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Geico LIFE INSURANCE REVIEW - Pros & Cons - Frequently Asked Questions
Reviewed by: Chris Lalor | Last Modified: 02/08/2021
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Overview: GEICO offers life insurance products through its partner, LifeQuotes.com. LifeQuotes.com provides access to dozens of life insurance carriers which makes it easy to get a quote for term, universal or whole life insurance. With coverage from $5,000 to $25 million and terms from 5 years to 40 years, you’re sure to find a product that fits your budget and individual life insurance Geico needs.
Here’s What You Need to Know About Geico life Insurance
With so many options to buy life insurance on your phone or tablet these days, most people wonder even if, Does Geico offer life insurance?
If you are in the market for life insurance, make sure you review GEICO’s website. The life insurance GEICO products they offer through LifeQuotes.com are some of the best companies and rates in the market.
In our GEICO Life Insurance Review, we will cover what they have to offer. We will also review the pros and cons, plus the frequently asked questions.
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How is GEICO life Different?
GEICO Insurance Agency, Inc. has partnered with LifeQuotes.com to offer affordable life insurance policies to fit the needs and budget of the typical American family. By partnering with multiple carriers, GEICO Life provides customers with the ability to find the right coverage and life insurance policy to protect your family’s future should the unexpected happen.
What types of insurance can you purchase from GEICO life Insurance?
Life Insurance Products Offered through GEICO:
It's funny, when I was asked to write this review, my first response was, 'Does Geico have life insurance?'
Turns out they do! With some really competitive options to boot!
GEICO’s webpage states the only options are term, whole and universal life insurance, but when filling in the quote questionnaire at LifeQuotes.com.
There is an option for guaranteed issue life insurance through The Standard as well, if you qualify after filling in the questionnaire.
With these options available, most people are able to find the right type of life insurance policy to cover their needs and still fit within their budget.
How to Compare Companies:
Life insurance companies vary widely in price and policy features they offer. The smartest move is to get quotes from two or three companies and compare the pros & cons of each.
WHAT POLICIES DOES Geico life Insurance Plans OFFER?
Life insurance is not offered directly through life insurance GEICO, but through LifeQuotes.com who has over 30 life insurance carriers to choose from. GEICO offers the following types of insurance, either directly or through a partner:
- Identity theft protection
- Pet (through Embrace)
- Jewelry (through Jewelers Mutual Insurance Group)
- Overseas (through Mirascon Insurance Solutions)
GEICO life Insurance Reviews - A Brief History
GEICO was created in 1936 by husband and wife Leo and Lillian Goodwin. The name stands for Government Employees Insurance Company, which is who the target market was-government employees and enlisted military officers. Within the first year, the company had hired 12 staff members and written 3,700 policies.
Investment banker Lorimer Davidson joined in 1948, and in 1951, met with Warren Buffett, who purchased the first GEICO stock. Davidson went on to succeed Leo Goodwin when he retired in 1958. The company has since grown year over year, now with over 17 million policies in force and 28 million vehicles insured.
Life Quotes, Inc. began as Quotesmith Corporation, founded in 1984. The company owns LifeQuotes.com and consumerinsuranceguide.com, catering to self-directed insurance shoppers. Life Quotes offers life, auto, health and business insurance quotes from dozens of top-rated insurance carriers for people who don’t need or want an agent for their insurance needs.
Americans are terrible at this one thing...
A recent study found that more than half of Americans overestimate the cost of term life insurance by three times. If you've never gotten a personalized quote or only seen quotes from one company, you likely have no idea how inexpensive life insurance really is!
GEICO Life Insurance Products
Life insurance products offered through the GEICO and LifeQuotes.com partnership include term, whole and universal life options. Consumers can access the GEICO website for a life needs analysis calculator to determine how much coverage is needed.
You can choose from a wide range of coverage options, from 5 years to 40 years of locked-in term life insurance coverage. For those needing coverage for permanent needs, like final expenses or leaving a legacy for future generations, there are a number of carriers offering permanent whole or universal life insurance options.
Coverage amounts vary by carrier, but you can choose from $5,000 all the way to $25 million when submitting a quote at LifeQuotes.com.
When you click the “Start Quote” button on the GEICO website, you will be taken to the LifeQuotes.com website. LifeQuotes.com, is NOT owned by GEICO Life Insurance Agency, Inc. By outsourcing their customer’s to LifeQuotes.com, GEICO writes life Insurance coverage through non-affiliated insurance companies. However, the policies are secured by the GEICO Insurance Agency, Inc.
WHO IS LIFEQUOTES.COM, INC.?
