Policygenius is an Internet-based aggregator designed to connect consumers with a complete family of insurance products. The company supports a comprehensive range of coverage types, including everything from life, health, and auto insurance to niche forms of coverage like vision, pet, jewelry, and identity theft insurance. Today, we’re going to look at the various types of life insurance available from this popular innovator.
Policygenius was conceived and developed by entrepreneurs Jennifer Fitzgerald and Francois de Lame. The two had built successful careers as consultants to major insurance providers, which gave them inside insights into the shortcomings of the industry’s conventional models.
One thing Fitzgerald and de Lame noted: more than 50% of American consumers did not carry any form of life insurance. They believed that outdated sales and customer service models were a major reason why, and set out to develop a tool to improve it. Their efforts resulted in Policygenius, launched in 2014.
Policygenius quickly proved to be a hit with consumers. It acts as a brokerage, presenting competing quotes from a variety of trustworthy providers and leaving the final decision in the customer’s hands. The company’s business model is built around collecting commissions from insurance providers when a customer purchases a plan through Policygenius. Thus, Policygenius is not incentivized to drive business to a particular insurer, as the company earns a commission from whichever end provider a customer chooses.
The company’s motto informs every aspect of its day-to-day operations: “Get people the insurance coverage they need and make them feel good about it.” As of November 2019, the company is coming off a year that saw 250% growth in its number of active policies. On a national scale, Policygenius ranks among the top three brokers for its partner companies, making it a resounding success.
Life insurance plans
The Policygenius platform allows consumers to instantly compare quotes, terms, and conditions associated with the following types of life insurance coverage:
Term life insurance: Functioning more like auto insurance or home insurance, term life insurance covers the policyholder for a specified period of time. These policies are configured in terms that can range from one to 30 years, with the beneficiary receiving benefits if the policyholder passes away while coverage is active. It is flexible, affordable, and doesn’t carry a lifelong commitment.
Whole life insurance: This is a permanent alternative to term life insurance, which covers the policyholder for life as long as premiums continue to be paid. It tends to cost more, but it offers many advantages: worry-free peace of mind, stability, and a cash value element that allows whole life insurance to be treated like an asset. Some whole life policies can even be used as collateral or consideration for a personal loan.
Remember: Policygenius is a broker, not an actual insurer. Its aggregation tools cast a wide net, but policy specifics like term limits and payout sums are set by the end providers themselves.
All commissions Policygenius earns are built into the prices quoted by the providers, so consumers don’t have to worry about getting hit with hidden fees or surprise charges.
How to apply
Professional reviews of Policygenius note a streamlined, user-friendly application process. The general approach unfolds across four steps:
Basic information: The process starts with questions about your gender, date of birth, and zip code for location purposes. All three of these factors play significant roles in determining the rates you qualify for.
Family health history: Here, questions relate to your parents and siblings. The Policygenius tool will collect information about things like cardiovascular health, family history of cancer, and the presence or absence of chronic conditions like diabetes and kidney disease.
Individual health history: This is the most detailed part of the application questionnaire. The health questions cover your lifestyle, habits, and fitness level. They afford you the opportunity to provide detailed information if you have any existing medical conditions that might affect your life insurance rates.
Select your policy preferences: Once you’ve completed the questionnaire, you’ll be redirected to a final screen that allows you to set and adjust your coverage amount. You can then instantly compare the monthly premiums associated with the various options for which you qualify.
People of all ages and all health histories are welcome to apply for life insurance coverage through Policygenius. However, in some situations, you may be asked to submit additional information or documentation before your policy can be processed. For example, applicants who use tobacco will be routed through an additional questionnaire that asks about your frequency of use, preferred mode of ingestion, and other habit-related queries that affect your risk profile.
One of the platform’s most helpful features is that live representatives are available via online chat to assist you through the entire application process. Engage them at any time if you’re unsure about any aspect of the procedure.
Pros and cons
Reviews that cover the pros and cons of Policygenius all agree that the company does a great job of:
Providing impartial, helpful customer service
Working with stable, trustworthy insurance providers
Presenting a wide range of options in a user-friendly interface
Delivering an easy-to-use application process
Offering excellent customer education and support resources
However, no insurance company or brokerage is perfect. The most commonly cited flaws and drawbacks of Policygenius include:
A somewhat limited range of life insurance options compared to dedicated insurance providers
A lack of partnerships with some major providers, inhibiting the tool’s ability to deliver the absolute lowest prices on the market
A disproportionate focus on term life insurance
Occasional hiccups that require insurers to put customers through an additional application process
On the whole, Policygenius tends to generate far more positive comments than negative ones, from both professional reviewers and actual customers. The company scores particularly well for its outstanding customer service and breadth of options.
For most consumers, Policygenius will do a great job of matching you with excellent coverage for a very fair price. However, the company does tend to favor term life policies. It does offer good whole life options, but they aren’t as specialized as those that tend to be supported by actual insurance companies.
Our take: Policygenius is fantastic if you’re seeking a simple, basic, affordable term or whole life insurance policy.