SelectQuote Life Insurance Review

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SelectQuote

SelectQuote

Our Take 

SelectQuote does not sell life insurance, but rather partners with insurance companies to find the best rates for life insurance. Quotes cannot be obtained online and require talking with a SelectQuote sales representative. SelectQuote only offers quotes on term and whole life policies, so if you are looking for universal or variable life insurance, you will need to look elsewhere.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Multiple quotes from top-rated life insurance companies

  • High coverage limits for term policies

  • Most term policies are convertible

Cons
  • Getting quotes requires talking to an agent

  • Most policies require a medical exam

  • Application process can take several weeks

Key Takeaways
  • SelectQuote life insurance policies are underwritten by partner companies.
  • SelectQuote offers term and whole life insurance policies.
  • The company is licensed to sell life insurance in 49 states (excluding South Dakota).
  • Customers can also get home, auto, disability, and supplemental medicare insurance.
Specifications
  • Year Founded 1985
  • Kinds of Plans Term, Whole
  • Number of Plans Two
  • Payment Options Monthly, Annual
  • Official Website https://life.selectquote.com/

Introduction

SelectQuote Life Insurance offers term and whole life insurance quotes through multiple partner insurers. We researched SelectQuote’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of SelectQuote with the competition.

Company Overview

SelectQuote was founded in 1985 as a sales agency to help users find low-priced life insurance offers from competing companies. SelectQuote has served over 2 million customers, helping find quotes for life insurance as well as auto, homeowners, disability, Medicare, and other types of insurance.

SelectQuote offers two types of life insurance quotes. Term life quotes can be obtained through their online quoting tool by completing a questionnaire, though users will need to speak to an agent directly for quote details. Whole life insurance quotes are only available by speaking directly with an agent.

SelectQuote Life Insurance is licensed in 49 states and is currently not available in South Dakota.

By providing your phone number when obtaining an online quote from SelectQuote, users agree to receive a phone call from a SelectQuote agent or automated phone message.

Available Plans 

SelectQuote Life Insurance offers term and whole life insurance plans with a wide range of coverage options. It compares quotes from partner life insurance companies to help you find the best price available.

Here is a list of companies that SelectQuote uses for life insurance quotes:

  • AIG
  • Americo
  • Banner Life
  • Companion Life
  • Globe Life
  • Lincoln Financial Group
  • Pacific Life
  • Protective Life
  • Prudential
  • SBLI
  • TruStage
  • United of Omaha
  • William Penn

Term Life Insurance

SelectQuote offers quotes for term life insurance from partners, with term lengths ranging from 10 to 30 years. Coverage ranges from $5,000 to $5,000,000, which is higher than many life insurance companies offer. The coverage amount and term length depend on the client’s age, health, tobacco use, and more. Most term policies will require a medical exam, though some of the partner insurers may not require it for healthy individuals.

Many of the term life policies are convertible or renewable, meaning they can be converted into a whole life policy at the end of the term or renewed for another term without an additional medical exam. Renewed term policies may carry a higher premium.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that covers the insured for life and accumulates cash value inside the policy. This cash value can be borrowed against tax-free or withdrawn early under certain circumstances (with available riders). SelectQuote Life Insurance offers a range of policies from smaller coverage amounts for funeral and burial expenses to higher amounts to pass on to your beneficiaries.

Whole life quotes are only available by contacting a SelectQuote Life Insurance agent directly. Whole life terms and rates may vary depending on the life insurance partner selected.

Available Riders

Depending on the insurance quote selected, most of the insurers that SelectQuote Life Insurance partners with offer options riders. Insurance riders are add-on coverage options to enhance or improve life insurance policies. This may include extending insurance coverage to your children or adding the ability to access insurance funds early.

The costs and coverage options for riders vary by policy, so you will need to work with SelectQuote Life Insurance and the partner insurer for rider pricing details.

Customer Service: Several Ways to Connect

SelectQuote Life Insurance offers customer support over the phone and via email. Its website also offers educational materials and a life insurance FAQ to help answer common questions about life insurance and the quoting process. SelectQuote Life Insurance has an insurance calculator to help potential customers understand how much coverage they may need.

SelectQuote customer service is available by phone Monday through Friday, 8 a.m. to 8 p.m. CT, and Saturday from 9 a.m. to 2 p.m. CT.

Customer Satisfaction: High Marks  

The National Association of Insurance Commissioners (NAIC) tracks customer complaints to find out how insurance companies compare to each other. This complaint index has an average complaint score of 1.0, with a lower score representing fewer complaints. While SelectQuote Life Insurance doesn’t insure customers directly, the insurers that underwrite life insurance policies through SelectQuote do have complaint scores. Most of them score under 1.0 (better than average), but three insurers receive more complaints than other life insurance companies their size:

  • Globe Life
  • Prudential
  • SBLI 

Before completing your SelectQuote Life Insurance application, ask who will be underwriting your life insurance policy.

SelectQuote Life Insurance was not featured in the 2020 J.D. Power Life Insurance Study, but some of their partners were. J.D. Power ranks in the top 24 life insurance companies based on customer satisfaction, and only Globe Life and Pacific Life ranked in the top 10.

