Sproutt Life Insurance Review
Sproutt Life Insurance Review
Sproutt uses their Quality of Life Index to assesses your lifestyle and matches you with the best life insurance policy.
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Sproutt Life Insurance Review
Sproutt life insurance provides a unique service with speed and ease. If you have never purchased life insurance before and are not quite sure where to start then their service is excellent for you. They do a good job of simplifying the process and recommending life insurance plans that are most likely to be a good fit for you. If you aren’t satisfied with their plans, they also offer ways that you can secure a lower rate.
Sproutt Life Insurance Review
Sproutt simplifies the process of getting life insurance. Sproutt sources rate quotes from their wide range of top-rated insurance partners. Sproutt best serves healthy people, but also high-risk applicants or those who struggle to find life insurance coverage.
- Intelligent Policy Matching – With their proprietary artificial intelligence platform, you get matched with the best life insurance policy
- Speed/Ease – Since the entire process can be done online in 15 minutes, it’s incredibly fast and easy to get a few life insurance quotes. Really all that’s required on your end is to answer a few questions.
- No medical exam is necessary – They do not require you to get a medical exam before giving you a quote.
- Online/Phone – For the most part, their system is done online. However, if you prefer to speak to a representative you can also call in and speak with someone.
- Website only supports term life quotes, call them to discuss other options.
Sproutt Life Insurance Overview
The idea for Sproutt Life Insurance was formed when the two founders, Yoav Shaham & Assaf Henkin, realized just how frequently people’s personal data is used by businesses. Major corporations make billions of dollars by using personal data to show customers highly targeted ads or understand their buying behavior.
However, personal data is rarely ever used to benefit the consumer. Sproutt Life Insurance wants to change this by using your personal information (that you voluntarily offer) in order to recommend the best possible insurance plan for your needs. This can include your physical activity habits, your diet, and even how frequently you may go out and meet friends.
Sproutt offers their customers a smooth buying experience that is done 100% online and takes just 15 minutes to complete. If you’re interested in purchasing life insurance, you can just head to Sproutt’s site, fill out a short questionnaire, and Sproutt’s technology platform based on medical research, will use artificial intelligence to recommend the best insurance policy for you.
It’s worth clarifying that Sproutt Life Insurance does not actually offer their own plans. Instead, they help you navigate the complex insurance industry and offer you a variety of coverage life insurance plans from other providers. All of the products that they recommend are A-rated by AM Best and are offered by leading insurers like SBLI, EMC National Life, Munich Re, and Hannover Re. Sproutt Life Insurance is backed financially by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, and MS&AD Ventures.
Let’s take a detailed look at Sproutt Life Insurance and whether or not it’s right for you.
Sproutt Life Insurance Plans
There are a few reasons why you might need life insurance. Generally, life insurance is about helping your loved ones get along financially in the event that you pass away prematurely. Here are some common examples of how life insurance can help:
- Keep income coming in for your dependents if you’re the main breadwinner
- Payoff any debts that you still had outstanding
- A lump sum from life insurance can be used to pay for your kid’s college tuition
- Life insurance can help pay for any funeral expenses that come along with your passing
Sproutt provides coverage according to your lifestyle, preferences, and needs They make this judgment by using artificial intelligence to analyze your Quality of Life index. They offer plans that range anywhere from $50k to $3M in coverage depending on the level of coverage you need. Their standard plan starts at $18/month with $500,000 in coverage.
They offer 6 different types of term life insurance:
- Term life insurance – Death benefit with level premiums for the term duration. Term life insurance may be renewed, converted to another type of coverage, or terminated.
- Whole life insurance – Permanent death benefit coverage with guaranteed cash value growth plus dividends. Whole life insurance accumulates dividends, lasting the whole of the policyholder’s life.
- Universal life insurance – Lower flexible premiums for permanent life insurance coverage. Universal life insurance policies accumulate cash value based on given interest rates.
- Variable life insurance – Permanent death benefit coverage with equity-based cash value growth comprised of different investment funds such as stocks and bonds.
- Simplified issue life insurance – Swift life insurance application and approval without a medical exam. This is a quicker process than traditional life insurance that may cost a little more and coverage may be a little lower than traditional policies.
