Select Quote Life Insurance is one of the most well-known insurance marketers in the United States, so most people have heard of them. Do you want to know if Select Quote is the best option for your life insurance requirements?
Select Quote is a reputable company that offers unbiased price comparisons from a variety of reputable life insurance companies. However, before making any hasty decisions, we strongly advise you to read our Select Quote review!
Life insurance is an essential aspect of financial planning, and it’s crucial to choose the right provider. In this blog post, we’ll take a closer look at Select Quote Whole Life Insurance and its coverage options. We’ll explore the intricacies of the company’s policies, competitive premiums, hassle-free claims processing, and customer-centric approach.
What is Select Quote Whole Life Insurance?
Select Quote Whole Life Insurance is a leading insurance provider that offers a wide range of coverage options to meet your needs. The company is committed to providing tailored solutions that cater to your unique requirements. Whether you’re looking for term life, whole life, or universal life insurance, Select Quote has got you covered.
Coverage Options
Whole Life Insurance
Select Quote provides whole life insurance coverage that offers lifelong protection. The company’s policies cover death benefits, and you can also build cash value over time. You can also opt for additional coverage options such as accidental death and dismemberment, disability income, and more.
Competitive Premiums
Select Quote offers competitive premiums for its whole life insurance policies. The company’s policies are priced based on your age, health, and other factors. You can get a free quote from Select Quote by visiting their website or calling their toll-free number.
Hassle-Free Claims Processing
Select Quote is committed to providing a hassle-free claims processing experience to its customers. The company’s customer service representatives are available 24/7 to assist you with your claims. Select Quote has received numerous accolades for its customer-centric approach, including recognition from J.D. Power and Associates.
Pros Explained
- High coverage amounts available: While some companies have coverage maximums of $500,000 or less, SelectQuote allows you to purchase $5 million or more in coverage as long as you meet the issuing insurance companies’ underwriting requirements.
- All term policies convertible to permanent coverage: All term policies purchased through SelectQuote are convertible to whole or universal life policies without the need to undergo an additional medical exam.
- Policies are renewable: When your term life policy expires, it will automatically renew without requiring another medical exam. Keep in mind that your premiums may increase as carriers update their rates.
Cons Explained
- Applications can take up to seven weeks to process: Policies sold through SelectQuote can take four to seven weeks to process. If you need insurance right away, you will likely need to look elsewhere for instant issue coverage.
- Not licensed to sell life insurance in all states: SelectQuote is licensed to sell life insurance in most states but not in South Dakota. Residents of that state will have to use another company to get insurance coverage.
Note
Select Quote has served more than two million customers.
Third-Party Ratings
When choosing a life insurance company, you want to make sure the company is stable and will likely still be in operation—and able to pay any claims—in 10, 20, or 30 years.
AM Best is the best-known credit rating agency for the insurance industry. It issues Financial Strength Ratings, its opinion on companies’ financial stability.
Another factor to consider is a company’s ranking for customer service and communication. A good resource is the J.D. Power 2020 U.S. Life Insurance Study. This study evaluated and ranked 24 top life insurance companies based on their pricing, plan options, and customer support.
Below are the AM Best ratings and J.D. Power rankings for SelectQuote’s partners:
| AM Best | J.D. Power | |
|---|---|---|
| AIG | A | 20 |
| Americo | A | Not evaluated |
| Banner Life | A+ | Not evaluated |
| Companion Life | A+ | Not evaluated |
| Globe Life | A | 6 |
| Lincoln Financial Group | A- | 12 |
| Pacific Life | A+ | 4 |
| Protective Life | A+ | 16 |
| Prudential | A+ | 15 |
| SBLI | A- | Not evaluated |
| TruStage | A- | Not evaluated |
| United of Omaha | A+ | Not evaluated |
| William Penn Life Insurance | A+ | Not evaluated |
Cancellation Policy
When you purchase life insurance through SelectQuote or any other company, you typically have a 10-day free look period. During the free look period, you can review your policy documents and decide to cancel your policy. If you cancel, you’ll get a full refund of all premiums paid without penalty.
