Replacing Employer-Sponsored Life Insurance Plan with GEICO

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By James Tobin, CFP

Critical Takeaways

  • No Proprietary Life insurance Products
  • Your Information is sent to a 3rd party broker as a "lead"
  • independent Agent may Provide better options

Workers Bequest Rating

Expert Review Of  GEICO Life Insurance

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Workers Bequest, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

If you have been looking to replace your Employer-Sponsored Life Insurance plan and GEICO term life insurance was suggested to you but you insist on doing some research, well, we've done some diggings and here are some secrets about GEICO. This review will include, product offerings and alternatives, as well as advice on how to get the best deal possible on life insurance.

History Of GEICO Life Insurance

With all the television advertising it would be near impossible to not be familiar with GEICO

"But, I thought GEICO only sold home and auto insurance"

If that was your response when you were offered a GEICO life insurance quote, nobody could blame you. In fact, truth be told, you'd be right.

You see, although GEICO is much admired for their home, auto & renters coverage, they don't actually sell life insurance.  

If you're confused because you were recently offered a GEICO term life insurance quote, it's understandable. The truth is that is that GEICO is simply sending your GEICO life insurance quote information to a third party called "Life Quotes, Inc.", who than acts as an agent.

The arrangement between GEICO and Life Quotes, Inc. is not public but you can bet GEICO is getting some  cheddar for supplying the leads. 

GEICO Life Insurance Review:  Product Offerings 

Through Life Quotes, Inc. GEICO is promoting term life insurance. A quick visit to the GEICO life insurance quote page prompts you to enter some personal information and the quote results are then displayed.

This is no different than most call center environments, and in some ways similar to all online agency's (Workers Bequest included).  However, despite the similarities with truly independent agents, there are also big differences.

GEICO Term Life Insurance Quote V. Independent Agent 

Range Of Options

Although technically independent agents, call center agents do not have the broad range of carriers available to them that truly independent agents do. This is not an issue if you are in excellent health, but if you have any existing conditions, it may well be. 

If you have a health condition like say lupus or rheumatoid arthritis, having access to the carrier looks most favorably on you unique circumstance is of the utmost importance.

Because big call center agencies offer fewer carriers, the chances they they will have access to the right carrier is less than certain.

Banks and huge call center agencies have fewer carriers to choose from than most independent agents for simple business reasons.

High volume producers like banks and call centers negotiate the highest commissions in the industry because of that volume. In order to maintain the volume requirements for specific carriers they must limit the number of carriers. This is sound business for them, but it limits the ability to find the carrier that best fits your unique situation. In short their business model has no use for niche carriers.

Experienced Agents

Experienced independent life insurance agents not only have the niche carriers available, they know specific carrier niches.

As stated earlier, if you are in perfect health knowing the guidelines shouldn't matter because you will be preferred plus everywhere. In this case you really can just use the quote tool.

However, if you have a health condition, having an agent that knows the underwriting guidelines at various carriers is the key to finding the best deal possible for your specific condition.

Experienced independent agents will also be better situated to know which carriers allow for no exam options, specific riders and conversion privileges, financial ratings and underwriting turn around times.


In the context of this article service has two distinct meanings. Let's deal with them one at a time.

Service (In The Traditional Sense)  

because even the busiest of independent agents don't have the volume of call centers, you are far more likely to have an experienced agent take the time needed to understand your situation. There is no pressure to handle X amount of calls per hour/shift. 

This is simply not the reality in call center environments. Call centers typically have script monitors and a metrics board front and center that lists calls taken and applications taken per hour. Not exactly an environment that leads to a thought out decision process.   

Service (Insurance Specific)

In this context, "service" can mean the changing of beneficiary, address, the activation of a rider or conversion privilege. These are common enough chores that call center agents will not be available to help with. You will simply be instructed to use the 1-800 number on the policy to contact the carrier. Sometimes, this can be a good experience, other times it will result in you listening to musak from the 80's and wondering why you used a call center. 

Alternatively, professional independent agents are willing and even eager to do service work for clients because it's in their self interest. it's how they get referrals and family members.

GEICO Life Insurance Quote : Review Of Pricing

The pricing tool that is used by GEICO to promotes term life insurance is very similar to the one on this site or any other agents. Because insurance rates are set by law (state department of insurance), the rates are the same everywhere.  

It is for this reason that this site puts so much emphasis on  using an experienced agent who knows the carrier niches. Choosing the "best" rate from the wrong carrier can get turned upside down during the underwriting process and get expensive as a result.

For an example of why knowing the underwriting guidelines of  and carrier niches is so important please see this case study of life insurance with Depression.

GEICO Term Life Insurance : The Verdict

To recap, unlike some multi line carriers like Allstate, GEICO does not sell and underwrite it's own life insurance. Rather it uses a third party broker. The third party, Life Quotes, Inc.  offers competitively priced major life insurers through a call center. 

There is a convenience factor in handling all of your insurance matters in "one stop". However, such "one stop" shopping can be expensive if you have a less than stellar physical condition.

Experienced independent agents are better equipped to handle high risk cases that may require niche carriers. additionally you will get better service from agents that are not being monitored for call length.

Next Step

We are glad about the efforts you've made on checking out for a better upgrade for your Employer Sponsored Life Insurance Plan and finally decided on Workers Bequest. We are committed to a totally transparent process (we'll even share our computer screen with you if you'd like), and making the application process as painless as possible. 

Simply give us a call or send us an email so we can get you started. If you have any questions, We'd also like to hear them.

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