Geico Life Insurance: Ratings and Pricing
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UPDATED: Jul 5, 2022
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Geico Life Insurance…huh? Does Geico HAVE life insurance?
Yeah, we’ve all seen Geico’s cute little talking green Gecko named Martin. How can you not love him when he tells you that in 15 minutes he can save you money on auto insurance?
That’s terrific, but what does this have to do with life insurance? Well, Geico does offer life insurance…..kinda.
Quick Guide / Table of Contents:
- Downfalls of Geico
- Does Geico Even Sell Life Insurance?
- Why You Should Work With An Independent Insurance Agent
- Let Us Help You
I’m gonna explain what we mean by that later on because “Geico Life Insurance” is a tad bit misleading.
While Geico, which is a well-established company, might offer some great deals when it comes to their line of insurance products…
…they may not offer you the best deal when it comes to life insurance.
Don’t get me wrong, I can’t specifically comment on all the other lines of insurance they sell, because we specialize in life insurance.
But to be perfectly frank, I take issue with people purchasing life insurance through a company that doesn’t specialize in life insurance too. So Geico Life Insurance gives me a reason to pause!
So why don’t we start with that issue first?
Downfalls of Geico
I don’t recommend buying life insurance through a company that you already deal with in connection with auto or life insurance.
You may be wondering why.
Well, I am here to tell you that it paints you into a corner.
First of all, you have no choice when it comes to the product line they offer.
There are a number of circumstances that may not be covered by your existing insurer:
Reasons You Shouldn’t Consider Single Insurance Companies (like Geico)
- You Want a Specific Term: Let’s say that you want a 30-year term, but the company you are dealing with only offers a 20-year term. No problem right? Wrong. Extending your life insurance isn’t as simple as you might think. The cost of renewal may be a shock to your system. Life insurance becomes more expensive as you age, not to mention the fact that in 20 years your health may have taken a downturn. The cost might be too expensive or you may be declined altogether if you apply for another policy.
- Business Needs: Maybe you’re a business person that only needs a 1 year or 5-year term to insure a business loan. Your company may not offer this type of coverage.
- Guaranteed Issue: Some people don’t want to be asked any questions at all!
It’s very possible that your company won’t have these or other options.
Did you know traditional life insurance medical exams may be a thing of the past? YEP!
With a process called accelerated underwriting used by some companies, young and healthy applicants can qualify for up to $1 million of term life insurance without a medical exam and get a policy within minutes of applying online.
Here’s how it works:
- You answer questions about your health and your family’s health history.
- The company, with your permission, pulls instantly available data, such as your motor vehicle record, your prescription drug history and certain information from previous individual life and health insurance applications.
- The automated system uses algorithms to decide if you qualify and at what price.
Geico Life Insurance May Be Less Than Flexible
What if you want to buy additional life insurance riders to enhance your coverage. For example, you might like to buy a ROP (Return of Premium) Rider or a Children’s Rider.
If you decided to use Geico Life Insurance you may have none of these choices.
How about purchasing a Universal Life insurance policy?
This form of life insurance provides you with more flexibility in terms of your premiums, death benefits, and/or investment options. Unfortunately, you might discover the company you selected only offers Whole Life policies.
Then, of course, there are the premiums you will be paying. Call centers aren’t the best choice for prime rates.
Remember life insurance is a long term investment, you might end up paying thousands of dollars more than necessary.
Quite simply, obtaining Life Insurance through a single company is a BAD IDEA!
Geico Life Insurance Underwriting Guidelines
Single insurers, like Geico Life Insurance, have their own underwriting guidelines. I always reiterate the importance of understanding the fact that all life insurance companies aren’t created equally when it comes to how they rate you.
Some insurers are very restrictive when it comes to a variety of health and lifestyle issues and some are more liberal.
This is very important to keep in mind especially if you have an underlying pre-existing health condition. Also, you might be penalized because of your family health history, your personal habits, lifestyle or your occupation.
This is why it’s so very important to use an independent agent. We know all the ins and outs and can find you the best possible rates.
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Insider Information… Geico Doesn’t Really Sell Life Insurance
So when you ask yourself does Geico have life insurance – you may be surprised to hear the answer.
