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GEICO is known for auto and home insurance but also offers whole, universal, and term life insurance policies with the help of its underwriting partners. While it does not underwrite the insurance policies it offers, representatives will help you find a plan that’s right for you at an affordable rate.
- Pros and Cons
- Key Takeaways
Offers easy to apply for online insurance
Range of coverage amounts to choose from
Offers some guaranteed acceptance policies
Medical exams may not be required
Offers several types of insurance
Don’t underwrite the policies
Customer service will depend on the underwriter
Agents aren’t experts in life insurance
Limited network of local agents
Few policy details online
- GEICO sells a range of whole, universal, and term life insurance plans underwritten by third-party insurers.
- You can get all of your insurance policies in one place as GEICO also sells home and auto insurance.
- Because they sell other insurers’ policies, you might be able to save money by buying your policy directly from that third party.
- Year Founded 1936
- Kinds of Plans Term, whole, universal
- Number of Plans 3
- Payment Options App, phone, online, check, debit, credit card
- Official Website www.geico.com/life-insurance
GEICO is a well-known insurance company that specializes primarily in auto and home insurance. However, they also sell term, whole, and universal life insurance policies through third-party underwriters. Its goal is to make getting insurance easier by allowing you to meet all your insurance needs through one company.
We reviewed GEICO’s coverage offerings including their available riders, prices, customer service ratings, financial strength ratings, and more to help you figure out if their coverage is the best fit for your needs.
GEICO was founded in 1938 and is headquartered in Chevy Chase, Maryland. Started to serve federal employees and military personnel, the company eventually expanded to serve all customers and it currently covers 17 million drivers through their auto insurance. In 2020, GEICO had company revenues of over $42.5 billion and employed 40,000 employees.
GEICO is owned by the insurance industry titan Berkshire Hathaway, and the policies are sold online, over the phone, and in-person directly from an agent.
GEICO is a national insurer but the life insurance policies might have exclusions in certain states.
GEICO works with LifeQuotes, an online life insurance marketplace that allows you to quickly get online quotes for life insurance. Their coverage amounts vary from as little as $5,000 to as much as $25 million and include both guaranteed issue offerings and insurance that requires a medical exam.
GEICO gives you access to term, whole, and universal life insurance policy options through LifeQuotes which works with several well-known insurers including:
- American General Life
- Banner Life
- Gerber Life
- John Hancock
- Mutual of Omaha
- Pacific Mutual
- Protective Life
- Prudential Life
- William Penn
Term life insurance gives you protection for a fixed term of time to help replace income and cover expenses in the event of your death. This type of insurance is often purchased by people when they are raising a family and paying off a mortgage to cover the added expenses during that period of life.
GEICO offers access to term insurance options that don’t include a medical exam. Instead, you have to fill out a detailed questionnaire with information about your health, finances, and your hobbies.
Term life insurance policies sold via LifeQuotes range in terms from five to 30 years.
GEICO’s whole life insurance covers you throughout your entire life and allows you to build cash value in your policy that you can access via loans or to help replace your income in retirement. Some plans offer you the option to contribute additional funds to them to build more value over time. Premiums are level on their whole life insurance policies, meaning that they never go up.
Details about GEICO’s whole life policy are unavailable online, but you can contact the company or use LifeQuotes’ online quote tool to get more information including a price estimate.
GEICO sells universal life insurance policies that allow you to protect your family and grow your net worth with an option for investing within your policy. Over time, you build cash value and can take money out if you need to access it. Universal life premiums can fluctuate depending on things like your age and your policy’s growth.
Similar to GEICO’s whole life policies, details of the universal life policy are unavailable online, but you can contact the company or use LifeQuotes’ online quote tool to get more information.
Life insurance policy riders are add-ons that allow you to purchase additional protection to cover specific risks. Since GEICO doesn’t underwrite the coverage it provides, the riders offered will depend on the company underwriting the policy.
Some riders their partners offer include:
- Child life insurance rider: This rider can provide you with a term life insurance policy to cover children under 25.
- Spouse life insurance rider: This rider lets you purchase term or whole life insurance coverage for a spouse.
- Accidental death benefit rider: This rider will increase your policy claim if you die as the result of an accident.
- Waiver of premium rider: This rider protects you in case you become permanently and totally disabled by paying your premiums for you.
