LeapLife Insurance Review
Technology has made searching for life insurance coverage infinitely easier. The only problem is that, with so many options, it’s difficult to figure out which company is the best.
Choosing the wrong company could lead to overpaying on your insurance, so it’s important to make the right decision.
LeapLife seeks to streamline your search even further by offering several quotes from top-rated insurance companies in one place. The best part is that you can get instant approval online in a matter of minutes.
Find out how LeapLife can simplify your life insurance search in our review below.
Established in 2017, LeapLife uses proprietary technology to help match you with the best insurance company based on your unique circumstances.
LeapLife is not a direct insurance provider. Instead, they are a life insurance broker that matches applicants with insurance companies that meet their needs.
Their technology uses underwriting knowledge and data science to match each applicant with their ideal insurance company. They work with highly rated insurance companies like Transamerica, Pacific Life, and Assurity.
There are multiple ways that you can apply for a life insurance policy through LeapLife. You can use their online application and get instant approval on a no-exam policy, or you can speak with one of their life insurance agents to find out about more in-depth policy options.
With their blend of technology and a human touch, LeapLife can cut your search time by providing instant quotes from several top-rated insurance companies.
Because LeapLife is not actually an insurer, they do not have any financial ratings with insurance rating bureaus. In actuality, LeapLife is a licensed life insurance brokerage based out of San Francisco, California. However, they hold their insurance provider partners to high standards.
LeapLife will only work with a company that has an A (Excellent) or A+ (Superior) rating with A.M. Best. A.M. Best rates companies based on their financial strength. If a company is able to pay claims, they will receive a high rating. This means that all of LeapLife’s partners are strong and will do their due diligence as a life insurance company.
Aside from financial ratings, LeapLife has excellent ratings among business bureaus. The Better Business Bureau, or BBB, has given LeapLife an A+ rating. This signifies that LeapLife has an excellent relationship with its customers.
LeapLife also has a Trustpilot score of 9.2 out of 10. These ratings come from customers who give their feedback on a company’s financial services. Based on their rating, LeapLife’s customers hold them in very high regard.
Because LeapLife works with several different insurance companies, they have a wide variety of products. You can purchase term life, whole life, universal life, and more.
- Online Application
- Variety of Coverage Options
- Highly Rated Companies
- Not Available in NY or MA
- Limited Options for Pre-Exisiting Conditions
Life Insurance Products Offered
Because LeapLife works with several different insurance companies, they have a wide variety of products. You can purchase term life, whole life, universal life insurance, and more.
LeapLife’s policies are available to insureds ages 18 to 75, and coverage ranges from $100,000 to $5 million. LeapLife has a lot of options for no-exam policies, but requiring a medical exam is ultimately dependent on the provider and policy type.
LeapLife policies don’t favor those with pre-existing conditions, such as diabetes or heart disease. If you have a pre-existing condition, you may have more luck going directly to the insurance company rather than through LeapLife.
In addition to life insurance policies, LeapLife offers a series of policy riders, which can be used to further customize your coverage. LeapLife offers a terminal/critical illness rider, a chronic illness rider, a child’s term life rider, an accidental death rider, and a waiver of premium rider.
Depending on the life insurance company, you may qualify for additional riders as well.
Here are the life insurance policies that are available through LeapLife:
Level term life is the most popular form of life insurance. The policy covers you for a certain period of time and pays a death benefit to your loved ones or beneficiary if you pass away during your term. You will receive no death benefits if you outlive the policy term, but some companies may allow you to convert it to a permanent policy.
Also known as pure insurance, level term life insurance provides stable premium payments throughout the life of your policy. All of the premium payments will go toward funding your death benefit. This helps make it less expensive than a permanent policy.
LeapLife offers term lengths of 10, 15, 20, and 30 years. Your coverage limit will depend on your term length, risk factors, and insurance company.
Accidental Death insurance is the least expensive type of life insurance and protects your family in case the truly unexpected happens.
Similar to term life insurance, accidental death insurance is set for a period of time, but it does not cover every kind of death. Your beneficiary will only receive a payout if you die as a result of an accident. This means that if you pass due to an illness, your beneficiary will not receive anything.
Whole life insurance covers you – you guessed it – for your entire life. Your beneficiary will receive a guaranteed death benefit when you pass away. This is often a great way to seamlessly transfer wealth or deal with estate costs.
Whole life insurance also comes with the additional benefit of cash value. Cash value is accumulated as you make premium payments. Your cash value will grow tax-deferred until you decide to access it. You can access your cash value to fund a large purchase, act as a line of credit, and more.
Universal life insurance is another form of a whole life policy. The major difference is that it offers more flexibility when it comes to your premiums and death benefit.
If your financial circumstances change, such as having a baby or buying a house, you can adjust your death benefit and premium payments accordingly. You will need to speak with your financial advisor beforehand, but this is a policy that can help you prepare for everchanging financial responsibilities.
As we mentioned, LeapLife is not an insurance company, so all the rates that you get through them are coming from life insurance providers. This means that your rate is not influenced by your purchasing it through LeapLife.
