SelectQuote isn’t a life insurance company. Rather, it’s an insurance sales agency you can use to get quotes from top life insurers, such as Prudential and Protective Life. Through SelectQuote, you can get quotes for term and whole life policies and purchase $5 million in coverage. However, SelectQuote doesn’t sell universal or guaranteed issue policies. If you are interested in those policy options, you’ll need to apply for coverage through another company.
- Pros & Cons
- Key Takeaways
- Company Overview
High coverage amounts available
All term policies convertible to permanent coverage
Policies are renewable
Applications can take up to seven weeks to process
You’re required to speak to an agent for quotes
Not licensed in all states
- The company was founded in 1985 and is headquartered in Overland Park, Kansas.
- Insurance policies sold through SelectQuote are underwritten by partner insurance companies.
- You can get quotes for term and whole life insurance.
- The company also sells home, auto, and disability insurance policies.
- SelectQuote is not licensed to sell life insurance in South Dakota.
Founded in 1985, SelectQuote is an insurance sales agency that helps customers find the best rates on life insurance policies.
Along with life insurance, customers can also use SelectQuote to purchase auto, home, and disability insurance. It also sells Medicare Supplement insurance and Medicare Advantage plans.
SelectQuote sells life insurance in all states except for South Dakota.
- Year Founded 1985
- Kinds of Plans Term, whole
- Number of Plans 2
- Payment Plan Options Monthly, annually
- Customer Service Phone, email
- Phone 855-629-4500
- Official Website www.selectquote.com
SelectQuote is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- High coverage amounts available: While some companies have coverage maximums of $500,000 or less, SelectQuote allows you to purchase $5 million or more in coverage as long as you meet the issuing insurance companies’ underwriting requirements.
- All term policies convertible to permanent coverage: All term policies purchased through SelectQuote are convertible to whole or universal life policies, without the need to undergo an additional medical exam.
- Policies are renewable: When your term life policy expires, it will automatically renew without requiring another medical exam. Keep in mind that your premiums may increase as carriers update their rates.
- Applications can take up to seven weeks to process: If you need insurance right away, you will likely need to look elsewhere for instant issue coverage. Policies sold through SelectQuote can take four to seven weeks to process.
- You’re required to speak to an agent for quotes: For all of SelectQuote’s policies, you can submit your information online. However, you have to wait for a call from a SelectQuote agent to get policy rates.
- Not licensed in all states: SelectQuote is licensed to sell life insurance in most states, but not in South Dakota. Residents of that state will have to use another company to get insurance coverage.
Select Quote has served more than two million customers.
Through SelectQuote, you can get quotes for term and whole life coverage. After submitting your information for a quote, an agent will call you to discuss your options and answer any questions you may have. Most policies will require a medical exam.
There are two plan types to choose from:
Term Life Insurance
Term life insurance is often recommended because it’s relatively inexpensive. It provides you with temporary coverage; your beneficiaries receive a death benefit only if you die during the covered term.
SelectQuote’s coverage amounts range from $5,000 to over $5 million. You can choose a term of 10, 15, 20, or 30 years.
Whole Life Insurance
Whole life insurance is permanent coverage. It’s designed to last for your entire life. As long as you pay your premiums on time, your coverage never expires.
In addition, whole life policies can accumulate cash value. Over your lifetime, you may borrow against the cash value or withdrawal from your policy to pay for major expenses or to supplement your retirement.
SelectQuote offers a range of whole life coverage amounts, ranging from smaller policies to cover your final expenses to substantial policies that leave your family a lasting legacy.
When you purchase a life insurance policy, you may be able to add insurance endorsements or riders to your plan at an additional cost. You can use riders to get coverage for your spouse or children, access your benefits early if you become ill, or add to your coverage at future points.
Available riders are dependent on which company SelectQuote identifies for your needs. In general, most SelectQuote partners allow you to add children’s term insurance riders to your policy. You can get up to $25,000 in coverage for your children.
SelectQuote’s customer service team is available by phone. To contact customer support, call 800-670-3213 for general inquiries or 855-244-1993 to get a quote for life insurance. SelectQuote’s customer service line is staffed Monday through Friday from 8 a.m. until 8 p.m. CST, and on Saturdays from 9 a.m. until 2 p.m. CST.
If you want to get a quote and submit your information online during SelectQuote’s business hours, a licensed sales agent will contact you within 15 minutes. If you submit your information after their business hours end, they’ll contact you the next business day.
SelectQuote offers educational materials to help customers make informed decisions about their coverage. With its insurance calculator, you can determine how much life insurance you need to provide for your loved ones. It also has comprehensive articles and FAQs to help you learn about the different insurance options available.
It’s always a good idea to look at customer complaints before selecting an insurer. The National Association of Insurance Commissioners (NAIC) collects and releases information on how many complaints companies received relative to their size in the form of a complaint ratio.
