The market is saturated with insurance companies for all parts of your life: home insurance, auto insurance, life insurance – heck, even domestic animal insurance (that I highly recommended, Speaking of which).
Shopping for all of these insurance policies can be stressful, especially when you want to compare quotes from multiple insurance companies. This is where Policygenius comes in. In our Policygenius review, we’ll be discussing what this independent insurance broker has to offer, and the advantages and disadvantages of using the comparison shopping platform.
What is Policygenius?
Life insurance companies such as State Farm and Pacific Life and auto insurance companies such as Geico and Allstate offer insurance policies from their respective companies. However, if you work directly with any of these auto or life insurance companies, you will miss out on offers from competitors.
Policygenius makes it easy for you to compare purchases. The website platform is an independent insurance broker licensed in all 50 states and Washington, DC. Unlike similar insurance comparison sites like Gabi and Insurify, which specialize in specific types of coverage like auto insurance and home insurance, Policygenius leads the way.
That said, you can take advantage of Policygenius Insurance Market to buy:
- Term life insurance
- Life insurance
- Car insurance
- Homeowner insurance
- Pension insurance
- Health insurance
- Vision insurance
- Pet insurance
- Long-term disability insurance
- Short-term disability insurance
- Identity Theft Insurance
- Long-term car insurance
- Travel insurance
- Jewelry insurance
In particular, Policygenius specializes in term life insurance, home insurance and auto insurance. This Policygenius review focuses on these three core elements of the website.
Policygenius is headquartered in New York City (at 50 West 23rd Street in the Flatiron neighborhood near Madison Square Park) and in Durham, North Carolina (opened in 2019). According to the company, since 2014, when two former McKinsey employees, Jennifer Fitzgerald and Francois de Lame started the company, it has taken out insurance policies for more than 30 million people with over $ 75 billion (with a B!) Of insurance coverage .
In addition to offering auto, home and life insurance, Policygenius acts as an information library that helps consumers make smart decisions about insurance. The website has extensive resources for learning about life insurance, car insurance, and so on, as well as calculators that can help you figure out how much coverage you need.
How much does Policygenius cost?
Like other insurance comparison shopping sites, Policygenius is free. Instead, the Site charges a commission when you purchase coverage from an insurer through the Site. While Policygenius cannot give you discounts on insurance, it will show you a wide range of major insurance companies to help you find the best deal.
Insurance costs always vary depending on the type of insurance, the amount of insurance coverage, the deductible (if applicable), the risk factors (e.g. age and health for life insurance, driving habits for car insurance, location for home insurance policies); and more.
A restriction: Policygenius works with some of the larger, better-known insurance companies. That means you may not see cheaper policies from lesser-known insurance companies.
How Policygenius works
Policygenius is quick and easy to use. The information and processes required will vary depending on the type of insurance you are shopping for. This Policygenius review will focus on the big three (life, home, car), but using Policygenius to shop for travel insurance, pet insurance, and others should produce similar results.
This is what the application process looks like for the three major insurance products from Policygenius:
Shopping for life insurance with Policygenius
Life insurance is a foreign word for many. However, if you have children or share house payments with your spouse or domestic partner, consider life insurance just in case.
The latter scenario describes me and I’ve put off buying life insurance for too long so I was eager to get started. I just had no idea what I needed.
That’s why I loved the Policygenius design. When you click the Life link at the top of the website to begin our life insurance policy offers, you will not be notified immediately. Instead, you will be directed to an information page about what life insurance is and who needs life insurance and how much coverage you are likely to need.
Side note: Policygenius recommends covering 10 to 15 times your annual salary. The term should at least correspond to the number of years until retirement.
What I found most helpful in using Policygenius for life insurance was the life insurance calculator. Just answer a few questions and Policygenius will recommend the ideal life insurance coverage for your needs.
When you are ready to receive your life insurance quotes, simply enter a few values: age, gender, zip code, duration of insurance and amount of coverage. Policygenius will spit out monthly estimates for average, good, and best health. (Be honest with your health: you need to undergo a medical exam to get your life insurance, so there’s no point lying about your medical history.)
Policygenius offers insurance lengths between 10 and 40 years and coverage between 100,000 and 10 million US dollars.
After clicking the orange “Compare Quotes” button, you will be taken to a “Getting Started” screen that asks you where to find life insurance. This page also shows some of the major life insurance companies Policygenius works with, including Pacific Life, Principal, Protective, AIG and Prudential.
Next, fill in some other personal information like marital status, employment status, whether you have children, your retirement savings, etc. Then add basic information like gender, date of birth, zip code and citizenship status, and annual income. Finally, you need to provide some health details, including height, weight, tobacco use, and medical conditions.
Policygenius uses this information to find offers for you. Finally, to see the offers, you will need to provide your contact information including your email address, phone number and address. By providing your phone number, you are giving a Policygenius life insurance agent permission to call you and talk to you about your next steps.
With FastTrack selected, you don’t have to wait for an insurance agent to call. Instead, you can call immediately to start the process.
At no point in this process have I been shown any quotations. While looking at another Policygenius review, I noticed that the reviewer received offers on her dashboard immediately after providing her information. I tried multiple quotes for multiple scenarios in multiple browsers over several days. Still no quote. Just a prompt to request more information or to wait for a call. I can only guess that Policygenius has updated its process since their review.
It makes sense that you may not see quotes right away. In contrast to buying platforms for car insurance and home insurance comparisons, on which you can see your offers immediately, term life insurance and life insurance can be a little more complicated, hence the telephone questions with a live insurance agent – and the eventual medical examination.
