Let’s put first things first. SelectQuote is not an insurance company, but rather an insurance agency.
This is a good thing for consumers because it means you can go to one resource for quotes from just about every life insurance company.
SelectQuote is one of the largest insurance brokers in the country and it seems logical that they didn’t get that way just by spending a lot of money on advertising.
Although important in some respects, the size of an insurance agency does not indicate that they deliver outstanding customer service because the service provided after the sale is typically delivered by the insurance company rather than the agent.
The History of SelectQuote
Founded in 1985 by Charan Singh, a veteran of Charles Schwab’s San Francisco office, SelectQuote was originally established to offer Term Life Insurance from all of the highly-rated insurers to U.S. consumers.
As the agency grew, the company began offering other insurance products like auto and health insurance which are now commonly sold online.
Through its advertising budget commitment to TV advertising, SelectQuote can reach consumers looking for low-cost life insurance that can be purchased quickly and confidentially at very affordable rates.
Since its TV advertising was so effective for drumming up new customers, SelectQuote has continued with its television advertising for over ten years so it’s certainly possible that you’ve already seen it.
Although working through an independent agent rather than a captured company agent, SelectQuote is not an unusual operation since thousands of independent agents offer quotes from the same companies that SelectQuote represents and more often than not, you can find one of these independent agencies in your city or town.
How much does it cost to use SelectQuote Insurance Services?
Like other independent insurance agencies, SelectQuote is paid by the insurance companies they represent (commissions) so your life insurance rates are not affected if you elect to use a SelectQuote life insurance or health insurance.
Most agents in their call centers will also attempt to upsell home insurance and auto insurance which may or may not result in savings for purchasing multiple policies.
As far as customer service is concerned, SelectQuote will always refer you to the company you’re insured by providing the contact information or directly transferring your call to a customer service representative. We bring this up because it’s important to know that the person who took your personal information and developed a rapport with you will not be available to you if you have questions in the future.
What Insurance companies does SelectQuote Represent?
Since SelectQuote began offering more than just Term Life Insurance, its company relationships grew exponentially. The list of companies they partner with is like a who’s who list in the insurance industry.
SelectQuote Life Insurance Companies
|Life Insurance Partners
|United of Omaha
|Globe Life & Accident
|SBLI of Massachusetts
SelectQuote Auto Insurance and Home Insurance
|Home & Auto
SelectQuote Seniors – Medicare Insurance Companies
|Medicare Insurance Partners
|Aetna Insurance Company
|Mutual of Omaha
|Cigna Insurance Company
The Pros and Cons of Getting Insurance through SelectQuote
All insurance companies and independent agencies present pros and cons for consumers. Typically the pros and cons are based on the needs of the consumer and therefore are likely to present differently for everybody. Here are the advantages of using SelectQuote to buy life, health, or home and auto insurance:
- SelectQuote represents many of the highest-rated insurance companies in each category and will shop your insurance policy with all of them to find the best rate for your individual needs and budget.
- SelectQuote sells most of the types of insurance that individuals and families need which makes them a one-stop-shop for personal insurance.
- If you are in good health SelectQuote can get your life insurance policy issued quickly and efficiently. On many occasions, the policy will be issued the same day.
- SelectQuote advertises that they only represent “A” or higher rated insurance companies so you know you can count on the company to be financially stable.
Selling life insurance to an individual is personal because the consumer is sharing sensitive information with the agent. Some consumers find this important and others just want a low price. Even though SelectQuote is one of the largest insurance brokers in the U.S., they do have some flaws that we should talk about:
- SelectQuote conducts business through call centers which means once you’ve completed your transaction with an agent, you’ll likely never speak with them again. Long term relationships are not part of the company’s business model.
- SelectQuote is not the best option if you have health issues now or a history of health issues, SelectQuote is not a good option because call center agents are virtually incapable of assisting with the underwriting process.
- Although SelectQuote represents multiple carries in each category, your options are limited if your case is unusual or difficult to place.
- SelectQuote agents have quotas and time limits to deal with so your agent is going to try and upsell you to other products they offer.
- Although SelectQuote represents multiple highly-rated insurance companies, compared to other independent agents you’ll find online their selection of insurance companies is considered limited.
What customers and former customers are saying about SelectQuote
If you are looking for recommended insurance brokers, you can easily find out what others are saying about any company in a few short minutes. Be careful of negative reviews that aren’t verified though, it could be disgruntled former employees looking for revenge.
Here’s what we found about SelectQuote:
- Yelp: 2 out of 5 stars (97 reviews)
- USinsuranceReviews: 4.3 out of 5 stars (3,919 reviews)
- Trustpilot: 5 out of 5 stars (8,589 reviews)
How your insurance experience turns out using SelectQuote depends on your personal needs. If you’re familiar with life and health or home and auto insurance, you’ll likely have a positive experience and get a competitive rate at the same time.
If your insurance needs fall outside-the-box then you’ll likely be better off shopping with an independent agent who has their own office and is not trapped in a call center selling cookie-cutter insurance policies.