GEICO Life Insurance Review [2021]

This GEICO life insurance review for 2021 will help guide you into a secure life insurance policy with GEICO. If you've compared all the life insurance companies in your area with our free comparison tool and found that GEICO was the most affordable option, learn more about this life insurance coverage. We cover term and whole life insurance, in addition to what you'd expect to pay.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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GEICO life insurance — should you buy it? When choosing your life insurance, you want to make sure the company offers what you need and is strong enough to carry your loved ones through the hardship of your passing. This GEICO life insurance review walks you through how GEICO sells life insurance.

If you’re looking for term life insurance quotes from GEICO, it’s important to know that GEICO doesn’t write it’s own life insurance policies, but offers them through its GEICO Insurance Agency. Keep reading to find out more about what life insurance policies are offered through GEICO.

Enter your ZIP code to use our free comparison tool to find the right life insurance provider in your area. 

Types of GEICO Life Insurance

GEICO offers the standard three life insurance policies: life, whole life, and universal life insurance. Which policies are offered to you depends on the company, since many companies provide life insurance quotes through GEICO.

Term Life Insurance

GEICO term life insurance is coverage over a set period of time that pays out the beneficiaries if the insured’s death occurs during that specific policy. These life insurance policies are between 10 to 30 years. Term lengths and death benefits will depend on the specific company writing the policy.

Term life insurance provides financial help to the beneficiary. This money is often used to replace the income that’s lost due to the death of the insured. The benefit can also help pay bills, future expenses, and even burial costs.

On this life insurance policy, beneficiaries do not need to be related to the policyholder but must be listed on the policy. There can be more than one beneficiary.

Let’s take a deeper look:

  • Term life insurance is over a specific period of time
  • This type of insurance can help replace income.
  • It can also cover some other expenses.
  • You could also be eligible for a no-medical exam policy. Instead of a medical exam, this option asks several detailed health, financial, and hobby questions.

Now, let’s look at whole life insurance. 

Whole Life – Universal Life

This type of GEICO life insurance covers the beneficiary with a payout after the insured dies. Premiums, which are set when the life insurance policy is set up, can be invested and provide cash value, according to GEICO.

Like term life insurance, whole life insurance is paid out to those listed on the policy. The funds are also able to be allocated to a legal entity or in an estate.

Overall, these policies provide:

  • Coverage for your lifetime
  • Income replacement
  • Supplemental income
  • Estate planning
  • A side cash fund that can build over time

Universal life insurance premiums will fluctuate during the policy period.

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How much does GEICO life insurance cost?

The cost of life insurance with GEICO varies based on age, health, lifestyle, employment, and other factors. Term life insurance has become a popular option among those seeking an affordable option.

Your life insurance company will let you make payments either monthly, quarterly, semi-annually, or annually. Contact your life insurance provider to work out what works best for you.

When can you get a life insurance quote?

You can get a life insurance quote at any time online. If you are looking at getting a life insurance quote from GEICO, the website will take you to a form to fill out.

The GEICO site will send you to a partner site which will complete the quoting process. You’ll need to enter some personal information to get rates.

One thing the calculator will ask you is how much coverage do you need. To get an idea of what you need, check out the next section.

How much life insurance do I need?

How much life insurance do you need? The amount of life insurance you purchase from a life insurance company will depend on the expenses you’re trying to cover after you’ve died.

If you’re the main provider of your household or you have children, you may want to consider setting more money aside for the future.

Expenses you should consider include:

  • College expensed
  • Home mortgage
  • Loan debt
  • Funeral expenses

If you are not sure what policy you should get, call your local agent.

GEICO’s Ratings

Because the life insurance policy won’t be underwritten by GEICO, it’s vital that you look at the ratings of the company from which your actual quote is provided. However, we will take a quick look at GEICO’s ratings here.

GEICO has received honors for its great rankings in financial strength and good customer service — among other things.

From A.M. Best, GEICO has received a superior rating (A++)in financial strength. A.M. Best predicts the company will remain stable on the outlook.

In the past year, GEICO was given AA and A+ ratings in financial strength from Standard and Poor’s, Moody’s, and Fitch. This is good for customers to know.

Just as the person poses a risk for their policy, they are taking a gamble the company will be stable enough over the next several decades to ensure security for the policyholder’s family.

In customer satisfaction, fan-favorite J.D. Power gave GEICO a No. 1 rating in customer satisfaction in its northwest and central regions.

GEICO has also been honored in other ways by magazines and surveys. Barron’s has called Berkshire Hathaway (i.e., GEICO) a top-three most-respected company globally. Other notable honors GEICO has received:

  • Black EOE Journal recognized GEICO for excellence in diversity and as a Top Insurance Company in its “2019 Annual Yearbook.”
  • Hispanic Network named it a “2019 Best of the Best” in the Top Insurance Company category. It also recognized GEICO for excellence in diversity.
  • The Professional Woman’s Magazine gave GEICO an honor for excellence in diversity and as a “2020 Best of the Best” in its insurance survey.
  • GEICO also made Fortune’s World’s Most Admired Companies list in 2019.

But, overall, what are people saying about GEICO life insurance?

GEICO Pros and Cons

As listed above, GEICO has been acclaimed by the best rating companies and magazines used for consumer ratings. And again, as noted above the final test will be the reputation of the actual company that writes the policy.

GEICO’s life insurance programs have highly rated customer service, so you know that you will be taken care of by your agent. GEICO customers have also noted that it’s an easy-to-use website, and they enjoy the many options available for discounts.

Check out the table below for a list of pros and cons.

Accordia Life vs. Foresters Financial: Female 20-Year Term $250,000 Policy Monthly Rates by Age

AgeAccordia Life Average Monthly Rates for a 20-Year Term $250,000 Policy (Female)Foresters Financial Average Monthly Rates for a 20-Year Term $250,000 Policy (Female)
Age 30$15.58$12.47
Age 40$20.69$16.63
Age 50$41.83$31.94
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Since you could receive quotes from multiple companies, it’s important to look at those companies’ reputations as well.

What is the best life insurance policy for me?

The best life insurance policy for you may be from GEICO, or not. When you are researching what kind of life insurance to get and who to get it from, weigh out your options. Also, you may want to check with your employer. Most companies offer some version of life insurance to their employees.

GEICO doesn’t actually write the life insurance they advertise, so be aware that you could get coverage from any number of different companies.

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