When comparing complaint ratios, you should know that the industry standard is 1.0. A company with a ratio higher than 1.0 received more complaints than typical for its size, while a company that has a ratio below 1.0 got fewer complaints than expected.
SelectQuote doesn’t actually issue life insurance policies, so it doesn’t have a complaint ratio itself. However, the companies it partners with do:
- AIG: 0
- Americo: 0.70
- Banner Life: 0.29
- Companion Life: 0.62
- Globe Life: 3.42
- Lincoln Financial Group: 0.26
- Pacific Life: 0
- Protective Life: 0.79
- Prudential: 4.14
- SBLI: 2.96
- TruStage: 0.48
- United of Omaha: 0.25
- William Penn: 0.39
When choosing a life insurance company, you want to make sure the company is stable and will likely still be in operation—and able to pay any claims—in 10, 20, or 30 years.
AM Best is the best-known credit rating agency for the insurance industry. It issues Financial Strength Ratings, its opinion on companies’ financial stability.
Another factor to consider is a company’s ranking for customer service and communication. A good resource is the J.D. Power 2020 U.S. Life Insurance Study. This study evaluated and ranked 24 top life insurance companies based on their pricing, plan options, and customer support.
Below are the AM Best ratings and J.D. Power rankings for SelectQuote’s partners:
|AM Best||J.D. Power|
|Banner Life||A+||Not evaluated|
|Companion Life||A+||Not evaluated|
|Lincoln Financial Group||A-||14|
|United of Omaha||A+||Not evaluated|
|William Penn Life Insurance||A+||Not evaluated|
When you purchase life insurance through SelectQuote or any other company, you typically have a 10-day free look period. During the free look period, you can review your policy documents and decide to cancel your policy. If you cancel, you’ll get a full refund of all premiums paid without penalty.
After the free look period ends, the cancellation terms vary based on your policy type. With term life coverage, you can cancel at any time, but you won’t receive a refund on premiums you paid to date.
With whole life coverage, you may be entitled to a surrender cash value, but there may be surrender charges associated with cancellations, so review your policy documents carefully.
While you can submit your information online for term and whole life coverage online, you can’t get a personalized quote through SelectQuote’s website. Instead, your information is sent to the company, and a licensed sales agent will reach out to you with rate information.
According to SelectQuote, healthy individuals can purchase $500,000 in term life coverage for $20 to $40 per month. If you want whole life coverage, the cost can be substantially higher since the policy lasts for your lifetime rather than a set term.
Along with other insurance companies, SelectQuote requires you to select either “male” or “female” when you submit your information for a quote or complete an application. Being nonbinary doesn’t disqualify you from getting life insurance, but you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.
SelectQuote can be a good option if you are willing to speak with an agent about your policy options. However, it has limitations on what type of coverage you can buy.
We compared it to Mutual of Omaha, a top life insurance company that isn’t one of SelectQuote’s partners.
Mutual of Omaha stands out from SelectQuote in that you can get quotes and purchase some policies completely online, without speaking to an agent. It also offers more options than SelectQuote, with 11 different life insurance plans to choose from. Through Mutual of Omaha, you can purchase term, whole, or universal life policies.
You also can add multiple insurance riders to your policy to customize your coverage, including accelerated death benefits, disability waiver of premium, and dependent children’s coverage riders.
|SelectQuote||Mutual of Omaha|
|Market Share||Not applicable||17th in the U.S., 1.4%|
|Number of Plans||2||11|
|Dividends for 2020||Not applicable||Not applicable|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Agents||Online, agent|
|AM Best Rating||A- to A+ (dependent on issuing company)||A+|
|Complaints Trend||0.25 to 4.14 (dependent on issuing company)||0.65|
If you want to purchase term or whole life insurance and want to make sure you get the best price, SelectQuote can allow you to compare rates from multiple companies by filling out one form and speaking with a licensed agent. You can purchase over $5 million of coverage, allowing you to select an amount that meets your needs.
However, SelectQuote has limited policy options, and all of its policies require medical exams and an extensive application process. If you’re looking for instant-issue policies, universal life policies, or additional riders, you’ll have to apply for coverage from another insurance company.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
NAIC. "AIG - Complaint Index." Accessed March 7, 2021.
NAIC. "Americo Financial Life - Complaint Index." Accessed March 11, 2021.
NAIC. "Banner Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "Companion Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "Globe Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "Lincoln Financial Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "Pacific Life - Complaint Index." Accessed March 11, 2021.
NAIC. "Protective Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "Prudential Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "SBLI USA Life Insurance - Complaint Index." Accessed March 11, 2021.
NAIC. "CMFG Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "United of Omaha Life Insurance Company - Complaint Index." Accessed March 11, 2021.
NAIC. "William Penn Life Insurance Company of New York - Complaint Index." Accessed March 11, 2021.