Riders can be added to all kinds of policies so make sure to ask which are available from the third-party insurers.
Riders often are relatively cost-effective ways to get additional coverage or protection.
Customer Service: Depends On Underwriter
GEICO has a customer service hotline available 24/7 that can help you with questions about buying GEICO’s life insurance. You can contact GEICO customer service by calling 1 (800) 207-7847.
You can also connect with a GEICO agent, contact them online, message them via live chat, or connect with a representative via GEICO’s app.
Note that, after purchasing a policy, you will need to contact the third-party insurer underwriting your policy for any questions or assistance.
Customer Satisfaction: More Complaints Than Average
The National Association of Insurance Commissioners (NAIC) issues a rating of consumer complaints to help consumers gauge customer satisfaction. A company with an average number of complaints would have a score of one. Below one means the company has fewer than expected complaints. Higher than one represents more complaints than expected.
GEICO has an NAIC complaint index of 1.41, meaning that it receives more complaints than its competitors. In total, they have 0.18% of the national complaint market share. Many of the complaints involve irregularities in billing and bad customer service.
Financial Strength: A++ (Superior)
Knowing an insurance company’s financial strength is important when you’re buying a life insurance policy since you want to be sure the company will pay your claims. AM Best provides ratings that analyze a company’s financial strength using factors including the company’s performance, business profile, and balance sheet to calculate how financially healthy it is and whether it will be able to meet its financial commitments.
GEICO has a financial strength rating of A++ (Superior).
Cancellation Policy: Varies
Many life insurance policies provide customers with a free-look period, which provides you 15 to 30 days after you purchase a policy to cancel it and get your money back. After that period ends, many insurers will charge you a cancellation fee. You might also need to fill out a ‘surrender’ application when you cancel your policy if it’s the type of policy that builds cash value. This helps the company calculate your payout.
Since GEICO works with third-party underwriters, the cancellation policies for the underwriter’s plans aren’t available on the GEICO website. Before you sign up for a policy, it’s important that you find out what your cancellation and surrender options are.
Make sure to read the fine print of the third-party policy that you sign up for.
Price of GEICO Life Insurance: Varies
GEICO life insurance policies are sold via the online insurance marketplace LifeQuotes and range in price significantly depending on things like the company you are purchasing coverage from, the type and level of coverage, what riders are attached to your policy, and whether a medical exam is needed.
Because you have several companies to choose from, you can customize your coverage to your needs and choose one that fits best within your budget. They offer coverage for as little as $5,000 and as much as $25 million, so their policy prices will vary significantly.
How GEICO Compares to Other Life Insurance
GEICO is an auto and home insurance company that sells third-party life insurance through its website in partnership with LifeQuotes.
While GEICO doesn’t sell life insurance directly, it does give you access to three popular forms for life insurance from several industry leaders and simplifies paying for all your insurance needs. However, some insurance companies also sell third-party insurance that you might want to consider.
GEICO vs. Ethos Review
We’ve chosen Ethos for our comparison because they both offer life insurance options via their websites through third-party insurers. Consider these comparisons:
- GEICO’s collaboration with LifeQuotes gives you access to more insurers than with Ethos.
- Ethos allows you to get coverage the same day, making the process simpler.
- Ethos does not offer universal life insurance.
- Ethos has clear and standardized plan cancellation policies.
- Both offer several optional riders depending on the insurer.
|Types of plans||Whole, term, universal||Whole, term|
|Customer Service||Phone, online, app, agent, chat||Phone, email, online|
|Customer satisfaction (NAIC Rating)||1.41||Companies they work with range from 0.33 to 0.93|
|More than four optional riders||Yes||Yes|
|AM Best rating||A++||A+|
GEICO is a well-respected insurer who is typically known for its auto and home insurance. It also offers several options for term, whole, and universal life insurance policies underwritten by other insurers. If you want to quickly get life insurance and purchase all your insurance in one place, they are a good option.
However, since GEICO isn’t an expert in life insurance, its agents aren’t trained to help you understand your life insurance needs and find the right policy. You might be better off getting coverage from an insurer who specializes in life insurance and can walk you through the process.
All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.
Insurance Journal. "GEICO Drives Up Berkshire 2020 Underwriting Profit." Accessed April 11, 2021.