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Zilahi5325 April 19, 2023 Comment

Shopping for term life insurance can seem intimidating. It’s time-consuming and you’re relying on your own judgment in an area where you may not feel comfortable.

In this review, I’ll explain what Policygenius is, how it can be useful and how it compares to life insurance companies that insure you directly.

Jennifer Fitzgerald, Francois de Lame and Policygenius have raised $268 million as of May 2022, including $125 million in March 2022 alone. That makes it the most well-funded direct-to-consumer insurance startup ever.

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Policygenius partners with insurance companies but doesn’t underwrite policies. It is to the insurance industry as Expedia is to the travel industry.

It also employs a team of independent, licensed to help you figure out which life insurance option is right for you — or whether you need it at all.

Though the agents don’t draw commissions, the company does earn commissions from insurance companies if you buy a policy through its website or app. But federal regulations ensure you won’t pay extra if you buy life insurance through Policygenius rather than straight from the carrier.

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Unless you choose Policygenius’ relatively new accelerated underwriting product, the purchasing process will take days or weeks. The company says that’s natural when you’re making a decades-long financial decision that could cost tens of thousands of dollars. But there are much faster options in the digital marketplace.

I tried out the Policygenius website and app, and I talked directly with company representatives. I came away with the impression that Policygenius arrived at everything within its ecosystem through careful consideration.

Before I finished my research for this Policygenius review, I expected to find more detractors or at least to uncover more significant downsides.

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Policygenius itself doesn’t have an A.M. Best rating since it doesn’t actually issue insurance policies. When I entered my personal information into the quote tool, it showed me prices from the following companies (A.M. Best rating in parentheses):

None of the companies that it quoted had A++ A.M. Best ratings, which says is a requirement if you’re going to buy a policy with a term of more than 20 years.

If you isolate price, it’s hard to beat what Policygenius offers. That’s despite the company’s tendency to work with prominent brands. For example, a 35-year-old Florida female in excellent health wanting a 20-year term policy with $500, 000 coverage would pay as little as $18 per month buying through Policygenius.

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Although it wasn’t pushy or prominent, Policygenius also showed me a whole life product quote. thinks whole life insurance is a bad idea for almost everyone.

My Policygenius review focused on the company’s traditional, slower application process. But Policygenius has developed a relatively new product called SimplySelect, which it offers in collaboration with insurer Brighthouse Financial.

It’s an accelerated underwriting product attached to the equivalent of a telemedicine appointment. So although you can’t get a decision instantly — it typically takes three or four days — you don’t have to submit to an in-person medical exam that involves blood and urine tests.

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That combination tends to make me skeptical of a company’s product quality. But it only took a few minutes to understand that Policygenius has used its resources to keep customers, not just acquire them, by offering a variety of products, well-known brands and different levels of touchpoints based on customer research.

Using Policygenius doesn’t bypass ’s primary criterion for selecting a term life insurance company. You still need to make sure that the company from which you buy has an A++ A.M. Best rating.

Policygenius also wants you to go through a gatekeeper who advises you over the phone. It will take an average of four to six weeks before you get an actionable offer according to the company website. Whereas, the whole purchasing process can take less than 15 minutes at a company such as Fabric.

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But Policygenius can be a timesaver when it comes to shopping for term life insurance. You can get quotes from 20+ companies just by entering your information once.

Also, if you want a person to help you with your purchase decision, it’s better for it to be someone who won’t make more money by directing you toward a certain decision. Policygenius checks that box.

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Policygenius Review: One Stop Shop For Insurance Needs

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The bottom line: Policygenius is a good free insurance marketplace choice, provided you're comfortable communicating online and having a third party cull down your options. However, if you're looking to buy homeowners or life insurance, it's generally better to talk with experts such as an insurance agent and financial advisor to find the best policy for your needs.

Online insurance marketplace providers offer you quotes from several insurance companies, allowing you to compare policy prices in a similar way to how you can use Expedia to compare airline ticket prices.

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Not all insurance marketplaces give you quotes for all types of insurance. Quotes can be real-time or estimated, and you'll receive them after entering basic information about yourself and your financial situation, depending on the type of insurance you want.

Policygenius is an online insurance marketplace that offers quotes for several types of insurance policies. The platform is free to use and makes its money by getting paid a commission from insurance companies for the policies they sell.

Depending on the type of insurance you're looking for, you'll have to put in a varying amount of information to get your quotes. For instance, applying for pet insurance will require you to fill out basic information about your furry friend, its previous medical history, and the coverage you're looking for. Then the system will spit out the low and high coverage limits for your pet.

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Some insurance types are better suited to using a marketplace. For example, renters and car insurance processes are relatively straightforward. On the other hand, for bigger investments like homeowners or life insurance, you'll want to talk to experts like your accountant or financial advisor as you think through this decision more thoroughly. Insurance marketplaces can give you a good rough estimate of pricing, but should not be the last stop on your insurance journey.

Insurance companies submit their prices to state regulators and each insurance marketplace has to use those prices, so you won't get a discount at Policygenius. On the bright side, this means you won't find a lower rate for a certain insurance company on a different marketplace.

You can contact Policygenius customer support Monday through Sunday, 9:00 a.m. to 9:00 p.m. ET. You can also chat online with a representative 24/7, or shoot the service team an email at any time.

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A standout feature of Policygenius is the number of articles it has dedicated to breaking down the different types of insurance options they offer. Before taking you to a page to get a quote, Policygenius will redirect you to a guide explaining the type of insurance you are about to apply for and key steps to get the best possible rate.

Policygenius also offers a referral program where you can earn Amazon gift cards if a friend or family member goes through the process. You'll receive a $100 Amazon Gift Card after your referral gets a decision from an insurer on their life insurance application, or a$50 Amazon Gift Card after your referral gives the info needed to calculate their home and auto insurance quotes.

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