Almost everyone has heard that “Geico will save you fifteen percent or more on your car insurance.” However, when it comes to covering your life and protecting your family, is Geico one of the best life insurance companies for your needs?
From our research, they aren’t and we’ll show you why other carriers may get you a better deal. So what is the best life insurance company for you? Let’s find out!
Geico Life Insurance Reviews
Since Geico is possibly one of the the most recognized insurance companies- many people will assume that Geico is a company to apply with for life insurance.
Like any life insurance company, you need to compare them to the competition to see who is best for you and your particular wants and needs.
Is Geico a life insurance company?
No… Geico is really well-known as an auto insurance provider in the United States and their ads are some of the most popular among viewers. You might not know that Geico also offers life insurance, but is it at the same level that customers have come to expect for their auto insurance?
As with all life insurance companies, you need to research and comparison shop intelligently to get the best plan.
This is to make sure that you end up with a company that will work for both your financial and long-term needs.
Let’s look into Geico life insurance and how they provide coverage for shoppers like you.
Review of Geico life insurance
We are going to provide you with a comprehensive review of how Geico provides life insurance to consumers. This will help you make a decision that’s based on everything you should know about them. Our review will give you a good idea if this provider is a good choice for you or not.
That said, keep in mind that Geico is not rated as one of the best life insurance companies in the United States.
This is because, technically, GEICO life is not really a life insurance company!
Quite honestly, it’s a little difficult to write a review about this company because Geico Insurance is pretty unique. Why? Well, Geico is probably one of the best insurance companies and has been in business since 1936. It’s the third largest auto insurance company in the entire U.S. with assets that exceed well-over 28 billion dollars.
Needless to say, should your car get involved in an accident, GEICO can certainly afford to correct the situation.
However, when talking about life insurance, why is Geico being compared to the top life insurance companies? Remember, Geico isn’t a life insurance company- but they do offer life insurance.
Geico’s uses Life Quotes for life insurance
Who is Life Quotes?
This is an area that must be addressed up front so that you understand that Geico does not actually provide life insurance quotes or policies directly.
Geico actually goes through the third-party company called LifeQuotes Inc.
If you visit Geico’s online site, you will see their life insurance section but if you choose to get a life insurance quote, you will be directed to a different company’s website called Life Quotes Inc.
So the big question is, shouldn’t we review Life Quotes instead of GEICO?
Who or What is Life Quotes?
Like many life insurance providers, Life Quotes Inc offers instant online access to compare rates from several top insurance companies and you have the ability to apply for coverage online.
Life Quotes, Inc is located in Illinois and has been in operation since 1984. They also have announced they now have well-over 350,000 policyholders. The company seems to be doing well at providing insurance coverage to people online.
It also appears that LifeQuotes is more like a call center instead of an agent or provider.
We can only mention this from reading other reviews online that have discussed this company as we do not have first-hand knowledge about them.
Now, if this is the case, it should be a concern to someone looking to shop life insurance from either Geico or Life Quotes, Inc. The reason behind this is call centers are run at a very fast pace with a set amount of quotas that must be met daily. Call centers work on thousands of leads every day with a set goal to get through all these leads as quickly as possible while meeting their call and sales quotas.
In all reality, if you are healthy and in the market for life insurance, this won’t be a particularly big problem. On the other hand, if you have any health issues or any other underwriting risks that you are aware of (or unaware of) that will require time and planning, you might want to look somewhere else for insurance.
Why does GEICO outsource to Life Quotes?
Life insurance isn’t sold or bought like a TV, a pair of shoes or even Car Insurance. It’s a way different purchase.
Getting accurate quotes and getting approved for a policy takes a bit longer than what the commercials tell you “get insured in 15 minutes or less.”
There are some companies (and we have them) that will approve you quickly – and in some instances, instantly. However, they are usually much more expensive or have some options that you may not want or be aware of (see Graded Benefit).
What if you want an affordable policy, but you have some health issues?
Preexisting health conditions like:
What if your health was even more complex and you had something like:
You can quickly get the idea that when getting an accurate life insurance quote, it can get pretty complicated. Finding the right policy with the right life insurance company based on your specific health and lifestyle takes a life insurance expert.
Now you can get even more complicated when you’re shopping for coverage for
Selling life insurance properly and accurately doesn’t happen in less then 15 minutes. For that reason, GEICO handed their life insurance business over to LifeQuotes, Inc.
