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Policygenius Life Insurance Review
4.5 Overall Rating
Bottom Line
Policygenius offers term and whole life insurance quotes to help you compare over 10 top-rated life insurance companies like Lincoln Financial, MassMutual, and Pacific Life. Get a cost range estimate online.
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About Policygenius
Policygenius is on a mission to simplify buying insurance. The online insurance broker provides a wealth of information, offers online insurance quotes, handles application processing, and negotiates with insurers on behalf of customers. All services are free to the consumer. Policygenius partners with major insurance carriers, so customers can compare policies and apply for coverage without ever leaving the Policygenius website. Licensed insurance professionals are also available to guide customers throughout the process of choosing and buying many types of insurance policies.
Policygenius takes the hassle out of finding the right insurance at an affordable price. The company combines a streamlined yet customized buying experience for home, auto, life, disability, renters, and other insurance. We included Policygenius in our Best Disability Insurance guide for providing Great One-Stop Shopping for disability combined with other insurance policies.
Pros
- Buy all insurance in one place
- Easy online quote and application process
- Best Price Guarantee
- Does not buy or sell sales leads
Cons
- Auto insurance quotes are not directly available
Policygenius Insurance Coverage
Policygenius can help you get just about any insurance coverage you need. We focus on life, disability, and auto insurance in this Policygenius review, but you can also shop for homeowners and renters’ insurance, pet insurance, vision insurance, and many others.
Policygenius Life Insurance
Policygenius offers both whole and term life policies (see Best Life Insurance for Seniors to learn the difference). The online tools or representatives will help you determine how much life insurance you need and what type of policy makes sense. Ten to 40-year term life policies with a $50,000 to $10 million benefit are available, depending on your age and other details.
Policygenius Life Insurance Partners
Policygenius’ website doesn’t list all of its life insurance partners, but here are a few life insurance companies you could qualify for when getting a quote from the insurance broker:
- Corebridge Financial
- Legal & General America
- Brighthouse
- Lincoln Financial Group
- Mutual of Omaha
- Pacific Life
- Principal Financial
- Protective Life
- Prudential
- SBLI
- Transamerica
- AIG Direct
Coverage and Terms
You can purchase term and whole life insurance through Policygenius. Although term policies can provide coverage for up to 40 years, most seniors will only qualify for a 10- or 20-year term policy. Whole life insurance is also available, providing lifelong coverage for permanent insurance needs, like funeral costs and final expenses.
Coverage amounts and terms will vary by life insurance company. Some carriers may offer no-exam life insurance, where you can bypass the medical exam by answering a detailed health questionnaire on the application. However, most insurers will require a medical exam.
Life Insurance Costs
Life insurance costs depend on factors like your age, health and smoking status, coverage amount, policy type and life insurance company. After entering information into the Policygenius website for a 65-year-old, we were provided a range of $188 and $334 per month for $500,000 in coverage on a 10-year term life insurance policy and advised to speak with a Policygenius expert.
Policygenius Disability Insurance
The Council for Disability Awareness reports that at least 51 million employed individuals in the U.S. have no disability insurance coverage. Most disabilities aren’t covered under Workers’ Compensation insurance since they don’t happen on the job. A Policygenius long term disability policy can protect your income should you become unable to work due to long-term illness or injury. The company provides quotes from trusted insurers such as Guardian, MassMutual, The Standard and Assurity and can help you secure coverage even if you have a complicated medical history.
Policies feature a benefit amount of up to 60% of your income, though you can opt for less. Benefit period choices are from two years up until you reach the age of 67. You can select the length of the waiting period, with options ranging from 60 to 365 days. Finally, there are many add-ons available to customize your policy:
- Future increase option: Assumes your income will increase over the years and adjusts your projected monthly payout accordingly.
- Noncancelable: Ensures your policy never gets canceled as long as you make premium payments on time.
- Own occupation coverage: Allows you to collect disability payments if you can’t work in your chosen profession. Without this rider, you would have to prove you’re unable to perform any work.
- Residual disability: This rider pays out adjusted benefits if you become partially disabled.
Policygenius Auto Insurance
Policygenius offers a variety of car insurance policies through highly-rated insurers like Liberty Mutual, Allstate, State Farm and USAA. Policygenius’ website states it saved car insurance shoppers $435 per year, on average.
When we tried using the quote tool for auto insurance, Policygenius asked just a few questions about if we were currently insured and whether we own multiple vehicles or a home. It also asks for an age and ZIP code. After entering the information, the next page provides a list of available insurance companies. You can choose an insurer and click on the link to go to the car insurer’s website, which then requires you to input all your personal information. It appears that Policygenius just aggregates the available auto insurance companies in your ZIP code, rather than provide quotes.
