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Goosehead Insurance is a broker working with various insurance companies to provide consumers with options tailored to their needs. Started in 2003 by couple Robyn and Mark Jones, the company has an established history and has an A+ rating with the Better Business Bureau (BBB). Essentially, Goosehead does not underwrite or write guidelines for insurance products. Instead, the company represents insurance companies selling as a third party with a range of insurance products, including life insurance.
Life insurance pays a death benefit when the policyholder passes away. The beneficiary may use the money to pay for the funeral, debt, and other expenses. It's generally available as a lump sum, and any tax penalties are spelled out in the life insurance policy documents at the time of purchase. As a broker, Goosehead Insurance is not beholden to a single carrier. So agents work on your behalf to find the best policy for you. Read on for our full Goosehead Life Insurance review.
Life insurance plans from Goosehead Insurance
Goosehead Insurance makes it simple to review your options, so you know what's available and that you're getting the best price possible. The company provides home, auto, and other insurance products, including life insurance.
The top two life insurance companies Goosehead Insurance partners with are Ethos Life Insurance and Insurance Designers of Dallas.
Ethos Life insurance policies
As a Goosehead Insurance partner, Ethos Life offers consumers term life insurance and whole life insurance products. Term life insurance is set for a predetermined term of your choosing. In other words, if anything happens to the policyholder within the term, the beneficiary is eligible for a death benefit payout. However, if the buyer dies outside the agreed-upon term, the beneficiary will not receive anything. Some term policies can be renewed or converted to whole life policies. But the underwriting and rates for conversion or extension would be based on the buyer's health and age at that time.
Whole life insurance is another option covering the policyholder for life. Any permanent life insurance comes at a higher cost, but the benefit does not expire.
- Coverage from $20,000 to $2 million
- Various term lengths, including 10, 15, 20, and 30-year terms
- Available for consumers between the ages of 20 and 65
- Medical exams are not required for most policies
- Applications are completed online
- 30-day money-back guarantee with no cancellation fees
- Policies are guaranteed renewable until age 95 without underwriting
- Each renewal will reduce coverage and increase premiums
- Accelerated death benefits are not available; death benefits only
Whole life insurance
- Coverage from $1,000 to $30,000
- The rate remains fixed over time and doesn't change
- No medical exam, just health questions to answer
- The policy remains in effect as long as you make payments
- If you reach age 100, you'll no longer be required to make payments, and beneficiaries will still receive the death benefit
- Guaranteed level premiums
- Based on health status and state eligibility, benefits can start immediately or within two to three years
- Accidental deaths are covered right away
- Approval is guaranteed for buyers between the ages of 66 and 85
Insurance Designers of Dallas
The other company Goosehead Insurance partners with to provide life insurance policies is Insurance Designers of Dallas, which may have stricter underwriting requirements.
The company website doesn't offer many details about its offerings. Interestingly, Insurance Designers of Dallas is also a brokerage. However, it requires a login to access its list of insurance carriers. In addition, the public website only specifies that it offers both term and permanent life insurance.
Additional coverage options from Goosehead Insurance
Goosehead Insurance agents may discuss specific riders for your policy. A rider is considered an optional add-on to boost your coverage or add particular benefits to your policy. An example would be adding a term booster to a whole life policy. You'd have a whole life policy locked in, but your death benefit would be higher up to a certain age.
Ethos Life Insurance, one of the Goosehead partners, says on the company website that some policies have riders, but it doesn't mention specific ones. Some sources suggest term life buyers can add a living benefits rider to Ethos Life's term policies. You can pull money out for immediate use in the event of a severe illness or terminal diagnosis. You can ask your Goosehead agent about options if you want added coverage and benefits.
The other partner, Insurance Designers of Dallas, may also have riders available. For example, one might be a disability waiver of premium which refers to waiving premiums if the policyholder is facing a long-term disability. However, the public website is vague and does not list specific riders.
You can ask an agent at Goosehead about all potential riders available if you're interested in getting a life insurance policy.
How much does life insurance from Goosehead Insurance cost?
Your life insurance premiums, or how much you pay per month, will vary based on the type of policy you purchase, the coverage amount, age, health history, and other factors the company may consider. Goosehead Insurance has a "Get a Quote" button on its website. It also offers quotes for auto and home insurance coverage.
Given that Goosehead Insurance is a broker, you can check prices with its partners or ask your Goosehead agent to run quotes.
Looking at the Ethos Life website, there's a "Check My Price" option that asks for the following:
- Gender
- Birthdate
- Zip code
- Health
- Nicotine use
- Estimated credit
A 35-year-old female in average health with no nicotine use and a high credit score in Los Angeles can expect to pay $20 to $36 per month for a $500,000 policy with a 20-year term.
