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GEICO is one of the most recognized insurance companies in the United States. Although they primarily deal in auto insurance, GEICO sells policies for almost every type of insurance imaginable. One of the types of insurance sold by GEICO is term life insurance. Specific GEICO life insurance information is limited until customers request term life quotes. After filling out a simple online form for term life quotes, detailed GEICO life insurance information becomes available.
Husband and wife team, Leo and Lillian Goodwin founded GEICO in 1936 as a direct auto insurance provider to government employees. The full name of the company is Government Employees Insurance Company, but the acronym has come to replace the full name in most every situation.
To better situate the company to provide services to the greatest number of federal government employees, the Goodwins moved GEICO to Washington, DC in 1937. In 1948, the company went public. David Lloyd Kreeger was elected president of Geico in 1964, and by 1970, he was also named CEO and chairman of the board.
GEICO began to offer insurance to the general public in 1973, but the company expanded too rapidly. After a huge loss in 1975, the company sold off one-quarter of its policies to other insurance companies and issued additional stock to prevent total collapse.
GEICO pulled through, and Berkshire Hathaway, Inc. acquired the company in 1996. Berkshire Hathaway is an extremely successful corporation that has experienced an annual growth rate of over 20 percent for nearly 50 years running.
Today, GEICO's headquarters is located in Chevy Chase, Maryland and operates 12 regional offices throughout the United States. The company employs more than 24,000 people and posted revenue of $9.212 billion in 2004. Additionally, the company has assets totaling over $28 billion.
GEICO's financial strength and stability is highly rated. Standard & Poor's (S&P) rates GEICO as an AA+ in financial strength, and A.M. Best rates GEICO at A++, which is currently comprised of only the top five percent of U.S. insurance companies.
GEICO Life Insurance Information
GEICO offers consumers individual term life insurance policies. Terms are available in five-year increments and policy values range from $10,000 to $25 million. GEICO term life insurance covers any type of death, no matter the cause, time or place. The only exception is suicide within the first two years.
Term life quotes for GEICO insurance are available online, at a GEICO insurance agency or by calling the company directly.
GEICO is one of the strongest and most recognizable insurance companies in the United States. They have a strong corporate backing and high ratings from third-party ratings agencies.