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Goosehead Life Insurance
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.
Goosehead Life 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.
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 — one of Goosehead's partners — 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 to File a Claim With Goosehead Life Insurance
If you have a life insurance policy from
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."
Ideal Customers for Goosehead Life Insurance
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.
Goosehead Life Insurance Plans
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,
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.
Term life insurance
- 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
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.
FAQs
Does Goosehead Insurance offer life insurance?
How big is Goosehead 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.
How long has Goosehead Insurance been around?
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.
Does Goosehead Insurance have life insurance riders?
It is unclear whether Goosehead Insurance has life insurance riders. 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.
Compare Goosehead Life Insurance
If you're looking for life insurance, it's best to shop around and look at all options available. See how Goosehead compares to two other options below.
Goosehead vs. New York Life Insurance
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.
New York Life Insurance Review
Goosehead vs. State Farm Life Insurance
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,
State Farm Life Insurance Review
Why You Should Trust Us: How We Reviewed Goosehead Life Insurance
As part of the