They all rank well in search engines like Google for various searches regarding life insurance because they have “deep pockets” and pay to rank well. However, they are not offering the best rates and products in the life insurance industry, and they have hundreds of agents, some of which I’m sure are very good and some that are not.
At Americanterm.com, we can offer you rates from every life insurance company that SelectQuote, Intelliquote, and Accuquote (here on out referred to as SI&A) can offer you, as well as hundreds more.
Think of us at Americanterm.com like your local family owned hardware store from the past that not only provided you with excellent service but could also offer you the best price on every product you purchased. Prices that Home Depot, Lowes, and Walmart could NOT even beat!
Considering that SI&A only offer a very limited number of life insurance companies, I ran rates for myself for $1,000,000 of 20 year term at Preferred Plus rates, and both Intelliquote and Accuquote showed Protective Life’s rate of $1,149 per year as the best company for me. SelectQuote would not provide rates on their website but indicated that they’d have an agent contact me to discuss, yet of the 12 life insurance companies that they do offer, Savings Bank Life of MA would be the best based on the criteria that I provided at a rate of $1,140 per year.
Looking at my database of rates from over 121 quality insurance companies, the best Preferred Plus $1,000,000- 20 year term rate for me is $1,055 per year from Cincinnati Life. This would save me $85 per year over the best rate from the above companies, which is not huge, but Cincinnati Life also allows conversion to their best permanent life insurance product.
Cincinnati Life’s conversion product is a significantly better product with better rates than either Protective Life or Savings Bank Life of MA currently allows for conversion. To me, buying the Cincinnati Life policy is a “no-brainer” if my goal is to have the best rate and policy possible, now with the option to extend it in the future to their best permanent product if I want or need to later.
The second thing to consider is that SI&A all quote based on price alone, and there is no mention on ANY of their sites (that I could find). They also don’t offer the absolute best term life insurance companies that will pay you living benefits or cash from your term policy while you are still alive but suffered a health issue like invasive cancer, heart attack, stroke, end stage kidney failure, organ transplant, or if you have bypass surgery or angioplasty.
Columbus Life and AGLA are the two companies with the best term rates that include living benefits, and for only a few more dollars than the absolute lowest rates in the country. The best rate for me was $1,160 per year including living benefits, and this is only $20 more per year than the best rate from Select Quote shown above.
For $20 more, I believe many people would opt to buy a policy with living benefits if they understood the advantage and were made aware of them. For people that may not be interested in living benefits, then there are still better rates and products available from quality A and A+ rated companies than what SI&A offer.
The third thing to consider is that if you have any health issues, like heart disease, diabetes, or cancer, or if you have other underwriting issues like a bad driving record, you’re a private pilot, had a recent DUI, etc., then you’ll never want to deal with a company like SI&A, as they all offer too limited a number of companies to offer you the best rate possible. Getting the best rates for these tougher cases also requires a lot more time and work, and I suspect many of the agents that work for SI&A won’t take the time to do the work that is required.
SI&A cannot offer you many quality life insurance companies that all fit some niche. Insurance companies like American National Life, Assurity Life, Cincinnati Life, Columbus Life, John Hancock, Lafayette Life, Met Life, Midland National Life, Minnesota Life, Nationwide, North American Company for Life & Health, Ohio National Life, Pacific Life, Penn Mutual, Symetra, United Home Life, VantisLife, and the list goes on and on…
The above companies are best for many niches, including the best “no exam” rates; best chewing tobacco, cigar, pipe, or marijuana smoker rates; best rates with living benefits; best “preferred” rates for some diabetics; best final expense rates; best occasional cigarette non-smoker rates; best guaranteed level for life rates; best student pilot and private pilot rates; and best guaranteed acceptance rates, just to name a few of the niches that these companies fill.
Another thing to consider is that all of the agents that work for SI&A certainly have quotas, and they will lose their job if they don’t sell enough policies. While I’m sure they have some really good agents that care about doing a good job, with that pressure to sell or the risk of losing their job, selling is their number one goal. It’s a numbers game, which makes it unlikely that they can really take the time to do what is in your best interest. It’s the sell, move on to next case, sell, move on to next case mentality. This is another reason they would not be best for you.
Finding a good independent life insurance agent or broker that offers ALL of the competitive life insurance companies and only has your best interest in mind can be tough, but if you’re reading this, you’ve found one. I’ve been doing this since 1992, and I work with my father who’s been doing this since 1969. It’s always our goal to show you the best rates and different life insurance products that best fit your needs and budget. From there we would help you decide which is best for you by showing you the pros and cons of each.
Here is an example of how we consult:
Using the rates I quoted above, and assuming we previously narrowed down that $1,000,000- 20 year term was best and that Preferred Plus rates were available, I’d offer both the absolute lowest rate of $1,055 from Cincinnati Life, the best rate possible, and the rate of $1,160 from Columbus Life, the best rate that also offers a cash payment from the policy while still living, for a qualifying health issue. The cash payment could be an amount of $25,000 up to $250,000.
I know what I’d buy in the scenario above, but I understand that everyone has different wants and needs, and the ultimate choice would be up to you. We never pressure you to buy one policy over another or to buy any policy at all, for that matter. I’ve been told I’m a horrible salesman, and I took that as a compliment because I am a consultant.
If you’d like a consultation to find out the best life insurance rates and products for you, call here and ask for Gordon or just email me at [email protected].
Or if you don’t want to speak and just want to get an accurate quote, click on link below and answer the questions to get the best, most accurate quotes from EVERY quality insurance company in America today!
SI&A were “game changers” in the life insurance industry for how life insurance is bought and sold, and I believe they’re all good companies with very smart, forward thinking people running these companies. On the other hand, if you’re looking for the best life insurance rate and the best value, they are not going to be the best for you!
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