to start is the company’s history.
GEICO was founded in 1936 by Leo and Lillian Goodwin as the Government Employees Insurance Company.
The couple decided to strategically target insurance sales at a specific group of individuals, beginning with government employees and 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.
We can see this impressive growth when we fast forward to 1951, when a young Warren Buffett bought his first GEICO stock, beginning a longstanding relationship with the insurance giant.
Over the remainder of the 20th century, the company steadily grew its customer base and product offerings, branching into uncharted territory with customers and policies.
Today, the company 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.
GEICO partners with Life Quotes, Inc to connect customers with good life insurance agencies.
Financial Strength and Ratings
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 some of the premier credit rating agencies:
As you can see, GEICO also has an “A+” with the Better Business Bureau, which bases its ratings on the company’s business practices, transparency, and their history of customer complaints and how they were handled.
In addition to the company’s financial strength ratings and consumer perception on the BBB, GEICO’s financial performance is also promising. The Berkshire Hathaway subsidiary boasts over $32 billion of assets.
With nearly a century of success in the insurance industry and high ratings across the board, customers can feel confident in the company’s viability.
GEICO makes it easy to get a term life insurance quote through its collaboration with Life Quotes, Inc.
Potential customers who just want to take a look are welcome to obtain a quote at any time, “hassle-free.”
When you seek out life insurance with GEICO, you’ll be directed to Life Quotes to buy a policy.
Once you set out to purchase life insurance with Life Quotes, you’re essentially working with a call center.
There are a few important details to keep in mind about GEICO’s life insurance products:
- GEICO provides quotes for term life insurance, meaning you can get your coverage for certain lengths of time like 5-, 10-, 20-, or 30-year plans.
- The insurance policies cannot be canceled by the insurer as long as you’re making timely and accurate payments, which can be made in monthly, quarterly, or annual increments.
- GEICO’s quoting tool is straightforward, providing you with different term lengths and policy amounts.
- Customers work directly with Life Quotes, Inc. agents, who pair them with the best policy and provider they see fit for the applicant’s needs.
Applying for GEICO Life Insurance Products
To acquire a plan through GEICO, you start by getting a quick quote online.
Once you’ve filled the quote form out, you’ll be presented with the companies and plans that are best suited for you.
From here, you can request an application from the providers on the list.
Whether or not a policy is medically underwritten will vary from provider to provider.
Each company will list 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.
This process can also be done over the phone in many instances, simplifying the process for some applicants.
Alternatives to GEICO
GEICO is an excellent insurance provider, but it doesn’t actually offer life insurance.
If you’re looking to apply directly for life insurance from a trusted provider’s website, there are plenty of suitable alternatives to GEICO and Life Quotes.
Since GEICO specializes in connecting customers with term life insurance policies, take a look at the following options for term life coverage:
- Haven Life: Haven Life not only offers a user-friendly interface like GEICO’s, but also the most affordable and accessible term life policies around, with no need to speak to an agent.
- AIG: While you won’t get instant coverage, AIG offers some of the most fairly priced term life policies you’ll find from a highly reputable company.
- Protective: The Protective Custom Choice UL, a universal life policy, can be shaped as a term life policy, offering some of the most affordable rates for term coverage on the market.
What We Like About Geico
By offering assistance through a third-party company, GEICO has been able to provide a few benefits that customers may find helpful:
- Variety of options: GEICO and Life Quotes, Inc. work with more than 50 life insurance companies to give you a wide range of options and assistance, and the companies come with GEICO’s seal of approval.
- Financial strength: GEICO is financially stable and reliable, based on consistent excellent ratings and financial performance for decades.
- Strong partnership: While not as universally popular or sizeable as GEICO, Life Quotes, Inc. has insured more than 300,000 individuals. They can be trusted to find you a competitively priced term life policy.
What We Don’t Like About Geico
Although the use of a third-party company is innovative, there are some flaws which come with it:
- Limited products and services: 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.
- Complicated process: When working with GEICO, you get redirected to Life Quotes, Inc., which can be confusing. While the company doesn’t conceal the nature of its quoting service, some customers might be expecting coverage through GEICO.
If you’re a fairly young and considerably healthy applicant looking for a basic term policy, GEICO could be a helpful solution to your life insurance needs.
GEICO uses its connections to more than 50 life insurance companies which are both GEICO approved and rated A or higher.
While GEICO’s services may be helpful, you can get the same benefits (and more) right here.
If you’re looking for quotes on life insurance, we’ve got you covered.
Whether you start on this page or use GEICO’s shopping tool, be sure to compare quotes to land on the right policy for your family’s needs.