The term Geico Life Insurance is a bit of a misnomer. They don’t specialize in life insurance and not only that – they don’t really sell it themselves either.
Yes, they advertise auto, home, RV, business insurance, travel insurance and a whole host of other products that include life insurance.
They even offer some pretty good advice about purchasing life insurance.
…but if you look closely at their life insurance page, they have a small disclaimer which I copied which reads as follows:
So if you are looking for a Geico Life Insurance quote. You will be looking in vain. There is NO SUCH THING.
Ha! I imagine you are confused.
You know they offer life insurance so what the heck is going on??
So Where Does the Coverage Actually Come From? Lifequotes.com!
OK, OK – so what exactly is lifequotes.com and does Geico own them?
This little detail puzzled me too because, in reality, Lifequotes.com is a life insurance “Call Center”!
The long and short of it is, there’s no such thing as Geico Life Insurance per se. So if you are looking expressly for a Geico Life Insurance quote you will be routed to lifequotes.com.
In other words, Geico doesn’t employ actual life insurance agents.
It would appear that Geico and Lifequotes.com have a business arrangement. When you click on “Get a Quote” you are taken directly to Lifequotes.com.
Geico clearly states that you’re subject to the terms of privacy outlined on Lifequotes.com’s website, for which Geico assumes “no responsibility.”
When it comes to buying life insurance, that’s a bit of a red flag for me.
So, the bottom line is, you need to be aware when you are getting a Geico Life Insurance Quote that you will actually be getting a LifeQuote.com quote.
Pros and Cons of Geico Life Insurance aka Lifequotes.com
WHERE LIFEQUOTES EXCELS:
- Website is straightforward & easy to navigate
WHERE LIFEQUOTES DROPS THE BALL:
- Might not get you a competitive quote (they work with a limited number of insurers)
- You might not be able to customize your policy
- Call center agents are worried about sales not you
- Your number will be added to a dialing platform and they will call you for 90 days unless they get an answer.
I’m going to be completely honest here, you might get a relatively competitive quote from lifequote.com, but chances are you can do better.
This statement is especially true for those of you who are older or who have pre-existing medical conditions.
Call center agents are driven by sales and not necessarily motivated by the real needs of their clients. When the goal is only to… SELL! SELL! SELL!…It’s pretty hard to focus on the needs of the insured.
Not to mention the fact that no one wants to speak with agents that use scripts! PLUS they enter your number into a dialing platform that will continue to call you for 90 days – unless you give them an answer. UGH.
Instead of opting for Geico Life Insurance, wouldn’t it be better to deal with a real agent that understands life insurance is a lifetime obligation? The agents here get this and you will NEVER be treated like a number.
A Geico Life Insurance Quote is likely not the best deal you can get.
If You Have a Preexisting Medical Condition or Special Needs – Skip Geico Life Insurance
Pre-existing health conditions plague many, many Americans. Let’s face it the older you get the more likely it is that you will suffer from some health ailment.
If this is the case, I would not suggest using Geico Life Insurance. The numbers speak for themselves, check it out:
…while about 51 percent of the nonelderly population had at least one pre-existing condition in 2014, according to the HHS brief, the rate was 75 percent of those ages 45 to 54 and 84 percent among those ages 55 to 64. Number of Americans with Pre-Existing Conditions by Congressional District, Center for American Progress
If you have special needs such as the following:
- Older Applicants
- Taking Medication
- Have a Pre-Existing Health Condition
- Have a Large Estate
- Need Business Life Insurance
Then please don’t apply for life insurance through the Geico Life Insurance Call Center!
Aside from the total lack of personalized service, it’s likely you will never hear from them again for follow up.
As you age, your life insurance needs change. That’s why you need an independent agency to do the heavy lifting!
Geico Life Insurance (LifeQuotes.com) Only Represents 30 Companies
If this wasn’t enough information, I still have one final point. LifeQuotes.com only represents 30 companies.
I’ll grant you that some of the insurers they use are stellar companies that offer competitive pricing.
…but, that being said, 30 companies is a relatively small selection compared to what is available through independent agents.
This is what gives us our competitive edge.
