Quotacy

Midwestern charm and an online dashboard make buying life insurance a friendlier experience with Quotacy.

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Year Founded 2014
Medical Exam Required? In Some Cases

Quotacy 2020 Review


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Quotacy Life Insurance Review – Pros, Cons and Coverage

Midwestern charm and an online dashboard make buying life insurance a friendlier experience with Quotacy.

Quotacy is one of the top insurance agencies for families in the US. If you are looking for term, whole, disability, or final expense insurance, Quotacy may be a great option.

We really love how easy Quotacy makes it to compare rates and apply for insurance — all from one place. In this guide, we will cover everything you need to know about buying life insurance, how to choose a plan and get the best premiums and more.

Quotacy: What You Need to Know

Shopping for life insurance is hard. Each insurance provider is different. How can the average person know which is the right company for them?

Quotacy is a one-stop-shop online life insurance agency which solves that problem. It compares providers and plans all in one place. If you prefer to have a conversation before applying, their friendly agents are ready to take your call. You can also chat with them live or e-mail.

If you are unsure where to start, Quotacy takes the guesswork out of buying life insurance.

How Does Quotacy Life Insurance Work?

Quotacy is a family-owned company that grew out of Hallett Financial Group, a life insurance brokerage firm with headquarters in Minneapolis, MN.

Quotacy works with over 25 insurance companies including AIG, Ameritas, Assurity, AXA, Banner Life, Haven Life, John Hancock, Legal & General, Lincoln Financial Group, Minnesota Life, Nationwide, Pacific Life, Protective, Prudential, SBLI, United of Omaha, U.S. Life, VOYA Financial, and William Penn.

They only partner with top-rated life insurance companies with independent A.M. Best “A-” ratings or better.

Even better, you’ll never get pushy sales calls. Your Quotacy representative is there to find the right policy for you. They handle the difficult parts of applying for life insurance.

If you’re hesitant to apply for life insurance either because you have been declined before or think you have an uninsurable issue, you’ll find Quotacy to be beneficial.. Some of Quotacy’s applicants have previously been rejected because of health problems or other issues. Quotacy doesn’t shy away from working hard to get applicants the coverage they need. Quotacy has access to many different life insurance companies and finding the best one for your unique situation is what they do best.

Who Is Eligible for Term Life Insurance Through Quotacy?

Eligibility varies according to the plan and provider, but Quotacy excels at finding life insurance coverage for even some of the more difficult cases.

Final approval is always up to the insurance provider. Each insurance company treats applicants differently: The same applicant could fall into four different risk classes with four different carriers.

Quotacy has helped many applicants find coverage. From recreational marijuana users to cancer survivors, Quotacy’s experience and knowledge enables them to help families get the insurance protection they need.

Term Life Insurance

  • Ages 16 to 80 are eligible to apply online
  • Your age affects the term length options available to you (example: an 80-year-old can purchase maximum of 10-year term)

Where Is Life Insurance Through Quotacy Available?

It is available in all 50 states plus Washington D.C.

How Much Does Life Insurance Through Quotacy Cost?

Premiums depend on the risk class of the applicant. High-risk individuals will pay more, while younger and healthier applicants will pay less.

Risk Classes

Insurance companies classify applicants according to Risk Class. By ranking, they are Preferred Plus, Preferred, Standard Plus, Standard, and then Table 1-16.

Because underwriting decisions vary by insurance company, the same person could be rated very differently. Quotacy shops the same person around to different companies for the best rates.

The benefit of Quotacy is that as a broker, it can shop around to get you the best rate. For example, some insurers may refuse to offer coverage to someone with a diagnosed anxiety disorder while others won’t. Or one insurer may think anxiety qualifies as a Standard risk class while another is more lenient and will offer Preferred.

Insurance providers often specialize in a customer niche. This means a specific insurance company may treat a risk factor more favorably than another insurance company. If you have one of these risk factors, you would save money by going with one company over another.. Quotacy has the know-how to match you with right insurance company so you get the best price possible.

At Quotacy.com you can get a free term life insurance quote online in less than a minute, without even being required to provide contact information. Quotacy strives to be accurate, but online quoting tools cannot calculate every single risk factor that the insurance companies evaluate. The insurance companies calculate the risk to insure you by reviewing your answers to application questions, your life insurance medical exam, health records, driving records, and family health history. After their full evaluation, your final price for life insurance may be higher if there are additional health and lifestyle factors that the quoting tool could not calculate..

