IMPORTANT NOTE: Geico does not sell the life insurance policies themselves. Instead, the policies are managed by LifeQuote. If you go to Geico’s website to purchase a life insurance policy, you’re going to be directed to the LifeQuote website.
You will work with a LifeQuote agent. LifeQuote is an independent insurance agency and they operate with a lot of different companies.
Everyone knows that GEICO will save you 15 percent or more on car insurance, but what about coverage for something a little more serious than your Toyota?
Auto insurance is important, but no insurance policy is more important than a quality life insurance plan.
Because Geico is one of the most popular insurance companies in the United States, there are a lot of applicants that look to them for their life insurance needs, but how do they stack up against all the other companies on the market. Let’s take a look at GEICO’s life insurance policy.
History of GEICO
The company is more than the well-known gecko mascot. They’ve been around MUCH longer than their lizard friend.
Government Employees Insurance Company (GEICO) was officially established in 1936. Leo and Lillian Goodwin started the insurance company right in the middle of the Great Depression. When they first started out, their mission was to offer insurance to military and government employees.
A little over ten years after their creation, GEIGO gained an important figure, Lorimer Davidson. He was an investment banker and was pivotal in the growth of the company.
In 1960, they passed the 1 million policyholder mark and 5 years later, they passed the $150 million in premiums.
Through the years, they have continued to create and tweak their policies to create the perfect coverage. They’ve experienced a lot of changes over the decades, and they have grown to be one of the most popular insurance providers in the United States.
GEICO and Life Quotes Inc.
The little-known fact about GEICO is that the company itself does not offer life insurance. If you go on their website and search for their life insurance plans, they’ll send you to their partner company, Life Quotes Inc.
Life Quotes Inc. doesn’t actually offer life insurance either. Instead, they operate as an insurance broker or a third-party recommendation company. They’ll have you answer a few questions about your health and then offer you quotes from life insurances companies all over the internet.
However, do not allow your health issues to hinder you from seeking life insurance, there are companies that offer a no medical exam policy. There are also companies who offer other types of insurance such as William Penn life insurance if this should interest you.
Once again, GEICO does not offer life insurance. They’ll facilitate a search for it, but if you read the fine print on their website, they clearly state that they have no control over Life Quotes Inc. and will take no responsibility for the company’s practices. Basically, you’ll be on your own.
GEICO Life Insurance
Let’s say you understand GEICO’s policy and are comfortable with using Life Quotes Inc. instead. What kind of questions will they ask to determine if you’re eligible for life insurance? Here’s a general idea.
- How old are you?
- Do you currently suffer from any medical issues?
- Have you suffered any medical issues in the past six years?
- Have you ever been diagnosed with a serious or chronic condition?
- Do you work? How much? Does it involve anything dangerous or potentially life-threatening?
- What are your lifestyle habits? Do you smoke, drink, et cetera?
- Do you exercise?
These questions are designed to not only measure your current physical state but how likely you are to remain in good shape for the entirety of your life insurance term.
For example, one minor or major stroke ten years ago won’t automatically disqualify you, but a history of transient ischemic attacks (TIAs) might send up red flags.
After you apply for life insurance coverage through the company, they are going to schedule a date to send out a paramedic to your house to complete a medical exam (unless you chose a no medical exam policy).
For the medical exam, the carrier is going to want to measure several different things, like your weight, blood pressure, cholesterol, and some other basic vital signs.
Additionally, they will also require a blood sample and a urine sample to complete the exam. After the exam, the insurance company will r
eview your results and ensure there are no major flags that could cause you to be denied coverage.
As stated on their website, Life Quotes Inc. makes no guarantees about your applications. They have no control over the prices or premiums you’re offered; they’re simply the middleman between you and real life insurance companies.
GEICO Life Insurance Plans
Most life insurance companies work on a tiered system where they categorize prospective customers into one of three or four categories. Each category will have different rates, and depending on things like your age, health, and current medical issues, you may be classified into:
- Preferred. The best rank, Preferred is for healthy, able-bodied individuals with no medical problems.
- Standard. The middle rank. Most people fall under Standard, either because they’ve had their own medical issues in the past or because they have a family history of them.
- Substandard. The lowest rank. If you’re injured, disabled or suffering an ongoing medical condition, or if you’ve experienced something serious like a heart attack or stroke in the past six years, you’re considered a high-risk customer and classified as Substandard to the insurance company.
See the problem yet? The best rates, the ones for Preferred customers, are the ones that GEICO and Life Quotes Inc. advertise all over their websites. However, the majority of the population will fall under Standard or Substandard. Beware these marketing tricks when shopping for life insurance!
GEICO Quote Process
One of the best parts of working with GEICO to get life insurance is how simple they make it to get a life insurance quote. In fact, they make it extremely easy to get a quote for any type of policy that you can imagine.
All you have to do is go into their website, choose which type of policy that you’re looking for, and then enter your zip code. After that, you will be taken to the GEICO Portfolio site, where you will enter how much life insurance you’re shopping for, the state that you live in, your birthday, gender, and if you’re a smoker.
After that, they will show you all of the plans that match your specifications and how much those plans are going to be.
You can pick from all of the plans that they have, or change your request and look at different plans. GEICO has one of the best online insurance search tools. They make it simple and straightforward to see their plans and how much you would pay for their coverage.
GEICO Term Insurance
The thing with GEICO (LifeQuotes Inc.) is you can only buy term insurance coverage. They sell insurance in a variety of lengths, but whole life is not an option.
When you buy life insurance through LifeQuotes, they actually compare about 30 companies. They are independent brokers (just like we are).
They have plans from 5 years to 30 years. If you’re looking for a term insurance policy, their underwriting tends to be good for people with some minor health problems, like high cholesterol.
Instead of going with GEICO (actually LifeQuotes), we suggest going with a more honest and reputable carrier. At Best Life Quotes, we work with more companies than LifeQuotes, and we’re prepared to sell you a plan from the high-quality company at the lowest premium.
GEICO Insurance Bottom Line
You have plenty of choices when it comes to choosing a carrier to do business with. With several hundred to pick from, do your research, then go with your gut.
GEICO is a household name, a reputable brand, and financially strong. You could be confident if this was your pick.
If you want a company you can trust and you know because of brand name, then GEICO is a good option for insurance. You aren’t actually getting your life insurance through them, but you will still be working with their customer service team.
Based on a lot of their reviews and ratings, most policyholders have positive experiences with their customer service.
If you think GEICO is a good option for you, or you’re still looking for the perfect company, your best option is to give us a call.
Use our quote form to compare rates, or call us at 888-552-6159 and we can give you an accurate quote for life insurance.