- Guaranteed issue life insurance – 100% approval coverage without any health questions or exams. Acceptance is guaranteed following a mandatory waiting period.
Sproutt’s Other Products
There are two other products that Sproutt offers:
No exam life insurance – This is one of the ways that Sproutt is able to complete the process of quickly. Most life insurance plans will require a medical exam and a thorough underwriting process, which complicates and extends the process. Sproutt bypasses this process and can give you a quote without an exam.
Guaranteed life insurance – This is a life insurance policy that you are sure to qualify for, no matter what your health or personal history looks like. Since it’s guaranteed, it is only available for a specific age range and there is a waiting period before the benefits will kick in. This is a good option if you are elderly and in very poor health.
Sproutt Life Insurance
Sproutt is a quick and easy marketplace that uses an artificial intelligence powered Quality of Life index to match you with the best insurance provider. No medical exam required.
(888) 786 3917
Main Address: 100 Pearl Street, 14th Floor, Hartford, CT 06103
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Simplified life insurance
- Guaranteed issue life insurance
- Standard plan starts at $18/month with $500,000 in coverage
- Plans from $50,000 to $3M
- Age range of 18 – 60 years old.
- 5, 10, 15, 20, 25 and 30 year Term Lengths
- Coverage in 50 states
- Medical Exam: No
Sproutt Life Insurance Review Consensus
Sproutt life insurance reviews appear on a number of review websites, including the Better Business Bureau (BBB), AM Best, and TrustPilot. Independent business ratings include A from the BBB and A++ from AM Best and 4.7/5 stars with almost 400 reviews.
More About Sproutt Life Insurance
Sproutt’s main selling point is their Quality of Life index that they use to recommend the right insurance plan for you. This index is powered by their proprietary Guided Artificial Intelligence Assessment technology. The main takeaway of this questionnaire is to assess how healthy of an individual you are.
Depending on your score, they’ll offer different plans that match your lifestyle and needs. If you’re not satisfied with your score, they also offer personalized tips on how to reduce it so that you can save money on your life insurance policy.
In their own words, they offer “A smarter way to buy life insurance by matching you with the insurance company and policy that best fits your lifestyle, preferences, and needs.”
They also state that they want you to squeeze adventure from every second of your life. However, they also want you to be around for as many seconds as possible.
The total process is done in 3 simple steps:
- Take a 15-minute questionnaire that will assess your health from a physical, mental, and emotional state. This process is done entirely online but you can also call a representative if you choose.
- Receive your Quality of Life score. If you are not satisfied with your score then they will offer ways that you can improve it.
- Select the right insurance plan for you from their recommended options.
The five main health categories that their Quality of Life index focuses on are:
- Emotional Health
Based on this assessment, they’ll provide advice on improving this score, which means improving your day-to-day quality of life. This is good for your health but it also means that there is the potential to save money on life insurance.
Sproutt Life Insurance Costs
The cost of Sproutt life insurance varies depending on your personal situation, profile and the type of policy you want. Sproutt needs to consider your age, location, amount of coverage, lifestyle and Quality of Life Index
Here’s an example for a healthy, non-smoker, mid-20’s male living in New Jersey:
|$500,000||$29 per month|
|$750,000||$41 per month|
|$1,000,000||$49 per month|
*Costs can change anytime or may vary depending on your particular situation
Sproutt Life Insurance FAQ
How is Sproutt different from other companies?
Sproutt helps people easily get life insurance quotes based on a quick 15-minute quiz. Based on your answers to this questionnaire, they use artificial intelligence to pair you with the best plan to fit your lifestyle and needs.
How does Sproutt make money?
Sproutt makes money by referring you to life insurance companies. However, to make sure that their is no conflict of interest, they pay their advisors the same compensation regardless of which insurance company you choose. Due to this, there is no reason for an advisor to recommend one advisor over another. Instead, they focus only on you (the customer) and what your needs are.
Is Sproutt affiliated with any other insurance brokers?
No, Sproutt is an independent insurance broker and has no affiliation to any insurance broker. This allows them to provide unbiased reviews and recommendations.
Do I need a medical exam to get coverage?
No! There is no medical exam required.
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