Last Updated: August 6th, 2023
Purchasing life insurance may be one of those things you put off for another day, but in truth, it should be at the top of your agenda.
With such a varied market, it can be a tricky decision to come to, and it seems as though every company is offering the perfect choice, with a range of benefits, all at competitive premiums.
The critical thing to remember is that each policy is personal, and it is important to try and find the best fit for you and your family—regardless of the bells and whistles that can sometimes be offered!
LeapLife offers a wide variety of policies and prides themselves on finding just the right match for their customers.
With affordable premiums, flexible plans, and excellent customer service, it is easy to see why they are becoming serious competitors in the world of life insurance.
What is LeapLife?
LeapLife started its journey in 2016 when it opened in San Francisco.
They aimed to match their customers with the insurance policies which best suited their needs, using many of the best life insurance companies from local and national sources.
They work with some top-rated firms, including:
- American General
- Protective Life
- Pacific Life
- Mutual of Omaha
They recognize that their customers have unique needs and requirements and work hard to match them with policies to facilitate this.
Products LeapLife Offers
The key priority for the company is matching customers with the best policies to meet their exact needs.
They offer four main policy types:
Term Life Insurance
Term life insurance is the cheapest and most popular type of life insurance policy.
This policy will run for a predetermined number of years, be that 10, 20, 25, and so on.
If this set term elapses while you are still alive, your beneficiaries will not receive any benefit, and you will have to take out a new policy with no return in the original.
On the plus side, this allows you fixed, regular monthly premiums, allowing you to be in total control at every step.
Accidental Death Policy
As the name suggests, accidental death policies will only pay out if you pass away as a result of accidental death, and not from an illness.
As with term life insurance, the coverage is for a specific term, and your beneficiaries will not receive a payout if you are still alive when it elapses.
Whole Life Insurance
Whole life insurance is permanent coverage, designed to last for your whole life.
There is no expiration date, and it has the bonus of a cash value component.
You can borrow or withdraw from the cash value account, and the premiums are usually slightly higher.
Universal Life Insurance
Like a whole life policy, universal life allows you to be covered for life, with no end date. It also offers the benefits of a cash-value account.
The key difference between the policies is that universal life insurance provides more flexibility, such as allowing you to cover insurance costs using your cash-value account.
As well as offering a great variety of deals, Leap Life will also allow you to convert or renew your policy at the end of your term, or even slightly before.
Furthermore, you will not receive any penalties for canceling your policy, and you won’t be hit with any hidden extra charges.
They will be able to offer between $10,000 and $5,000,000 for a 10- to 30-year term.
Life Insurance Riders Offered By LeapLife
In addition to a host of great basic policies, LeapLife can provide added extras to help you boost your policy and tailor the terms to meet your personal needs.
You can do this by adding an insurance rider to your policy.
A rider is basically an addition or an amendment to an existing insurance policy that changes the terms of the basic policy usually adding benefits.
The insured can benefit from additional coverage, lack of medical checkups required, and other bonus features.
These will often come at an additional cost but can allow you to have a reasonably basic insurance policy at an affordable price with any of the added extras you may need.
LeapLife offers customers a variety of riders to enhance their existing, basic policies, including:
- Critical Illness
- Disability Income
- Spouse Protection
- Guaranteed Insurability
- Long-Term Care
- Child Protection
- Family Income Benefit
This selection offers flexibility and diversity to customers and allows them to tailor-make the package which is the best fit for their lifestyle.
Do I Qualify?
There are only a few requirements to meet to take out a LeapLife policy, these are:
- You must be a US citizen or resident
- Must have resided in the US for at least two years
- You must be between 18 and 75 years old
What Are The Pros of LeapLife?
As we have seen, LeapLife is a dynamic, flexible insurance company that is committed to placing the needs of the customers at the forefront of its service.
Some of their best features include:
- Good Credibility: LeapLife has an A+ rating with the Better Business Bureau for your peace of mind.
- Fast Approval: The application process is quick and straightforward, and you could be approved instantly
- Clarity: Policies are clear and transparent, with no hidden charges
- Top-Quality Coverage: Policies are offered up to $5 million with some of the best-rated insurers in the industry.
One of the strengths of the company is its links to other insurers with an excellent reputation in the industry.
Some of their best connections are outlined below:
- Protective Life Insurance: Around since 1907, Protective are renowned for its competitive rates, clear communications, and simple streamlined processes. They are sleek, slick, and have earned their excellent reputation.
- American General Life Insurance: American General is affiliated with AIG— one of the world’s largest insurance companies. They are famous for superior customer service and have been in business since 1960.
- Mutual of Omaha: Omaha has time on their side, having been trading since 1909. As well as life insurance, they offer several other products and are always launching innovations and ideas.
- Transamerica Life Insurance: Transamerica is famous for its flexible approach and offers a wide variety of policies to suit its customers perfectly. Designed to help people from every walk of life access financial services, these guys do inclusivity best.
- Assurity Insurance: Boasting a reputation that goes back to 1980, Assurity specializes in critical illness, life insurance, and disability. Their main goal is delivering excellent levels of customer service, and this is an area they excel in.
The Cons Of LeapLife
LeapLife has a great track record for success and lots of excellent features. There are, however, some considerations to take into account before you commit:
- No Exam Costs: There is no requirement to undertake a medical, so you could potentially receive a cheaper deal elsewhere if you are young and fit.
- Accessibility: The policies are relatively accessible, but LeapLife is not available in New York.
Is LeapLife Insurance Best For You?
LeapLife offers a flexible, attractive, and diverse opportunity to take good care of your life insurance concerns.
They have a strong reputation and great links to some of the most respected names in the insurance industry.
A variety of coverage options means you can really make your plan work for you, and the flexibility is appealing to those looking for something more personal.
Always remember, however, that it is essential that your policy works for you on every level.
The lack of medical is a blessing for some customers, but if you have no real health concerns and are in good health, undertaking a medical exam elsewhere could offer you a better deal.
Shop around and do your homework, but LeapLife is undoubtedly one to watch.