- Rated A+ by the BBB since 1997
- Named a “100 Most useful website” – MSN Money
- Past Winner: Forbes’ “Best of the Web” – Forbes
- Twice Ranked #1 life insurance website – Kiplinger’s
According to their website:
“LifeQuotes.com provides access to comparative quotes for auto, life, health and business insurance quotes. They are dedicated to providing impartial insurance information. Visitors to their website can obtain instant quotes form dozens of leading insurance companies, achieve maximum savings and have the freedom to buy from any company shown. Life Quotes provides personal insurance brokerage and policy placement services for its customers. LifeQuotes generates revenues from the receipt of commissions and fees paid by insurers based upon the volume of business produced and also generates revenues from the sale of website traffic and insurance leads to agent and brokers.”
LIFE INSURANCE MADE EASY
Select Your State for an Instant Quote
GEICO Life Insurance Plans coverage details and guidelines
- Level premiums - The rate never changes until the term expires or you stop paying the premium for whole or universal life insurance.
- Paperless processing - If you know what you want, you can get a quote and fill out the application online, with some carriers providing an instant decision on coverage.
- Renewability - Continue to renew the policy annually once the term expires.
Who Issues Their Policies?
The life insurance policies by GEICO Life Insurance and LifeQuotes.com are written through the non-affiliated insurance companies with varying issuers. The policies are secured through GEICO Insurance Agency, Inc.
How Do I Get An Online GEICO life Insurance Quote?
If you click on the GEICO website page for life insurance, you’ll be routed to LifeQuotes.com. On the front page, click on “View Instant Quotes” to begin the online quote.
You must provide your:
- Birth date
- If you’ve used tobacco, nicotine, marijuana, vape, e-cigarette or tobacco substitutes within the last 5 years
- Are you employed 20 or more hours per week
- Annual income range
You will also be asked to check any of the following that apply:
- Receiving disability payments or government assistance
- Not a U.S. citizen
- Participate in hazardous sports or occupations
- Receiving 3 or more moving violations or convictions for DUI in the last 5 years
- Parents or siblings diagnosed with or died from cardiovascular, heart or coronary artery disease, stroke or cancer before age 60
- Bad credit issues in the last 5 years
- Planning to travel to a country rated 3 or 4 on the state department’s travel advisory list
- Have a criminal conviction or law enforcement infractions
- Rated up or declined for life insurance in the past
- Have medical test or procedures recommended but not completed
Once completed, click on “View Quotes” and you will be provided with coverage and carrier options available based on your answers to the questionnaire.
How do I get a low rate?
To get a low rate, you should meet the criteria to be in the healthiest underwriting class:
- Be very healthy with no major medical issues.
- Live a clean and active lifestyle.
- Not have a history of cancer or heart disease in your immediate family.
- Meet any other underwriting criteria for the best underwriting class.
Even if you don’t qualify for the best underwriting class, you can still apply for coverage to see if you qualify for a low rate in other underwriting classes.
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Find Your Perfect Life Insurance Plan!
Click below to search for life insurance by company, coverage amount, and policy type.
WHO is Life Insurance Geico for?
To get the most affordable term, whole or universal life insurance rates, the applicant should be a U.S. citizen between the ages of 18 and 50 in good or better health.
Who is the ideal GEico life Insurance applicant?
The ideal life insurance GEICO customer is someone who is under 45 years of age and in excellent health. However, anyone can apply and have still have a shot of getting the best available prices.
what if i'm not perfectly healthy?
Though you might not get the best rates and coverage options available, you should still apply for life insurance coverage if you need it. Even if you’re not perfectly healthy, carriers offered through GEICO Life and LifeQuotes.com still offer competitive rates for life insurance policies.
Our Favorite Life Insurance Companies
We've worked with and reviewed dozens of companies. Here are our faves.
Ladder Life Insurance
Best for: No-Exam Plans Up to Age 60
Ladder is known for a quick and easy online application with no medical exam required in many cases. They have 10, 20, and 30 year plans. They offer the most coverage without an exam in the industry. Coverage amounts start at $100,000 and go as high as $8 million.
Best for: Lowest Rates or Health Conditions
AIG Direct offers a range of custom term plans up to 35-year term as well as return of premium, and permanent plans that build guaranteed cash value. Their rates will beat just about anyone if you take an exam. They're also terrific if you take medication or have health issues.
Bestow Life Insurance
Best for: Convenient and Simple Plans
Bestow is known for their simple, straight-forward 10, 15, 20, 25 and 30 year term plans up to $1.5 million. They never require a medical exam (ever) and have great rates. Rates start as low as $8 per month.
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how to apply for life insurance with Geico?
Many of the carriers offered don’t sell directly to consumers, so applying through GEICO and LifeQuotes.com is one way to get life insurance coverage.
signing up for A GEico life Insurance Policy
You can sign up through LifeQuotes.com or other online life insurance companies offering the same carrier options.
Below is the complete list of “non-affiliated” insurance companies listed on the life insurance GEICO website.
