Life insurance is one of the most important parts of any financial plan.
When purchasing life insurance, it is imperative to choose the right type of coverage and purchase a plan that suits your budget.
You can easily compare rates from multiple providers when you work with online life insurance quoting service like IntelliQuote.
Find out what this online insurance broker has to offer in this Intelliquote review.
With more than $70 billion in life insurance coverage in its 20-year history, Intelliquote is one of the largest online life insurance agencies in the marketplace.
How Does Intelliquote Work?
This online life insurance broker platform, combined with highly trained agents, offers customers the ability to choose a budget-friendly life insurance policy. Individuals can get their questions answered and make informed decisions about their coverage.
One of the keys to the company’s success is that it compares top-rated insurance companies, then matches customers’ needs to policies.
Life Insurance Products
Intelliquote offers several different term and permanent life insurance options.
Choose from top-notch life insurance carriers, such as:
Intelliquote Term Insurance
For this type of policy, the amount of death benefit and premium costs typically remain the same.
Term insurance is a lower financial risk for the insurance company than other types of coverage because there are no increasing cash value features, and there is a limit to the length of time the death benefit will be guaranteed.
Because of the lower risk, it is easier for you to get a large amount of protection for a relatively low premium cost. This is true especially for applicants who are young and in reasonably good health.
Sometimes the insured on a term insurance policy may be able to convert the policy to a permanent plan. They can often do so without the need to provide evidence of insurability or take a medical exam.
Intelliquote Whole Life Insurance
With permanent coverage, there is no limit on the amount of time the death benefit is guaranteed. There is usually an increasing cash value feature to the policy as well.
In a permanent policy, also known as a whole life policy, cash value works like an investment or interest-earning savings account. The cash value grows over time and earnings are tax-deferred, which means the growth of the cash value is not taxed until funds are withdrawn.
Some people withdraw money from the cash value of their life insurance as a way of supplementing retirement income, paying off a large debt, or maybe even taking a nice vacation.
While a permanent policy may cost more than a comparable term life option, the permanent policy never expires.
So as long as the premiums are being paid, the insurance will be there.
For many individuals, a permanent option proves to be highly valuable if they contract a health condition that might make it difficult for them to get new term insurance later in life.
Universal Life Insurance Coverage
Intelliquote’s permanent insurance options are mostly universal life insurance.
This type of policy can provide some flexibility for the policyholder, such as altering the premium due date or premium allocation.
For example, some universal policies allow the policyholder to dictate how much of the premium goes toward the insurance portion of the policy and how much goes toward the policy’s cash investment feature.
Final Expense Life Insurance Coverage
Another life insurance option that can be purchased through IntelliQuote is senior and final expense insurance.
The reality is that funeral costs and other final expenses (such as a burial plot, headstone, and memorial service) are very costly.
Therefore, many seniors do not want to leave these expenses to their loved ones.
A final expense insurance policy will usually provide between $5,000 and $25,000 in death benefit coverage.
Many final expense life insurance policies offer death benefit coverage, along with cash value.
So, the policyholder can build up tax-deferred savings with their policy.
Senior and final expense policies are typically offered to people age 50 to 85, and in many cases, there is no medical exam required for coverage approval.
IntelliQuote Customer Reviews & Company Ratings
Intelliquote is not an actual insurance company. It simply offers the coverage of other companies.
For that reason, the insurer rating agencies do not rate Intelliquote.
However, Intelliquote does have a long list of positive customer reviews.
Based on more than 290 customer reviews on Trustpilot, this company’s overall rating is Excellent, with an average of 5-stars (out of 5).
Intelliquote has also been an accredited member of the Better Business Bureau (BBB) since January 20, 2000.
On a scale of A+ to F, they have been given the highest grade of A+.
Customer complaints and negative reviews are relatively low for Intelliquote. So it is safe to say they are a company you can trust.
IntelliQuote has earned numerous awards and accolades, including being awarded in 2004 the Transamerica Corporation Leading New General Agency Award.
In 2006, the company was featured in Forbes Magazine’s Best of the Web and was also awarded Prudential Financial’s Rock Solid Performer Award.