You might think that buying Geico Life Insurance will save you time and money. Hey, a simple 15-minute application sounds pretty darn easy!
Unfortunately, at the end of the day, this might not be the case at all!
How Independent Life Insurance Agents Clobber Call Centers
I can’t count how many articles I’ve posted that stress the importance of using an INDEPENDENT LIFE INSURANCE AGENT when you buy life insurance.
Geico Life Insurance outsources your information to another company so you DON’T GET A GEICO AGENT.
You’re immediately diverted to the Life Quote call center. The application process starts the minute you enter your information.
We Deliver Personalized Service
If you knew that you weren’t speaking with a Geico agent, would you still fill out the forms? I wonder…
An Independent life insurance agent knows the underwriting processes of the big insurers inside and out. They also understand the importance of long term PERSONAL relationships.
For example, let’s take a quick look at occasional cigar, cigarette and marijuana smokers. Do you occasionally indulge? If so, we know all the marijuana-friendly companies AND insurers that are more lenient with smokers.
Many companies charge full “Smokers” rates even if you just dabble. It’s an expensive issue, as a smoking rate may cost as much as 3 times what a non-smoker would pay!
This detail can save you THOUSANDS of dollars if you work with the right agent.
The same applies to a variety of other medical conditions such as your height/weight ratio, blood pressure, cholesterol levels, cardiac condition, and even some cancers!
Sometimes, just a few pounds, an inch or two or a birthday can make all the difference when it comes to getting a better rating. This is because underwriting guidelines vary substantially from company to company.
NOTE: Don’t be afraid to call us because the information you share is fully protected by the HIPPA Privacy Act!
Independent Life Insurance Agents RULE!
When you contact us, you speak to experienced agents who know how to guide you through each and every step of the life insurance process.
That’s right – you get to speak with a real person right off the bat and we promise not to share your information or call you incessantly to get a sale.
SAVE UP TO 73% ON LIFE INSURANCE!
Think saving money on life insurance is as easy as getting a quick online quote? Think again! You need an expert guide. We know the right companies for every age, health issue, and need. It’s quick and easy! Get started with a free life insurance quote now!
Let Us Help You
Does Geico have life insurance? The long and short of it is yes and no.
Yes they have an interest in the sale of life insurance, but you won’t actually get a Geico life insurance quote – you’ll get a lifequote.com quote.
So how do the heck do we know all this stuff?
Because we specialize in life insurance and only life insurance.
This one area where an independent life insurance agent SHINES!
Underwriting Guidelines are the Key to Savings!
Underwriting guidelines for companies change all the time as medical advances continue to improve life expectancy.
Some companies are slow to switch things up while others jump on board and change their guidelines quickly.
We constantly keep track of these changes.
…and, we can put together the customized policy you need for your family, business or estate.
Did you know layering life insurance policies is a money saver? We also can help you prepare for a medical examination or help you dig up information about the right insurers if you have a recently diagnosed medical condition.
Now, how’s that for service!
Not to mention the fact that we specialize in high-risk health conditions!
What We Can Offer
- Low-Cost Term Life Insurance
- Permanent Policies such as Universal Life
- Specialized Policies
- Business Life Insurance
- Estate Planning Life Insurance
- Life Insurance Riders
- Children & Spousal Insurance
- No Medical Policies
- Policies for Those with Life-Threatening Health Conditions
- Final Expense Insurance
Call Us Today We Can Help!
If you are wondering – does Geico have life insurance – you are in the right place.
Huntley Wealth has access to more life insurance companies than Geico’s call center LifeQuote.com. Which ultimately means we are more competitive.
…and always remember there really is no such thing as a Geico Life Insurance Quote. You will be getting your quote from a separate company.
Huntley Wealth won’t just sell you a policy and forget about you. This is because once you become a client; you’re a client for life.
Our independent agents follow up on a regular basis, because we know that life insurance needs change all the time.
I can promise that you will never get this level of service or save as much money through Geico’s call center minions.
Want a smarter way to find to better and more affordable life insurance? I BET YOU DO! Forget Geico Life Insurance and come speak with the agents at Huntley Wealth!
Call today at 888-603-2876 because 15 minutes won’t save you money when it comes to Geico Life Insurance Quotes.
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