- American Continental Insurance Company
- American General Life
- American National Life Insurance Company of New York
- Assurity Life Insurance Company
- Banner Life Insurance Company
- Centrian Life Insurance
- EMC National Life
- Fidelity Life Association
- First United American Life Insurance Company
- Genworth Life and Annuity Insurance Company
- Gerber Life Insurance Company
- Globe Life and Accident Insurance Company
- GPM Life
- Independent Order of Foresters
- John Hancock Life Insurance Company (USA)
- Lafayette Life Insurance Company
- Life Insurance Company of the Southwest
- Lincoln Life and Annuity of New York
- Lincoln National Life Insurance Company
- MetLife Insurance Company USA
- Metropolitan Life Insurance Company
- Minnesota Life Insurance Company
- Mutual of Omaha
- National Guardian Life Insurance Company
- National Western Life Insurance Company
- North American Company of Life and Health Insurance
- Pacific Life Insurance Company
- Protective Life Insurance Company
- Pruco Life Insurance Company
- Pruco Life of New Jersey
- Kemper Corporation / Reserve National
- Relastar Life Insurance Company / Voya
- Sagicor Life Insurance Company
- Savings Bank Life Insurance Company of Massachusetts
- Securian Life Insurance Company
- Starmount Life Insurance Company
- Symetra Life Insurancea Company
- Transamerica Financial Life Insurance Company
- Transamerica Life Insurance Company
- United American Insurance Company
- United Farm Family Life Insurance Company
- United Home Life Insurance Company
- United of Omaha
- United State Life
- Vanits Life Insurance Company
- Vanits Life Insurance Company of New York
- William Penn Life Insurance Company of New York
how does the application process to get a geico life insurance quote?
Once you choose a life insurance policy and carrier, you then have to create an account with LifeQuotes.com and provide your:
- Full name
- Street address
- Phone number
- Email address
You are then taken through the application process, which is different based on the carrier and life insurance product you choose.
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geico life financial strength and bbb ratings
geico life Insurance reviews and complaints
GEICO Life Insurance reviews show a 4 out of 5 stars based on 240 ratings on consumeraffairs.com. It has a 1.15 out of 5 star reviews on BBB with 474 customer reviews, but most pertain to auto insurance coverage.
LifeQuotes.com has a 1 out of 5 stars rating on BBB with 4 customer reviews and 2 complaints closed in the last 3 years. It has 4.64 out of 5 stars from 93.824 customer reviews on its own website.
Compare Geico Life Insurance VS New York Life Insurance
GEICO Life Insurance vs New York Life Insurance are similar in that they don’t sell directly to consumers. New York life Insurance has dedicated agents while GEICO Life uses the call center of LifeQuotes.com. New York Life Insurance offers the same types of life insurance policies, but also includes variable universal life insurance. Through LifeQuotes.com, there is coverage for 40 years under the term life insurance but only a max of 20 years with New York Life Insurance.
How to Compare Companies:
Insurance companies are NOT all the same. Some are more lenient on certain health issues, some focus on a no-hassle application without an exam, some are financially stronger than others, and their pricing varies a LOT! The smartest move is to get quotes from two or three companies and compare the pros & cons of each.
GEICO LIFE Insurance Alternatives
Many of the following companies have better products and cheaper prices versus GEICO Life Insurance. Some even offer no medical exam policies.
Bestow Life Insurance Review
Bestow Insurance offers term life insurance for people between the ages of 18 and 60, and in generally good health. You can get coverage online in about 10 minutes starting at $10 a month.
Ethos Life Insurance Review
Ethos is not a life insurance company. They are a licensed producer and third party administrator. Founded in 2017, Ethos has developed an online platform that allows you to apply for life insurance and possibly get instant approval.
Fabric Life Insurance Review
Fabric Life offers affordable life insurance with easy, online quotes and application available 24/7. The company uses algorithms to speed up the underwriting process, with well-qualified applicants getting approved without a medical exam.
Haven Life Insurance Review
Haven Life Insurance Agency, LLC, is a wholly-owned subsidiary of MassMutual and offers an easy and fast online quoting and application process for term life insurance.
Ladder Life Insurance Review
Ladder has developed an online platform that allows you to apply for life insurance and possibly get instant approval. They have teamed up with Fidelity Security Life in 49 states and in New York with Allianz Life Insurance Company of New York.
SelectQuote Life Insurance Review
Since 1985, SelectQuote has saturated the advertising market with multiple TV, radio, & print adds per day. This is the reason they are the #1 direct to consumer insurance agency. BUT....
TruStage Life Insurance Review
TruStage is convenient and is a solid company, but is a lot more expensive compared to other online life insurance providers, limits coverage to $100,000, and only offers 5-year terms.