Did you know that choosing the wrong insurer could lead to your life insurance costing upwards of 50 percent more?
Purchasing life insurance is a daunting process. There are numerous life insurance providers on the market and many different policies to choose from.
With Leap Life, you will have an easy time choosing the best life insurance coverage from the best insurance company depending on your personal needs, health history, and financial status.
In this review, we’ll take a look at Leap Life Insurance, so you can decide whether or not to use it in your pursuit of great life insurance.
History of Leap Life Insurance
Founded in 2016, Leap Life is a licensed life insurance agency operating from a web portal that matches consumers to some of the top life insurance providers depending on their unique needs and criteria.
The San Francisco-based company partners with several top-rated insurance firms such as Pacific Life, Protective Life, American General, Transamerica, and Mutual of Omaha.
All these carriers are rated excellent or superior by AM Best, thanks to their financial strength.
You can use Leap Life insurance to find the most competitive price on life insurance policies.
Once you fill out an online application, the company compares policies from various insurers to identify the best for your needs.
How to Apply with Leap Life
You can apply for Leap Life insurance either online or over the phone. However, the online application seems to be the most convenient as you can do it at any time and it takes no more than 10 minutes. Furthermore, Leap Life has a simple, user-friendly website.
Their insurance agents use cutting-edge artificial intelligence technology to pair you with the right policy and carrier.
You’ll need to provide some personal information on the online application form to aid this software. This information is used to predict your likelihood of being approved for the policy you want at the best price.
The company then uses the predictions to pair you with your ideal insurer. Leap Life has a robust tool that estimates your insurance needs based on your income, property, and life situation.
Leap Life Insurance Policies
Leap Life offers four kinds of life insurance policies through some of the leading insurance companies in the country. Here are the policies:
- Term Life Insurance: Your policy runs for a specific term only, which can be 10, 15, 20, 25, or 30 years. Your beneficiaries won’t receive any benefit if the set term elapses while you’re still alive. Your monthly premiums can be fixed, decreasing, or increasing during the length of the policy.
- Accidental Death: With accidental death insurance, your coverage is also for a specific term. However, your beneficiaries will only receive the benefits in the event of accidental death. Death from an illness usually doesn’t count as an accidental death.
- Whole Life Insurance: Your coverage is permanent. It doesn’t expire and has a cash value component. You are allowed to borrow or withdraw from the cash value account.
- Universal Life Insurance: Your coverage is for life and comes with a cash value account. The significant difference between universal and whole life insurance is that some universal life policies offer more flexibility, such as being able to use your cash value account to cover your insurance costs.
Leap Life is forthright when it comes to providing information. You don’t have to worry about being bombarded with unexpected charges.
The company offers between $100,000 and $5,000,000 in coverage for a 10 to a 30-year term.
Moreover, the company allows you to renew or convert your policy before or at the end of the term. You can also cancel your policy at any time, and Leap Life won’t penalize you for that.
Leap Life Insurance Riders
Leap Life insurance offers a variety of additional riders through its different partners, including:
- Critical Illness Rider
- Disability Income Rider
- Spouse Protection Rider
- Guaranteed Insurability Rider
- Long-Term Care Rider
- Child Protection Rider
- Family Income Benefit Rider
Before you choose a carrier, it is advisable to look at the riders it offers to ensure you get a policy that has the rider you need.
Leap Life’s Best Life Insurance Providers
According to Leap Life, it only chooses the insurance companies with the most competitive rates and highest strength financial ratings. The company is committed to providing customers with policies from A-rated AM Best carriers.
With Leap Life, therefore, you can rest assured that you are working with a financially stable insurance company that can pay out benefits with no issues.
Here’s a look at some of the top-rated life insurance companies that you can access through Leap Life:
- American General Life Insurance – This carrier has been in business since 1960 and is affiliated with AIG, one of the world’s largest insurance companies. It is popular for top-notch customer service.
- Protective Life Insurance – Founded in 1907, Protective offers some of the most competitive rates for term life insurance on the market. The company excels in clear communications and streamlined processes.
- Transamerica Life Insurance – Launched in 1904, Transamerica offers a variety of life insurance policies, so you can get a policy that perfectly fits your needs. Business partners, for example, can benefit from their rare key-person life insurance. The company was established with a mission to ensure people from all walks of life could access financial services.
- Mutual of Omaha – This insurance company has been in business since 1909 and offers several types of insurance besides life insurance. It holds a reputation for adhering to responsible business practices. Mutual of Omaha is also committed to trying innovative insurance products.
- Pacific Life Insurance – Pacific Life has been in business for over one and half centuries, and hence the most experienced of Leap Life’s insurance affiliates. The award-winning insurance company is one of the founders of the Alliance for Lifetime Income, an organization that engages in educating the public on retirement planning.
- Assurity Insurance – Launched in 1890, Assurity is a mutual insurance company that specializes in disability, critical illness, and life insurance policies. The company’s primary goal is to satisfy customers rather than generating profits. It enjoys the reputation of being recognized as a certified B Corp.
Who Can Get a Leap Life Policy?
There are a few minimum requirements for purchasing life insurance with Leap Life:
- Citizenship: To apply for coverage through Leap Life, you must be a U.S. citizen or resident
- Time of residency: Applicants must have lived in the US for a minimum of two years
- Age: Applicants must be between 18 and 75 years old
The Pros and Cons of Leap Life
- Credibility: A+ rating with the Better Business Bureau
- Quick approval: Fast application process and can be approved instantly
- Quality of coverage: Policies of up to $5 million with top-rated insurers
- Clarity: Transparent policies with no hidden exclusions
- No exam costs: You could save elsewhere if you’re young, healthy and willing to undergo a medical exam.
- Access: While the coverage is easily accessible in most places, it is not available in New York
Finding a cost-effective life insurance policy that suits your needs perfectly can be a stressful process.
Leap Life employs technology to streamline the process. Consumers can be connected instantly with a policy that perfectly suits their needs, health situation, and budget.
The company’s sophisticated artificial intelligence platform uses the information you provide to find the best policy for your needs, from the best carrier, and at the most competitive price.
Keep in mind that choosing the wrong policy can make you spend at least 50 percent more on life insurance. You can avoid that by using Leap Life.
The application process takes not more than 10 minutes, and it can help you save up to 40 percent on life insurance.