If the insurance company comes back with a higher final price than what you were initially quoted, your Quotacy agent goes to work for you again. Your agent will email you with some options. First, your agent will provide some policy options with the same insurance company to get your policy closer to your original quote. If your agent believes there is a different insurance company out there that will offer you a better price, he or she will provide those options as well. What you decide to do is completely up to you. If you are not satisfied with the options Quotacy finds for you, you can walk away. There is no obligation to buy.

Risk Factors

Applicants who work in hazardous occupations, are traveling to a war zone, have health conditions or a driving record such as DUIs will have higher rates. Smokers also get higher rates.

What Does Quotacy Life Insurance Cover?

Quotacy offers plans from providers for 10, 15, 20, 25, 30, 35, or 40-year terms. Term life insurance is often the best option for families, but Quotacy also offers whole life insurance, combination, final expense insurance, and disability insurance.

Term Life Insurance

Term life insurance is sold in 10-40 year terms. It’s designed to provide affordable income replacement protection for your loved ones during their most financially vulnerable years. The term length you buy (10-40 years) are the years your beneficiaries are covered. If you die any time within the term, the insurance company pays your beneficiaries a death benefit check.

You can choose coverage amounts from $50,000 to $25,000,000 or higher.

With a basic term life plan, you generally won’t get any premium dollars back if you outlive your policy. But some riders do allow for it.

Exact riders depend on the provider you choose to partner with and your plan.

Some ways to customize your term life policy are:

  • Convertible Term Rider - means your policy can be converted to whole life later on (included free with most term life policies)
  • Waiver of Premium Rider - if you were to become disabled and not able to work or pay for your premiums, the insurance company waives your payments so you can keep your policy active
  • Disability Income Rider - get paid out monthly for a set period of time if you become disabled
  • Long-Term Care Rider - receive money (subtracted from your death benefit) if you need long-term care while you’re alive
  • Critical Illness Rider - get a lump-sum payout (subtracted from death benefit) in case of covered critical illness
  • Accelerated Death Benefit Rider - you can request a partial amount (some companies allow you to request the full amount) of your policy’s death benefit while you’re alive if diagnosed with a terminal illness (included free with most term life policies)
  • Return of Premium Rider - pay a higher premium amount and get your money back if you outlive your policy
  • And others

Quotacy Life Insurance Features

  • Quotacy was founded in 2014
  • Family-owned as Hallett Financial Group since 1992
  • Located in Minneapolis, MN
  • Only partners with A.M. Best “A-”-rated companies or better
  • Has served more than 26,000 customers
  • Gives back through its QuotacyCares program
  • Apply to over 25 insurance providers in one place
  • Can help customers buy multiple or combination whole/term policies

Pros and Cons of Quotacy Life Insurance

Here are some pros and cons we found about Quotacy life insurance:

Pros

  • No contact info required to compare quotes
  • The company has long-time roots in life insurance
  • Multiple customer service options (by text, chat, phone, or email)
  • Plethora of online resources and advice
  • Only partners with well-established, financially sound companies
  • Family-owned company

Cons

  • Some customers don’t see the “value-add”
  • Process not significantly shorter
  • Communication lapses sometimes occur
  • Online quotes are not final (insurance companies have the final say)
  • New company so no claims filing record

Quotacy Life Insurance Customer Reviews

Quotacy has a 9.7/10 “Excellent” TrustScore Rating on trustpilot.com based on over 1,027 customer reviews.

In general, customers seem happy with Quotacy’s communication and the ease of the process.

“Purchasing insurance through this group was a very good online experience - I was surprised. Not knowing much about insurance products, I was impressed with their down-to-earth assessment of the companies and product lines, opinions about what best met my needs, and the time they took to research a good fit. They were super prompt - more than I was - and really did a marvelous job in helping us navigate a complicated purchase.” - T

Some customers are pleased but aren’t sure going with Quotacy was the fastest. They’re also not completely sure about the “value add” of Quotacy vs. a local broker.

“Decided to try this as I am in the business and everyone is fascinated with "platform" type sales. It worked fine, everyone was helpful. I didn't give it 5 stars because it wasn't any faster than a live agent sale. Because of the compliance load I presume, still had to do things like sign a paper app at the end. So a local agent who specializes in term might have been quicker. Pricing was good and had quality carriers. I do have some minor medical issues and coverage was issued as quoted.” - MI

How to Apply for Life Insurance Through Quotacy

Online

  1. Go to www.quotacy.com/life-insurance-quotes/
  2. Fill in your zip code, gender, birth date, and whether you smoke.
  3. Choose your coverage amount and length of coverage.
  4. Answer additional questions about your height, weight, and family history of heart disease and cancer.
  5. Based on your responses, Quotacy shows you a range of providers and their monthly or annual premiums.
  6. Click on the dropdown menu of each provider to learn more about what it offers, whether a medical exam is required, and which individuals it is best for.
  7. Once you choose an insurance provider, you will create a Quotacy account.
  8. You will see the Quotacy Dashboard where you can complete the application.
  9. Quotacy will reach out with some documents for you to sign.
  10. Finally, the life insurance company will call you directly to verify information and schedule a medical exam.
  11. Once purchased your policy will be serviced by Quotacy.