Since I was not ready to get involved with a life insurance company during this review, I did not call an agent through FastTrack. (I also used my handy fake phone number 555-555-5555 so I never got a call from their end.)
Purchase for home insurance with Policygenius
Shopping for home insurance with Policygenius is even easier. Policygenius promises the process will only take three minutes. My iPhone stopwatch clocked me in at a cool two minutes and 15 seconds.
Don’t own a house? Policygenius also offers Pension insurance Guidelines.
Shopping for auto insurance with Policygenius
Unlike websites like Gabi, Insurify, and The Zebra, which require a wealth of information (or possibly even your credentials with your current auto insurance policy), Policygenius starts your auto insurance search with just a few inputs: current insurance status, number of vehicles, home ownership status, Age and zip code.
The disadvantage? With this limited information, Policygenius does not provide you with ready-made offers. Instead, you get the best choices. However, you need to take the necessary steps on each recommended insurer’s website to get your actual quote.
While Policygenius makes the most sense for life insurance, I find Gabi and Insurify to be superior for auto insurance.
Shop for home and auto insurance at the same time
One cool feature of Policygenius is that when shopping for home or auto insurance, the website automatically recommends that you buy them together as you will find better deals bundling them together. If you’re not interested, there is a way to work around it – but with a graphic as cute as the following, why should you?
Use Policygenius for other needs
In addition to full and term life insurance, home insurance and car insurance, you can use Policygenius for travel insurance, pet insurance, tenant insurance, Health insurance and more. Outside of insurance, Policygenius delivers wills and trusted for only $ 120. The website also offers plenty of financial advice on taxes, retirement, mortgages, investments, and much more.
What we like about Policygenius
Overall, I have had very positive experiences with Policygenius. Here’s what I liked most about the website:
- It really is a one stop shop. While life insurance is the be-all and end-all of the website and auto and home insurance are also the top options, the website really has it all: from pet insurance to wills and financial advice, to travel insurance and health insurance.
- It’s easy to use, especially with access to live insurance agents. Insurance policies can be confusing; It’s nice to have access to Policygenius’ live agents to help. Even better, these agents don’t pay commissions so they have no incentive to sell you the coverage you don’t need.
- It is not a lead generation website. Policygenius is not affiliated with insurance companies, so the offers are not biased. It really shows you the best deals. In addition, Policygenius only works with companies with an A financial rating or better, so you only see top-notch insurers.
- The calculator and educational content are a trademark. These resources make Policygenius more than just an insurance market. It’s a content library that can help you become a better educated insurance consumer.
- It is a company with values. Whether for pretense or for real moral decisions, Policygenius places an emphasis on the diversity of its hiring practices as stated on its careers page. In addition, Policygenius offers excellent services for employees and makes the golden rule part of its mission statement – employees and customers are treated with the greatest possible respect at all times. They also love dogs and encourage staff to take them to the office. That’s a plus in my book!
- It is highly rated. We’ll get into customer reviews from Policygenius below, but I was delighted to see customers praise Policygenius on all of the review sites.
- You are easy to contact. Policygenius is open seven days a week from 9 a.m. to 9 p.m. ET by phone and has live chat agents 24/7.
What we don’t like about Policygenius
Mostly, I was enthusiastic about the platform and the service. However, in doing my Policygenius review, I discovered a few things that I would like to see improved:
- The auto insurance deals aren’t really helpful. While I loved to provide minimal information about my auto insurance listing, the results weren’t really helpful. I would still have had to go to several insurers’ websites and complete my offers there. I’d see rather rough estimates for comparison on the Policygenius website.
- With life insurance, it can take a while. Since life insurance can be a little more complicated, you’ll need to speak to a live agent, which can mean waiting for them to call. You may even need to show a medical exam to secure your rewards. On average, it can take around four to six weeks to get your life insurance policy. This really slows down what is meant to be a fast-paced, digital experience.
- It is not intended for real introverts. One of the reasons I love buying insurance online these days is because I don’t have to talk to agents. Like any real older millennium, I’m old enough to know what it was like to order food, make travel plans, and get insurance over the phone, but young enough to know how much easier it can be to do all of this on-line. Not to mention that I’m pretty shy. I love when I don’t have to talk to a stranger on the phone. Unfortunately, Policygenius is really designed to have you having to speak to a live agent in one way or another at some point.
- You don’t see the full spectrum of insurance companies. I mentioned that Policygenius only works with top notch insurance companies. In general, I see this as a good thing. However, if you really use Policygenius to find the cheapest policy, you are at a disadvantage as your listing results will not show cheaper policies from less than standout companies. I would argue that you probably don’t want to work with these lower tier companies, but if poor customer service and dodgy business practices are your thing, when it means lower prices, Policygenius might not be for you.
Policygenius is very popular in the market. The company currently has 4.66 out of 5 stars on the Better Business Bureau (BBB) website based on 149 reviews. Based on 1,921 customer reviews, Trustpilot has a comparable 4.7 out of 5 stars. The reviewers praise the customer service, user friendliness and transparency of Policygenius.
The bottom line
Policygenius is a great source to learn more about life insurance, auto insurance, auto insurance, and more. It’s also a great place to start shopping for life insurance. I recommend other websites on Policygenius for auto insurance, but life insurance specifically, this is possibly the best in the business.
Policygenius is known for its leading customer service, easy-to-use platform and online calculator. As you begin the life insurance buying process, I highly recommend giving Policygenius a try.
Timothy Moore is an editorial and graphic design researcher and a freelance writer and editor on topics such as personal finance, travel, careers, education, animal care, and automotive.
This article originally appeared on www.thepennyhoarder.com