If you are shopping for the life insurance quotes, you must have run across SelectQuote. It is an online website that offers quotes to its visitors to various insurance companies. If you are searching for the right life insurance policy, then SelectQuote must be on the top of the options for research.
It is a life insurance agency that sells life insurance policies to shoppers online. As they are not an insurance company, therefore, they help the customers to look for the best available price among different life insurance partners that SelectQuote has.
SelectQuote is a life insurance agency, and unlike any other insurance that tend to offer their customers only the company’s quotes, SelectQuote offers quotes to its shoppers from around ten separate life insurance companies. It was founded by Charan Singh in 1985, and it was the first direct-to-consumer life insurance broker in the United States.
SelectQuote sells its customers the best policy according to their needs, out of the different insurance companies it represents. Though SelectQuote offers other products besides life insurance, they consider themselves the top-term life insurance sales agents in the United States.
When we are talking about the financial ratings, then we refer to the ratings that the company has with A.M. Best and also Standard and Poor’s. Though SelectQuote does not have ratings with these bureaus because they are not a life insurance company, and they are not into selling any of their own life insurance products, but they sell products on behalf of other insurance companies.
Keeping this in mind, SelectQuote works with the life insurance companies with the top ratings, and they make sure that you don’t worry about your life insurance provider. SelectQuote does have ratings from the business bureaus as Better Business Bureau (BBB) gives it an A+ rating, which obviously shows that they have an excellent reputation among the customers.
On Trustpilot, SelectQuote scores 8.6 out of 10. Trustpilot scores different companies based on the feedback by the customers for their services. 8.6 is quite a respectable rating, and this certainly shows that they care a lot about treating their customers in a good way.
SelectQuote Insurance Companies
SelectQuote clearly states that it only uses the life insurance companies that have the ratings of A- to A+ by A.M. Best. When you apply for insurance coverage, you have to keep in mind that every company is going to have its own specific requirements. Below are the insurance companies that are represented by SelectQuote.
- American General Life Insurance Company
- William Penn Life Insurance Company of New York
- Globe Life And Accident Insurance Company
- Companion Life Insurance Company (Mutual of Omaha)
- Pacific Life Insurance Company
- United of Omaha Life Insurance Company
- Life Insurance Company
- SBLI of Massachusetts
- Transamerica Life Insurance Company
- The Lincoln National Life Insurance Company
- Pruco Life Insurance Company
- Banner Life Insurace Company
SelectQuote life insurance products
Through many different partners, SelectQuote offers shoppers a variety of life insurance products. One can purchase permanent life insurance through them, but SelectQuote is famous for its term life insurance. It offers life insurance applicants from ages 18 to 80. The requirement of a medical exam will be dependent on the insurance company, and your agent will help to schedule this time for you at the time of your application. The following are the life insurance products that you can purchase through SelectQuote.
- Term Life Insurance
When purchasing term life insurance, most of the people turn to SelectQuote. The term life insurance covers you for a certain period of time, and this is known as a term. Once your term is up, then your term insurance policy expires. There are some companies that provide you with an option to convert your term life policy into a permanent policy.
With SelectQuote, you can purchase term life policy from 10 to 30 years. They also offer you an annual renewable option, and with this option, you can renew your term every year. There is a series of riders that are also sold by SelectQuote that include accidental death, waiver of premium, child’s term rider, and an accelerated death benefit. This way, you are able to customize your insurance coverage beyond what is included in your insurance policy.
- Whole Life Insurance
The whole life insurance is permanent life insurance that stays there until the insured person passes away. The whole life insurance is more expensive as compared to the term life insurance as it has a guaranteed death benefit.
Whole life insurance accumulates your cash value as you keep paying your premiums. This is an additional benefit of whole life insurance that is not included in the term life. The cash value is a portion that you have paid in premiums over the years and is saved away in case you require it. You can use it as a line of credit down the road or as a fund for a large purchase.
- Universal Life Insurance
Universal life insurance is also a whole life insurance policy that allows you to alter your death benefit amount the premium payments. This can be helpful, as, with the passage of time, your financial situation keeps changing.
Universal life also accumulates cash value like whole life insurance. The major difference is that the cash value is placed in several accounts that happen to gain value through investment. This makes universal life much riskier than the whole life insurance, but it is potentially more rewarding.
- Insurance for the Pre-Existing Conditions
If you are having any type of pre-existing health condition, then you might find it quite difficult to qualify for a life insurance policy. The best part of working with an insurance agency like SelectQuote is that they will see on your behalf that which companies offer you the best rate without having to apply individually.
