Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 13, 2021

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The Truth in a Nutshell

  • GEICO is one of the best insurance providers in the United States
  • There are four life insurance types through GEICO
  • GEICO is known for its cheap insurance rates
  • GEICO has an A++ for life insurance

GEICO is one of the leading car insurance companies in the United States. They market themselves as the ultimate money saver, helping you save up to 15% in just 15 minutes. However, did you know you can also get life insurance at GEICO?

Life insurance may be available at GEICO, but it doesn’t exclusively sell life insurance. So how do you buy GEICO life insurance? And why is insurance so expensive?

Our GEICO life insurance guide explores everything you need to know to secure affordable GEICO life insurance quotes, what life insurance policies are available, and the company’s third-party ratings.

You don’t have to go through GEICO life insurance. Use our free online quote tool above to compare the best companies in your area today.

What are GEICO’s life insurance plans?

GEICO has ten companies that underwrite life insurance. Therefore, your life insurance options are more prominent than most small companies. While your policy would be connected to Geico and may qualify you for a multi-policy discount, the servicing and billing may not be directly through this company.

Here’s a list of GEICO life insurance policies you choose:

  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Guaranteed Acceptance

GEICO doesn’t break down term life insurance because the company that may underwrite your policy will have different term limits and death benefits. In essence, much like their auto insurance policies, Geico offers life policies that are affordable and diverse enough to meet the needs of most insured parties. Their rates are generally well below the national average.

All life insurance quotes will go through a web portal known as LifeQuotes. It will measure terms from five to 30 years. LifeQuotes can sort through permanent life insurance options like universal and whole life insurance in addition to term life options.

Are insurance riders available?

Again, GEICO won’t exclusively provide life insurance or riders, but the underwriting life insurance company may have a few life insurance riders you can add to your policy.

What is a rider? A rider is a perk or endorsement that adds extra benefits to your life insurance policy. This would mean paying a little more, but less than you would pay to get a completely different policy, even with multi-policy discounts.

For example, a return of premium rider on a term life policy refunds you all the money you spent on monthly premiums during your term life policy period. There are also accelerated payment riders if you have a terminal illness and others related to medical payments.

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How much are GEICO life insurance rates?

Since GEICO works with a few life insurance providers, it’s challenging to pinpoint life insurance rates. Rates are generally lower than competitors, but they vary based on the type of coverage you want and your qualifications coming in. For example, policies that don’t require a medical checkup generally provide less. If you get a policy when older, you’d pay more for the same amount of coverage compared to a younger person paying premiums at an earlier age.

However, we’ve pulled a few details from LifeQuotes and came up with some life insurance rates based on a healthy 30-year-old woman who has a $250,000 death benefit on a term life insurance policy.

GEICO Life Insurance Rates through LifeQuotes and other Underwriters
Term Life PeriodProtective Life Monthly RatesSagicor Life Monthly RatesTransamerica Monthly Rates
10-Year Term $9$9$8
20-Year Term$11$11$11
30-Year Term$15N/A$15
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The key to cheap term life insurance is a shorter term, a younger age, and excellent health. If your death benefits are lower, you can save even more.

However, less coverage isn’t always better. Things like a short-term policy that expires after a certain point may seem appealing because you get more coverage for lower premiums. But if you don’t die within the prescribed time, your beneficiaries would get nothing. Likewise, a funeral policy would be cheaper, but your beneficiaries may be stuck with other bills that would create complications in settling your estate. Life insurance can be an investment. Consider your budget and see if you can get a reliable death benefit.

Is GEICO a good insurance company?

The short answer is yes. GEICO is one of the best insurance companies in the United States. They offer low rates and many types of insurance including homeowners insurance, pet insurance, rideshare insurance, motorcycle insurance, and much more. They have auto insurance discounts for different groups as you might expect.

It also has a good reputation for customer service and claims processing. Whether you’re calling for emergency road service or to file a claim for a total loss on your home, their customer service agents are friendly and ready to help. They have gained the public trust in helping with anything from quotes to rental reimbursement with a competitive annual premium.

Although GEICO Life Insurance Company isn’t as strong as the top life insurance competitors, its partnership with other companies makes it a significant factor in the life insurance industry. It’s able to offer both competitive insurance products and insurance premiums tailored to the average consumer getting an insurance quote.

