Being one of the largest life insurance agencies in the United States, many people are familiar with SelectQuote.
Considering the agency’s widespread recognition, this SelectQuote life insurance review will help you decide if the agency’s life insurance is the best option for you.
In This Review
About SelectQuote
SelectQuote began in 1985 and has grown to become a goliath of the insurance industry.
The agency has offices throughout the country and is licensed in 49 states.
Its two central locations are Leawood, Kansas, and San Francisco, California.
We should point out that SelectQuote is not a life insurance company.
They are an insurance broker or agency that works with different top insurance companies such as:
- AIG
- Prudential
- Protective
- Globe Life
- Legal & General
- SBLI
- Lincoln Financial Group
- Pacific Life
- Mutual of Omaha
SelectQuote reviews several insurance companies, looking at their products and respective prices.
It then sells its policies by offering free universal life insurance quotes and life insurance rates to people all over the US.
SelectQuote Ratings
Most financial rating companies like A.M. Best or Fitch do not rate insurance agencies.
However, SelectQuote is accredited by the BBB, which gives the agency an A+ rating.
Because SelectQuote is an agency, it is not the actual insurer.
As such, it is essential for you to check the financial rating of the actual insurance company you choose.
Life Insurance Products Offered
SelectQuote offers different types of life insurance policies that fall under two main categories:
Term Life Insurance
One such type is its term life insurance.
You can tailor SelectQuote’s term life coverage to address various needs like protecting your income for your spouse or protecting a mortgage.
The policy offers contractually-guaranteed premiums for 10 and 30-year terms.
Permanent life Insurance
The agency’s other life insurance policy is permanent life insurance, which is meant to last a lifetime.
SelectQuote splits your premiums into two accounts.
One account is invested in your cash accumulation component. This method works in the same way as a savings account with tax-deferred growth.
The second account is meant to cater to your death benefit.
When it comes to choosing the life insurance package to go for, always review your specific needs.
Once you have a better idea of your needs, you are equipped to find the best-suited life insurance policy.
Types of permanent life insurance coverage offered include:
Life Insurance Riders Offered
With SelectQuote, the life insurance riders vary depending on the insurer you choose.
Some of the standard options, however, include:
- Accelerated Death Benefit: makes it possible for you to access some of your death benefit after being diagnosed with a terminal illness
- Accidental Death Benefit: pays your beneficiaries an additional benefit if you die from an accident
- Child Rider: While the companies that SelectQuote represents don’t have a policy for children, through this rider, you can insure your child up to a specific age
Eligibility & Application Process
You can get an insurance policy from SelectQuote over the phone or online.
When you head to the agency’s website, you will be provided with the option of speaking to an agent or filling out an online form.
If you opt for the online form, you will be required to fill in a detailed medical profile.
It will involve questions about your overall health history, driving record, dangerous activities or sports, nicotine use, and contact information.
After completing the form, an agent from SelectQuote will get in touch with you to review and verify the details you provided.
They will then choose an insurance plan and death benefit, helping you find the most suitable insurance company.
If you have no issues with the company and plan the agent chooses, a medical checkup will be scheduled.
Once the checkup results are approved, an agent will review the policy you have selected before finally mailing it out to you.
SelectQuote Life Insurance Pros
Every agency has its benefits and drawbacks. Here are some of the advantages of choosing to work with SelectQuote.
INDEPENDENT AGENCY
One of the most significant advantages of choosing SelectQuote is the fact that it is an independent agency.
This benefit means that life insurance coverage comes from various insurance companies instead of only one or two.
Applying through an independent agency gives you a much better opportunity of finding quality and affordable life insurance coverage.
For those with health impairments like diabetes, this is essential because some insurance companies offer more favorable premiums to applicants with medical conditions than others.
It also saves you a lot of time because instead of reviewing many insurance companies, your SelectQuote agent will help match you with an insurance provider with coverage that best suits your needs.
LOW RATES FOR APPLICANTS IN GOOD HEALTH
SelectQuote offers some of the best rates on the market for those who do not have any health concerns.
The agency offers insurance policies from 13 different companies with fantastic pricing for people who do not have any lifestyle or health issues.
ACCESS TO KNOWLEDGABLE AGENTS
All SelectQuote agents receive extensive training before they begin working with clients.
This training helps ensure that you are always dealing with a knowledgeable agent providing you with the assistance you need.
REMOTE OPERATIONS
SelectQuote has embraced technology by streamlining its application process.
This makes it easier for people to secure their life insurance coverage.
From the start of your application to your policy delivery, you can conduct all your business remotely.
Compared to physically visiting an agent’s office, SelectQuote’s process is very convenient.
NATIONWIDE ACCESS
The agency is licensed in every state except South Dakota, so people in most parts of the country can get life insurance.
SelectQuote has also greatly improved its underwriting process.
SelcectQuote Life Insurance Cons
Unfortunately, SelectQuote also has a few disadvantages.
OCCUPIED AGENTS
SelectQuote agents have to make phone calls all day to sell insurance policies.
This requirement is likely because the agency only pays them a fraction of the commission that a traditional agent makes.
For agents to earn more, they need to keep selling, meaning they cannot spend a lot of time with every client.
Considering how delicate purchasing a policy is, you ideally want an agent who spends enough time with you, answering all your questions and concerns.
POOR CUSTOMER SERVICE
While many companies offer annual reviews of your policy, SelectQuote does not do this.
Not only will you never hear from the agent who sold you your policy, but you will also not be able to call them if you have any questions or concerns.
AGENTS ATTEMPT TO UPSELL
SelectQuote agents tend to upsell the life insurance leads they get, continuously trying to get you also to purchase the agency’s car or home insurance policies.
LIMITED LIFE INSURANCE COMPANIES
Some independent agencies work with as many as 70 insurance companies.
Considering SelectQuote is also an independent agency, working with only 13 life insurance providers is on the low side.
While the companies the agency works with all have stellar reputations, the limited options affect the agency’s ability to find you the absolute best rates.
Is SelectQuote The Best Choice for You?
While the insurance agency SelectQuote has a few disadvantages, it has still proven itself to be the preferred agency for many people.
The convenience and competitive rates are a significant plus.
When it comes down to it, the insurance provider you go for greatly depends on your needs.
However, we hope our SelectQuote life insurance review has provided you with some helpful information to aid in your decision.
