Geico life insurance review

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 life insurance rates

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.

What affects my rate with Geico?

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:

• Tobacco use. To get the cheapest rates, you often have to prove you haven’t smoked tobacco or used nicotine in the past five years. Many insurers allow a celebratory cigar once a month.
• Age. Young, healthy applicants are charged lower premiums.
• Driving record. Is your recent record free from major traffic violations and DUIs? You’ll most likely earn a lower rate.
• Criminal history. If you’ve broken the law or been charged with a crime in recent years, you may be rejected for coverage or forced to pay a higher rate.
• Health. Insurers assess your cholesterol, blood pressure, BMI and family medical history, and raise the rates for those with a history of cardiovascular disease, cancer, melanoma, strokes or diabetes.
• Occupation. Firemen, war journalists, police officers and other people with dangerous jobs pay higher premiums to compensate for that risk.
• Travel. Life Quotes’ questionnaire asks if you intend to travel to any country rated 3 or 4 on the U.S.
• State Department’s Travel Advisory List. This implies that if you plan to go to dangerous or war-torn countries, insurers will bump up your rate.
• Hazardous hobbies. If you count car racing, scuba diving, skydiving, bungee jumping or rock climbing among your hobbies, you’ll probably be hit with a higher premium.
• Alcohol and drugs. To reach the highest rate class, you must not have a history of drug or alcohol addiction.

How to get a quote from Geico life insurance

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:

1. Head to the Geico website. In the top left-hand corner, hover over Insurance. Click Additional Insurance, then Life.
2. Enter your ZIP code and click Start Quote.
3. This launches the online form. Select your coverage amount, describe your nicotine use and fill out the fields for your height, weight, date of birth, employment and citizenship status.
4. Answer Yes or No to a list of questions about your health and lifestyle. Tap View Quotes.
5. A list of policies from various providers will populate. You can adjust your coverage amount and term length, and narrow your search to no-exam policies. When you find a policy you like, click Continue.
6. Type in your name and contact info to request an application. Click Continue. You’ll receive a customer number and confirmation.

I’ve signed up. What happens next?

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.

What types of life insurance coverage does Geico offer?

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.

• Term life insurance. 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.

• Permanent life insurance. 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.

What riders can I add to my policy?

Check with your insurance provider, but you may be able to able to customize your coverage with these riders:

Geico life insurance reviews and complaints

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.

How does Geico protect my data?

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.

Compare life insurance companies like Geico

Frequently asked questions about Geico life insurance

• What information do I need for the application?

  To speed up the application process, Geico suggests having this info handy:

  • General medical info, such as your height, weight, blood pressure and cholesterol levels
  • Details about any medical conditions you or your immediate family have
  • Income and job title
  • Amount of outstanding debt

• How can I contact customer service?

  Geico has agents that are dedicated to fielding questions about life insurance. You can reach them by calling 888-532-5433 from 7 a.m. to midnight ET, seven days a week.

• Do I need a medical exam?

  It depends on your health and the type and amount of coverage you’re applying for. Geico says a medical exam is usually required for policies above $250,000, as well as for people with pre-existing medical conditions.

• I'm a beneficiary. How do I file a claim?

  You’ll need to contact the provider directly. They’ll talk you through the claims process and let you know what documents to submit. If you have questions, you can also chat to Life Quotes by calling 630-515-0170.

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