The Fine Print: We are a competitor of Select Quote. We are in no way affiliated with nor endorsed by Select Quote. This is intended to be an honest review of Select Quote and the way they work. They have claimed to be “America’s #1 Independent Term Life SALES Agency” They just might be. Do you want to be SOLD? Or looking for advice?
SelectQuote is everywhere! As an avid sports fan I see their ads on ESPN frequently. They are often on other channels and the Radio as well. They are a marketing machine that rivals even some of the big insurance carriers out there. With all this name recognition you are bound to cross them sooner or later. But do they deserve YOUR business?
Select Quote has helped millions secure coverage according to their own claims. While we share their mission to help families obtain quality coverage, we go about it in a much different way. Why does it matter and how does it affect you?
Select Quote Myths
Select quote myth #1
You are going to get the best possible deal on your life insurance. Select Quote does operate as an independent agency, but they only work with a dozen carriers or so. Some of the companies they list on their site are duplicates of companies that operate in New York under a different name. Bringing the number of options down even further.
- American General
- Banner Life
- Companion Life (NY)
- Fidelity Life
- Globe Life
- Protective Life
- Savings Bank Life Insurance Company of Massachutsetts
- The Lincoln National Life Insurance Company
- Transamerica Life
- United of Omaha Life
- William Penn Life Insurance Company of New York
The agents at SelectQuote are representatives of the agency and they are limited to only those that the agency decides to offer. If there is a better policy available they can’t offer it to you.
We are truly independent there isn’t a list of companies that we are stuck with. If there is a better product out there we can get it for you.
Select quote myth #2
This brings us to myth #2. Select Quote agents are truly independent. SelectQuote agents are call center reps. Yes they are licensed agents, but they are in a call center environment. They have big sales quotas they have to hit. This leads them to use high pressure tactics to get you to apply now. They need your application today.
As a licensed agent with over 17 years experience I understand that you might want to think it through, or talk to your spouse first. I value your business, but I don’t have to have it today.
All you need to do to see where their focus is, read the tag line on their site. “America’s #1 Independent Term Life SALES Agency”. We don’t sell, we present you with the options that solve your needs. We understand that there is more to value than price. For instance did you know there are life insurance policies out there that can actually cover more than just death? Things like Critical and Chronic Illnesses. We take the time to go over all those options.
Select quote myth #3
Being licensed makes you knowledgeable. Just because an agent is licensed does not mean they know how to get you the best approval available. For many of the agents at SelectQuote it is their first experience into the life insurance industry.
This may not seem like that big of a deal, and if you are the picture of health it may not be. But if you have even minor health issues to contend with the difference could be enormous! We have years of experience and staff underwriters to help with the complex health situations that people face today.
They don’t have the training and resources that we use to shop your high risk conditions. We have direct access to the underwriting teams of the carriers we work with. We have a good relationship with them and know what conditions they favor and the ones they don’t. This saves you a lot of time and hoops during the approval process.
Their agents want you to apply today and hope for the best. We want to take some time to get to know your goals and your challenges. Then we can put together a plan to meet them, with the carrier that is most likely to approve your condition.
Select Quote isn’t all bad
They move fast
SelectQuote has a streamlined process. Customers can start the life insurance buying process very quickly. Don’t forget it is their goal to take your application on the 1st call. Of course they are going to make that easy for you.
Technology in the life insurance industry is not limited to the call centers. The carriers are embracing the fact that we live in a connected society. We have access to all the tools the call centers do, in some cases we may have access to more advanced options.
For someone that is in good health Select Quote is an order taker. They are happy to jot down what you ask for and complete the application. You can be in and out. They are after all in a hurry. Most people don’t realize that the carrier will offer you preferred rates if you qualify for them even if you didn’t ask on the application. They aren’t getting you any better deal than you already deserve. If you have any added risk factors though not properly assessing that could cost you thousands.
Negatives to working with Select Quote
High pressure sales games
Select Quote agents have hefty sales targets to hit. They are trained to use high pressure techniques to get you to apply TODAY. They are more interested in your application than your needs. Chances are if you aren’t ready today you will never hear from them again.
Life insurance is a long term purchase, but peoples need change. 95% of new life insurance agents are out of the industry in less than 5 years. There is a good chance that when you call in with a question not only will you not get your agent, they may not even be in the business any more. We have been in the industry for over 15 years, we aren’t going anywhere.
High risk health conditions
Every company looks at health conditions differently. Remember Select Quote uses 12 companies. If you have a medical impairment that is not a good fit for one of those 12 you won’t get the best rate period. The agents there are not trained on field underwriting, it is a lost art in the life insurance industry. We keep a close eye on what risks each company is willing to take on. We then match that to the details of your situation to get you the best outcome possible.