SelectQuote Life Insurance Review
ConsumersAdvocate.org
Background SelectQuote Life
Founded in 1985, SelectQuote pioneered the model of sharing unbiased comparisons from multiple highly rated insurance companies providing policies and terms to customers. SelectQuote is an innovative and established leader building and operating insurance exchanges for auto, home, term life and medicare insurance products.
Company Reputation
SelectQuote exclusively selects companies that are highly rated by A.M. Best's. The companies that SelectQuote life represents are rated A- or better by A.M. Best for financial strength*.
SelectQuote provides quotes and plans from a wide array of the highly-rated Insurance Companies. SelectQuote is also licensed to sell life insurance in every U.S. state except South Dakota.
Customer Experience
SelectQuote connects you with all the highest rated companies in terms of customer satisfaction and complaint ratios. As for the company itself, customer sentiment is positive, citing ease of use and good experiences with agents. SelectQuote Life has an excellent TrustPilot score of 9.30/10.
Policies
Since SelectQuote provides access to plans from many industry leaders, it offers term, permanent and universal plans, along with many variations of all three. Some typical policy highlights can include:
· Guaranteed premiums
· Guaranteed renewability
· Guaranteed benefits
· Term life insurance plans have level premiums during the initial term period
· Term plans may be converted to a permanent plan
· All term-to-permanent conversions and some term renewal plans feature guaranteed purchase option (no medical exam)
· No hidden fees or hidden risks
TERM LIFE PLANS
| Term Essential |
| Level-premium period of 10, 15, 20, 25, 30, or 35 years, premiums guaranteed during the inintial level-premium period. |
| Customization options of Accidental Death Benefit, Living Needs Benefit, Waiver of Premium, and Child Protection |
| Conversion period available to the end of the level premium period or up to age 70 with most carriers. |
| Accelerated Death Benefit rider available at no initial cost, where available. |
WHOLE LIFE PLANS
| Final Expense plan with no medical exam needed. Rates and death benefit guaranteed at age 100. |
| Guaranteed Issue Whole Life. Expense plant with no medical exam and no health questions. Rates and death benefit guaranteed to age 100. |
GUARANTEED UNIVERSAL LIFE PLANS
| Lifetime Coverage with guaranteed premums and guaranteed lifetiem protection. |
| Customization Options such as Benefit Access Rider, Children Level Termn Enhanced Disability Benefit, Accidental Death Benefit, ans Living Benefit. |
| Policies may earn cash value which you may borrow from while you're alive. Cash value grows tax-deferred with minimum interest rate which is stated in your policy. |
CRITICAL ILLNESS PLANS
| Coverage available for cancer, heart attack, stroke or critical illness. |
| No medical exam needed, lifetime coverage. |
ACCIDENTAL DEATH PLANS
| Individual coverage available to age 80, with spousal and family riders also available. |
| No health questions, medical exams or occupational restrictions. |
Additional Features
SelectQuote features plans with disability waiver of premium and accelerated death benefit. The company can also offer riders depending on availability with the particular provider. Examples of some common policy riders enjoyed by SelectQuote customers include:
● Accidental Death Benefit
● Living Needs Benefit
● Disability Waiver of Premium
● Benefit Child Protection
● Return of Premium
Help and Support
SelectQuote live representatives are available 8 a.m.-7 p.m. ET weekdays. The company is also reachable via social media- Facebook, LinkedIn, Twitter and Instagram.
Online Presence
SelectQuote's online platform offers significant education resources on the subject of life insurance. The company features an easy-to- use life insurance coverage calculator, free quotes and the ability to apply online.
SelectQuote Life Insurance – Why They Get Top Marks From Us
To understand SelectQuote's position you only have to look within its name "selection." Essentially, the company streamlines and simplifies a process of comparison that would be incredibly time consuming and complicated if the customer were to undertake it on their own. Long-standing relationships with highly rated financial institutions allows SelectQuote to access to a significant variety of plan types, coverage types, premiums, terms, features and riders. This makes things much easier on the customer. And when you include excellent customer service in the form of a personal, unbiased agent to help you along the way, it's easy to understand why SelectQuote Life is our top pick.
* A.M. Best is an independent rating organization that assigns ratings measuring financial strength or claims-paying abilities. They consider factors such as overall operating performance, asset quality, financial flexibility and capitalization. These ratings are current as of 02/19.
Each company’s policies have their own terms, exclusions, limitations, and reductions for keeping them in force. Contact SelectQuote for more details.
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