About SelectQuote

SelectQuote is an independent online insurance broker that assists consumers in comparing life insurance policies to find the most suitable coverage at competitive rates. With over 35 years of experience, the company partners with reputable and financially stable insurers. Its online comparison tool provides a clear and comprehensive way for customers to review multiple policy options side by side.

SelectQuote offers life insurance rate comparisons from leading insurers such as Mutual of Omaha Life Insurance Company, Pacific Life Insurance Company, and more to help customers find cost-effective coverage. The company is licensed to operate in every state except South Dakota. While SelectQuote representatives earn a variable commission on each sale, the company does not disclose commission details by product. This approach helps prevent sales reps from being motivated to push unnecessary policies.

Life Insurance Policies

SelectQuote offers a variety of life insurance options, including whole life, guaranteed whole life, term, and universal life insurance. However, the company provides the most choices for term policies. Term life insurance is an affordable way to ensure financial protection for your family after you pass away.

Compared to other types of life insurance, term policies are generally more budget-friendly. For seniors who haven’t secured coverage earlier in life, term life insurance can be a practical option. However, it is temporary, usually lasting up to 20 years for seniors, whereas permanent life insurance provides lifelong protection.

Term Life Insurance

Term life insurance is a cost-effective way to provide financial protection for your loved ones. Unlike permanent life insurance, it offers coverage for a specific period rather than a lifetime. Policy terms typically range from 10 to 30 years, allowing flexibility based on your financial goals. Since coverage lasts only for the chosen term, it can be an affordable and customizable option to meet your needs.

Instant life insurance without a medical exam is now an option for generally healthy individuals aged 60 or younger. With a quick online application, you can receive approval in under an hour for coverage up to $5 million. If approved, your policy becomes active immediately, providing fast and convenient protection.

Term life insurance policies come with “guaranteed level” premiums, ensuring that your premium remains the same throughout the policy’s duration. Many insurance providers also offer discounts for policyholders who opt to pay annually rather than making monthly payments.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance, providing lifelong coverage while also accumulating cash value. This cash value grows with interest and can be used as savings, to supplement retirement income, or even to help pay premiums in certain cases. Unlike whole life insurance, which has a fixed interest rate, the interest earned on a universal life policy’s cash value may fluctuate over time.

With this type of life insurance, the cash value grows at a variable interest rate and can eventually help cover a portion of your monthly premium. It also serves as a savings account, allowing you to borrow against it for expenses such as retirement or a child’s education.

Simplified Issue Life Insurance

Simplified issue life insurance is a form of final expense insurance, designed to help cover funeral, burial, and other end-of-life costs. These policies generally have a lower death benefit than traditional life insurance, making them a more affordable option for covering essential expenses.

If you’re between 45 and 85 years old, you may qualify for simplified issue life insurance with coverage up to $100,000. Since this policy doesn’t require a medical exam, there’s no need to wait for test results. Instead, you could secure coverage within days, rather than the weeks or months typically required for a traditional life insurance policy.

Simplified issue life insurance is a convenient option for seniors and individuals with health conditions, as it provides coverage without the need for a medical exam or extensive underwriting. One of its key advantages is the fast and straightforward application process. Unlike traditional life insurance, which may require medical exams, blood tests, and in-depth health assessments, simplified issue policies typically involve a short application form that can be completed quickly and easily.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance provides coverage without requiring a medical exam or health-related questions, making approval certain—just as the name suggests. If you’re between 45 and 85 years old, you cannot be denied coverage. This policy is ideal for seniors, individuals with pre-existing medical conditions, or those who have previously been declined for life insurance.

If you’re between 45 and 85 years old, you can secure guaranteed issue whole life insurance with coverage up to $25,000. This policy provides immediate coverage for accidental death from day one. However, for natural causes, coverage is limited during the first two years. In the event of a natural death within this period, the premiums paid into the policy are refunded to the beneficiaries.