For the ones having pre-existing conditions, SelectQuote has guaranteed life insurance policies to offer. This can help the applicant to prevent the stress of needing to pass any medical exam.
Getting quotes with SelectQuote
There is a technology of times that has been embraced by SelectQuote, and it utilizes an online and phone application. Their life insurance process is streamlined so that the customers can easily complete the application and schedule an exam painlessly and quickly.
The process of getting their quote is simple but can take a little time, and in the application, you have to provide the basic information about your lifestyle, age, health, occupation, and any other factors of interest to the life insurance agent.
In the next step, you will be asked about the type of coverage that you would like, and this can also involve selecting the length of the term and the amount of coverage. If you want a permanent insurance policy, then you can opt for this as well.
The best way to make sure that your personal information does not fall into the wrong hands; you should know how a company uses your information. SelectQuote collects your data in order to help you shop for life insurance quotes.
- Customer support
When you work with a life insurance agent, this means that you have a person to turn to if you have any questions or claims about your policy. With SelectQuote, unfortunately, this is not possible.
The agents of SelectQuote are trained to sell as many life insurance policies as possible rather than helping the customers. This means that you cannot reach out to them if you have any questions regarding your policy after the policy has been sold to you. Thus the entire purpose of a life insurance agent is defeated, so you have to reach out directly to the insurance company.
In addition to that, the website of SelectQuote has no information about the types of life insurance that they offer. If you are to investigate on their website, you may have little or no luck.
Advantages and disadvantages of select quote
There are various key factors that need to be considered if you want to choose SelectQuote at some point. If you still think if SelectQuote is suitable for you or not, then the following advantages and disadvantages will help you to understand the whole picture.
- A simple website
The website of SelectQuote is great at first glance. It is quite a simple website with a clear direction for the consumer. A clear website becomes very important when people search for something that is as confusing as life insurance.
The main page of the SelectQuote website has a clear outlining that they offer Term Life Insurance, and this is their primary offer. In addition to that, you also have an option to click to see Home, Auto Quotes, and also medicate options.
SelectQuote also provides complete information about their history, the amount of time that they have spent in business, and information about different companies that they work with. This makes it a very transparent site, as you will not be able to find this on other sites.
- No policy fees
There are people who get curious about how SelectQuote makes money if they are technically not selling their own insurance products. The insurance companies pay commission to the agents, and this is already priced into their policy. This helps to prevent any additional fees from being tacked on your insurance policy.
- Available for a call
When it is about buying life insurance, then you would want to have a talk with somebody who is an expert. This obviously doesn’t mean that you have to buy anything, but it means that you can get your answers much faster.
You have to keep in mind that the recommendations are only as good as the salesperson or the advisor that you are having a conversation with. It will be a good approach if you ask the person about their experience and how long they have worked with the company. This way, you will be able to pick up quite quickly if they have knowledge about what they are doing & talking about.
- No whole life insurance
One of the biggest downsides of SelectQuote is that they are not the site to go to if you are to consider whole life insurance and would like to compare different options. If you want a quote for whole life insurance, and compare the term and whole life insurance, then you can do it here.
Not offering the whole life products is not considered as the worst thing by many people, but it surely does make a difference when you are to consider what kind of advice you might be given. Although many people believe that not offering whole life insurance is quite negative, SelectQuote does offer term life insurance products that can be converted to the whole life in the future.
- Slow process
Another downside that is quite a big issue with SelectQuote is there are many complaints in the process of getting a quote. SelectQuote claims that it is a quick and easy process to get a quote from them, however, once you submit the information to get your quote, then you are into the sales funnel of the company, and this can lead to various phone calls and unwanted, annoying follow-ups.
Overall, SelectQuote is considered as quite a popular place to quote for term life insurance. If you are looking for a reasonable term life insurance plan, then you can obtain the plan online with SelectQuote. The fact is that it is a giant in the marketplace. When you are going to shop for life insurance, it is better to compare as many companies as possible. SelectQuote makes it quite easy for you, but you should do your due diligence before you opt for a life insurance quote.
Hi, I’m Mitch Winstead with Advanced Mutual Group. I have been selling burial insurance for over 20 years. If you have any questions or would like a free quote, please call our office today toll-free 1-866-598-8170. Our email address is firstname.lastname@example.org Our website is http://www.advancedmutualgroup.com. Our Facebook page is http://www.facebook.com/advancedmutualgroup.
Compare us to Colonial Penn or Globe Life insurance. Burial insurance is what Advanced Mutual Group concentrates on. The average cost for a funeral is approximately $9500. We have Mutual of Omaha burial insurance and AIG guaranteed issue life insurance.