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Sproutt Life Insurance Review
By Susan Doktor MONEY RESEARCH COLLECTIVE
Founded in 2019 and located in America’s insurance capital, Hartford, Connecticut, Sproutt is a life insurance marketplace that connects customers with 1.2 million insurance brokers across the U.S. Each of these brokers does business with multiple life insurance companies, so customers can easily find the right life insurance providers and policies for their needs.
Table of contents
- Sproutt life insurance overview
- Sproutt’s credentials
- Sproutt’s accessibility
- Sproutt’s customer satisfaction
- Sproutt life insurance FAQs
- How we evaluated Sproutt life insurance
- Summary of Miami Herald’s Sproutt review
Sproutt life insurance overview
Sproutt prides itself on being a different kind of life insurance company. All life insurance providers evaluate applicants based on their age, location and present health. Sproutt instead uses an artificial intelligence-driven Quality of Life Index (QLI) to evaluate the risk of insuring an applicant.
The company’s algorithm takes people’s healthy habits into account — as well as lifestyle choices that detract from longevity — to determine policy costs.
So if you take good care of yourself, Sproutt may represent a cost-effective choice for you. Those in poor health and people who take multiple medications may not get the great deals they’re looking for, however.
What it offers
- Multiple life insurance options, including term life insurance, whole life insurance and universal life insurance
- Rewards healthy lifestyle choices
- Guaranteed life insurance option — you can’t be denied life insurance coverage
- Buy insurance online
- Instant approvals
- Online application process or work with an insurance advisor
- Choose no-exam insurance or an exam policy
What it doesn’t offer
- Coverage for people over the age of 60
- In-person consultations
Sproutt life insurance cost
Life insurance costs vary from person to person. Among the factors that influence policy premiums are:
- The type of insurance policy you choose; term life insurance generally costs less than whole life insurance
- The term length you choose, if opting for term life insurance
- The death benefit you choose
- Your age
- Your medical history
- Your location
With Sproutt, your insurance premiums will also vary depending on your health habits. Your answers to the company’s questionnaire will be evaluated against Sproutt’s proprietary Quality of Life Index. Regular exercise, getting enough sleep, and preparing home-cooked meals may all bring your premiums down.
By way of example, we requested a quote for a 30-year-old man in excellent health who led a moderately healthy lifestyle — no smoking, good eating habits and regular exercise. Sproutt returned a premium price of $32 per month for a 20-year term life policy with a $500,000 death benefit. Using the same consumer profile, a million-dollar term life policy would cost $59 per month.
You may have a vastly different profile. Sproutt, however, says it makes it easy to get a personalized quote, and in under 5 minutes.
Sproutt’s credentials
Licenses and registrations
Sproutt is a life insurance broker that operates through a large network of individual brokers. Each broker in the network is licensed in the state where he or she operates.
Awards and certifications
Sproutt is recognized as a leader in the “insuretech” sector. The company earns accolades for its novel approach to life insurance, which rewards customers who make healthy choices with low rates and offers a simple online purchase process and instant approvals.
To date, the company has not won any industry awards. It’s also not rated by AM Best for financial strength. (That’s because Sproutt is a broker and so works with multiple insurance companies, each with their own strength record.)
Regulatory or legal actions
Sproutt life insurance has a clean record with the Consumer Financial Protection Bureau (CFPB). We were unable to locate any lawsuits filed against the company.
Sproutt doesn’t list its NAIC (National Association of Insurance Commissioners) identification number on its website, and we were unable to find the company in the NAIC database. That may be because Sproutt is a network of insurance brokers that operate under their own NAIC numbers.
Sproutt’s accessibility
Here’s how Sproutt stacks up when it comes to accessibility, including how easy it is to find information on its website.
Availability
Sproutt serves customers in all 50 states and the District of Columbia. The company will connect you with one or more licensed insurance brokers in your state. Your broker can go over your life insurance needs and help you find the right policy at the best rates.
Note that Sproutt is focused on rewarding young, healthy customers with low insurance premiums. Only customers aged 60 or below can apply for coverage.
Contact information
Sproutt offers the usual ways to get in touch: by phone, email or postal mail. Here’s how to reach the company:
Phone: 1 (888) 786-3917
Email: hello@sproutt.com
Mail: 100 Pearl Street, 14th Floor Hartford, CT 06103
We note that the company doesn’t offer live chat on its website. Nor does it make a mobile app available to its customers. Mobile apps can make it more convenient to manage your account.
User experience
Sproutt’s website does a good job of differentiating its products from those of competitors. The company’s website is clean and well-organized. It’s also easy to get a life insurance quote — by simply filling out a 5-minute questionnaire.