Geico / LifeQuotes vs Life Insurance Brokers
The biggest issue that separates Geico & LifeQuotes from us is a simple fact that we’re licensed insurance brokers and we’re not a call center.
Every client is treated with the highest respect in order to provide the best insurance plan at affordable costs based on each person’s individual needs.
There probably is no doubt that LifeQuotes, Inc is more than able to provide you with a great life insurance plan but just how great the service will be is questionable.
With all said and done, if you are considering Geico Life Insurance, realize GEICO does not sell its own life insurance for reasons we cannot answer. Just realize that you will not work with Geico, you will be assisted by Life Quote in your application process and when your beneficiaries need to file their claim, they too will only go through Life Quote.
According to their representative, claims are handled by an administrative assistant to the CEO, and on occasion by the CEO himself. They can only help in claims, not in the financial planning or assist with government benefits forms or any grief counseling though they may be able to direct people to other sources. Neither of these two companies provides any form of retirement planning or assistance with living wills.
About Geico life insurance policies
GEICO promotes term life insurance policies as their preferred choice of coverage. Term life insurance is an extremely popular type of life insurance which allows you to purchase a policy for a given period of time and your premium will remain at the same rate for the entire length of the policy. This is different from permanent life insurance which will give you protection from the time you sign until you pass away, whenever that might be.
Geico does state that term life is the easiest life insurance to understand. That is definitely true and especially true if you are new to life insurance and are in the process of looking into your options.
Term life is also the most affordable form of life insurance. In most cases, it will provide protection for both families and well as business life insurance protection.
Unlike whole life insurance, term life does not accumulate cash value or have any built-in investment options. You just choose how long you want coverage for and receive coverage for that period of time. If you pass away during the term of your chosen insurance, the amount of money you insured for will be immediately passed on to the beneficiary you named.
Geico suggests that if you are getting life insurance for yourself, you should get an amount that is approximately 10 times your income. For instance, if you earn $35,000 annually, you should get a $350,000 insurance policy.
Geico does not state that they offer permanent life insurance but it’s believed it is offered but only when requested.
How to qualify for life insurance
So perhaps you’re ok with using Life Quotes and understand that you aren’t going to actually get your policy with GEICO. You want to apply with them, but aren’t sure if you will get approved for their life insurance plans.
Here are some general questions that life insurance companies ask before offering coverage:
- What is your age?
- Are you currently healthy?
- Do you take medications?
- Have you had any health issues in the past?
- Do you see any specialists?
- What is your family history?
- Are you working and what is your annual income?
Cost for GEICO life insurance
Just like other life insurance providers, their premium rates will vary depending on several underwriting factors including age, health, hobbies, & the payout amount and length of the policy you have chosen.
On their site, GEICO does state they are very affordable but then again, term life insurance is the most affordable plan of all the insurance options available.
Geico also offers a flexible payment plan of monthly, quarterly, or annually. You are also allowed to pay a large amount up front if you wish. These flexible payment options are very common with other life insurance companies as well.
About Geico life insurance
Geico has continually grown over the past 20 years and is committed to a strong customer service base. They pride themselves on clients speaking directly to real customer service reps 24 hours a day, 7 days a week.
Staying true to their commitment, they provide excellent discounts and services for the military and government employees. They also offer many other policies, ranging from theft insurance to flood insurance and many of these policies can be bundled together for even better discounts.
Their overall ranking is 4-stars out of 5 stars according to Consumer Affairs.
One size fits all?
Is a “One Size Fits All” company a good choice for life insurance?
No
Life insurance is a unique product that you must qualify for. Every life insurance company looks at a variety of underwriting factors before they rate you and approve you. Using a company like Geico that focuses on a variety of coverage types may not be the smartest choice when it comes to your life insurance needs.
Should you work with a company that focuses only on life insurance and nothing else?
Yes
Choosing a company like GEICO that also focuses on other products means that their main focus isn’t on life insurance. GEICO provides great coverage for the following types of insurance:
- Pet insurance
- Snowmobile insurance
- Business insurance
- Commercial auto insurance
- Mobile home insurance
- Travel insurance
- Watercraft insurance
- RV insurance
- Condo insurance
- Homeowner’s insurance
- ATV insurance
- Motorcycle insurance
- Renter’s insurance
- Boat insurance
- Identity protection insurance
- Jewelry insurance
With that said, you want to make sure you use a company and an independent life insurance agent that will shop from multiple companies in order to find you the best options available.
