Did you just catch that SelectQuote life insurance commercial while you are in the market for a life insurance policy that can offer the best rates?
SelectQuote is a popular US-based online life insurance broker that can help you find life insurance coverage at the best rates. You can quickly request a free quote by completing a simple online form.
Within minutes, a SelectQuote representative will contact you to compare coverage options and provide unbiased advice on the life insurance option.
So, is SelectQuote a good choice to buy life insurance from?
They certainly can be, but before you decide to get life insurance quotes and potentially purchase insurance through SelectQuote, use this review to learn more about the company and the advantages and disadvantages of working with the broker.
SelectQuote History and Overview
SelectQuote Insurance Services was launched in 1985 as an insurance sales agency specializing in helping consumers find affordable life insurance.
It is the oldest and most successful direct-to-consumer insurance agency, with over 1,200,000 active customers and over two million policies sold since the start of the company.
SelectQuote is headquartered in Overland Park, Kansas, where the company was founded decades ago. In addition to its headquarter office, SelectQuote has five additional locations spread throughout the United States.
To give you a rough idea of the company’s success, Select Quote generated over $194 million in revenue in 2021. The company has the funds to market its services to the masses.
What is SelectQuote.com?
SelectQuote is not a life insurance company. Instead, the company acts as an insurance broker and marketplace for insurance policies, providing you with unbiased price comparisons. Consumers can compare life insurance quotes from many of the leading life insurance companies in the nation.
While life insurance is the company’s primary focus, SelectQuote also helps consumers shop and compare rates for home insurance and auto insurance options. In addition, you can get an auto, home, and life insurance policy packaged up through one business if you choose to. SelectQuote also has services that provide access to Medicare quotes and insurance options for seniors.
Charan Singh founded the company and served as its CEO until 2017. He now serves as a non-executive chairman of the board. He oversaw the growth of the company for several decades. SelectQuote started with an office in Overland Park, KS, and now has staff in offices located in San Francisco, San Diego, Jacksonville, and Kansas City.
While Select Quote has offices and agents working remotely throughout the United States, most life insurance policies sold are through the company’s official website SelectQuote.com. The website is easy to navigate and jammed-packed with helpful information about insurance coverage. You can also read through a catalog full of SelectQuote insurance reviews, learn about the company, and request your life insurance quotes.
Is SelectQuote a Big Company?
SelectQuote is one of the largest independent insurance agencies in the US. The continued success of SelectQuote led the company to start publicly trading its stock. The company joined the stock exchange in 2020 under the ticker “SLQT.”
However, as the stock saw early success when it first launched in 2020, it has fallen from its peak of around $31 a share to slightly over $2 a share in a short period of being a stock.
Is SelectQuote Life Insurance Legit?
SelectQuote is a legitimate company. It has over 35 years of experience in the direct-to-consumer insurance market. You will find the
SelectQuote remains a reputable company. It has an A+ rating from the Better Business Bureau (BBB), where it has been an accredited business since 1996. SelectQuote Insurance Services has received over 9000 customer reviews on the popular review site better known as Trustpilot.
We recommend reading through the customer reviews if you consider working with Select Quote life insurance. While the company has received many positive reviews, we were surprised at the overwhelming about of negative reviews left by displeased customers.
SelectQuote works with many of the top life insurance companies in the United States. It has received several endorsements, including one of the most notable ones coming from a video endorsement from Suze Orman. However, there is a lot of discussion of possible money being paid for that endorsement if you look around the internet.
SelectQuote only works with trusted names in the insurance industry, ensuring that a reliable company backs your insurance policy.
SelectQuote Life Insurance Options
SelectQuote originally only offered access to term life and whole life insurance options. However, the company now offers various options to suit different situations. Available options include:
- Term life insurance
- Permanent life insurance
- Universal life insurance
- Whole life insurance
- Final expense insurance
Each option has separate advantages to help cover the specific needs of consumers at different stages of their lives. Here is a closer look.
SelectQuote Term Life Insurance
SelectQuote offers a variety of term life insurance options through its partners. A term policy has a limited coverage period of 10 years to 30 years. It is an affordable option for protecting your family financially during specific periods of your life. You can also obtain a death benefit ranging from $25,000 to $10,000,000.
Some term life products offer optional policy riders for customizing your policy. For example, you may have the option of adding an accidental death rider, which pays an additional death benefit for accidental deaths.
An accelerated death benefit rider is also often available. This rider allows the policyholder to receive an advanced death benefit if they become diagnosed with a terminal illness.
SelectQuote Universal Life Insurance
Universal life insurance is a type of permanent life insurance policy. Permanent life insurance plans last for your entire life. If you pay the premiums, the policy remains in force until you pass away.
