Is Sproutt Life Insurance Legit? – SurfKY News

Joey Pardella

Last Updated on: Feb 26, 2022

Shopping for life insurance can be a confusing process if you aren’t familiar with the types of life insurance available and the benefits of each. In addition, there are many companies available that offer life insurance. When you find Sproutt life insurance, you may wonder if it is legit. The answer is yes, and it is a popular coverage choice for many life insurance policyholders. 

The Sproutt company began in 2018 after its founders saw a need for more-efficient and higher-quality life insurance issuance. They saw a way to deliver personalized insurance based on consumer wants rather than limited-choice policies. They also saw a way to lower prices for people who are low-risk based on their lifestyle choices. 

Essentially, Sproutt offers life insurance policies that take into account how much personal information you want to provide, and it allows you to fit into a lower price bracket if you provide information that indicates you are at a lower risk of premature death. You can get a discount, or you can get a higher-priced policy with very few questions asked. Other companies don’t offer as many life insurance options as Sproutt. 

Sproutt Life Insurance Pros and Cons

If you are looking at multiple companies for life insurance, you may want to generate a list of pros and cons to help you decide which suits your needs. This is an extra step, but it ensures that you get what you want. Life insurance is an investment, and you want to make good decisions when purchasing it. We’ve compiled a short list of Sproutt Insurance pros and cons for you to consider. 

Pros

It is very easy to navigate their website and see what the company has to offer
 Sproutt life insurance offers many types of exams including no-exam, term, and whole life insurance
 It’s quick! You will receive your approval more quickly than with most life insurance companies
 There is transparent pricing with no hidden fees
 Sproutt life insurance has excellent customer service
 No in-depth examinations or painstaking underwriting processes

Cons

No medical exam life insurance policies cost more than others
 There isn’t an option to speak to a person face-to-face
 The Sproutt website has had some technical issues despite being handled efficiently by tech staff
 It’s so easy that you might take the value of your life insurance policy for granted

When you think about purchasing life insurance, it is important to weigh the pros and cons of each insurance company. Sproutt’s pros are very customer-focused, while its cons are fairly typical in the insurance landscape. That is probably why they are rated so highly by companies such as AM Best. 

Sproutt’s Quality of Life Index

The unique offerings of Sproutt Life Insurance stem from their quality of life indexing, which was sort of the inspiration for their business model. They created a GAIA (Guided Artificial Intelligence Assessment) to help people understand their current health and how they can improve it. Not only is this advantageous for life insurance pricing, but it also improves the quality of lives for people who act on the recommendations of the index. 

Sproutt truly shows its commitment to the customer with their GAIA. They are not motivated purely by profits but by offering quality life insurance to people at affordable prices. The best way to do that is to improve the health of the populations they serve!

Types of Life Insurance Offered by Sproutt

One of the best places to begin when considering life insurance by Sproutt is the types of life insurance policies they offer. These include: 

Whole life insurance: This is life insurance that you pay for until you die, and the benefit then goes to your chosen beneficiaries. Whole life insurance policies also build cash value, which can be accessed if needed. Whole life is what people usually think of first when considering life insurance for themselves or a family member. 

Term life insurance: Sproutt offers life insurance that has an end date, and that is considered the term of the policy. You may have a 10-, 20-, or 30-year term. The policy has no cash value, and if you outlive your policy, it simply expires. Because of this, term life insurance policies are much less expensive than other options. They are a popular choice for families who want to make sure their children have financial protection until they become established adults. 

Universal life insurance: A Sproutt universal life insurance policy does not lock you into certain premium payments or coverage limits. In fact, you can borrow against it, pay more into it to build cash value, and you can put that value into interest-bearing market accounts. These policies become financial tools while the policyholder is alive, and they can deliver a large amount to the beneficiary upon the policyholder’s death. They are also one of the most confusing life insurance policies for a person who isn’t well versed in life insurance, so make sure you do your research. 

Guaranteed life insurance: It is difficult to get life insurance if you are already sick, but it isn’t impossible. Sproutt guaranteed life insurance allows these people to get life insurance for their loved ones despite their current health. It can be expensive, but it is worth it for so many people who thought they were too late to get life insurance. These policies come with a no medical exam option that takes away all the encumbrances if you are already suffering from poor health. 

No-exam life insurance: As the name implies, there is no medical exam required to get Sproutt’s no-exam life insurance, but the reason for this is not to hide illness. Instead, it is to make the policy more convenient. Some people don’t have the want or the time to go through a lengthy medical underwriting process. They just want their life insurance, and Sproutt delivers. 

No Medical Exam Sproutt Life Insurance

No medical exam life insurance from Sproutt allows people to do one-stop life insurance shopping without the hassle of following up on exams and waiting for acceptance. It is excellent for people who don’t want to go to the doctor or who have been turned down for other types of policies due to health conditions. 

Because no medical exam policies are inherently riskier for the life insurance company, they are more expensive. Sproutt’s no-exam life insurance is no exception. However, the policies are valid, and these policies are highly desired by those who can afford them. 

No medical exam Sproutt life insurance is offered via multiple policies including some term and whole life options. Even when it is a no-exam policy, Sproutt offers options so that you can lower your premium. 

Coverages Available

The coverage available in any insurance policy should be well understood by the person buying it, but life insurance can be confusing. There are terms and timelines as well as exclusions that could render your policy useless if you don’t understand the terms of your policy.

Sproutt offers the following suggestions when trying to figure out how much coverage you need, and for how long in the case of term life policies: 

Consider multiplying your yearly wages by 10 times to replace 10 years of your income. This amount of money may be able to generate enough interest to cover your beneficiaries for many years after that. 
You might want to add an additional sum for each child you have. The suggestion offered by Sproutt is $100,000 per child. 

These are less suggestions than they are examples. If you feel that more or less coverage would suffice or it’s what you can afford, the choice is yours. The above options are intended to paint a picture of the purpose of life insurance so that you can better calculate your beneficiary’s needs. The true goal of Sproutt insurance is to offer you personalized life insurance that meets the needs of your family or other beneficiaries. 

Depending on the policy and your health, Sproutt life insurance offers coverage up to $5 million. 

So, How Do I Know Sproutt Life Insurance Is Legit? 

Sproutt life insurance is often listed in the top 10 lists ranking life insurance companies, but that isn’t what makes it legitimate. The things that make you know it is a reputable company are the customer reviews, pricing transparency, and focus on customer service. 

One other thing that might prove that Sproutt is worthy of your business is its A++ rating from A.M. Best Company. A rating like that from A.M. Best is one that rates the financial strength of insurance companies. A good report card means that Sproutt is a company that will be financially viable and can cover the terms of your life insurance agreement. 

Ultimately, you want a life insurance policy that is affordable and easy to get, but you also want it to be delivered to you or your family in the event of your untimely death. You want it to financially support your loved ones should you no longer be able to. You also want to rest easy knowing you are getting life insurance from a company that you can trust. Sproutt can make those things happen.

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