Pricing

Seniors have the option to purchase term, whole life, or universal life insurance through SelectQuote. According to Retirement Living, sample quotes for senior term life insurance range from $123 to $379 per month for $500,000 in coverage. Applicants can also apply for term life insurance policies with coverage up to $1 million.

Life insurance premiums depend on various factors:

• Age – Younger applicants typically pay lower premiums.
• Health – Pre-existing conditions can impact rates.
• Medications – Certain prescriptions may affect eligibility and pricing.
• Lifestyle – Risky activities, such as smoking or extreme sports, can increase costs.
• Gender – Women typically pay lower premiums because of longer life expectancy.
• Insurance Provider – Different companies offer varying rates and policy options.
• Coverage Amount – Higher coverage amounts result in higher premiums.

Term life insurance is the most affordable option, but coverage lengths for older adults are typically limited to 10, 15, or 20 years, depending on age. In many cases, a medical exam is required to determine premium rates. However, some insurance providers partnered with SelectQuote offer no-exam life insurance for healthy applicants aged 60 or younger.

How to Purchase Life Insurance?

SelectQuote provides a free online quote tool that allows consumers to compare life insurance and other policy options. After selecting a plan, you can apply online or contact a representative for assistance. The company will verify your information and schedule a complimentary medical exam, which is required for most life insurance policies.

Once the medical exam is complete, you submit your application along with the initial premium payment and wait for approval. If approved, your policy will be mailed to you. SelectQuote offers a 10- to 30-day review period, during which you can decide whether to keep the policy. If you choose to cancel within this timeframe, you’ll receive a full refund of your initial premium.

Customer Support

SelectQuote representatives are available six days a week to assist with quotes, answer policy-related questions, and provide updates on pending applications. Operating hours are Monday to Friday, from 8 AM to 8 PM CT and Saturday from 9 AM to 2 PM CT. Customers can also reach out to SelectQuote’s life insurance division via email for further assistance.

For additional support, SelectQuote offers 24/7 online resources, including informative articles to help consumers understand life insurance options. Their life insurance calculator can assist in determining the right coverage amount to ensure financial security for your loved ones.

FAQs

Are SelectQuote life insurance premiums and death benefits fixed?

The majority of insurers partnered with SelectQuote provide policies with fixed premiums and guaranteed coverage, ensuring that your premium remains the same throughout the policy term. Additionally, the death benefit remains unchanged. However, it’s important to review the specific policy details, as not all life insurance plans include these guarantees. SelectQuote advises customers to choose policies that offer full guarantees for both premiums and coverage.

Does SelectQuote offer a cancellation policy?

Most life insurance providers that work with SelectQuote offer a free look period, typically lasting between 10 and 30 days after the policy is issued. If you decide to cancel within this timeframe, you can do so and receive a full refund of your premium. Additionally, you can cancel an active life insurance policy at any time by reaching out to SelectQuote.

When does my life insurance coverage with SelectQuote take effect?

In certain situations, after submitting your application, you may need to wait for the underwriting process to be completed before your life insurance policy is approved. This process typically takes between four and seven weeks. However, some policies offer conditional coverage during this period, providing temporary protection until final approval is granted.

Is a medical exam required to purchase life insurance through SelectQuote?

SelectQuote arranges a 15 to 20-minute medical exam with a contracted paramedic at a time and location that’s convenient for you, whether at home or the office. During the exam, blood and urine samples are collected and sent to the insurance provider for evaluation. In some cases, additional tests may be required, but a SelectQuote agent will assist you throughout the process.

Can I qualify for life insurance through SelectQuote if I have health issues?

Many individuals with health conditions can still qualify for life insurance, though eligibility depends on the underwriting guidelines of each insurance provider. SelectQuote partners with multiple insurers that specialize in coverage for those with health concerns. A SelectQuote representative can assist in identifying the best policy options for your specific needs.

Conclusion

SelectQuote integrates advanced online tools for comparing life insurance options with the expertise of unbiased agents who can address questions and communicate with insurers on your behalf. The company collaborates exclusively with top-rated and reputable insurance providers, ensuring customers have access to reliable and diverse policy choices.