Financial Strength: Varies by Partner

SelectQuote Life Insurance is a third-party service that helps find life insurance quotes but does not underwrite any of the policies. SelectQuote Life Insurance only partners with companies that have received an A (Excellent) or better ranking from AM Best. This ranking reflects a strong financial position based on a company’s balance sheet, risk management, and operating performance. An A (Excellent) ranking or better gives customers confidence that the insurer can pay out insurance claims.

Cancellation Policy: Average

SelectQuote Life Insurance doesn’t offer information about the cancellation policy but instead follows the state-regulated minimum “free-look” period for insurance policies. The free look is a minimum period of 10 days to cancel an insurance policy while receiving a full refund. Free look periods vary by state.

After the free-look period, canceling a term life insurance policy offers no refund of premiums paid. Canceling a whole life policy may have a surrender cash value of the policy, but may include cancellation fees or surrender charges.

You will need to speak to a SelectQuote Life Insurance agent to understand the details of canceling a life insurance policy.

Price of SelectQuote Life Insurance: Varies

SelectQuote Life Insurance term life quotes are available online, but personalized quotes can only be obtained by speaking with a SelectQuote Life Insurance agent directly after completing an online questionnaire. Term life estimates are not final until an agent has been consulted. Term quotes are based on gender, age, height, weight, and evaluation of current health. Premiums can be paid monthly, quarterly, semiannually, or annually. 

Whole life policy quotes are not available online and must be obtained by speaking directly with a SelectQuote agent on the phone. Whole life rates are typically higher than term life policies, as the policy lasts a lifetime instead of a set term.

Sample SelectQuote Term Life Rates
  Man Woman
10-year policy $10.33/month $9.31/month
20-year policy $14.24/month $12.63/month
30-year policy $22.08/month $19.07/month

Sample rates provided are for a 35-year-old individual in excellent health with $250,000 of coverage.

How SelectQuote Life Insurance Compares to Other Life Insurance

As stated, SelectQuote Life Insurance is not an insurance company, but rather a life insurance shopping tool to help compare rates from financially strong insurance companies that offer term and whole life policies. While the quotes help users compare several companies at once, SelectQuote Life Insurance forces users to speak to their sales agents to obtain quotes and apply for coverage, which makes the process a bit cumbersome. 

Here’s how SelectQuote Life Insurance compares to another life insurance company.

SelectQuote Life Insurance vs. Nationwide Life Insurance

Both SelectQuote Life Insurance and Nationwide offer term and whole life insurance options for customers as well as auto and homeowners insurance policies. While SelectQuote Life Insurance is a third-party quoting tool, Nationwide quotes and underwrites all of their insurance policies in-house. SelectQuote Life Insurance only partners with financially strong insurers with an A (Excellent) AM Best rating (or higher), while Nationwide boasts an A+ (Superior) AM Best rating.

Here are a few differences between SelectQuote and Nationwide:

  • Nationwide allows users to apply for term life insurance online
  • SelectQuote Life Insurance compares term rates among over a dozen life insurance companies
  • Nationwide offers universal and variable universal life insurance policies. SelectQuote Life Insurance does not
  • SelectQuote Life Insurance offers up to $5,000,000 in term life coverage compared to only $1,000,000 for Nationwide
SelectQuote vs Nationwide Price Comparison
  SelectQuote Nationwide
10-year policy $10.33/month $12.69/month
20-year policy $14.24/month $16.84/month
30-year policy $22.08/month $25.16/month

Sample rates provided are for a 35-year-old male in excellent health with $250,000 of coverage.

While SelectQuote offers higher coverage amounts for term life policies, Nationwide offers a much larger selection of life insurance options and underwrites its own policies.

  SelectQuote Life Insurance Nationwide Life Insurance
Market Share  N/A 14th-largest in the U.S., 1.84%
Number of Plans  Two  Eight 
Online Quotes Available?  Sample estimates only  Yes (term life only) 
Service Method  Phone and email  Email, phone, in-person, social media 
AM Best Rating  A (Excellent) or better  A+ (Superior) 
Complaints Index  Varies  0.10 (excellent) 
Final Verdict

SelectQuote Life Insurance gives users multiple life insurance quotes for term and whole life policies, with coverage up to $5,000,000. While comparing options is great, SelectQuote Life Insurance requires users to speak to an agent for final quotes, making it tougher for them to compare online. It is a good option for customers who need more than $1,000,000 in term life coverage or who want to work with a third-party agent to compare policies. 

If you want online term life insurance quotes, instant-issue policies, or a wider selection of life insurance options (including universal life), you will need to look elsewhere.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company based on product offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, 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.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Globe Life Insurance Company - Complaint Index." Accessed April 29, 2021.

  2. NAIC. "Prudential Insurance Company - Complaint Index." Accessed April 29, 2021.

  3. NAIC. "SBLI USA Life Insurance - Complaint Index." Accessed April 29, 2021.

  4. J.D. Powers. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed April 29, 2021.