GEICO Life Insurance Review

see how GEICO compares

1 Minute Review

GEICO is a well-known insurance company that offers life insurance options for every stage of life. Its online resources are designed to guide you through your options so you find the best life insurance policy for your needs. Whether you’re looking for a term, whole life or universal life insurance policy, GEICO’s got you covered.

Best For

  • Quality of options
  • Customer service
  • Online resources

Pros

  • Offers term, whole life and universal policies
  • Offers a wide range of coverage amounts

Cons

  • Doesn’t specialize in life insurance
  • Doesn’t offer life insurance directly
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Wondering how to buy life insurance? Good for you — you’re thinking ahead to the future. Check out Benzinga’s GEICO life insurance review so you can see firsthand what GEICO has to offer compared to its competitors.

Who’s GEICO Life Insurance for?

What’s your life stage? Are you newly married? Knee-deep in middle age? You might want to consider GEICO if you’re:

  • A young, married couple: You may be under the impression that you don’t need life insurance if you’re young and healthy. However, if you’re married, life insurance is something you might want to consider. Life insurance can offer your spouse some security when you die.
  • Parents: You might want to be sure your kids have something to fall back on. Life insurance can offer protection to your family and help set your children up for success if something happens and you’re no longer able to provide for them. 
  • Retirees: Unfortunately, many retirees live paycheck to paycheck. If the loss of your income might put your spouse or family members in a tight spot, you may want to consider taking out a life insurance policy. 

GEICO Life Insurance Products

GEICO offers a few different life insurance options. Here are the details:

  • Term life insurance is a popular option among those who are looking for cheap life insurance companies. Term life insurance is a policy that is only active for a set number of years, also referred to as the term. You can choose a term that lasts anywhere from 5 to 30 years. A standard term life insurance policy will cover death by any cause at any time and in any place during the policy’s term. The only exception to this is if death by suicide occurs within the first 1 or 2 years of your policy, depending on your state. Once your term is up, the life insurance policy will expire. At this point, you can either purchase a new term policy or you may also be able to convert your term life insurance policy into a whole life policy.
  • Whole life insurance is a permanent life insurance policy option. Your whole life insurance policy will stay in effect for the rest of your life if you pay the premiums consistently. A portion of your premiums will go into a tax-deferred savings account — the cash value of your life insurance policy. As the cash value grows over time, you will be able to use it. You can borrow against the cash value of your policy to draw from in retirement, fund the policy or to take out a loan. This allows you to use your life insurance policy as both insurance and an investment product. Whole life insurance offers consistent premiums and guaranteed accumulation of your policy’s cash value. 
  • Universal life insurance: Universal life insurance is another permanent life policy option. It is also referred to as “adjustable life insurance” because it offers more flexibility than a whole life insurance policy. You can decide to increase or reduce your death benefit throughout your policy. You can also decide between 2 options for your death benefit. You can choose a fixed amount of death benefit or an increasing death benefit. The death benefit would then be equal to the sum of the face value of your policy and your cash value amount. 

After you pay your first premium payment, you can change the amount and frequency of your premium payments. Your policy will have a specified limit of how flexible your premium payment options are. You can reduce or stop your premiums and use your cash value to pay your premium if you face financial hardships. 

Focus on Term Life: GEICO Term Life Options

Term life insurance is a popular option for many people because it is the most affordable type of life insurance. It offers a more straightforward and easy-to-understand option compared to permanent life insurance options. Term life insurance policies offer simple death benefit protection without additional components.

Each term life insurance policy comes with a predetermined length of time. During this time, GEICO will offer you level premiums that are guaranteed not to increase. GEICO cannot cancel your policy as long as you are paying your premiums on time. You can choose from the following terms:

  • 5 years
  • 10 years
  • 15 years
  • 20 years
  • 30 years

What happens when you reach the end of your term? You can either start a brand new policy or continue your current policy. Either way, you will be subject to new rates that reflect your current age, health and lifestyle.

Available Discounts and Tips on Getting the Best Rates

When you enroll in a life insurance policy, your rates are determined based on a number of personal factors. GEICO offers the following advice to receive the best rates on your life insurance policy:

  • Be upfront. Most life insurance policies will require you to receive a medical exam before you can receive your rate and finalize your policy. GEICO will conduct a thorough review of your medical and lifestyle records. Be upfront about your health conditions and explain your specific health situation instead of letting the company make assumptions. 
  • Get an early exam. Early morning exams usually produce lower blood pressure and cholesterol levels. Be sure to arrive rested and relaxed to receive the best and most accurate results.
  • Monitor rates. As with any insurance policy, rates can fluctuate from year to year. Even after you secure a life insurance policy, it’s a good idea to keep an eye on current rates. Update your policy if there have been any changes in your personal situation or status.
  • Prioritize your health. Prioritizing your health can help you receive lower rates on your life insurance policy. Are you within a healthy weight range and have normal blood pressure and glucose levels? You may be able to get a lower insurance rate.
  • Quit using tobacco products. GEICO will take a look at your lifestyle to determine your life insurance rates. If you smoke or use tobacco products, it could raise your life insurance rate. Quit using tobacco products to lower your life insurance rates and your health insurance rates, too.

GEICO Life Insurance Coverage Selections

You may also be able to customize your coverage with additional riders. Some of these options include an:

  • Accelerated death benefit: You can receive cash advances against your death benefit if you are diagnosed with a terminal illness.
  • Accidental death benefit: You can add this rider to your life insurance policy and provide an additional benefit to your beneficiary if you die in an accident.
  • Waiver of premium: A waiver of premium rider allows you to waive the premium payment on your policy if you become totally disabled. GEICO could also pay the premiums to keep your life insurance active. GEICO could also pay your premium and build the cash value of your policy.

GEICO also offers:

  • Business insurance: GEICO offers business insurance products for a number of situations. This includes business owners’ insurance, general and professional liability insurance, workers’ compensation and medical malpractice insurance.
  • Property insurance: GEICO also offers property insurance for renters, homeowners and landlords.
  • Auto insurance: GEICO is well known for auto insurance. It also offers insurance for other types of vehicles, including ATVs, boats, motorcycles and RVs.

Pricing and Value

The price of your life insurance policy depends on a number of factors, including:

  • The type of policy you choose
  • Where you live
  • Your age
  • Your health

You’ll likely be able to choose from a wide range of policies, but choose the one that offers the coverage that best fits your needs.

Customer Service

You can reach a GEICO agent 24 hours a day, 7 days a week via the following methods:

  • Call 800-207-7847.
  • Fill out an email form on GEICO’s website.
  • Send mail to:

Life Insurance 

8205 South Cass Avenue, Suite 102

Darien, IL 60561

You can also use the GEICO app for some customer service matters.

Claims Support

GEICO offers an online claims center to make your claims process as efficient as possible. 

Should You Get a Life Insurance Policy?

Life insurance policies offer your loved ones financial protection and security. 

You might ask, “How much life insurance do I need?” Some experts recommend taking out a policy that is at least 10 times your annual income or worth. Also consider any debts you have, including an outstanding mortgage. The outstanding balance of these debts should be added to your life insurance policy as well. 

Take your time to compare the options available to you. Consider the rates you are offered and any additional coverages you want. You’ll get the best value if you tailor your life insurance policy to fit your needs.