SelectQuote recently started offering universal life insurance from several carriers. This type of insurance offers increased flexibility compared to whole life insurance. The premiums, death benefits, and savings are all flexible.
You can adjust the death benefit and premiums as your financial or health circumstances change. However, the interest earned on your premium payments is flexible, resulting in less growth in a turbulent economy.
SelectQuote Whole Life Insurance
Whole life insurance is another type of permanent life insurance that you can obtain through SelectQuote. As with universal life, the cash value of your whole life policy grows. However, the increase is guaranteed instead of based on market conditions.
You can allow the dividends you earn to accumulate interest or use them to reduce your premiums. Some insurance companies also allow you to use your policy’s cash value to buy additional coverage or receive cash loans.
Whole also has level premiums and fixed death benefits. Your rates are locked in for life, which increases the initial cost of the plan. However, getting a whole life policy at a younger age can result in greater savings in the long run. You may save money by getting insurance now.
SelectQuote Final Expense Insurance
Several of the insurance companies that partner with SelectQuote offers final expense insurance. Final expense insurance is whole life insurance with lower death benefits.
Seniors often use final expense insurance to cover the cost of burial and other final expenses, such as paying off outstanding debts to leave loved ones with no financial burdens.
Life Insurance Companies Offered Through SelectQuote
SelectQuote acts as an independent agent licensed with multiple life insurance companies. The policies are issued through one of the life insurance companies that SelectQuote partners with.
The list of life insurance carriers offered through SelectQuote includes:
- Banner Life
- Globe Life
- Lincoln National
- Pacific Life
- United of Omaha
- William Penn
All the companies included in this list have at least an “A” rating from AM Best, the leading independent rating agency. The “A” rating is given to companies that demonstrate strong financial stability, essential for finding the right insurance company.
You want to ensure that the company you choose can fulfill its financial obligations and pay claims on insurance policies. SelectQuote gives you peace of mind by only working with reputable companies that have stood the test of time.
Who Handles Death Claims for SelectQuote Insurance?
As SelectQuote is not an insurance company but rather the broker assisting you in finding a policy, all death claims are processed through the company that issues the insurance policy. For example, SelectQuote offers access to life insurance products from Banner Life.
If you obtain a Banner term life insurance policy through SelectQuote, Banner Life is responsible for your policy and subsequent claims.
What is SelectQuote Senior?
SelectQuote Senior is a division of SelectQuote that focuses on helping seniors find suitable insurance and Medicare options. With SelectQuote Senior, you can compare Medicare supplement insurance and Medicare Advantage plans from over 20 leading insurance companies. Some of the companies that work with SelectQuote Senior include:
- Mutual of Omaha
The Medicare marketplace is complex and often overwhelming. SelectQuote Senior helps you explore options based on your specific needs and budget.
Along with Medicare, SelectQuote Senior can help seniors compare Health Reimbursement Account (HRA) options. HRAs are employer-funded health plans that reimburse employees for certain medical expenses.
As with the standard life insurance options available through the company, the senior plans are available at no additional cost. You can receive free quotes and work with an experienced insurance agent to compare and select the best plan.
How to Get a Quote for Life Insurance from SelectQuote
You can get a free life insurance quote from SelectQuote by filling out an online form or contacting a licensed sales agent. If you prefer to work with a licensed sales agent from the beginning, you can call SelectQuote at 1-855-204-6482.
Obtaining a free quote for life insurance products involves filling out a short questionnaire. You also need to provide some basic information, including:
- Date of birth
- Zip Code
- Whether you have existing insurance
- Coverage amount
- Term length
- Cigarette usage
The questionnaire also includes a list of medical conditions. You must mark any health conditions for which you have received treatment, as your medical history determines the underwriting health class. The conditions listed include alcohol abuse, high cholesterol, blood pressure, asthma, heart issues, diabetes, anxiety, sleep apnea, and cancer.
Additional questions are related to your driving history, high-risk activities, and family history. The initial application takes about 15 minutes. After completing the questionnaire, SelectQuote will provide a side-by-side comparison of the best policies based on your responses.
*You cannot view instant life insurance quotes with Select Quote life insurance. Instead, the company collects your information and requires you to speak with a representative who will provide you with possible rates for life insurance coverage based on the information collected on the online questionnaire.
SelectQuote State Availability
SelectQuote is licensed to sell life insurance products in every state except South Dakota. Therefore, the licensed sales agent that contacts you to complete the application will also be licensed in your state. This ensures that the agent understands your state’s laws and regulations.
How to Apply for Insurance from SelectQuote
After completing a short questionnaire, SelectQuote provides a list of options from its trusted carriers. You can view the prices and details of each policy.