After the free look period ends, the cancellation terms vary based on your policy type. With term life coverage, you can cancel at any time, but you won’t receive a refund on premiums you paid to date.
With whole life coverage, you may be entitled to a surrender cash value, but there may be surrender charges associated with cancellations, so review your policy documents carefully.
Price
According to SelectQuote, healthy individuals can purchase $500,000 in term life coverage for $20 to $40 per month. If you want whole life coverage, the cost can be substantially higher since the policy lasts for your lifetime rather than a set term.
Along with other insurance companies, SelectQuote requires you to select either “male” or “female” when you submit your information for a quote or complete an application. Being nonbinary doesn’t disqualify you from getting life insurance, but you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.
Available Plans
Through SelectQuote, you can get quotes online for term and whole life coverage. Most policies will require a medical exam. There are two plan types to choose from:
Term Life Insurance
Term life insurance is often recommended because it’s relatively inexpensive. It provides you with temporary coverage; your beneficiaries receive a death benefit only if you die during the covered term.
SelectQuote’s coverage amounts range from $5,000 to over $5 million. You can choose a term of 10, 15, 20, or 30 years.
Whole Life Insurance
Whole life insurance is permanent coverage. It’s designed to last for your entire life. As long as you pay your premiums on time, your coverage never expires.
In addition, whole life policies can accumulate cash value. Over your lifetime, you may borrow against the cash value or withdrawal from your policy to pay for major expenses or to supplement your retirement.
SelectQuote offers a range of whole life coverage amounts, ranging from smaller policies to cover your final expenses to substantial policies that leave your family a lasting legacy.
Available Riders
When you purchase a life insurance policy, you may be able to add insurance endorsements or riders to your plan at an additional cost. You can use riders to get coverage for your spouse or children, access your benefits early if you become ill, or add to your coverage at future points.
Available riders are dependent on which company SelectQuote identifies for your needs. In general, most SelectQuote partners allow you to add children’s term insurance riders to your policy. You can get up to $25,000 in coverage for your children.
Customer Service
SelectQuote’s customer service team is available by phone. To contact customer support, call 800-670-3213 for general inquiries or 855-244-1993 to get a quote for life insurance. SelectQuote’s customer service line is staffed Monday through Friday from 8 a.m. until 8 p.m. CST and on Saturdays from 9 a.m. until 2 p.m. CST.
SelectQuote offers educational materials to help customers make informed decisions about their coverage. With its insurance calculator, you can determine how much life insurance you need to provide for your loved ones. It also has comprehensive articles and FAQs to help you learn about the different insurance options available.
Conclusion
In conclusion, Select Quote Whole Life Insurance is a reliable insurance provider that offers tailored coverage solutions to meet your unique needs. The company’s policies are competitively priced, and its claims processing is hassle-free. Whether you’re looking for whole life insurance, term life insurance, or universal life insurance, Select Quote has got you covered.
Frequently Asked Questions
Does SelectQuote charge a fee?
There is a $60 annual policy fee for premium quotes through SelectQuote. All premiums are guaranteed to remain level for the first 10 years but may increase yearly after that.
Who owns SelectQuote?
SelectQuote is currently run by Chief Executive Officer Tim Danker. The company is owned by a collection of shareholders, with Bep Iii LLC being the largest individual shareholder.
What companies does SelectQuote work with?
SelectQuote works with a large selection of life insurance companies. This includes AIG, Americo, Banner Life, Companion Life, Globe Life, Lincoln Financial Group, Pacific Life, Protective Life, Prudential, SBLI, TruStage, United of Omaha, and William Penn Life Insurance.
What kind of insurance does SelectQuote sell?
SelectQuote is not a life insurance company. It allows customers to get quotes online and compare their options for term and whole life insurance policies.
