SelecQuote is not an insurance company but has helped millions of Americans make the right choice when it comes to getting maximum coverage at a competitive price. It’s an online insurance comparison platform that helps people find and compare insurance policies. Learn how the entire process of buying insurance coverage can be streamlined and the role SelectQuote life insurance plays in this review.
Overview of SelectQuote Life Insurance Review
SelectQuote is an online insurance comparison platform that helps individuals find and compare insurance policies. This includes life insurance, auto insurance, home insurance, and Medicare plans. The platform simplifies the process of obtaining insurance quotes from multiple insurance carriers, making it easier for consumers to find the coverage that best suits their needs and budget. They work with a range of insurance companies, allowing customers to compare quotes and make an informed choice. Since insurance carriers pay them when a customer purchases a policy through their platform, their services are typically free to consumers.
SelectQuote was founded in 1985 and has been a long-standing participant in the direct-to-consumer insurance sales industry. Its primary objective is to eliminate obstacles in the process of insurance procurement.
SelectQuote Life Insurance Review: How it Works
To get started with SelectQuote, you’ll need to visit their website and fill out an online application. Generally, this gathers relevant information about your insurance needs and ensures your quote aligns with your needs. These may include your age, health status, coverage preferences, and any other relevant personal information, depending on the type of insurance you’re looking for.
After submitting your application, SelectQuote’s technology matches you with insurance policies from a variety of well-known insurance companies. The platform then generates insurance quotes based on the information you provide. This allows you to compare coverage options and prices from multiple carriers side by side SelectQuote also provides personalized recommendations and guidance to help you make an informed decision. Their licensed insurance agents can offer insights and advice to help you choose the right policy for your needs.
Once you’ve reviewed the quotes and decided on a policy that suits your requirements, SelectQuote can assist you in submitting your application directly to the insurance company of your choice. They can streamline the application process and help you complete any necessary paperwork. Their team provides ongoing support throughout the underwriting process, ensuring that all necessary documents and medical exams (if required) are completed accurately and promptly.
SelectQuote assists in facilitating the issuance of your insurance policy after the insurance carrier approves your application. You will receive your policy documents and be able to make payments through SelectQuote’s platform. SelectQuote can also provide post-purchase support, including assistance with policy changes, claims, and any questions or concerns you may have throughout the life of your insurance policy.
Who owns SelectQuote?
The following are some of the largest shareholders of Selectquote Brookside Equity Partners LLC, BlackRock Inc., Abrams Bison Investments, Llc, Vanguard Group Inc, G2 Investment Partners Management LLC, VTSMX (Vanguard Total Stock Market Index Fund Investor Shares), IWM (iShares Russell 2000 ETF), Hotchkis & Wiley Capital Management Llc, and State Street Corp
Is SelectQuote a Legit Company?
Yes, it is. SelectQuote is a reputable company that has an A+ rating from the Better Business Bureau (BBB). It has an overall rating of 3.0 in terms of its overall performance and is also a BBB-accredited business.
SelectQuote Life Insurance Review: Pros
The following is a review of some of the pros of using SelectQuote for your life insurance needs:
- There is a wide range of coverage quantities that are readily accessible.
- They have trained and knowledgeable Agents
- All term insurance policies have the option to be converted into permanent coverage.
- You can renew your policy if you want to
SelectQuote Life Insurance Review: Cons
The following is a review of some of the cons of using SelectQuote for your life insurance needs:
- The processing time for applications can extend up to seven weeks
- There are a limited number of life insurance providers
- Not licensed to sell life insurance in all states
Are Online Insurance Quotes Safe?
Yes, but this depends on the platform you used to get your insurance quote. Most quote service providers will not provide your information to third parties to ensure you won’t get spam messages from insurance providers.
Does SelectQuote Charge a Fee?
Yes, they do. SelectQuote charges a yearly policy fee of $60 for premium quotations. The premiums for all policies are assured to remain constant for the initial decade but have the potential to escalate on an annual basis thereafter.
Does Getting an Insurance Quote do Anything?
To an extent, it’s useful. An insurance quotation presents a valuable opportunity for individuals to assess their existing coverage with the guidance of a knowledgeable insurance agent. Additionally, it allows individuals to gain insights into potential savings, enabling them to make a more precise estimation of their insurance cost. Lastly, it provides people with the opportunity to study the various insurance coverages and associated premium costs before making a purchase.
SelectQuote Life Insurance Review: Pricing Comparison
Contrary to what many people assume, SelectQuote Insurance Services may not offer a lower premium than other agencies or agents. This means you may not necessarily save money just because you’re working with SelectQuote.com Life Insurance Services.