Select the policy that best fits your needs and fill out the application. Depending on the policy, you may need to provide payment information to cover the first premium before completing the application process.
SelectQuote submits your application to the carrier that you select. The insurance company then reviews your application and starts the underwriting process.
The underwriting process often involves multiple steps, including a medical exam and a review of your medical and personal history. The insurance company contacts the Medical Information Bureau (MIB), your state’s department of motor vehicles, and other third-party sources. All information is entirely confidential.
If you are denied coverage, the insurance company will send you a letter explaining the denial. If you are approved for coverage, you will receive a contract for the policy. Coverage typically starts as soon as you have accepted the coverage, and the life insurance company processes your first premium payment.
Is a Medical Exam Required?
Most life insurance policies available through SelectQuote require a medical exam. The medical exam is a simple checkup. SelectQuote arranges for a licensed medical professional to visit your home.
Most exams only take about 30 minutes. The medical professional checks your weight, weight, and blood pressure and takes a blood sample. You will receive a copy of the lab results, which the insurance company uses to help determine eligibility and set rates for the insurance policy.
How Long is the Application Process?
The timeframe for completing the application process depends on the policy and the insurance company. Underwriting a simplified issue life insurance policy or a guaranteed issue life insurance policy may take only a few days to several weeks to complete. Two to eight weeks is the average timeframe for a standard underwriting process with a medical exam.
Yet, the application process tends to take a little longer when working with SelectQuote. After submitting your application online, you must wait for a phone call from a licensed sales agent. The SelectQuote agent then submits your information to the insurance company offering the policy that you select.
While the process may take slightly longer compared to applying directly with an insurance company, the sales agent ensures that you find the best policy based on your needs.
SelectQuote Life Insurance Cancellation Policy
The cancellation policy is another detail that depends on the insurance company you choose to obtain a policy from. You may have 10 to 30 days to cancel your policy and receive a full refund of any premiums paid.
The timeframe for canceling your policy with a full refund is often called the “free look period.” After the free look period, the terms for canceling a policy vary. In most cases, you will not receive a refund on paid premiums.
Whole life and universal life policies may include a small payment from the cash value you have already accumulated. However, each company has different requirements. For example, you may need to pay a surrender charge or early termination fee.
Is SelectQuote Good for People with Pre-Existing Health Conditions?
SelectQuote is good for people with pre-existing health conditions, as the company offers access to various life insurance companies. You can find policies that cater to those less likely to be eligible for other plans.
For example, if a health condition disqualifies you from a standard term life or whole life policy, you may qualify for a guaranteed issue life insurance policy.
Finding the right policy for those with pre-existing health conditions is another reason to work with a licensed sales agent. The agent you speak with already knows which companies are most lenient for health conditions, such as diabetes, high blood pressure, and cancer.
Does SelectQuote Offer Non-Medical Life Insurance Options?
SelectQuote offers access to several non-medical life insurance plans where you do not need to complete a medical exam to receive coverage. Potential options that may not require a medical exam include:
- Simplified issue life insurance
- Guaranteed issue life insurance
- Accelerated underwriting
While these options may not require a medical exam, they are intended for different segments of the population. Here is a closer look at each option.
Simplified Issue Life Insurance
Simplified issue life insurance does not typically require a medical exam. Applicants must answer a series of health-related questions to determine eligibility. The insurance company also uses third-party sources to review prescription history and medical history.
Final expense insurance is often a type of simplified issue life insurance. However, these insurance plans do not come with guaranteed acceptance. You may still be denied coverage based on the answers to health questions.
Simplified issue life insurance plans from SelectQuote are available for eligible applicants between the ages of 45 and 85. The maximum amount for the death benefit is $40,000.
Accelerated Underwriting Policies
Some companies offer term life and whole life policies with accelerated underwriting, which streamlines the application process. You may not need to complete a medical exam. However, accelerated underwriting is typically only available to healthy individuals with no pre-existing conditions.
Accelerated underwriting policies from SelectQuote are available with up to $1,000,000 in coverage. These options are best suited for applicants in excellent health up to the age of 60.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance options are available through SelectQuote. These plans offer guaranteed acceptance, which means that you cannot be turned down for coverage.
Guaranteed issue life insurance is best for those that cannot qualify for other plans. You can obtain coverage no matter your health. However, you are also likely to receive higher rates.
As with simplified issue life insurance, guaranteed issue life insurance is available to applicants between the ages of 45 and 85. It is a permanent life insurance policy that does not expire. It may also be used to cover final expenses.
