Everybody knows that GEICO will save them 15% or more on automobile insurance, but what if it is about protection for something a bit more sober than your Toyota. In this post we will talk about GEICO life insurance policy.
GEICO & Life Quotes Inc:
A little know truth regarding GEICO is that the organization itself doesn’t provide life-insurance. When you search over their site for life insurance policy, they will forward you to their associate agency, Life Quotes Inc.
Well, this company doesn’t provide life insurance coverage either. Rather, they work as a broker. They will have you respond a few queries regarding your well being and then provide you quote from insurance firms all over the web.
Again, I want to clear here, GEICO doesn’t provide life-insurance. If you carefully read the fine print on their site, they clearly mentioned that they don’t have any authority over Life Quotes Inc. and won’t be responsible for the organization’s practices.
Also you can find here Five Major Insurance Companies Worldwide
Eligibility for life-insurance:
Let’s say you comprehend GEICO’s insurance policy and are at ease with Life Quotes Inc. instead. What sort of queries will they inquire to decide if you are entitled for life-insurance? Here is a common idea:
- What is your age?
- Are you presently experiencing any medical problems?
- Have you experienced any health problems in the previous 6 years?
- What are your habits? Do you drink alcohol, smoke, etc?
- Do you work out?
- Have you ever been discovered with a chronic condition?
These queries are programmed to not just evaluate your present physical condition, but also how likely you’re to stay in great shape for years to come. For instance, one heart stroke 10 years back won’t exclude you automatically, but a record of TIAs (transient ischemic attacks) might give red flags.
As mentioned over their site, Life Quotes Inc. makes no assurances regarding your applications. They don’t have any control over the premiums or the prices you are provided; they are merely the mediator between you and actual life insurance agencies.
Comprehending the Jargon:
Most of the life insurance firms run on a tiered method where they classify potential clients into 1 of 3 or 4 groups. Each group will have diverse rates, and relying on things such as your health, age, and present medical problems, you may be categorized into:
- Preferred – this group is for sound, capable persons with no health issues.
- Standard – most insurers fall under this category, either due to they have had their own health problems in the past or because they’ve a family record of them.
- Substandard – if you are wounded, disabled, or experiencing a continuing medical state, or if you have undergone something severe like a heart attack or stroke in the previous 6 years, you are measured as a high risk client and categorized as Substandard to the insurance agency.
So, now you must have been very clear about Geico life insurance. If you have anything to say, please leave your perspective below in the comment section.