Over the last several years, a company known as Leap Life Insurance has made a big impact on the life insurance industry.
Who is Leap Life? Should you use them to shop for life insurance?
In this article, you will find a complete review of Leap Life Insurance. We will take you behind the scenes of what to expect when using their online platform and independent agency model.
Then, we will break down some of the positives and negatives you should be aware of when shopping for life insurance with Leap Life.
- About Leap Life Insurance Company
- Leap Life’s BBB Rating
- How Leap Life Works
- Leap Life is Not Great for People with Health Issues
- Pros & Cons of Leap Life Insurance
- Leap Life Insurance Offers Coverage from 12 Companies
- Compare Policies from Leap Life to Other Carriers
About Leap Life Insurance Company
Leap Life Insurance runs off an independent agency model and is a “for-profit” company.
This is how most life insurance agencies are structured. They compare rates and find you coverage by searching and partnering with life insurance companies.
This is positive in many ways for the consumer but doesn’t necessarily make them stand out of the crowd compared to other options like PolicyGenius.
The Brief History of Leap Life Insurance
Leap Life was founded in 2017 by Tom Patterson, Rona Elbaz, and Nir Yeffet.
Leap Life began by raising an initial $1.5 million. Leap Life Insurance Company is currently headquartered in the San Francisco Bay Area and according to Crunch Base operates with roughly 11-50 total employees.
Leap Life’s BBB Rating
The BBB shows that Leap Life has been accredited with an A+ rating and no complaints. They also have no reviews on the BBB.
However, you need to keep in mind that they have also only been in operation for a short period. Eventually, some more feedback will begin to display on BBB’s platform as time passes and we will keep you posted.
How Leap Life Works
Leap Life is an independent agency that performs most of its operations online. They help customers choose the best policy by comparing quotes from 12 different companies.
They offer a 30-day “return policy,” but this isn’t unique
An interesting fact is that they advertise “30 Day Returns”.
This isn’t something Leap Life Insurance came up with, but something that is mandated within life insurance contracts.
This is known as the “free look period.” The free look period is required to be 10 days long with life insurance contracts upon the final delivery of the policy, although most companies will offer 30-day free look periods.
Get a Quote in Minutes
Leap Life Insurance also advertises freely that you can get your match within minutes online, which in theory is 100% true.
If you run through the quoting process/platform with Leap Life, it’s going to direct you to enter your primary demographic information and then prompt you to answer a series of basic medical questions such as the following.
- Date of Birth
- State of Residence
- Nicotine Usage
After you submit the information above, you will have to answer more questions about yourself.
- Who will be the policyholder for the life insurance policy?
- Are you a US Citizen or Green Card Holder?
- Do you have a history of any health conditions? (They actually list out a dozen or so common health issues.)
Here’s what phase 3 will ask you.
- Do you have any of the following apply to you?
- DUI’s or Reckless driving charges?
- Ever Filed a Bankruptcy?
- Any Bills in Collections?
- Prior Felony Convictions?
- Taking Any Medications?
- Do you Skydive, Fly Aircrafts, Rock Climb or Race Vehicles?
If you selected no for all the questions listed previously, you have finally earned the right to view quotes.
They Offer You 3 Coverage Options
It will display you three options in coverages that are tiered in the smallest amount towards the most substantial amounts of coverage, and advertised as the easy coverage, essential coverage, and elite coverage options.
The coverage options are simply different face amounts. For example, you might see $250,000, $500,000, and $1 million. Of course, the largest policy has the highest premium.
Keep in mind, the prices they show you are no different than the prices you would get from any other agency. All agencies have the same rates, which are set by the life insurance carriers.
There are no special relationships that Leap Life Insurance has to offer discounts, such as the Costco and Protective Life Insurance partnership. It’s just a different way of displaying results to you on your computer or mobile device.
Leap Life is Not Great for People with Health Issues
If you answer yes to one of the medical questions during the process, it will prompt you to answer follow up questions.
For example, I went back through the process and selected that I have had a stroke in the past. The system then allows you to answer the following questions.
- Has It Been More Than 1 Year Since the Stroke?
- Do You Have Any Residual Effects from The Stroke?
Selecting no to these questions, still allowed the system to display rates.
Then, I went back a third time. In this situation, it just informed me that they have no available options for me.
High risk life insurance for people with health conditions does get more complex and usually requires an experienced agent. So, it’s not surprising that they do not offer life insurance for some conditions.
In most situations, individuals applying for coverage usually at least take one medication, have some form of family history, or some form of a medical issue that needs to be explained to a human life insurance agent instead of an automated online process.
Pros & Cons of Leap Life Insurance
Leap Life is clearly doing some things right to have an impact on the industry this quickly. But there are also things that they are not good at.
- They work with some of the best life insurance companies.
- The application process is very simple, fast, and efficient.
- They make it easy to apply for healthy applicants.
- They offer very limited permanent life insurance options online.
- They don’t cater to people with specific health problems.
- They have limited carriers, which means you may be missing lower rates with another company.
Leap Life Insurance Offers Coverage from 12 Companies
Here are the life insurance companies that Leap Life Insurance currently works with:
- Lincoln Financial Group
- American General Life Insurance (AIG)
- Protective Life Insurance Company
- Pacific Life Insurance Company
- Legal & General
- Prudential Life Insurance Company
- Mutual of Omaha
These are all good companies, but if you have a unique scenario or health problem, you may end up paying too much. A carrier like Sagicor Life Insurance or Foresters Life Insurance might be a better fit, but if you shop through Leap Life, you’d never know.
Compare Policies from Leap Life to Other Carriers
It’s possible that Leap Life is the best option for you, but we recommend you review their quotes and rates from other carriers.
Especially if you have to answer yes to any of their application questions about medical issues or high-risk situations, it’s very possible that another carrier will be a better option.
Use our instant quote tool to compare rates from other carriers against Leap Life, or give us a call if you might be a “high-risk” applicant.
Below are some other life insurance agencies to review as well.