UnitedHealthcare Life Insurance Review

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Updated: November 21, 2024

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MoneyGeek’s Take: Is UnitedHealthcare Right for You?

UnitedHealthcare primarily offers health insurance packages, and its life insurance offering is limited to term life insurance. As such, it’s a good choice for existing policyholders looking for increased coverage beyond their medical insurance. However, UnitedHealthcare lacks other life insurance options, such as whole, universal and final expense policies.

If you're looking for lifetime coverage, Northwestern Mutual ranked highest for whole life insurance in MoneyGeek's evaluation of providers, while State Farm was the best for both universal life insurance and final expense insurance.

Our full review of UnitedHealthcare's life insurance offerings will help you make a well-informed choice as you consider which life insurance company best fits your needs.

At a Glance: UnitedHealthcare Life Insurance

UnitedHealthcare

pros

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Doesn’t require medical exam

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Offers renewal option until age 75

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Available in most states

cons

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Only offers term life insurance

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Offers limited rider options

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Has low coverage limits

COMPANY HIGHLIGHTS

UnitedHealthcare is a well-known health insurance provider in the U.S., with over 1.3 million care professionals and 6,500 hospitals in its network. Although it primarily issues health insurance plans, it also offers term life insurance underwritten by Golden Rule Insurance Company in 32 states and Washington, D.C.

Golden Rule Insurance Company had an NAIC Complaint Index of 0.0 in 2022. This indicates that there are no recorded customer complaints for the company.

UnitedHealthcare’s term life insurance plans don't require a medical exam and are available for those up to age 75. It also provides an optional critical illness rider that pays out a cash benefit if the insured is diagnosed with a qualifying illness.

Although UnitedHealthcare’s life insurance offers are limited, existing customers may consider this carrier if they’re looking to extend their coverage beyond their health insurance.

TABLE OF CONTENTS

Key Takeaways

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UnitedHealthcare only offers term life insurance, so it's not an ideal option for those looking for permanent coverage.

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The company's term life policies do not require a medical exam.

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Coverage and benefit options vary by state, so it's best to check out its state-specific brochures and contact an agent to learn more about what's available in your area.

UnitedHealthcare Policy Options Explained

Based on a 2022 Insurance Barometer Study by LIMRA, 68% of insured U.S. adults with dependents feel financially secure, compared to only 47% of uninsured adults. In addition, people with multiple coverage sources feel the most secure. UnitedHealthcare offers term life insurance, which provides protection for a set period of time. Learn more about this product to help you decide if it’s a good fit for your family’s needs.

Term Life Insurance Options From UnitedHealthcare

UnitedHealthcare’s term life insurance provides a lump-sum benefit to your loved ones if you pass away during the policy's term. It’s a great option if you're raising children or paying off a mortgage and are looking for short-term coverage.

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    UnitedHealthcare offers term life insurance in 10- or 20-year terms. 10-year policies are available to those aged 18–59, while 20-year policies are available to those aged 18 to 49. UnitedHealthcare allows policyholders to extend their coverage on a year-by-year basis up to age 75. Coverage amounts range from $30,000 to $200,000.

    UnitedHealthcare also offers an optional critical illness rider, which provides an additional cash benefit if you're diagnosed with a covered condition. Benefit amounts for the rider range from $15,000 to $100,000.

Term life insurance is an affordable way for young and healthy individuals to secure coverage for a specified period, especially if they’re starting a family or have significant debts. It will help provide financial support to their loved ones in case of their sudden death.

UnitedHealthcare’s Life Insurance Riders

By adding a rider to your standard life insurance policy, you can enhance your coverage based on your specific requirements. UnitedHealthcare only offers one rider to its life insurance clients.

Rider
Description

Critical Illness Rider

If you’re diagnosed with a qualifying illness, including a terminal illness, renal failure or a heart attack,
you will receive a cash benefit following a 30-day waiting period and that can be used to cover any of
your expenses. However, the payment you receive from this rider will be deducted from your term
life insurance policy’s benefit amount.

How to Get UnitedHealthcare Life Insurance

Once you’ve reviewed UnitedHealthcare’s term life insurance product and assessed whether it fits your needs, you may be interested in purchasing a policy. In this section, we will outline the process for purchasing a policy and offer suggestions for dealing with a rejected application.

How to Buy Life Insurance From UnitedHealthcare

  1. 1
    Do Your Research

    Start by checking UnitedHealthcare's website to make sure it offers life insurance in your state. After reviewing the available materials, consult with an agent to learn more about the coverage levels and policy terms available to you. Take the time to assess your options before making a decision.

  2. 2
    Compare Quotes

    Next, get a quote from UnitedHealthcare to estimate your potential insurance costs. It’s a good idea to compare this quote with offers from other providers to ensure you’re getting the best deal.

  3. 3
    Health Check

    If you’ve determined that UnitedHealthcare is the most suitable choice for your life insurance needs, the next step is to submit your application. This provider does not require medical exams. However, you may need to provide additional details to your underwriter to facilitate a thorough evaluation of your risk profile.

  4. 4
    Approval

    After your application is accepted, you will be issued your policy. At this point, it’s recommended that you connect with your agent to go over the policy and clarify any concerns or inquiries you may have.

What to Do if UnitedHealthcare Insurance Denies You Coverage

If you are denied coverage from UnitedHealthcare, here are some steps to follow:

  1. 1
    Contact Your Broker

    In order to find out why your application was rejected, we recommend contacting your agent. This will help you potentially address the issues identified with your profile.

  2. 2
    Lifestyle Changes

    Your application may be declined by UnitedHealthcare due to your health. If this is the reason, adopting a healthier lifestyle can enhance your well-being and potentially increase your chances of being approved the next time you apply. It may also offer the opportunity to access lower premiums.

  3. 3
    Explore Other Options

    If you're unable to get coverage through UnitedHealthcare, try exploring other insurance products. Some policies, such as guaranteed acceptance plans, will be easier to get coverage for. However, these policies may have coverage restrictions or higher premiums.

Frequently Asked Questions About UnitedHealthcare Life Insurance

MoneyGeek answered some commonly asked questions about UnitedHealthcare's life insurance to help you determine if it’s a fit for your needs.

Can you borrow from your UnitedHealthcare life insurance policy?
What’s the maximum amount of life insurance coverage available from UnitedHealthcare?
Do life insurance policies from UnitedHealthcare pay dividends?
Can you get life insurance from UnitedHealthcare if you have cancer?
Do life insurance policies from UnitedHealthcare cover death by drug overdose?
Do life insurance policies from Unite Healthcare cover death by suicide?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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