Last Updated: May 2020
If you are considering using Sproutt to help you find a life insurance policy, you have come to the right place. Below, we will review Sproutt and explain its online platform, pros & cons, and products offered.
We will cover the topics that we know consumers typically want to learn about including the potential rates with Sproutt, underwriting guidelines, and if Sproutt Life Insurance is a reliable life insurance company.
- About Sproutt Life Insurance Company
- Sproutt Life Insurance Financial Strength
- Life Insurance Products Offered by Sproutt Life
- The Application Process with Sproutt Life is Fast & Easy
- Cost of Sproutt Life Insurance
- Pros & Cons of Sproutt
- Compare Sproutt with Other Life Insurance Companies
About Sproutt Life Insurance Company
Sproutt Life Insurance is a platform designed to target life insurance marketing towards new parents and young families.
Sproutt partners with several well-known life insurance companies or agencies including:
- Zurich Insurance
- AIG Insurance Company
- Security Mutual
- Sagicor Life
- North American Company
Sproutt is an independent agency since it represents several life insurance companies.
According to Sproutt’s website, they state that they are a team of “innovators” that are young parents that recognize the importance of protecting our families.
In a nutshell, Sproutt Life Insurance is nothing more than a platform used to match consumers with life insurance companies that can underwrite and issue life insurance policies. Sproutt itself is not issuing nor underwriting the actual life insurance that youw would purchase.
That doesn’t, however, mean they’re not a good choice for life insurance.
Sproutt Life Insurance Financial Strength
When looking at financial strength numbers for a company like Sproutt, you don’t look at Sproutt itself since they don’t actually write the policy.
The life insurance companies that Sproutt currently works with are all top-rated life insurance companies with strong financial ratings.
Overall, this is not an area of concern for consumers considering Sproutt for coverage.
BBB Ratings and Complaints
The BBB can help consumers have an idea of what complaints are being filed against a life insurance company.
For Sproutt, the information is limited with the BBB. Currently, they have only been accredited since 8/20/2019 with an A- rating, and have no complaints on file.
Life Insurance Products Offered by Sproutt
Sproutt currently only offers no medical exam life insurance through its platform.
It starts off by asking you simple demographic information when you walk through the process. Once selecting the coverage desired and entering the information needed, Sproutt will connect and display options for no exam life insurance with the life insurance companies we discussed previously.
You have the option with Sproutt of choosing the standard term durations for your coverage such as the following:
- 10 Years
- 15 Years
- 20 Years
- 25 Years
- 30 Years
These would be considered level premium term policies which simply means that you lock in your price for the duration of the policy without worrying about premiums increasing over the life of the policy.
Additionally, Sproutt does allow you the option through their platform to either complete the process fully-online or you can click to speak to an experienced advisor. This is a plus if you need a bit more guidance.
Who Should Consider Sproutt Life?
Sproutt should be considered for coverage by individuals who desire quick and easy to purchase life insurance. Additionally, individuals who prefer to purchase life insurance not requiring a medical exam can benefit from working with companies such as Sproutt.
For individuals who have medical complications or special circumstances, Sproutt probably isn’t going to be your best choice unless you select to speak to an experienced agent through the process.
Individuals with health conditions often need more tailored made policies with companies that specialize in providing life insurance for individuals with a long list of medical complications or even medications.
What Makes Sproutt Life Unique?
Sproutt, compared to other major life insurance companies, isn’t necessarily unique.
Their platform for allowing consumers to purchase life insurance quickly and from the comfort of their own home is somewhat unique, but plenty of other life insurance companies such as Haven Life, Leap Life, and even Health IQ offer similar ways to purchase life insurance.
The Application Process with Sproutt Life is Fast & Easy
The application process with Sproutt is straightforward and reasonably quick to complete.
Step 1: Select a Coverage Amount & Term
When you visit Sproutt to purchase life insurance online, you will begin by selecting the coverage amount and years you desire after answering a few basic questions related to income and debt. This helps Sproutt calculate which amount of life insurance makes the most sense for you.
Step 2: Personal & Health Questions
Following this line of questioning, Sproutt’s platform will begin asking you other personal demographic questions such as the number of dependents you have, marital status, and of course, and a fair amount of health questions.
Once you make through the process and answer these questions, you can submit your application with Sproutt. From start to finish, you are only looking at about a ten-minute process to do about 80% of the life insurance application process.
This is something that’s notable about Sproutt, but again, other companies offer the same streamlined process so it’s always best to compare rates with several life insurance companies.
What If You Have Been Declined With Sproutt?
Online platforms selling life insurance are great in many ways. However, seniors, especially ones with health issues or a medical history, can be declined coverage with Sproutt.
This is because these online platforms often have stringent underwriting guidelines, and you aren’t being presented with a limited number of companies as options. If you are someone with unique health concerns, this can certainly cause problems.
In that case, consider high-risk life insurance, and working with an independent agent to give yourself a wide variety of life insurance companies to choose from.
Cost of Sproutt Life Insurance
Overall, Sproutt is a competitively priced life insurance option with limited choices.
These three companies seem to offer the best discounts or have the most competitively priced life insurance available compared to other similar platforms.
Pros & Cons of Sproutt
All life insurance companies have unique strengths and weaknesses. Here are pros & cons of Sproutt Life Insurance.
Pros of Sproutt
- Competitively priced for Healthy Individuals
- Clean, Innovative and Easy to Use Platform
- Works with Highly Rated Life Insurance Companies
Cons of Sproutt
- Limited Product Options
- Not the Best for High-Risk Individuals
- Cheaper Coverage Options Are Available
Compare Sproutt with Other Life Insurance Companies
While Sproutt is undoubtedly not a bad company to work with for coverage, we always recommend comparing rates with several life insurance companies before ultimately deciding.
This gives you the best chance of being approved for coverage and gives you the best chances of finding the cheapest rates possible.
We have reviewed over 50 life insurance carriers and agencies to help you compare rates and find the right company for your specific needs.
Here are some other life insurance agencies to review along with Sproutt.