While I generally hold a high opinion of Select Quote, a good friend of mine sells life insurance for Select Quote here in San Diego, so I have a bit of an “insider’s” view when offering a Select Quote review. There are many wonderful advantages in using an agency like Select Quote. I’ll cover some of these, as well as what I see as the negatives about Select Quote.
Articles to Reference:
Select Quote Advantages
Probably your greatest advantage dealing with Select Quote is they are an independent agency, meaning they offer coverage from a variety of different life insurance companies. This is particularly important for someone with a health impairment such as diabetes. That’s because some companies are more lenient than others when it comes to certain medical issues, so it’s highly beneficial to share your health history with an agent, like at Select Quote, who can recommend the company that will offer you the best rating. I know Select Quote is very thorough in the use of their medical questionnaire, so this is a big plus.
Some other benefits to consider in our Select Quote Review is their agents are very knowledgeable and well trained. They’re a huge agency, licensed in 49 states, and have streamlined the underwriting process as much as possible. Some people may find it attractive that from the beginning of your application process to your policy delivery, you can conduct 100 percent of your business with Select Quote by telephone. This saves time and is convenient not having to go to an agent’s office. So it’s easy to understand why they’re the number one seller of term life insurance online.
Select Quote Pricing
Select Quote can’t offer a lower premium than any other agency or agent. So say you’re purchasing a $500,000, 30 year term policy through Banner Life. The premium purchasing this through Select Quote will be exactly the same as buying it through an agent who just got his license yesterday. Life insurance premiums just are what they are, so there’s no benefit in working with Select Quote here. However, I highly recommend using an independent agent for the reasons discussed above, especially with any special risk factors. You certainly don’t want to go to an agent who works for State Farm or Northwestern Mutual, or some other “captive” agent who must only sell his own company’s products.
The Negatives – Select Quote Sales and Service
I only have a couple problems with Select Quote. The first has to do with their agents’ compensation. Their agents have the luxury of working for a company with seemingly unlimited leads, so they can make calls all day long and sell, sell, sell. The trade off for this luxury is, on average, Select Quote only pays them about a quarter of the commission that an agent would make who owns his own agency and gets 100 percent of the commission. Having said that, Select Quote agents have to sell dozens of policies per month to make a good living, so their agents aren’t able to dedicate the time necessary to each client during the initial call. My agent friend says he has been trained to always give a quote the first time he speaks to a new prospect. The problem I have with that is that many people have medical problems, or a combination of problems that require calling around to different underwriters and checking on the rating before you should quote the prospect. Or in other words, their agents are trained to sell as many policies they can as quickly as they can, and the unspoken truth here is that sometimes the client is disserviced in this process. It makes me feel like Select Quote agents don’t always have the very best in mind for their client, but just want to sell them any policy that they can talk the client into.
The other issue I have with them is related to their sales techniques, and that is poor service. When you buy a policy through Select Quote, the person you will probably know and remember the best was the agent who sold your policy to you. However, the unfortunate truth is after your policy goes in force, you will almost certainly never speak to that person again. They simply don’t have time to call to “check up” on you or conduct routine service checks like I do with my annual reviews. Follow up is so important though. Let’s say you’ve changed addresses, or changed banks and need to switch the account your payment comes from, or you’ve had another child, and need to add him as a beneficiary. It’s little things like this that don’t get done unless you conduct annual reviews.
So, to sum it up, I really do like what they do over at Select Quote for the most part. In no way do I feel that Select Quote is a scam, as some websites claim. However, I do feel if you use an independent agent like me who has been in business for a while, that’s the absolute best way to go, since you get all the benefits of working with an agent who can take your case to any carrier, but you also will get an agent who can take his time with you up front during the sales portion, and will then be able to offer you service after the sale.*Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.