The determination of life insurance rates is contingent upon the carrier’s underwriting process. Typically, the aforementioned factors encompass an individual’s well-being, chronological age, biological sex, professional vocation, and personal interests. These factors are inherent and immutable, constituting an integral aspect of one’s identity. So there’s no cost benefit in working with SelectQuote.com when you look at it this way
For example, if you’re buying a 20-year term policy through Haven Life with a face value of $750,000, the premium you’ll pay after buying this policy through Select Quote Insurance Services will be the same as if you’d bought the same policy from an independent agent in your neighborhood.
So what benefit will you get from Selectquote? It’s simple.
SelectQuote.com Insurance Services offers a convenient solution for streamlining the processing of your coverage, resulting in both time and cost savings. This service provider assumes responsibility for managing the entire procedure on your behalf. Given the extensive network of carriers that this agency collaborates with, it is reasonable to have high expectations from them.
How Does SelectQuote Work?
SelectQuote works in the following ways:
- Online Application: You start by completing an online application on SelectQuote’s website, providing information about your insurance needs.
- Quote Comparison: SelectQuote matches you with insurance policies from various carriers and provides side-by-side quotes for easy comparison.
- Personalized Recommendations: SelectQuote’s licensed agents offer guidance and recommendations based on your needs.
- Application Submission: They assist you in submitting your application to the chosen insurance company.
- Support Throughout: SelectQuote provides support during underwriting and helps with paperwork and exams if necessary.
- Policy Issuance: Once approved, they facilitate the issuance of your insurance policy.
Do Insurance Agents Get Paid for Quotes?
No, insurance agents typically do not get paid for providing insurance quotes to potential customers. Insurance agents are typically compensated through commissions when a customer purchases an insurance policy through them. The insurance company pays the agent a commission in the form of a percentage of the policy’s premium when an individual or business purchases an insurance policy based on a quote.
Does an Insurance Quote Pull Your Credit?
No, the process of obtaining an insurance quote does not require a credit check. This means that prospects can freely compare prices when shopping for insurance rates because it does not have any impact on their credit score. A hard credit inquiry typically occurs when an individual submits a credit application, such as for a mortgage or credit card.
Are Insurance Quotes Negotiable?
No, insurance quotes are non-negotiable; however, there are several ways to find more affordable premiums.
Is SelectQuote a Broker?
SelectQuote is recognized as the most established and prominent autonomous direct-to-consumer agency specializing in term life insurance in the United States.
SelectQuote Lie Insurance Review: Strength
Over the years, millions of Americans have trusted SelectQuotes for their insurance needs. Why is this? Well, let’s find out:
#1. Independent Agent
The fact that Quote operates as an independent agent is an additional advantage. Independent agents can offer consumers a considerably greater range of potential insurance solutions compared to those offered through captive agents.
#2. Informational Resources
Select Quote provides a satisfactory level of information on its website regarding the fundamental workings of life insurance and the specific services offered by Select Quote. The website contains a plethora of articles that offer valuable information and practical tips.
One of the pros of SelectQuote that we mentioned earlier is that it has knowledgeable agents. The goal of Select Quote is to find a middle ground between the ease of a standard online application process and the flexibility and depth of direct interaction with an experienced agent.
SelectQuote Lie Insurance Review: Weaknesses
The following are some of the weaknesses of SelectQuote:
#1. Not Suited to Permanent Policies or Customization
If you’re uncertain about the most appropriate life insurance option for you, the Select Quote agent will probably recommend a term policy. This is because they have a target to beat and won’t spend much time with clients before moving on to the next prospect.
#2. Buy More Pressure
The Select Quote agent with whom you engage in conversation will probably attempt to promote many insurance products. When contacting Select Quote regarding life insurance, additional information on vehicle and home coverage may be presented during the conversation.
#3. Relatively Small Insurer Network
As mentioned above, Select Quote is an independent agent, and that’s generally a good thing. However, in light of Select Quote’s operational scale, it possesses a rather limited network of carriers in comparison to numerous other independent agents. Select Quote collaborates with organizations that have received great ratings, which is advantageous. However, it is often observed that a wider range of options tends to lead to more favorable results for clients. Therefore, it would be beneficial for Select Quote to consider expanding its selection of insurance carriers.
#4. Volume-Driven Business Model
The goal of Select Quote’s business model is to generate large amounts of sales, and it expects to spend more than $100 million on marketing each year to support it. To get a satisfactory return on investment from advertising efforts, Select Quote agents are required to sell a substantial number of policies. Consequently, agents have limited opportunities to acquaint themselves with the unique characteristics and preferences of each consumer.
Purchasing life insurance through Select Quote may require less time compared to engaging with a more customized service. However, in certain instances, allocating additional time with an agent may be essential to guarantee the most suitable policy for your specific circumstances.
What Kinds of Insurance Can You Get Quotes For With SelectQuotes?
In contrast to several online competitors that exhibit a diversified range of offerings, SelectQuote adopts a more streamlined approach by focusing just on a limited selection of insurance products. These are as follows:
- Medicare Supplement and Medicare Advantage
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