Sproutt publishes an extensive blog to help first-time life insurance buyers learn about their life insurance options. The insurance industry has its own special language. If you’re confused by the words used to describe policy features, you can also consult Sproutt’s comprehensive glossary of insurance terms.
Limitations
Sproutt does not offer coverage to people over the age of 60. That’s because the risk and cost of insuring older people is higher. One reason Sproutt can offer lower-than-average rates is that it limits its risk by insuring only younger, healthier applicants.
Sproutt’s customer satisfaction
How do we find the best life insurance companies out there? For one thing, we listen to what customers have to say about them. We consult consumer reviews published on several reputable consumer advocacy websites to get a sense of what’s great and what’s not-so-great about the companies we review.
Third-party ratings
Sproutt is accredited by the Better Business Bureau and earns an A+ rating from the organization. Presently, there are no reviews published for Sproutt on BBB.org. Consumers on Trustpilot give Sproutt an excellent 4.8-out-of-5 stars rating. The rating is based on more than 400 reviews.
Customer complaints
Reading through Sproutt’s customer reviews, we found the company to be widely praised. Customers cite the convenience and speed of applying for coverage, professional treatment and good communication as the basis for their positive reviews.
Sproutt life insurance FAQs
How do I choose the right type life insurance policy from Sproutt?
The best way to determine the right policy for you is to speak with a Sproutt insurance advisor. The company's website is geared toward quickly providing term life coverage. But depending on your financial circumstances, family situation and other factors, you may want to explore the benefits of whole life or universal life. Sproutt does not offer instant quotes for these products so you'll need to consult an advisor by phone. No matter which type of insurance you choose, a Sproutt advisor can help you determine how much coverage you need to meet your life insurance protection goals.
How can I get a free Sproutt life insurance quote?
Sproutt makes getting a quote easy. Simply click the "Get Started" button on the company's website. You'll be asked to fill out an online form that takes minutes to complete. Once you've answered the questions, the website will return one or more policy options.
Sproutt's questionnaire contains some optional questions about your lifestyle and health habits. That's part of the company's unique value proposition: it rewards customers who live healthfully with lower premiums.
How does the Sproutt no-exam life insurance work?
You can get a no-exam life insurance policy much quicker than an exam policy. If you're anxious to add coverage quickly, a no-exam policy may be your best bet.
Sproutt will ask you several questions and take your answers at face value. The company will assume you're telling them the truth about your health and lifestyle. And it's important that you do so. Providing false information may result in the company refusing to pay the policy's death benefit to your beneficiaries.
Because of the risk they take on by insuring you without knowing your full medical history, life insurance companies generally charge more for no-exam policies. With that in mind, a medical exam life insurance policy may be a better option for applicants seeking lower premiums.
How can I buy a life insurance policy from Sproutt?
The process is pretty simple. If you already know what type of policy you need and how much coverage you want to buy, you can just start the application process online.
If you're choosing a no-exam policy, you'll complete a comprehensive health questionnaire. If you're unsure about the coverage you need, you can speak to a Sproutt insurance advisor to sort out the details.
You'll also need to supply a credit card number so Sproutt can begin billing you for your coverage.
How long does it take to get my Sproutt life insurance?
That depends on the type of insurance policy you wish to buy. One of Sproutt's hallmarks is providing instant term life coverage with no medical exam required. If that's what you're looking for, you can be covered in as little time as it takes to answer a questionnaire and provide a credit card number.
If you're looking for whole or universal life insurance or you'd rather take a medical exam and potentially get lower rates, the process will be considerably slower. Getting a fully underwritten policy could take between two weeks and two months, sometimes more.
How we evaluated Sproutt life insurance
We considered the following factors when evaluating Sproutt life insurance:
- Types of life insurance available
- Website experience
- Ease of application and buying life insurance
- Price and pricing transparency
- Consumer reviews
- History of regulatory actions
- Customer service availability and structure
Summary of Sproutt life insurance review
Sproutt‘s model aims to simplify and speed up the process of getting life insurance coverage. It also specializes in providing lower-cost policies to customers who look after their health.
The company also publishes several resources for life insurance novices and offers one-on-one guidance from agents to help customers discover the best insurance for their needs.
While Sproutt’s niche appears to be providing instant term life insurance policies, the company does offer a variety of life insurance solutions, including whole life insurance and universal life insurance. For those who prefer it, Sproutt also features a fully-online buying experience — a major convenience in today’s hectic world.
For more life insurance options, check out our top picks for the best life insurance companies of the year.
