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finder.com's rating: 3.5 / 5
★★★★★
18 to 80
Issue Age
$5,000 to $25,000,000
Coverage
Depends on policy
Medical Exam Required
Policies | Term, Permanent, Universal |
---|---|
Coverage maximum | $25,000,000 |
Term lengths | 5, 10, 20, and 30 |
Medical exam required | Depends on policy |
Available states | All 50 states |
Issue age | Not listed |
Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Disability income benefit rider Spouse rider Waiver-of-premium rider |
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Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Geico is one of the most well-known names in insurance, but it turns to a third party to handle life insurance. And while the coverage on offer is impressive, you’ll miss out on the fringe benefits of choosing specialized insurer, such as financial and retirement planning.
Geico doesn’t offer life insurance directly. Rather, it partners with Life Quotes, a broker that can connect you with up to 50 carriers. It offers coverage up to $25 million and only works with companies in excellent financial positions — but it can’t help your beneficiaries with financial or retirement planning.
Geico’s partner, Life Quotes, compares term and permanent policies from 50 carriers. According to the site, it’s only affiliated with providers that have an A.M. Best rating of A (Excellent) or higher. This includes big-name brands like AIG, Brighthouse Financial, Lincoln Financial Group, Pacific Life, Protective Life and Penn Mutual.
Life Quotes operates nationwide and caters to people of all ages and health histories, as well as those who don’t want to take a medical exam.
It focuses on term life insurance for 10-, 20-, 30- and 35-year policies. This is considered an affordable type of coverage and payments can be made monthly, quarterly or annually. Along with standard terms, it also collects quotes for no-exam, living benefit, return of premium, guaranteed issue and accidental death policies.
You can purchase a policy with a face value between $5,000 and $25 million and the premium stays the same for the life of the policy. At the end of the term, you can renew your coverage, let it lapse, or convert to a permanent policy.
While Geico says it only offers term life insurance, Life Quotes’ algorithm also shows the more pricier permanent policies, though these are limited. This protection lasts a lifetime and has an added cash value component.
When you pass away, your beneficiaries will receive a guaranteed death benefit and a cash value benefit.
Check with your insurance provider, but you may be able to able to customize your coverage with these riders:
Since Geico isn’t an insurance carrier, the cost comes down to the provider and type of policy you choose. When you get a quote, the site lists the prices of each policy in ascending order and highlights which policies are exclusive to Geico.
You can then tweak your term to compare rates by choosing your coverage amount and if you’ll make monthly or annual payments.
Life insurance is all about calculated risk. Insurers look at your health and lifestyle and offer a rate that reflects your risk profile, as well as the length and amount of coverage you want. To protect their bottom lines, providers reserve the best rates for the safest applicants.
Each one of Life Quotes’ 50 carriers has its own set of underwriting guidelines that may consider the following factors:
Thanks to its clever advertising, Geico is a company many consumers will recognize. It’s been in business for 80 years, but it isn’t accredited with the Better Business Bureau (BBB). It holds a A+ rating with the BBB for its failure to respond to one complaint filed against the business.
The BBB has recorded 3,129 complaints in the last three years, most of which were addressed and closed by Geico. On TrustPilot, Geico earned one star from 28 reviewers. Customers praised the low prices, but many were not impressed with customer service.
For life insurance particularly, it’s worth looking at Life Quotes, Geico’s partner.
This company holds an A+ rating on BBB and has been accredited since 1997. The BBB has recorded just two complaints in the last three years.
While it has a solid reputation, Geico’s offering isn’t for everyone. To find the best policy for you and your family, compare life insurance providers.
Life Quotes deals with your data, so we’ll explore their privacy policies.
When you submit an application, you’re agreeing to Life Quotes sharing your nonpublic personal information (NPI) to any parties involved in the underwriting process — such as paramedical firms and independent insurance agents. They restrict access to your NPI to employees who need it to do their jobs and only reveal your NPI when it’s required by the law.
Your NPI is also protected by “physical, electronic and procedural safeguards,” but these aren’t specified.
When you’re ready to compare quotes, you can either call Geico at 888-532-5433 or fill out a questionnaire online.
These are the steps:
Once you’ve submitted an application, Life Quote takes over. They’ll call you to finish processing your application and then pass it onto the provider. The insurer then assesses it and lets you know whether you need to submit more information or take a medical exam.
Turnaround times vary between providers. Typically, no medical exam policies under $500,000 are approved immediately, and policies that require a physical can take up to 30 days.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.