Customers can also call Team Quotacy at (844) 786-8229.

Medical Exams

Medical exams are still a major part of applying for life insurance. But not all of Quotacy’s partners require them.

SBLI offers a 100% guaranteed no-exam policy for individuals younger than 49 who don’t need more than $500,000 in coverage. Haven Life also offers accelerated no-exam underwriting to certain healthy people.

Medical examiners can do the exam at your home or office. You can also opt to do the exam at one of their nearby facilities.

Medical exams usually involve the following:

  • Oral family medical history
  • Measuring height and weight
  • Blood pressure check
  • Pulse and heart rate
  • Submitting a blood or urine sample

Tips for getting the best result are to schedule the appointment early in the morning, avoid coffee, and drink a lot of water beforehand. Fast six to eight hours before and don’t do strenuous exercise before the exam.

Coverage Amount

Quotacy suggests you pick a life insurance policy that is about 10x the amount of your annual income. They also provide a life insurance needs calculator if you’re not sure how much you need. Policies start at $50,000 and go up to $25 million or even higher.

Give Quotacy a call directly at (844) 786-8229 for a custom quote.

How to File a Life Insurance Claim with Quotacy

Call 1-844-Quotacy (762-8229) to start your insurance claim.

How to Submit Claims

Each insurance company is slightly different. These are usually required:

  • A copy of the certified death certificate
  • If the policyholder was a spouse, a marriage certificate may be necessary
  • Other paperwork, such as IRS paperwork
  • Completed claim form from the insurance company
  • Newspaper clipping of incident (if available)

Contestability Period

Insurance companies can review policies within the first two years (24 months) after purchase to make sure the information is accurate. If a claim is filed within this time, it may be investigated more thoroughly.

Policyholders must give correct information about their medical issues, lifestyle and hobbies, occupation, and travel plans.

How to Contact Quotacy

Address: 505 Highway 169 North, #560 Minneapolis, MN 55441 Phone: (844) 786-8229, (844) QUOTACY Text: (612)-260-4575 Email: [email protected] Or send them a message at www.quotacy.com/contact. Facebook: www.facebook.com/Quotacy Twitter: @Quotacy

Does Quotacy Offer Other Kinds of Insurance?

Quotacy specializes in term and whole life and disability insurance. It doesn’t offer other kinds of insurance at this time.

Summary

Quotacy aims to make it easier and faster for customers to buy life insurance. We think it is doing its part, but some factors are out of its control. For instance, many the insurance companies they work with still require paper forms to be filled out and sent back.

Quotacy is great for applicants who have something in their medical history that they worry precludes them from getting coverage. The company has the experience to know which provider is best for which applicant.

The customer service team gets excellent reviews as well. We like that it offers full phone and email and chat support.

Quotacy may seem like a startup in the insurtech industry but it turns out it has deep roots. We would love to see it stick around.

Frequently Asked Questions

Is Quotacy an insurance company?

No, Quotacy isn’t an insurance company. It is an insurance broker that can shop around to find you the best rates.

What if I need to make a change to my policy? Who do I contact?

After you purchase a plan through Quotacy, Quotacy is in charge of making changes to your policy. Contact them directly to add a beneficiary or convert your term policy to whole life, for example.

What if I have a medical condition? Can I get life insurance?

Quotacy excels at helping people, even those with medical issues, get life insurance coverage. They have the ability to shop around to multiple top-rated life insurance companies and match you with the one that will provide the best policy option for your unique situation.

What are the advantages of choosing Quotacy?

Quotacy has successfully obtained life insurance for people with criminal backgrounds, driving record issues, and a history of substance abuse. Quotacy can shop around different insurance companies even if you are denied by one or given a “table” rating status (which means you are considered a higher risk and incur a much higher premiuma 25% higher rate).

What happens if I miss a payment?

All term life insurance policies have a 30-day grace period, typically 30 days. This means even if you miss a payment and you die 2 weeks after if it was due, the policy will still be considered active.

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