Customer approval: 98%
- Compare real quotes from top providers in under two minutes
- Accelerated underwriting may let you skip the exam and get coverage quickly
- Rated one of TrustPilot’s Best Insurance Companies (9.8/10)
Our Partner
2019
Policygenius
review
For term life options, Policygenius makes life insurance shopping a breeze with nearly-instant online quotes from well-known insurers and coverage customized to meet your needs. A newer player in the life insurance market, Policygenius is impressively good at what they do: making life insurance easy to understand, and easy to buy.
About the Company
Founded in 2014 by consultants to leading insurers, Policygenius was started to address the problem of complexity in the insurance industry from a consumer standpoint. They make a good point. Insurance, and especially life insurance, is still shrouded in secrecy, making price and coverage comparisons difficult.
To help make the life insurance market more transparent for consumers, Policygenius sets the following as their daily mission:
“To get people the insurance coverage they need and make them feel good about it.”
Boasting a 250% year-over-year growth in in-force policies, Policygenius continues to demonstrate that they’re doing something special in the industry. Company Co-founder and CEO, Jennifer Fitzgerald, reports the 5-year young company is already a top-3 player nationally for the insurers they work with. Additionally, a very low percentage of Policygenius’s policies lapse, an indication that consumers find value in the policies they’ve purchased and want to keep the coverage in place.
Financial Ratings
Policygenius works with top-rated companies, many of which are household names. A sampling of the companies presented in online quotes* included names like AIG, with an A.M. Best rating of “A” and Pacific Life, with an A.M. Best rating of “A+”. Expect your policy to be placed with top companies that have the staying power to pay claims well into the future.
*as shown at time of publishing
Pros/Cons of buying insurance from Policygenius
- Pros
- Policygenius estimates the time to complete a quote at two minutes
- Offers a wide selection of insurers: Expect several top insurers to choose from
- Licensed in all 50 states and District of Columbia
- Live chat and phone support 7 days per week
- Each insurer listing features a helpful table with financial ratings and customer service ratings
- Accelerated underwriting can get you covered weeks faster.
- Cons
- Limited policy types: Policygenius puts its focus on term life insurance
- Limited riders (add-on that customizes the coverage to meet your needs better)
- Can’t bind coverage online: While not necessarily a bad thing, consumers should be aware that Policygenius can’t bind coverage online
Policy Options
You won’t find a comprehensive list of available riders on the Policygenius quote page, which is understandable. While some riders, like long term care coverage, are attractive to consumers, they may be riders that are paired with cash-value policies, such as whole life or universal life insurance. You can customize your coverage as needed with your Policygenius agent who can guide you through options for your policy.
What you will find is a clear table of quotes from top providers, with term life policies highlighted. You’ll also find an option for Return of Premium term life coverage, which is a welcome inclusion. A Return of Premium policy returns your premiums if you outlive your policy. An estimated quote for whole life insurance is also included.
Application Process and Experience
Getting a quote is a breeze, but there’s also an application process. Fortunately, Policygenius has this tuned to near-perfection as well. The quote process, while fast, asks many of the relevant health questions before you even reach the application, so much of the detail work is already done.
After you’ve viewed your quotes and select a life insurance company (you can change this selection when you speak with an agent), you’ll be asked for your name, email, and phone number. A Policygenius agent will reach out to walk you through the rest and get you covered as quickly as possible.
What to expect when applying for coverage:
• Your agent will review your coverage selections with you and discuss any available riders.
• Your agent may offer information from a different insurer if the rate may be better for you based on the information you provide.
• You’ll complete a short phone interview. This interview confirms the answers to the health questions you answered when you were getting a quote and is required by insurers.
• You may or may not need a medical exam. In many cases, your policy can be written with accelerated underwriting, which eliminates some steps — like the medical exam. Medical database records and other data are used instead to determine a premium and help bind coverage. In other cases, the exam may still be required, but it can be scheduled at your convenience and can take place at your home or office. The exam should take no longer than 30 minutes.
• Sign your policy. Once underwriting is complete, your signature is required to bind coverage. The signature page is sent and returned by mail or by courier because insurers need a signed original. Unfortunately, faxes or emails won’t work — but that’s also true with other brokers.
Reviews
How do the industry and customers rate Policygenius? Here’s a sampling:
• Policygenius named the 2019 Best Insurtech Company: From a field of over 3,500 nominees worldwide, Policygenius was named Best Insuretech Company of 2019 by Fintech Breakthrough, an independent organization that recognizes the top companies and products in the industry.
• Rated 9.8 out of 10 TrustScore on Trustpilot: With nearly 1,000 customer reviews on Trustpilot, nearly all of which award the company 5 stars, Policygenius outperforms well-known insurers and competing brokerages.
• Policygenius earns an “A” rating with Better Business Bureau.
Final Thoughts
Life insurance ownership is near all-time lows and part of the reason is that the industry as a whole often makes life insurance difficult to buy. Getting a real quote can be a frustrating experience and many sites that promise quotes are simply selling your contact information as a sales lead.
Policygenius, on the other hand, deserves credit for its transparency in making life insurance easy to understand and easy to purchase. You can have real quotes in under two minutes without surrendering your name, email, or phone number. Compare quotes and if what you see looks good, just choose an insurer to get started. It really is that easy.