Advantages of Select Quote Life Insurance
SelectQuote is an insurance broker that offers access to various life insurance policies from the top insurance companies in the United States. So, why should you apply through SelectQuote? Some of the advantages include:
- Access to a variety of insurance options
- Term life policies are convertible to permanent insurance policies
- Term life policies are renewable
- You can work with an agent to select the best policy
SelectQuote allows you to easily compare life insurance quotes from over a dozen of the country’s most reputable life insurance companies. This saves you from working with multiple agents or supplying information to various insurance companies to compare quotes.
You simply need to fill out a single application to review rates from multiple life insurance companies. Then, an agent will contact you and help you review options.
You can work with an agent to find the policy with the lowest cost or meets your specific needs before buying insurance. For example, if you want to know how much life insurance you need, an agent can help determine the right amount based on your current situation.
The term life policies are also convertible and renewable. You can convert your term life policy to a permanent life insurance policy or continue renewing it each year.
Disadvantages of Select Quote Life Insurance
SelectQuote can save you the hassle of comparing insurance plans from multiple companies. You do not need to speak to various agents to find the best value. However, using SelectQuote may also come with the following potential drawbacks:
- Applying through SelectQuote may take longer
- You need to work with an agent to receive quotes
- SelectQuote is not licensed to sell insurance in South Dakota
Applying through SelectQuote can take longer than applying directly through an insurance company. Instead of a minimum of two weeks, the shortest time frame for standard underwriting is four weeks.
You also need to work with an agent. Some people prefer to handle everything online without human interaction. If you look at SelectQuote reviews, many complaints come from people who submitted their information in hopes of viewing quotes instantly. Instead, they were bombarded with multiple calls from SelectQuote representatives trying to sell them a policy.
If you live in South Dakota, you cannot purchase life insurance through SelectQuote. Luckily, a few alternative life insurance brokers are licensed to operate in South Dakota.
Alternatives to SelectQuote
Because of its success, Select Quote can spend a significant amount of money on its marketing to get out in front of its competition. However, they are not your only option for shopping for life insurance policies.
Nearly all independent agencies, especially smaller agencies such as No Medical Exam Quotes, can offer you the same life insurance providers, if not many other additional ones that Select Quote does not offer. Plus, you may even find the shopping experience more enjoyable.
Along with independent agencies, you can also apply directly with most of the carriers that SelectQuote works with. However, we don’t typically recommend that only because if you are not approved for coverage or receive rates different from your initial quote, the insurance company will not help see if another provider can offer you better rates.
Along with SelectQuote, you can find other life insurance brokers that are comparable in size. Other popular options include NerdWallet, PolicyGenius, and Intelliquote.
As with SelectQuote, NerdWallet partners with some of the leading insurance companies to provide consumers with various life insurance options. Life insurance policies sold through NerdWallet are offered through the following companies:
The company is licensed as an insurance broker in every state except New York. However, the price comparisons are completed using the PolicyGenius platform.
PolicyGenius is another online insurance broker that offers life insurance price comparisons. Many of the companies that PolicyGenius partners with to offer life insurance are also available through SelectQuote.
After answering a series of health questions and providing personal info, PolicyGenius will direct you to a page containing quotes and policy options. The maximum face amount of a policy from PolicyGenius is $10,000,000.
Intelliquote is a direct competitor to SelectQuote. The company launched online in 1997, making it one of the older alternatives. Intelliquote is licensed to sell life insurance in all 50 states and the District of Columbia.
As with SelectQuote, Intelliquote requires you to submit an initial application. The company then provides you with insurance quotes from top-rated life insurance companies.
Conclusion – Is SelectQuote Worth It?
SelectQuote offers many advantages, especially for those that have never purchased life insurance before. The life insurance marketplace is often overwhelming, so it helps work with a licensed professional, and SelectQuote will do just that.
Applying for life insurance through SelectQuote requires speaking with a sales agent. Your agent can help match you with the best plan based on your preferences, whether you want term life insurance or a permanent insurance policy.
The application process may take four to seven weeks with SelectQuote. However, you can choose from more options, including policies that do not require medical exams and policies for those with pre-existing health conditions.
No matter your insurance needs, you are likely to find a suitable option through SelectQuote. However, visit TrustPilot and read the reviews left by current customers who went through the quoting process to get a real idea of overall customer service and feel for what to expect should you choose to purchase your life insurance coverage through SelectQuote.
Don’t feel like you’re stuck with SelectQuote. There are thousands upon thousands of agencies to work with. Feel free to use our instant quote tool if you would like to see instant life insurance rates.
We also work with many instant decision providers that can offer an entirely streamlined application process with the potential for life insurance approval in 10 minutes or less. These providers include:
How to Contact SelectQuote
The customer service department for SelectQuote is available Monday through Friday from 8 am to 8 pm (central time) and on Saturdays from 9 am to 2 pm. 1-800-670-3213 is the phone number for general inquiries while those wanting a quote can contact 1-855-244-1993.
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