Life insurance. Not the most exciting personal finance topic is it?
But it’s not one that you should discount.
As much as we don’t really like to think about what’s going to happen when we die, we do know that we want our loved ones to be okay after it.
The last thing that any of us want is to leave our loved ones in financial difficulty if we weren’t around.
Taking out life insurance can be one of the most loving acts that you do for your family.
When you are young it may feel as though you don’t really need to worry about life insurance yet – but the sooner the better.
In this article, we are going to look at one of the easiest and fastest ways to get life insurance.
Let’s dive into our in-depth Sproutt Life Insurance review.
What Is Sproutt Life Insurance?
Sproutt is a company that provides life insurance. Life insurance is something that helps your family out with finances when you pass away.
Sproutt works a little bit differently from the usual life insurance companies. With your typical life insurance company, they will look at any health problems that you have that could increase your policy.
Generally speaking, if you are unhealthy then you will pay more for your life insurance.
Sproutt does things differently, as they reward you for your healthy lifestyle choices.
They want to make sure that you are rewarded for being young and healthy, and get the best life insurance for you.
They are a marketplace that looks at different brokers to get you the best life insurance for your specific needs.
How does purchasing a policy with Sproutt work?
Sproutt has made it very simple to purchase a policy with them. On the homepage, there is a large green ‘Get Started’ button which you will need to click on.
This will take you through to the first screen, where you will be asked to enter your zip code.
The next step is to enter your gender, as they indicate that this may influence the rates.
There are various other questions, such as:
- Your height and weight
- When you last used cigarettes
- How healthy you would describe yourself to be
- Your annual income (so that you can get the right amount of coverage)
- If you have applied for or received disability benefits in the last 5 years
- What your credit rating is like
- If you have anything against you financially e.g. bankruptcy filing, collection activity, etc
- If you have been taking prescription drugs in the last 2 years
- If you are willing to take a medical examination. In some cases, a medical examination is required for higher coverage and better rates
- If you currently have a life insurance policy
- If you have ever been declined or postponed for life, health, or disability insurance
They also ask if when buying life insurance, you would prefer either instant approval with no waiting and no exam, or if you’d rather pay less, wait longer, and might need an exam.
After completing all of this information (it’s really quick to do!), they search for the best quotes based on this.
Once you have selected the type of cover which looks most appealing to you, it will take you through to another page where you’ll be asked your lifestyle habits and other questions.
After this, Sproutt will present the offer which it thinks is best for you. There are other options that you can click through to as well.
If you are happy with the policy that is selected, you can continue on with signing up with them.
It’s worth mentioning that just because you get a quote, that doesn’t mean that you will be accepted.
How much does life insurance cost through Sproutt?
The amount that life insurance costs through Sproutt will vary depending on the personal information that you provide them with.
To get a general idea of the Sproutt costs, it will be around $10 – $90 for the monthly premiums, depending on the information that you enter.
The amount that it is depends on:
- Your preconditions and lifestyle
- Your term
- Your coverage amount
Your preconditions and lifestyle are what most life insurance companies look at to determine if they should cover you.
It goes without saying that the less of a risk you are, the better deal you will get with your life insurance.
That does mean, however, that if your preconditions and lifestyle aren’t great, you will likely be paying more. Make sure that you get a quote though!
The preconditions refer to any current health concerns that you have, and the lifestyle can refer to things such as if you are a smoker if you do any dangerous activities, and so on.
The term simply refers to how long you want the life insurance policy to be. Whole life insurance doesn’t expire, whereas term life insurance is for a certain amount of time e.g. 10 years, 30 years.
The coverage amount refers to the amount of money that your loved ones will get once you have passed.
What are Sproutt’s Features?
Now that we know how to get started on Sproutt, let’s take a look at the Sproutt features that they offer:
The QL Index Score
The QL Index Score is Sproutt’s Quality of Life Index which they use to figure out which quotes they should give you. The QL Index Score looks at 5 areas:
- Emotional health
To get your QL Index Score you will take a test that takes about 10-15 minutes to complete.
