However, Geico Life Insurance doesn’t directly provide life insurance policies to its customers. Instead, it collaborates with Life Quotes, a broker that can link you up with as many as 50 insurance companies at once. It covers up to $25 million and only works with financially sound organizations, but it cannot assist your beneficiaries with financial or retirement planning.
- Geico Life Insurance Pros and Cons
- Geico life insurance rates
- What affects my rate with Geico?
- How to get a quote from Geico life insurance
- What types of life insurance coverage does Geico offer?
- What riders can I add to my policy?
- Geico life insurance reviews and complaints
Geico Life Insurance Pros and Cons
- 50 service providers are at your disposal.
- High standards are expected.
- Coverage that is extremely broad
- Immediately available quotations
- Hours of operation for the customer service department
- Affiliated with Geico
- Method that is less tailored to the individual
- Inability to get more financial services
- Preference is for long-term employment
Geico life insurance rates
Since Geico is not a provider of insurance, the price is determined by the company and the type of coverage you select. Getting a quotation from Geico shows you which policies are exclusive to them, as well as which are not.
By selecting the quantity of coverage you need and whether you’ll pay monthly or annually, you may compare costs.
What affects my rate with Geico?
Calculated risk is at the heart of life insurance policies. Your health and lifestyle are taken into account by insurers when quoting you a price. They also consider the length and scope of coverage you choose. Providers keep their best prices for the most reliable customers in order to safeguard their financial interests.
Underwriting rules for each of Life Quotes’ 50 carriers may take the following variables into account:
- Tobacco use. Many insurance companies want proof of not having smoked tobacco or used nicotine in the last five years before they would offer you the lowest prices possible. The majority of insurance companies permit one celebration cigar every month.
- Age. Premiums are cheaper for candidates who are young and healthy.
- Record of a driver’s license. Does your recent record show no severe infractions such as DWI or DUI? You’ll almost certainly be paid less.
- Past criminal activity. Insurance companies may deny coverage or charge you more if you’ve been arrested or charged with a felony recently.
- Health. Those with a family history of cardiovascular or cancer-related diseases, as well as melanoma, stroke, or diabetes, will see their premiums go up. Insurers also look at your cholesterol, blood pressure, body mass index (BMI), and height and weight.
- Occupation. Hazardous professions pay higher rates to compensate for the risk, such as firefighters, war reporters, police officers, and others.
- Travel. The form from Life Quotes asks if you intend to go to any countries listed as having a Travel Advisory Level of 3 or 4. Insurance companies often raise your premium if you want to visit a risky or war-torn country.
- Hobbies that put your life at danger. A larger premium is likely if your hobbies include racing cars, scuba or skydiving, bungee jumping or rock climbing.
- Drugs and alcohol are two examples of this. You must not have a history of drug or alcohol addiction in order to get into the highest rate class.
How to get a quote from Geico life insurance
Call Geico at 888-532-5433 or complete an online form when you’re ready to compare rates.
Here are the actions you need to take:
- Visit the Geico website to learn more. Hover your mouse over Insurance in the menu bar at the upper left of the screen. After selecting Additional Insurance, select Life as the policy type.
- Click Start Quote once you have entered your zip code.
- To begin completing the online form, click here. Fill in your height, weight, date of birth, occupation, and citizenship status in the appropriate sections after selecting how much coverage you want.
- Answer yes or no to a series of health- and lifestyle-related questions. To see the quotes, select See Quotes.
- There will be a drop-down menu with insurance coverage from several companies. You may choose the quantity of coverage and the duration of the policy term to focus just on no-exam insurance. Click Continue after you’ve found a policy you like.
- To obtain an application, please provide your name and contact information below. To proceed, click the Continue button. You’ll get a customer number and a confirmation as soon as your order goes through.
What’s going to happen after that?
The application process is handled by Life Quote after you’ve submitted it. They’ll contact you to make sure everything is in order before submitting your application to the provider. If you need to provide extra information or undergo a medical checkup, the insurer will let you know.
The turnaround time varies from one service provider to another. Policies requiring a physical examination can take up to 30 days to be authorized, and none are usually granted until they cost more than $500,000.
What types of life insurance coverage does Geico offer?
With the help of Life Quotes, a Geico partner, you may compare policies from 50 different insurance companies. On the site, it states that only A.M. Best-rated suppliers have affiliations with the site (Excellent). Some of the most well-known names in the financial services industry include AIG, Brighthouse, Lincoln Financial Group, Pacific Life, and Protective Life & Penn Mutual, among others.
In addition to serving people of different ages and health histories, Life Quotes also serves those who choose not to undergo a medical examination.
- Term life insurance. It specializes in term life insurance contracts with terms ranging from 10 to 35 years. Payments may be made on a monthly, quarterly, or annual basis with this coverage, making it a cost-effective option. Quotes are also collected for no-exam and accidental death insurance as well as conventional conditions like living benefit and return of premium.
The premium for a policy with a face value ranging from $5,000 to $25 million remains constant during the policy’s duration. It’s possible to change to a permanent policy at the conclusion of the term, although this is less common.
- Permanent life insurance. If you are looking for permanent life insurance, you will have to pay a lot more with Geico because they only provide term coverage. This insurance provides long-term coverage with a cash value component.
In the event of your death, your loved ones will be compensated with a guaranteed death benefit as well as a monetary value.
What riders can I add to my policy?
You should confirm this with your insurance carrier, however the following riders may allow you to tailor your protection:
- Rider for increased death benefit
- Add-on for accidental mortality insurance
- Cyclist who is under the age of 18
- Rider for disability income assistance
- A rider’s spouse
- Premium-rider waiver
Geico life insurance reviews and complaints
Geico is a well-known brand among customers as a result of its effective advertising. Although it has been in operation for more than eight decades, the company is not recognized by the Better Business Bureau (BBB). It has an A+ rating with the BBB despite the fact that it failed to react to a single complaint.
In the previous three years, the Better Business Bureau has received 3,129 complaints, the majority of which have been addressed and resolved by Geico. Geico received one star out of a possible five on TrustPilot, with a total of 28 customers providing feedback. Customer service failed to please many customers despite the low costs being complimented by others.
Geico’s partner, Life Quotes, offers life insurance quotes.
This business has been recognized by the Better Business Bureau (BBB) since 1997 and has an A+ rating. Only two complaints have been made to the Better Business Bureau in the previous three years.
Check out our analysis of Farmers Life Insurance Review for more options.