How to Buy Insurance from Policygenius
Getting coverage through Policygenius is a simple four-step process:
- Use the online quote tool to enter information about yourself, your preferences and desired coverage.
- Compare policy options and quotes side-by-side to determine which insurance is the best fit.
- Select and apply for insurance, then Policygenius will collect more detailed information from you to allow for insurance underwriting.
- Policygenius negotiates with insurers for free. A Policygenius licensed expert will work with insurers on your behalf and assist with setting up a medical exam if one is required. The representative will regularly update you throughout the approval process.
The buying process is more involved for some types of insurance. For example, Policygenius will only give you a range of quotes online for disability coverage. You must provide additional information and request official quotes via email, then a Policygenius professional walks you through applying for the coverage you select.
Policygenius Insurance Education and Resources
Policygenius does a fantastic job of providing consumer insurance education with pages of well-organized, clearly-written free information to help you understand insurance. The Insurance Checkup enables you to determine the types of insurance coverage you need based on answers to a few questions. Policygenius Insurance Guides provide detailed information about how each type of insurance works, what situations influence the amount of coverage you may need, insurance costs and more. Policygenius Magazine is a digital resource with an informative read about all things personal finance.
Policygenius Insurance Costs
The cost of insurance varies widely from person to person and from one carrier to another, with several factors impacting premium prices. We explained what drives insurance premiums in the chart below for life, disability and auto insurance.
| Insurance | Personal Demographics | Policy Features |
|---|---|---|
| Life | Policy cost increases with age.Women tend to outlive men, so men pay higher rates.Poor medical history and tobacco use increase the cost of coverage. | Term life insurance is much cheaper than whole life insurance.Longer terms result in higher premiums.Higher benefit amounts raise premiums. |
| Disability | Policy cost increases with age.Women make more claims, so pay higher premiums.States with more claims charge higher rates.Smokers pay more.Riskier occupations cost more to cover. | Higher monthly payouts come with a higher premiumLonger waiting periods reduce the cost of coverageExtended benefit periods increase the cost of coverageAdding a noncancelable rider or own occupation coverage raises premiums |
| Auto | Senior drivers may pay higher premiums.Men typically drive more aggressively and pay higher rates.Each state has its insurance pricing regulations.Newer or sportier vehicles will likely cost more to insure.Driving more frequently or further distances comes with higher risk and can increase rates. | A lower deductible results in a higher premium.Higher liability limits raise the cost.Adding comprehensive, collision or uninsured motorist coverage will cost more. |
Life, Disability and Auto
Policygenius Complaints
The Better Business Bureau gives Policygenius an A rating, and the company is BBB accredited. ConsumerAffairs has also accredited Policygenius, and customer reviews provide a perfect 5 out of 5 stars. ConsumersAdvocate rates Policygenius life insurance a 9.2 on a scale of 10, and disability insurance 7.1 out of 10. We found a few online complaints regarding communication issues and final premiums differing from the original quote, but Policygenius reviews are overall positive. Customers raved about customer service, smooth buying process and affordable coverage. Trustpilot gives the company a 5-star rating with 95% of customers leaving excellent reviews.
Policygenius FAQs
Policygenius gives you all the information you need to buy insurance in one place. You can see all available quotes and choose policies without dealing with an agent who may be influenced by commissions. If you need to work with a representative, all Policygenius staff are salaried with no incentive to pressure you into a purchase.
You can keep tabs on your Policygenius insurance coverage and applications by logging onto the website. You can also call, email or use the online chat feature for more personalized assistance.
Policygenius factors a commission into your insurance cost, and that’s how the company remains profitable. There are no additional fees to you above your premium.
State regulations prevent Policygenius and all insurers from discounting insurance premiums. However, you are still likely to save on insurance and save time by using Policygenius because you can compare rates side-by-side on the website. Comparison shopping ultimately forces insurance companies to keep coverage and rates competitive as well, which is an advantage for consumers.
Policygenius has a Best Price Guarantee. If you’re offered a lower price elsewhere, Policygenius will try to beat it and will negotiate with the insurer on your behalf.
Conclusion
Policygenius simplifies buying just about any insurance, whether you want to delve into the details of each type of policy or you need to make a quick decision. The company provides impartial advice and information since Policygenius maintains no affiliation with insurers. Online reviews indicate positive experiences from the majority of Policygenius customers, with the company selling over $25 billion in benefits up to this point.