Sproutt Life Insurance Review [ Pros & Cons + Tips]

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Sproutt is one of the many new life insurance companies attempting to disrupt the industry through the use of technology.

Sproutt claims to provide a smarter way to buy life insurance, but how does Sproutt compare to the top life insurance companies in the industry?

Our Sproutt life insurance review will cover all the pros and cons of using Sproutt to protect your family from the financial devastation of premature death.

Term life insurance is a competitive space.

Advancements in medicine have driven down the cost of term life insurance to record lows.

You can see for yourself by using our free rate comparison tool to look at the rates of over 30 highly-rated life insurance companies.

However, price is not everything when it comes to life insurance.

You want to be sure that your family is protected by a reliable and trustworthy company.

Additionally, you want to have a user-friendly application process and quality customer service beyond the sale of the policy.

Our article will cover the following topics and feel free to skip ahead to a part that interests you the most.

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Sproutt Life Insurance History

Sproutt life insurance was founded in 2018.

While Sproutt doesn’t have the century-long legacy that some of the industry giants have, but with youth comes agility and fresh thinking.

Sproutt has a team of innovators who recognize the importance of protecting your loved ones.

Sproutt maintains that finding the right life insurance policy should be smooth and transparent, and seeks to match you with the best policy for your personal situation.

Sproutt attempts to match you with the right life insurance company using technology with trusted advice from a customer service representative if you need a little extra help.

Founders Yoav Shaham, Assaf Henkin, and Itai Brickner have a background in technology.

The Sproutt founders launched Kontera, which is a leading marketing tech company that transformed consumer experiences using advanced algorithms.

Kontera was acquired by Singtel in the summer of 2014, but that experience was invaluable to their mission today.

The Sproutt team is taking their wealth of knowledge and applying that to the life insurance industry to transform the customer experience using technology.

Sproutt is backed financially by the State of Mind Ventures, a venture capital company, and is headquartered in Hartford, CT, with a research and development center in Tel Aviv, Israel.

How Does Sproutt Life Insurance Work

Sproutt life insurance is not an insurance company, but rather an insurance broker that works with insurance companies.

Sproutt is different than other life insurance tech startups, such as Ethos Life Insurance, because they broker multiple companies instead of one company.

As a broker of insurance, Sproutt needs to be licensed by law in the states that they do business in.

Sproutt generates revenue through commissions on the life insurance policies they sell, which is no different than any other life insurance agent or broker.

The life insurance company will pay the commissions to the agent or broker directly, so you don’t need to pay Sproutt for their services since the commission is built into the cost of your life insurance.

Sproutt states on its website that they use an employee compensation scheme that makes them indifferent to which life insurance company the customer selects.

What separates Sproutt from other brokers is its use of technology to match you with a life insurance company that they broker based on a few simple questions.

Sproutt claims to have access to a large variety of life insurance companies that they consistently review and rate to provide leading products without bias or hidden agenda.

Sproutt chooses and rates insurance companies on a number of factors, including financial strength, cost, product suite, customer service, and customer reviews, to give their clients a quality user experience.

Client data security is paramount in today’s information age, and Sproutt understands that.

Sproutt states on their website that they only share customer information with insurance companies once the client decides that they want to apply.

Outside of their insurance companies, Sproutt does not share your personal information according to its website.

Sproutts Life Insurance Application Process

Sproutt offers an entirely online life insurance application process with its user-friendly digital platform.

You can complete the application process online without speaking to a single person!

However, keep in mind that many life insurance companies require a phone interview in order to qualify for their coverage as part of the underwriting process.

The phone interview usually takes around 20 minutes to complete, and the life insurance company will ask you questions about your health and lifestyle and record your answers.

Although, this is a requirement of the life insurance company, not Sproutt, who acts as a broker.

After the phone interview, the life insurance company will decide if you qualify for no-exam life insurance.

While no-exam life insurance is more convenient than traditional full underwriting, you need to qualify for it based on your health.

If you want life insurance with a pre-existing health condition, the life insurance company may require that you take a free physical exam.

If you need assistance from Sproutt, no problem.

You can chat with an insurance advisor or decide to schedule a call to talk to someone over the phone.

These advisors are salaried support staff, not salesmen, so you shouldn’t experience any high-pressure sales tactics if you need help.

An Agents Thoughts on Sproutt Life Insurance [Pros & Cons]

In our opinion, as veteran life insurance brokers, Sproutt is doing what life insurance brokers have been doing for years, only with increased technology use in the application process.

Sproutt cannot get you a discount on your life insurance; no life insurance agent can, for that matter.

Life insurance rates are set at the state level and are uniform across agencies, so whether Sproutt or AIG Direct quote you the best rate with AIG Life Insurance, it will be the same.

You can take a look at all the life insurance companies that we represent with our free rate comparison tool to view how affordable term life insurance is.

However, life insurance companies have different opinions on health and underwriting, so working with a knowledgable broker will usually save you money.

Sproutt attempts to match you to the best one based on sophisticated computer algorithms.

While there certainly are some health niches in the life insurance industry, working with an excellent high-risk life insurance broker will yield you similar results.

What it comes down to is who do you want to work with ultimately.

That being said, having an online application tool to get the process started is very convenient and one of Sproutts best features, in our opinion.