LeapLife Works With The Following Companies To Provide Life Insurance Quotes:
- Assurity Life Insurance Company
- Lincoln Financial Group
- Pacific Life
- Prudential, A Pruco Life Insurance Company
- Legal & General
Any quotes that you get from these companies are determined by their own specific underwriting guidelines. Some companies underwrite differently from others, but there are some basic things that can affect your rates.
Pricing for life insurance will vary based on your risk factors, some of which you can control and others you cannot. Demographics are a major influence on your life insurance rates. Your gender, age, and state of residence can all impact your premiums.
Medical history is also considered in the underwriting process. Both your personal and familial history are important to an underwriter, so consider taking a medical exam. A history of nicotine or alcohol abuse, like a DUI, will also raise your rates.
Lastly, your lifestyle is important to the rates you qualify for. Your hobbies, occupation, and everyday habits will be considered when pricing your policy.
Getting a quote through LeapLife is pretty straightforward. The first step is to go to the homepage and click “Get Your Quote.” From there, you will be asked to fill out personal information such as age, gender, height, weight, where you live, and whether you are a smoker.
Next, they will verify whether you are a us citizen or green-card holder. They will also ask about various risk factors, such as your medical history and lifestyle.
Finally, you will be presented with a series of quotes from a LeapLife partner. If you are pleased with the quote, you will be forwarded to the insurance company to complete the application process. If not, you can walk away.
LeapLife has physical, technological, and administrative protections in place to secure your data. They take the utmost care to ensure that your information is safe from hackers or security breaches.
It’s important to remember that no system is 100% immune to breaches, no matter how secure their system. If LeapLife’s system experiences a breach, they will contact you and investigate the breach according to laws and regulations.
You may be curious about how your information is shared with third parties. LeapLife may share personal information, such as your name, email address, and phone number, with underwriters, third parties, and service providers to help with your policy.
LeapLife may also share this information with companies whose products you may be interested in. This may result in some spam calls and emails, but not as many as you would get through an aggregator site.
LeapLife offers exemplary customer service because they realize the importance of in-person assistance. If you prefer not to fill out an online life insurance application, you have the option to complete a phone application with an agent. This allows you to have all your questions answered upfront.
They also have a customer service team available by phone and email if you have questions during any point in the process. Overall, it’s no wonder that they are rated so highly with the BBB and Trustpilot.
Pros and Cons
There is no such thing as a perfect life insurance agency, and LeapLife is no exception. Here’s an honest LeapLife review with some points to consider before purchasing a policy through LeapLife.
- Online application: With LeapLife’s online application, you can get an instant decision from one of their partners. You can also speak to a policy specialist if you are interested in more complex life insurance products. Overall, their process is designed to match you with your ideal life insurance company.
- Variety of options: Through LeapLife, you can access several top life insurance providers. Each company has unique products and policy riders. This means that you have more options than you would get with just one company.
- Highly rated companies: LeapLife doesn’t work with just anyone. They make sure that all of their partners have Excellent or Superior ratings with A.M. Best. This means you don’t have to worry about your life insurance company being here one day and gone the next.
- Not available in NY or MA: Unfortunately, Leap Life does not sell insurance in New York or Massachusetts. If you are in one of these states, you should consider another life insurance agency.
- Limited options for pre-existing conditions: LeapLife is not the best option for people with chronic conditions or illnesses. There are less carriers available for people that have extenuating health circumstances, such as diabetes. If you have a pre-existing condition, consider working with a company that specifically caters to these issues.
Alternatives to LeapLife
It’s important to weigh your options before you decide on a life insurance policy. If you are interested in LeapLife’s capabilities, here are some similar life insurance agencies to check out.
PolicyGenius is another life insurance agency that simplifies the life insurance process.
Much like LeapLife, PolicyGenius allows you to compare dozens of life insurance companies by completing one application. They have access to some of the top-rated life insurance providers like AIG, Prudential, and Mutual of Omaha. You can purchase several types of policies through PolicyGenius such as term, whole, and universal life.
Similarly, PolicyGenius has qualified agents that are ready to guide you through the process. They can help you figure out how much insurance you need and what policy is best for your needs.
Select Quote is a life insurance agency that has an enormous presence in the industry.
Select Quote is partnered with a dozen top-rated life insurance companies to offer a variety of life insurance products. They offer several types of life insurance, as well as home and auto insurance. This gives you the opportunity to bundle your policies to save money.
Although they are not a bad company, there are some concerns when working with Select Quote. They operate on a call center structure, which means that their agents can be pushy and less informative. They are most concerned with selling their partners’ products and less focused on consulting customers.
- Read our full SelectQuote Life Insurance Review.
Is LeapLife For You?
Fast life insurance is all the rage these days. LeapLife is ready to cater to people who are interested in instant life insurance coverage that meets their needs.
With their proprietary technology, they can match you with the best life insurance company. This can help you not only get the lowest price but get the best quality insurance for that price.
Those who are in excellent health and prefer an online application will be well-suited for LeapLife. If you have any pre-existing conditions or illnesses, you are better off searching for life insurance through another company.
Be sure to check all your options before you land on a final option. The ideal life insurance policy is out there, and it’s up to you to find it.