Geico Life Insurance | Company Review

Have you tried to get a Geico life insurance quote lately?

Geico doesn’t really offer life insurance but they are able to offer policies from many of the best life insurance companies available.

You can actually see rates for the Geico life insurance companies here:

Geico life insurance

Certainly, Geico is one of the most popular auto insurance providers because they were one of the first to simplify the purchase process and they have very competitive rates. Like many insurers they’ve decided to increase their footprint and begin offering other insurance products and life insurance is one of them.

Most consumers believe that bundling their insurance will deliver substantial savings and in most cases that may very well be true. But the question here is, will the additional product you bundle with your auto insurance (like life insurance) be worth the savings you’ll likely receive on the entire package.

Here, we’ll take a close look at Geico’s Life Insurance offering and provide the information you need to make an informed decision. Let’s face it, not all life insurance companies are great life insurance companies. Whether you were offered life insurance from a Geico agent or happened to stumble across it online, here is the information that we discovered during our research.

Geico life insurance is a little Misleading right Out of the Gate

Our first step in our Geico Life Insurance reviews research was to visit their website.  We were looking for Gieco term life insurance and clicked on the “Life Insurance” offer. We were redirected to another site that was branded as if it was Geico’s life insurance company (but it wasn’t). We filled in the life insurance application and clicked “View Quotes” and were redirected to another screen with a LifeQuotes.com URL (web address) and received a quote from Protective Life Insurance Company.

So right then and there, we were suspicious that we were being referred to an insurance broker, not an insurance company.

There were alternative plans available in the menu on the left side of the page which changed the quote as you changed the plan selection:

Geico life insurance options

Selection OfferedResulting Offer
View all Standard PlansProtective Life Insurance
View only No-Exam PlansView only No-Exam Plans Protective Life Insurance (same All Standard Plans)
View Living Benefit PlansView Living Benefit Plans Transamerica (Doesn’t explain which living benefit)
View Return of Premium Plans AAA Life (Premium was 3 times the Standard rate)View Return of Premium Plans AAA Life (Premium was 3 times the Standard rate)
View Guaranteed Acceptance Plans Columbian Life (Does not disclose the waiting period)View Guaranteed Acceptance Plans Columbian Life (Does not disclose the waiting period)
View Accidental Death Plans Assurity Life (Premium is higher than Standard Plan)Assurity Life (Premium is higher than Standard Plan)

Since the plan information on this page is very brief, the consumer would need to speak with a representative to know what they are getting.

Also, we found it interesting that in every selection the word PLAN was plural, but they only listed one insurance company for each selection.

Finally, we did notice their disclaimer at the bottom of the page in a very small font that was difficult to read:

If you choose to get a rate quote online, you will be taken to the Life Quotes, Inc. website that is not owned by GEICO Insurance Agency. Any information that you provide directly to Life Quotes, Inc. on its website is subject to the privacy policy posted on their website, which you should read before proceeding. GEICO Insurance Agency assumes no responsibility for their privacy practices or your use of their website.

Life coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc.

Is this really Geico life insurance?

It appears from the online pages we reviewed, Geico did not make it apparent that you were on a completely different website that was owned by a company not affiliated with Geico.  Since the Geico is only sending their customers over to Life Quotes, Inc., it’s doubtful that Geico personnel would be involved with any service or claims issues that you might have with Life Quotes or any carrier they placed your business with.

The question that many consumers may have is why doesn’t Geico just announce in no uncertain terms that they do not own a life insurance company and that they are referring you to an insurance brokerage that they do not own either?

Who is Life Quotes, Inc?

Life Quotes is a very large insurance brokerage and call center. Similar to InsurancceQuotes2Day, Life Quotes, Inc. represents many major life insurers as an independent agency but they have a fairly specific business model that you may or may not fit into.

If you visit their website, one of the first things you are likely to notice is that they offer life insurance, health insurance, disability insurance, and auto and home insurance. We couldn’t determine if Life Quotes, Inc sold only term life insurance or if they even offerred IUL policies.  We couldn’t find if the term life insurance they sell is convertible either.

Another thing that stands out about Life Quotes’ website is that there is no telephone number on the homepage and the telephone number on the Contact page is for media inquiries. We did notice this statement on the Corporate Profile page:

“Life Quotes also provides toll-free advice to its website visitors and customers.”

This is a curious statement seeing how there is no telephone number listed on their homepage. To be fair, we did find a telephone number after clicking on the customer login tab, but we assume that is a tech support number if you cannot login to your account.

How Life Quotes, Inc. Operates

Life Quotes, Inc. is more of a “lead generator” than an insurance agency. What we mean by this is that their platform is setup for independent insurance agents to join their program and get leads sent to them (online or on the telephone) from their call center. It’s doubtful that these agents are at the call center or even in the same state; and that’s okay. Our question here would be how the consumer can build a relationship with an insurance agent because of a one-off sale.

Even when you purchase life insurance online from independent agents like InsuranceQuotes2Day, you  can develop a long-term relationship with your insurance agent if you prefer. We have found over time that when you take the “humanity” out of a business transaction, there is no rapport or relationship built for more sales and service in the future.

Lastly, the mission here is not to denigrate Life Quotes, Inc. or Geico for that matter. The mission here is to open the curtain on how these companies operate so you can decide if you want to purchase something as important as life insurance from a company that lacks transparency right from the start.

You can start the life insurance shopping process with us and we can offer the same top life insurance companies as Geico offers.

Geico life insurance

 

 

You can actually call us at 1-800-712-8519 and speak to a live insurance agent.

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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