Select Quote Review
Select Quote has done
a good job branding, with an emmy winning tv host and best seller author
as their spokesperson it is not hard to do. Suze Orman is an expert on
personal finance and has always made it known that she is a believer in
term life insurance. Her subjective views on the company may not be correct.
Personally I think highly of SelectQuote.com, and other organizations online with a large web presence such as Mozdex.com, and admire how they have grown to be a large national online life insurance brokerage, being an independent insurance agent myself, but I do see some disadvantages dealing with them which will be discussed in this Select Quote Review.
Select Quote Advantage
The number one advantage I see for Select Quote is the fact they are an independent brokerage. As an independent brokerage they are able to be licensed in all states with multiple carriers. Though not every brokerage will get licensed with every single carrier in each state they typically try to go for the most competitive and reliable carriers. I see this a very big advantage over dealing with a captive agent, whom only can sell one company. Which if a talented captive agent gets you on the phone they could talk you into purchasing a policy that is twice of much as one of the competing company products.
Disadvantages of Selecting Select Quote
Though they are a brokerage that are licensed in all states with many of the leading insurance providers, they might not be the right agency for you and here's why. Select Quote is huge agency that drives traffic both on and offline, and their agents have bragged they hundreds of leads a day. Being an independent insurance myself, I can assure you having an amount of infinite leads at your disposal is not practical and certainly wasteful. A lead begins to loose its value to an agency of that size. These types of agents begin to have the mind set of "set or forget". They try and sell you as quickly as possible as soon as they get you on the phone, and if they can't they forget about you. Being an independent agent myself I know the amount of work that I put into any prospect "pre-sale" (But then again I'm what select quote agents refer to as a little guy).
Advantages to Purchasing Life Insurance of A Little Guy Like Me
Life insurance rates are based on your health and family medical history. In order to give accurate quotes out to your clients a lot of prescreen questions must be answered. For instance: Are you being treated for any medical conditions past or present? Are you taking any medications? Did either parents or siblings have a heart disease or cancer prior to age 70?) And very rarely will all the answers be NO! Every yes answer opens up a new line of questioning. Its can become a time consuming process, but I always like to give my clients the most accurate rate to see if this is something they can truly afford. All medical records of a proposed insured are obtained by the insurance company during the underwriting process. If there is any medical conditions or other facts that would increase their premium payments these underwriters found them! Trust me on this. Instead of the underwriter discover something I didn't already know, I take the time to thoroughly interview my client and complete the application with them in order prepare my client for what effects any of my findings could have on their price of insurance.
Now I am sure everyone has a local insurance agent near them they can purchase life insurance from, but it is not always apparent whether that agent is licensed with all companies or can provide you with objective information. Insurance agents are paid a commission by an insurance company. Each company has their own contract with each insurance agent and bases their commissions off the amount of volume they submit. So even if they tell you their licensed with all major carriers they still could provide you with biased information in order to get you to purchase a policy off of the company that pays them the highest amount of commissions.
Not only will a local agency have this incentive, but larger agencies LIKE SELECT QUOTE, will as well. Maybe even more so due to the fact a company of that size produces so much volume. The more they put with any one company the more they receive in commissions and bonuses.
I on the other hand have negotiated for myself the same contract with every carrier I write, which in most states is EVERY life insurance company offered in that state. I am paid a straight up commission of 100% of the first year's premium. I receive no bonus due to the fact I don't write the volume in order to qualify for their bonus programs.
For these reasons my clients have been able to intrust in me for unbiased objective opinions and suggestions on life insurance products. I provide them with all the necessary information in order to make an educated decision for them. I spend time reviewing with them their previous medical history and lifestyle factors that will affect their premium in order to give the most accurate rate for insurance. I value every lead I receive and all of the clients I have received over the last 25 years.
I have even worked with many existing clients of SelectQuote and I often hear the same tale: Once the policy is enforced and they are paid they offer no assistance to their policy holders. They direct everyone that calls for service directly to the company. (Unless you want more coverage then suddenly they don't transfer you to voice mail. I hope this review of Select Quote has was informative to you if you are thinking about purchasing a life insurance policy from them, or have done so in the past.