You will get scored out of 5 based on where they think you are on their Quality of Life Index. They will use this score to link you with the best life insurance quotes.
A nice feature is that they will also offer you advice on how to improve your Quality of Life score if you need to work on it.
This is highly beneficial to you because it will mean that you will get cheaper life insurance quotes.
No-Exam Life Insurance
When it comes to life insurance, one of the most frustrating parts is when you have to take a medical exam.
If you need to get life insurance quickly, you may be able to skip the exam through Sproutt if your QL score is good.
It can be a good thing for your health to get a medical checkup, but when things need to move quickly this can be a great time-saver.
This isn’t a guarantee with Sproutt as they will do things on an individual basis, but they do have access to companies that will allow no-exam life insurance upon sign up.
Exceptionally modern and user-friendly
Whenever you are using a new website, it’s important that it is easy to use. We love using Sproutt because it’s so well laid out.
It is fast to use, looks great, and helps you to get your life insurance quote as quickly as possible.
It’s clearly aimed at the younger generation and is put together in a bright and user-friendly format.
Another thing that we love when it comes to using a new website, is the availability of live agents to talk to.
When you want a quick answer to a question that you have, it’s really helpful to have live agents available.
You can also speak to them on the phone, but it’s always a good option to have live agents in case you can’t speak on the phone for whatever reason.
Who is Sproutt best for?
Because of the way that Sproutt is set up, it is best for people who are young and healthy.
You should hopefully be able to access lower rates if you are young and healthy. It’s also good if you have a young family to protect them if you pass away.
It’s refreshing to have life insurance work in this way, as it has typically not really bothered rewarding those who are young and in good health.
Their Quality of Life Index will show you where you show up on their radar in terms of health. You may think that you are doing pretty well but may find some things to work on.
If you are looking for a life insurance company that doesn’t just offer generic quotes, then Sproutt is good for you.
Who is Sproutt not ideal for?
Sprout isn’t ideal for people who aren’t young and healthy. If you are in the older age bracket and/or have bad health, Sproutt may not be the best place to get your quote.
There are lots of other life insurance companies out there that will be happy to provide you with a quote.
Even if you are not sure whether you’d be good enough for Sproutt or not, it is still worth going through the questions and seeing if you are.
Pros vs. Cons of Sproutt?
It’s always a good idea to look at the pros and cons of the company that you are looking at, to get a balanced view:
- You get benefits if you are young and healthy, which is different from the way that traditional life insurance companies work
- The website is easy to use and navigate
- There are live agents available if you need a hand with anything
- The medical exam is not always needed (depending on specific factors)
- There are limits on to how much they will cover you for (typically up to $500,000)
- They don’t cover all term lengths
- May not be a good option for you if you are not young and healthy
Who competes with Sproutt?
Of course, Sproutt isn’t the only place where you can get life insurance quotes. There are Sproutt competition companies out there to take a look at.
If you are looking for something a bit different, Policy Genius could be the one for you to look at.
There are key differences between Sproutt and Policy Genius. Sproutt looks quite specifically in getting special pricing for those who are young and healthy.
Policy Genius helps with more generic life insurance policies and can be a good option if you aren’t fit and healthy.
They also find coverages with higher premiums (Sproutt only goes up to around $500,000) which can be beneficial if you are older.
Final Thoughts on Sproutt Life Insurance
Sproutt Life Insurance is a relatively new company, but with that, they bring a modern design and an easy-to-use website.
They seem to be targeting the younger generation, and having a slick website really helps them to play into that.
We love that life insurance is moving away from the model that you have to pay loads if you have ill health, and kind of forget about everyone else.
You are essentially saving money (and being rewarded) for living a healthier lifestyle, as they encourage things like exercise, healthy eating and sleeping well.
If you are a young, healthy person then you will want to check out Sproutt. You don’t need to sign up for them if you don’t want to, but it’s worth getting a quote.
They will also offer tips on how to increase your QL score and in turn, make you healthier over time.