Updated on March 18th, 2021.
Life insurance can be complex and frustrating. Policygenius is making that better. Policygenius has created a one-stop-shop and marketplace for insurances, particularly life insurance. In this pursuit, Policygenius compiles personalized quotes from a dozen reputable providers at once and digitizes the application and binding process as much as possible.
Policygenius has earned a Savology recommendation and a 4.6-star rating for their efficiency, pricing, and trustworthiness.
Policygenius Overview Rating: 4.6 ★ / 5 ★
Policygenius is a marketplace provider that gives you access to policy options from several of the best life insurance providers out there. It is easy to get quotes, compare rates, and apply for coverage. They also have great customer service. Policygenius brings you the best rates from reputable providers and even lets you choose which insurance provider to go with based on your values. It’s important to mention that Policygenius only uses reputable insurance providers with a financial rating of at least an (A-).
Policygenius aims to provide many, if not all, of your insurance needs in one place. In addition to life insurance, Policygenius provides solutions for disability, renters, homeowners, and more. Keep reading to find out the types of insurance solutions Policygenius provides.
Policygenius Pros & Cons
Pros of Policygenius
- Easy to get and compare quotes
- Access to many reputable providers
- Great education resources
- Tailored recommendations
- Excellent customer service
- Multiple policy types available
Cons of Policgenius
- Not all insurance providers are included
- Medical exam required in almost all cases
Policygenius Efficiency and Ease: 4.3 ★ / 5 ★
One of the biggest roadblocks to obtaining life insurance is the inefficiency of the traditional paper quoting and application processes. Policygenius has all but eliminated that obstacle by allowing customers to get quotes quickly online and easily apply for coverage in all 50 states and Washington DC.
The application process is quick and easy. One of our employees went through the process and shared this experience:
“It took about ten minutes to fill out the application. I had to choose the coverage amount and a term limit from 15 to 50 years. They asked for my gender, age, where I live, about my family history, and some health and lifestyle questions.”
“Once it was filled out, I got a call within 20 minutes from a customer service agent at Policygenius. He went over my application with me to make sure everything was correct. This process took about 15 minutes, the agent that called me was very helpful and seemed to have my best interest in mind. He helped me to find the cheapest quoted life insurance provider. He did a great job of setting clear expectations.”
“The customer service agent then emailed me right after the call with the electronic paperwork that I needed to sign. I scheduled my medical exam with him over the phone and it was quick and easy. He also talked to me about temporary coverage but said that he wouldn’t recommend it because I was healthy and it was probably an unnecessary expense. This was reassuring to me that he had my best interest in mind. He was very personable and helpful.”
Policygenius has a clean interface that is easy to use and understand. It is very intuitive and they have a lot of resources to help you if you have questions or feel stuck. They have a great FAQ page, Insurance 101 guides, case studies, and an insurance checkup that recommends insurances and coverage amounts.
Policygenius Pricing: 5 ★ / 5 ★
When life insurance companies compete for your business, you come out on top. The Policygenius platform lets you see the best rates from a dozen of the most reputable life insurance providers at once. Different life insurance providers provide different rates at different ages, health statuses, and lifestyles according to their actuarial tables. This means that you can’t know what company will give you the best rate unless you go through the application process for each. This is the genius behind Policygenius. They essentially fill out several applications for you at once. You can then compare and contrast the options ensuring that you will find the best rate from their providers.
By rule, you can’t get cheaper rates from the insurance company going through Policygenius than you can by going directly to any of them. You can, however, search a dozen providers at once to see which has the most competitive rates and then bind the one that fits your budget.
Policygenius makes money in commissions from each insurance provider. This commission doesn’t affect the price of your insurance. The price is the same if you go directly to the website of the insurance provider. So, you are not paying any extra for using Policygenius. Policygenius is very transparent about the pros and cons of each insurer they provide.
Policygenius Trustworthiness: 4.8 ★ / 5 ★
Policygenius is a life insurance marketplace and an independent insurance broker but is not the issuer of the policies.
Instead, Policygenius chooses to work only with insurance companies that have at least an A- financial rating. This means that you can be confident in the reputation and stability of the insurance company that they recommend.
Policygenius has placed more than $45 Billion in insurance coverage. They have an excellent rating on Trustpilot with a 4.9/5 TrustScore and more than a thousand excellent reviews.
Here is a list of the 13 life insurance providers they use:
- Banner Life
- Brighthouse Financial
- John Hancock
- Liberty Mutual
- Lincoln Financial Group
- Mutual of Omaha
- Pacific Life
- Principal Financial Group
- Protective Life Insurance
- Savings Bank Mutual Life
Additional Features of Policygenius
Policygenius also offers a variety of other insurances such as:
- Identity theft
- Jewelry and more
It is very convenient to secure and manage multiple policy types within the same platform. And, unlike some of the other digital providers, you can still talk to a live, licensed expert if you so choose.
Policygenius also provides numerous, valuable tools and resources, including Policygenius magazine and several insurance calculators.
Limitations of Policygenius
Policygenius only has a few limitations in its model.
First, Policygenius is only able to work with life insurance providers that distribute through independent brokers. This means that you can’t get quotes from some of the top life insurance companies like Northwestern Mutual or MassMutual to include in your comparison.
Second, nearly all of the insurance companies that they represent still require medical exams, so you will still have to go through that exam process prior to receiving coverage.
Is Policygenius right for you?
Overall, Policygenius is an incredible company with an invaluable and innovative platform for simplifying a complex industry. Their Life Insurance Learn Center helps you to know exactly what you are getting and for how much. They have great customer service that can answer your questions. If you are looking for the best rate on your insurance then Policygenius is a great option to help you find the cheapest provider.
There may be a few niche competitors that can outperform in user experience or flexibility but not in quickly and conveniently finding the best life insurance policies for you. For these reasons, Savology highly recommends Policygenius as a broker for term life insurance policies.