Most people don’t like to think about dying, but if you have a spouse, a child or someone else who relies on your income, planning ahead is one of the best ways to show your love. If you buy a life insurance policy, you can designate a beneficiary to receive the proceeds upon your death, ensuring that they have enough money to pay for your funeral and take care of other expenses. SelectQuote term life insurance is one of the most popular options, but is it right for you? Keep reading to find out.
What Is SelectQuote?
SelectQuote isn’t an insurance company like Allstate or State Farm. Instead, it’s an agency that works with several top-rated companies, giving you access to a wide range of insurance options. Its partners include United of Omaha Life Insurance Company, Globe Life Insurance Company and Pacific Life Insurance Company— all of which are established brands with good reputations.
Agents at SelectQuote sell life insurance, auto insurance and Medicare Advantage policies. If you decide to use the agency to purchase life insurance, you have two options: whole life and term life. However, SelectQuote focuses on term coverage, a type of life insurance policy that covers you for a specific amount of time, often in 10, 20, or 30-year increments.
How SelectQuote Term Life Insurance Works
A term life insurance policy comes with a death benefit that pays out if you die during the selected term. For example, if you purchase a policy with a 10-year term, the policy only pays out if you pass away during that 10-year period. If you pass away after the term ends, your beneficiary won’t receive any money. If that concerns you, consider purchasing whole life insurance instead.
The purpose of SelectQuote term life insurance is to replace your income if you die sooner than expected. Once the term comes to an end, you should be in a better financial position. For example, purchasing a 20-year term policy gives you time to pay off your mortgage and put away money to help your family if you pass away after the term ends, enabling you to choose a specific term instead of paying for coverage for your entire adult life.
The Pros Of SelectQuote Term Life Insurance
One of the main advantages of choosing a term policy is that it’s cheaper than whole life. When an insurance company issues a policy designed to protect you for a limited amount of time, it takes less of a risk. That means you pay less for your coverage. Another advantage is that your premium stays the same for the life of the policy, so you don’t have to worry about your costs increasing as you get older. This applies to level-term policies, not policies with annual renewable terms (ARTs).
A big advantage of working specifically with SelectQuote is that the company services your policy after you buy it. Many agencies sell you a policy and then turn it over to the insurance company to manage, which can be confusing for customers. When you buy from SelectQuote, you can rest easy knowing that the service you receive when you buy a policy is the same service you’ll receive later on.
Also, because SelectQuote works with many top-rated companies, you have access to a wide range of policies to suit your needs. Getting quotes from multiple carriers is a great way to lower your insurance costs, and it can help you secure a policy with extra benefits. Once you sign up, you also have access to a dedicated agent, ensuring there’s always someone available to answer questions or address any concerns you have about your coverage. Your agent can even review your account and let you know if you should consider increasing your coverage or purchasing another type of insurance to complement your term life policy.
Finally, SelectQuote also uses artificial intelligence and other advanced technology to save you time. For example, AI sorts through all the quotes provided by insurance companies, displaying only the best deals. This eliminates the need to review every quote yourself and determine if you should accept or decline. If you need help choosing a policy, you can always contact an agent for personalized assistance.
The Cons Of SelectQuote Term Life Insurance
The only major drawback of SelectQuote term life insurance is that it’s not available to customers in South Dakota. SelectQuote isn’t licensed in the Mount Rushmore State, so it’s not authorized to offer insurance policies there.
Overall, most consumers are happy with the service they receive from SelectQuote. As of June 2023, the agency has nearly 7,900 positive reviews on Trustpilot, with many reviewers commenting that SelectQuote has friendly agents who take the time to explain things thoroughly. Agents also have a reputation for getting back to customers quickly any time they have questions or concerns. To take it one step further, SelectQuote is accredited by the Better Business Bureau, giving you extra peace of mind as you shop for term life insurance.
Applying For A Term Life Plan
To purchase a term life insurance plan, use the SelectQuote website to compare your options. Once you find something that works for your needs, call an agent or fill out the online application. You’ll have to undergo a medical exam to make sure you don’t have any conditions that would disqualify you from getting a term life policy, but that’s all there is to it.
After your exam, you must submit your first premium payment via mail and wait to see if you’re approved. If you are, you’ll have at least 10 days to decide whether you want to keep the policy or cancel it.
While no one likes to think about the end of their life, making sure your loved ones are taken care of is one of the most loving things you can do. SelectQuote takes the guesswork out of finding the right term policy by partnering with a variety of top names in the industry. A short phone call and application are all it takes to get started and see why over 2 million people have chosen SelectQuote for their life insurance needs.
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