Making life easier for their clients
Geico has stated very clearly that your term life insurance coverage should be a very easy process.
This is a plus for people that are looking for insurance that is easy and stress-free. They are also famous for allowing their clients to renew their term life whenever they want to and of course when their policy is finished.
Unfortunately, it might not be quite that easy for clients that have certain health issues that will need very specific plans. For instance, if you suffer from something like cancer, you probably should consider a plan that is not one-size-fits-all or easy to use.
A company you can trust?
It really is important that when you want to purchase life insurance, go with someone who has an excellent reputation. Geico has been around for a very long time and has a solid A Rating from A.M Best Company.
Geico life insurance quote
As we mentioned earlier, when you click on their link a disclaimer will appear so you are aware that you are being re-directed to their partner Life Quotes. From there, you will be asked to provide personal information in order to get a sample quote.
This can be annoying but by providing this information you will get a more accurate quote.
When you have completed filling in your personal information, you will then see quotes that meet this information. Although Life Quotes has several other insurance companies, they are not as good as some other carriers that we often provide.
Does Geico have the best rates?
Will Geico or some other company get you the best deal?
If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
Compare Quotes
Use our online instant calculator to compare rates from dozens of the top companies.
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Buying a life insurance policy with Geico
Shopping for life insurance can be a challenge when it comes to choosing what will work best for you.
Even if you are seriously considering Geico, you should still look around at other providers to get the best coverage for yourself.
Geico does stand by the fact that their convenience and flexibility for setting up your payment account is excellent. Customer reviews for Geico term life insurance vary quite a bit. Therefore, it is important that you research so you will choose the life insurance policy that will work for you. We strongly suggest that you weigh all your options, get as many reviews as possible, and research the top 10 life insurance companies.
Other people’s opinions about Geico
As with any other reviews, people’s opinion can vary. Most of the complaints about Geico life insurance centers around customer service, being on hold for a good amount of time, and limited plans. This is mostly because clients must call customer service to register a complaint, not speaking with an expert representative.
Other reviews are based on the relationships people have built with Geico. They claim excellent customer service, very affordable premiums, and how easy it is to sign up. Clients that are very satisfied with Geico really like that their issues are sometimes easily resolved.
Just how long does it take to get life insurance money from Geico? Although there are not a lot of reviews online, Geico seems to be holding their own with a good ranking in consideration of the rankings of other providers.
How does Geico stack up to other carriers such as ING Reliastar, Nationwide, Liberty Bankers Life or even AAA Life Insurance? For your convenience, we have reviewed dozens of companies for you because there are other life insurance companies you should look into before making a decision to go with GEICO or not.
Top life insurance companies
Here are 5 companies that are consistently in our top life insurance company rankings for a variety of strategies and risks.
Remember, with Life Insurance Blog you get access to over 60 of the best life insurance companies in one place.
Compare quotes for term life, guaranteed universal life, universal life insurance, index universal life, whole life and more. We offer policies that require a life insurance medical exam as well as No Medical Exam life insurance.
Shopping Tips
Searching for life insurance can be overwhelming, especially if this is new to you. There are so many insurance providers that offer the same insurance plans but some are more expensive than others and some have a better reputation when it comes to customer service and other customer needs.
The very best you can do for yourself is to shop around and compare companies before making your final decision.
If you are young and in great health, chances are, you will have life insurance companies bending over backward to get your business. If you have some health issues, but nothing serious, you will still have many plans to choose from. If you have developed health issues over the years, you might be provided the same plans but at a higher cost.
Also, understand there are many life insurance types, life insurance riders and plans from term life insurance to whole life. You should become familiar with the different plan options before jumping on board.
We would be very happy to help you find what policies are best for you at affordable rates. You do not have to do this on your own. At Life Insurance Blog, you’ll work with licensed independent agents that are willing and able to get you moving in the right direction.
The bottom line
The bottom line is Geico is not a life insurance company. They outsource life insurance to another company that provides you quotes. You won’t be working with Geico, but with Life Quote – a 3rd party.
Why not work with actual life insurance experts instead? At Life Insurance Blog, you’ll work with licensed independent agents who will shop from dozens of the top life insurance companies – like Fidelity Life and Prudential to name a few. You won’t be working with a call center. We’ll find you the best rate available, answer all your questions, and help you from start to finish.
Geico Life Insurance Company Reviews
Thanks for reading our Geico life insurance reviews. Please reach out to us if you have any questions about companies, quotes or anything about life insurance.
To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.