Continue reading the subsections below to get more details on GEICO’s overall financial strength, customer reviews, and pros & cons.

What should you know about Geico’s financial strength and customer satisfaction?

The most reliable financial strength and credit ratings come from the top rating agencies in the world. One of those agencies is known as A.M. Best. Meanwhile, agencies like J.D. Power are great resources to see the overall customer satisfaction scores. They review companies that provide one type of insurance or many as well as many other financial companies. Entities like J.D. Power generally focus on powerhouses as compared to small mom and pop type companies. But they offer valuable information on things like customer satisfaction and financial strength rating.

Where does GEICO life insurance stand in all of this? Let’s look at a list of GEICO’s financial strengths, credit ratings, and customer reviews.

  • AM Best – A++ (superior and stable financial outlook)
  • S&P – AA+ (low credit risk)
  • JD Power Overall Customer Satisfaction Score – N/A
  • NAIC Complaint Index – 1.38

The A.M. Best and S&P scores are good indicators that GEICO manages money very well. Given their size, they are able to take on riskier drivers and other parties while still offering affordable insurance rates. The sheer number of customers they service gives them the flexibility to weather bigger storms in the insurance market.

However, GEICO doesn’t appear in J.D. Power’s life insurance study, but the companies that underwrite for GEICO are in the study.

What are the advantages and disadvantages of GEICO life insurance?

GEICO may be one of the nation’s best insurance providers, but it does have a few disadvantages. Let’s explore the pros and cons to get a realistic idea about life insurance at GEICO.

GEICO Life Insurance Pros & Cons
GEICO Life Insurance ProsGEICO Life Insurance Cons
Variety of death benefit amountsDoesn't sell life insurance exclusively
No medical exams required for some life insurance policiesCustomer service isn't consistent
Guaranteed Acceptance Life Insurance is availableThe underwriting company isn't listed on your quote
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Did we miss something? You may have found some pros and cons as you were reading.

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How do you cancel GEICO life insurance?

You won’t be able to go through GEICO to cancel your life insurance policy. Why? Since GEICO is a third-party insurer, it won’t have your life insurance policy information. But, the company that underwrites your life insurance policy does. Each company has its own policies you can read about when you choose a policy. If Geico partners with them, you can be sure these life insurance companies will offer a reasonable claims process and low prices that fall well below the industry average. Cancellation policies may detail things such as not getting premiums back or other important factors.

To cancel your life insurance policy, you’ll need to call the underwriting company’s customer service number to cancel your policy. if you have any questions left, make sure to ask them at that time.

What does GEICO mean?

GEICO is an acronym for Government Employees Insurance Company. Despite the name, GEICO is available to people 18 years and older. You don’t have to be a federal employee or military member to qualify. Some companies Geico partners with may offer a military discount just as they might a student discount on auto insurance, but others can still get coverage.

GEICO’s parent company is known as Berkshire Hathaway, and it’s headquartered in Chevy Chase, Maryland. However, GEICO was initially founded in Fort Worth, Texas, in 1936. While Berkshire Hathaway’s other elements may offer more expensive coverage for things like jewelry insurance, luxury auto, etc., Geico is decidedly focused on serving the common consumer.

GEICO Life Insurance: What’s the bottom line?

GEICO life insurance services can lead you to term life and permanent life insurance policies, but it won’t explicitly sell life insurance to its policyholders. If you purchase life insurance through a partner, keep in mind it won’t be like your main Geico homeowners insurance. You’ll need to contact the servicing company for premiums, claims assistance, etc.

You won’t be able to call a GEICO insurance telephone number to cancel your policy since GEICO doesn’t provide exclusive life insurance policies. If you’re shopping for insurance coverage in general, Geico offers a wide range of products. The most important thing you can do whether you’re shopping for homeowners insurance, travel insurance, business insurance, or something else is to get a quote and compare the coverages you’re getting. Then make sure you get all the discounts you’re entitled to whether that’s for good grades, military service, or something else. You may be surprised at what’s out there regardless of your zip code or types of coverage.

Why go through GEICO life insurance and LifeQuotes? Our free comparison tool can locate affordable life insurance near you.