SmartFinancial is an insurance marketplace that connects consumers with a variety of insurance companies in an effort to help individuals engage in comparison shopping.
This approach helps customers find a combination of reasonable prices and coverage that meets their individual needs.
It refers to its platform as a digital insurance comparison engine.
About SmartFinancial Life Insurance
SmartFinancial’s parent company, Smart Financial LLC, started operations in 1998.
The company has major offices in California and Ohio, but has relationships with insurance agents in all 50 states and offers nationwide coverage.
SmartFinancial sets itself apart from the competition by offering a long track record in the industry combined with a modern digitally-focused platform supported by a network of thousands of local agents.
This combined with a long track record in the industry are two major ways it sets itself apart from the competition.
SmartFinancial Life Insurance Quotes and Application Process
SmartFinancial’s life insurance quotes are the main feature when it comes to working with this company.
A quick search for life insurance quotes can be as simple as entering your zip code into a search field to see a few suggested life insurance companies.
Answering a handful of basic questions to ensure relevant policy options are the focus of the search is also an option.
SmartFinancial also provides a phone number that users can call to be connected to an insurance agent in their state – an option that not all insurance marketplaces provide.
This flexible approach to finding quotes allows customers to discover an option that is the most comfortable for them and best addresses their needs.
As an insurance marketplace, SmartFinancial doesn’t offer its own direct application process for life insurance policies.
Instead, it eventually links users to the individual websites of the companies it partners with to move on in the process.
This is important to note because it’s the point where the efficiency of a marketplace ends, requiring users to work with insurance providers individually.
SmartFinancial offers some basic information about life insurance toward the bottom of its life insurance landing page, including a short frequently asked questions section and some articles about considerations like whether to select a policy offered by an employer.
Because its many partner companies have different standards for assessing risk and setting rates, the company isn’t particularly specific in terms of addressing more detailed policy and coverage questions.
However, there are certain considerations that affect nearly all policies that users should keep in mind.
Lifestyle choices and habits that involve health risks, such as smoking, riding motorcycles, and engaging in similarly dangerous activities can inflate premium costs.
Additionally, more universal factors such as age, general health, and geographic location can influence premiums, according to the National Association of Insurance Commissioners.
SmartFinancial Life Insurance Policies
SmartFinancial’s role as an insurance marketplace means it connects customers with a wide variety of different term and whole life policies, among other similar life insurance offerings.
Because SmartFinancial partners with 224 separate insurance providers, it’s likely that there are many options for customizing policies in terms of premiums, payouts, coverage lengths, and other important considerations.
However, it’s not helpful to catalog every single one of these options, nor compare the range of different policies from hundreds of life insurers to each other.
Instead, let’s review some basic life insurance policy types, which will help you make a more informed decision as you move through this process.
To get started, you can review the differences between term and whole life insurance.
- Term Life Insurance Coverage: Term life insurance covers a specific period, generally a certain number of years. It can also be updated on a yearly basis with the premium cost and benefit recalculated, or follow a sliding scale where the payout decreases as the policyholder ages, while following a fixed term. The policy offers a death benefit, a payout provided if the policyholder dies, but often holds no other value unless a rider or other option is offered or added, as Investopedia explained. This means term life insurance is often less expensive than whole life insurance, especially for younger people in good health and facing few or no other risk factors. When a term life policy expires, the policyholder may have the option to renew the policy, change it to a whole life policy, or simply end the agreement.
- Whole Life Insurance Coverage: Whole life insurance offers coverage that continues as long as the premium is paid, providing a more long-term solution than is seen with term life insurance. Premiums don’t change from year to year and there’s no renewal or other process to cause them to potentially increase, which is a significant benefit. Beyond the death benefit that is the bedrock of all such policies, whole life insurance also offers the opportunity to borrow against money invested and can be enhanced with a variety of riders and other options, depending on what an insurer offers. Whole life insurance is frequently more expensive than term life insurance, and may not be a prudent decision based on the overall financial position of a potential policyholder.
SmartFinancial Life Insurance Riders
Riders are a tool that allow insurers and policyholders to add more terms, details, and conditions to a given policy.
Riders can vary significantly between different insurers, and generally aren’t a requirement.
One common application of riders is to provide an additional benefit, such as increased payout in case of an accidental death, in exchange for an additional cost on top of the basic premium and adherence to specific conditions that must be complied with or achieved before the additional money offered by the rider can be accessed.
There are a large number of potential riders, and their optional nature means some insurance companies provide many different choices while others have just a few to offer.
Customers using the SmartFinancial marketplace should ask questions about the riders individual companies offer and make sure to compare the specifics before making a final decision.
SmartFinancial Life Insurance Discounts
Discounts are a simple way to lower the cost of a life insurance premium.
Like riders, they are totally optional, which means the type and number of discounts provided can be very inconsistent from one insurance company to the next.
Common types of discounts include bundling life insurance with other forms of policies available from companies that offer multiple lines of insurance, savings for good health, and lower costs for not smoking or engaging in other potentially dangerous or harmful behaviors.
SmartFinancial users should find out more about potential discounts from the individual insurers they choose to work with.
SmartFinancial Life Insurance Financial Strength
- Underwriter: N/A
- Marketshare: N/A
- Premiums Written: N/A
- Standard & Poor’s Financial Rating: N/A
- Moody’s Financial Rating: N/A
- AM Best Financial Rating: N/A
Financial strength is an incredibly important factor to consider when seeking out a life insurance provider.
SmartFinancial doesn’t have any ratings of its own to measure because it does not directly underwrite or issue policies.
Before making a final decision tied to a specific life insurance company, users should check ratings from established analysts, such as those listed above.
A less-expensive policy is not worth the lower price if the company issuing it doesn’t have sound financial footing.
SmartFinancial Life Insurance Reviews and Customer Service
SmartFinancial has an A+ rating from the Better Business Bureau.
It isn’t accredited by the organization, but has a noticeably positive user rating on that website of 4.5/5 stars, based on 135 reviews.
SmartFinancial has closed 34 complaints during the past three years. SmartFinancial is listed on TrustPilot but has no reviews.
The company lists a variety of awards and recognition on its website.
This includes awards from local business publications for its main office locations as the best places to work in Orange County and Central Ohio to an Insurance Standard of Excellence award from the Web Marketing Association.
SmartFinancial has not appeared in the news in relation to any major scandals or controversies.
SmartFinancial Phone Number & Contact Information
- Homepage URL: https://smartfinancial.com/
- Company Phone: (877) 323-7750
- Headquarters Address: 118 E Main St, Suite 301, Columbus, OH, 43215