A 50-year-old male in excellent health with no nicotine use and an average credit score in Georgia can expect to pay between $86 and $157 per month for a $500,000 policy with a 20-year term.
How do I file a claim with Goosehead Insurance?
If you have a life insurance policy from Goosehead Insurance and need to file a claim, the company has a dedicated Claims Report Line at 866-260-5151.
Goosehead agents are available Monday through Friday, 7 a.m. to 7 p.m., across US time zones.
You can also fill out a form on the company's Contact Us page. According to the Goosehead Insurance website, "Our agents make your claims experience simple, effective, and painless."
Who are the ideal customers for Goosehead life insurance?
Goosehead Insurance has become one of the most popular insurance brokers in the country. The company quotes for a diverse range of providers in homeowners, auto, and other insurance products.
However, when it comes to life insurance, its offerings are limited. Based on what we know about its life insurance partners, seniors looking for a small death benefit may appreciate the partnership and options Goosehead offers. However, clients looking for more considerable death benefits, whole policies with living benefits, etc., may not find the desired options with Goosehead. The limited information on the Insurance Designers of Dallas website makes it hard to tell what else Goosehead might offer for life insurance.
What do customers think of Goosehead insurance?
Customer reviews on Goosehead vary. While individual agents often receive glowing reviews, the commentary about the general customer service line can be scathing.
On Facebook, Kennedy Kelley says, "Josh Harms is the best person to work with. He is very responsive and quick with getting me all set up with insurance for the cheapest price and all the coverages I need."
Danielle Broward Moon also loved her Goosehead agent, commenting on Facebook, "Shelley Hayworth at Goosehead has been absolutely amazing. She has went above and beyond to make sure I was taken care of."
On the other hand, Trevor Benavidez complained on Facebook, stating, "Worst customer services I have ever experienced. 2 months later, still haven't cancelled my home owner insurance like requested. No one can seem to do their job and call back with updates."
Similarly, Brandi Preston did not recommend Goosehead on Facebook, stating, "Goosehead customer service is absolutely the WORST! They refuse to give out supervisor information and when you finally get lucky and find someone that will give it to you, the supervisor WONT even return emails or phone calls."
Compare Goosehead Insurance vs. New York Life
If you're looking for life insurance, it's best to shop around and look at all options available. Aside from Goosehead Insurance, another popular option is New York Life. New York Life offers term life, whole life, universal life, and variable life insurance. The company is known for its outstanding investment life insurance policies, diverse riders, and extensively trained insurance agents.
Goosehead Insurance may have similar options to New York Life. However, based on what we know about Goosehead's two partners, New York Life has a much more extensive offering. Both companies currently have licensed insurance agents in all 50 states and Washington, DC, but the products available may vary.
Compare Goosehead Insurance vs. State Farm
Another top contender in the life insurance space is State Farm. According to JD Power, State Farm ranks number one in satisfaction when it comes to life insurance. State Farm offers consumers term life insurance, whole life insurance, and universal life insurance. In addition, many features that might be riders with another company are either extremely affordable riders or automatic inclusions with a State Farm life insurance policy.
Both companies offer relatively modest whole life insurance policies. But State Farm's policies can be large enough to provide substantial support should you need to use its accelerated death benefit. The primary thing Goosehead's partner Ethos Life offers is guaranteed acceptance for seniors. At this time, State Farm does not. It's crucial to note State Farm agents are captive agents and work for the company. They can only offer its products. As a broker, Goosehead will look at several options.
Methodology
As part of the Goosehead Life Insurance review, we compared options, affordability, coverage amounts, riders, company longevity, and customer satisfaction among industry competitors. You can get an in-depth breakdown of our insurance rating system here.
FAQs
Goosehead Insurance is a broker working with providers to offer many insurance companies, including life insurance. You can discuss options with an agent and look at term life insurance and whole life insurance.
Goosehead Insurance partners with more than 140 insurance providers to offer various insurance products to consumers. The company has between 501 and 1,000 employees, according to Indeed. However, it only partners with two companies, one being another broker, for life insurance.
Goosehead Insurance began in 2003 and was founded by married couple Jones and Mark Jones, who had previously worked in real estate and business. Goosehead aims to offer consumers an abundance of insurance options.
Some sources indicate Ethos may offer accelerated death benefit riders. Goosehead states the Insurance Designers of Dallas have a more extensive underwriting process than Ethos Life. But it does not say what that means for coverage.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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