While GEICO is a popular insurance company offering reliable and affordable insurance, GEICO Health Insurance Company itself does not exist. GEICO Health Insurance Company does not offer health insurance, but GEICO, a subsidiary of Berkshire Hathaway, does have insurance policies for life, auto, motorcycle, ATV, umbrella, homeowners, renters, condo/co-op, RV, boat/PWC, flood, mobile, overseas, commercial, and identity theft protection.
It can however be easy for some people to think that GEICO offers health insurance because from time to time GEICO does enter into partnerships with other health insurance providers to allow them to offer GEICO’s policyholders health insurance quotes.
Read through this overview of GEICO, read the reviews of GEICO Insurance left by GEICO customers at the bottom of the page, and then use the free health insurance quote finder on the side of this page to compare quotes from many top health insurance companies.
Founded in Texas in 1936 by Leo and Lillian Goodwin, Government Employees Insurance Company (GEICO) was originally established for federal employees and certain groups of officers enlisted in the military. Although it was established during the Great Depression, 3,700 policies were written within its first year and the company has since grown to reach over nine million policy holders by 2009. In 1959, under new direction, new headquarters were established in Chevy Chase, MD. As of 2009, Massachusetts was added to GEICO’s service area, making GEICO available in all fifty states.
With the popularity of GEICO’s beloved Gecko mascot, which was started in 2000, and the smart caveman advertising of 2004 still running today, GEICO has become a well known name in the insurance industry. Although is it most commonly known for motor vehicle insurance and the like, some people are disappointed to learn that GEICO is not a health insurance company as well. However, others are surprised to learn that GEICO does offer life insurance as one of its services.
GEICO Life Insurance
The purpose of life insurance is to give monetary protection to your loved ones who rely on your financial provisions. In order to determine how much life insurance you need, you must consider your circumstances, such as if you work inside or outside the home, if you are married, if you have children, if you are the sole provider, etcetera. If children are involved, oftentimes it is recommended for both parents to carry a life insurance policy even if one of them is a stay at home parent. The reason for this is the invisible financial provision such as day care that is provided by the stay at home parent.
GEICO offers term life insurance as opposed to whole life insurance in order to provide affordable and uncomplicated policies. The policies are intentionally basic and do not have cash values or other complex provisions. The lengths of the contracts are available in five year increments and for whatever length you choose for your policy, such as 10, 15, 25, or 30 years, your premium cannot increase during that term. Also, your policy cannot be canceled provided your premiums are always paid on time. Depending on your plan, flexible payment options include monthly, quarterly, semi-annual, or annual payments.
A standard life insurance policy covers all deaths, with the exception of suicide, regardless of where they occur. In regards to suicide, depending on each state, benefits will not be paid if a suicide occurs within the first year or two from when the policy was purchased. In addition to instances of depression, other factors such as heart disease, cancer, diabetes, and other serious illnesses are heavily considered before an applicant is issued a term life insurance policy.
Insurance providers will also review an applicant’s family history for heart disease and cancer. Even your lifestyle can affect the decision of your application if you engage in risky hobbies or activities. Although your application may not necessarily be declined for any of these reasons, your policy may be heavily affected by increased premiums or reduced benefits. For anybody requesting a policy of more than $250,000 coverage, GEICO reserves the right to an in-person interview of the applicant with a paramedic technician.
GEICO Financial Strength Ratings
GEICO is a well established and reputable insurance company that has the financial resources of over $15 billion in assets to pay out claims. They have received an A++ rating from A.M. Best, which is a leading independent insurance analyst. The A++ rating is only given to 5% of all Property and Casualty companies. GEICO has also received an AAA rating from Standard and Poor’s, which is the highest rating they give for financial strength. Furthermore, GEICO underwent a meticulous review from Standard and Poor and was awarded their Security Circle for their fiscal vigor.
GEICO offers policies that are guaranteed to be renewable by continuing coverage for a policyholder without requiring a medical exam. To further protect its members, the only beneficiaries that GEICO allows on a policy are people who are somehow financially dependent on the policyholder. Charitable organizations can also be listed as a beneficiary provided it is one that was supported regularly by the policyholder. This helps prevent insurance scams and ensures that your life insurance is serving its true purpose, to protect your financial dependents in the event of your passing.
Whereas life insurance is a benefits policy for the future of your dependents, a health insurance policy can enhance your wellbeing and financial protection today. Most health insurance policies help increase your longevity through wellness checks and health education, which in turn facilitate a healthy lifestyle. To get started comparing health insurance quotes today, enter your zip code above. If you have questions regarding any of the companies or their plans, please call an independent agent at the above phone number.
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No, you won’t be getting your health insurance policy from a cute gecko or caveman, but there are many licensed and qualified health insurance companies that are eager to have your business. Why got get quotes from them now?