Life insurance is one of the most important parts of most any financial plan. This is because the proceeds that survivors receive from one’s life insurance policy may be used to cover a long list of potential financial needs.
But before purchasing life insurance, it is imperative to choose the proper type and the appropriate amount of death benefit coverage, and that you are getting a plan that most suits your budget. One of the best ways to do this is to shop and compare from a variety of different options before you make a commitment. One way to do this is to work with an online life insurance quoting service like IntelliQuote.
The History of Intelliquote
IntelliQuote was founded in 1997 by its still-current President and CEO, Gary Lardy. The company was started in Lardy’s basement in Folsom, California, and it quickly grew over time. In fact, after just its second year, Intelliquote placed more than 10,000 policies – which helped to catapult it to one of the largest online life insurance agencies in the marketplace.
The Online Life Insurance
By offering a number of different life insurance options – including term and permanent (including universal life, variable universal life, and others) – customers have choices when seeking the coverage that will best fit their specific needs.
IntelliQuote has earned numerous awards and accolades, including being awarded in 2004 the Transamerica Corporation Leading New General Agency Award. Also, 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.
Today, Intelliquote has sold more than $70 billion in life insurance coverage in its 20-year history. One of the keys to the company’s success is that it compares top rated insurance companies in order to help match customers’ needs to policies – as well as with policyholders’ budgets.
Throughout the life of the company, IntelliQuote’s advertising and marketing to consumers have focused primarily on electronic communication, such as social media campaigns. The company’s online life insurance broker platform, combined with highly trained life insurance agents, offers customers the ability to choose a budget-friendly life insurance policy, as well as to get their questions answered so that an informed decision about coverage can be made.
Intelliquote Ratings and Better Business Bureau Grade
Intelliquote is not an actual insurance company. It actually 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, the overall rating of this company is Excellent, with an average of 5-stars (out of 5).
In addition to having positive customer reviews, Intelliquote is also an accredited member of the Better Business Bureau (BBB), and they have been 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 very low for Intelliquote. So it is safe to say they are a company you can trust.
Life Insurance Coverage Offered Through Intelliquote
IntelliQuote offers a wide variety of life insurance policies to choose from – including both term and permanent. The company provides policies from top-notch life insurance carriers, such as John Hancock, AIG, Prudential, Transamerica, and Mutual of Omaha.
With term policies, fixed “term” of coverage is offered, such as 10, 15, 20, or 30 years. For this type of policy the amount of death benefit, as well as the 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, and they can often do so without the need to provide evidence of insurability or take a medical exam.
Intelliquote offers such permanent life insurance policies as well. With permanent coverage, there is no limit on the amount of time the death benefit is guaranteed, and 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 value grows over time. The earnings in the cash value 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, and/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 no matter what the future holds, 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 an health condition that might make it difficult for them to get new term insurance later in life.
Intelliquote’s permanent insurance options are mostly universal life insurance. This type of policy can provide some flexibility for the policyholder, such as being able to alter 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 cash investment feature of the policy.
Another life insurance option that can be purchased through IntelliQuote is senior and final expense insurance. While many people believe that life insurance is only for those who are young and have dependents, the reality is that the cost of a funeral and other final expenses (such as a burial plot, headstone, and memorial service) are also very costly. Therefore, there are many seniors who 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. So, other debts may also be paid out of these proceeds, such as uninsured end of life medical or hospice costs.
Many final expense life insurance policies offer death benefit coverage, along with cash value. So, the policyholder is able to build up a nice, 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.
Other Products and Services Offered
At this time, IntelliQuote offers only life insurance products. In doing so, the company is able to focus on providing the best coverage at affordable rates from many highly rated carriers.