Policygenius is one of the latest life insurance companies to hit the market in the past few years.
It seems like startup life insurance brokerage companies are becoming a dime a dozen these days, and as more pop up, and it can be hard to know which ones are worth purchasing your life insurance coverage with.
Policygenius is getting a lot of traction, so we decided it was high time to give them a look and see what sets them apart from the competition.
What is Policygenius?
Policygenius is a leading online insurance marketplace that offers a wide selection of insurance options for Americans.
Like many brokerage companies, Policygenius does not sell their own life insurance policy but is contracted with a dozen insurance companies to help interested buyers compare multiple term life insurance rates simultaneously and apply for coverage when they are ready.
Though just a little over six years old, Policygenius has already helped over 30 million people shop for insurance and have helped place people with policies totaling $75 billion in coverage.
They’re confident they can fill a gap that other companies don’t by providing potential customers with marketplace comparison, a library of educational topics on insurance, free resources such as their Policygenius calculator, and personal guidance from licensed customer representatives who understand insurance.
Beginings of Policygenius
Though today Policygenius seems to dominate the online insurance space, getting their start wasn’t always easy. Co-founders Jennifer Fitzgerald and Francois de Lame ran into numerous hurdles getting the company to where it is today.
They knew they wanted to create a better online insurance marketplace by recognizing Americans’ need to have easy access to multiple options for insurance products. But their vision of combining insurance and technology (Insurtech) was going to be costly and would require the help of investors to make their vision come true.
Jennifer Fitzgerald, the CEO and front spokesperson ran into many investors who declined or hesitated to invest due to a lack of interest in the vision of what Policygenius was determined to become.
While Policygenius was able to gain funding from the help of friends and family, it wasn’t until two years of leg work, countless meetings with investors, and jumping over hurdles that they landed their first VC investor who caught their vision for Policygenius.
From there, the only direction for Policygenius was up, and today the New York insurance startup sees over $10 million in yearly revenue and lays claim to $152 million in financing.
The incredible amount of funding that Policygenius has raised has played a significant part in creating what Policygenius has become today, but it has also helped greatly in their marketing efforts.
Wondering where Policygenius gets their customers?
They advertise – everywhere. Their ads can be seen on social media, heard in multiple podcasts (Joe Rogan & Ben Shapiro), viewed on TV, YouTube, billboards, subways, busses, kiosks, elevators, and lobbies.
Thanks to their dynamic in-house creative team, they strategically target their advertisements to reach customers exactly where they are, whether they’re at home, running in the gym, or commuting to work.
Policygenius by the numbers
Policygenius began as a New York startup firm. They started with a small office and an even smaller team. Slowly but surely, they grew to where they are today with a team that consists of over 250 employees, two full office buildings, one headquartered in New York City and the other in Durham, North Carolina.
Their New York location is located in the heart of Flatiron district with a classically picturesque skyline. The Durham headquarters is a work in progress but, when finished, will have a stunning view of the Durham Bulls baseball field.
The insurance broker has helped over 30 million people gain access to instant life insurance quotes.
They’re taking the insurance world by storm for such a young company and have already brokered $60 billion in-inforced insurance coverage for happy customers.
Careers at Policygenius
Wondering about working for the startup company? They’re hiring, and they’re looking for value-minded, integrity-driven, smart, witty, and capable individuals just like you. If you decide to take the leap, you can look forward to:
- A flexible vacation policy.
- Full health, dental, vision, life, and short-term disability benefits paid for by the company.
- On-sight snacks and beverages free for the taking.
- A dog-friendly facility.
- Perks like paid parental leave themed office happy hours, and more.
With benefits like those, it’s no wonder that Policygenius has been named by Forbes as one of the best startup employers for 2020 and has been in Inc. Magazine’s Best Workplaces list for three years running.
Policygenius Ratings & Reviews
Any company can sound good on paper – the real proof is in the reviews. So, how does Policygenius fare in the marketplace of customer opinions?
One of the most popular consumer review websites, known as TrustPilot, shows Policygenius receiving nearly 2,000 reviews and, out of all of them, a whopping 93% give the company an “excellent” rating.
A small sample of Policygenius Trustpilot customer reviews:
- “Surprisingly easy process and greatly satisfied.”
- “Skeptical, now a true believer.”
- “Policy genius make Life Insurance shopping streamline and easy.”
- “Policygenius performed as advertised…”
- “Working with Policygenius was a great experience!”
Overall, they rank at a solid 4.8 out of 5 and gain an “excellent” rating from TrustPilot.
On the Consumer Affairs website, they have a much smaller number of reviews – 259 from the prior year, to be exact. Their rating is strong, coming in at a 4.1 out of 5 stars.
According to the Better Business Bureau, they have a solid 4.6 out of 5 with 125 reviews and an A- rating from the BBB itself.
Overall, when it comes to ratings, Policygenius has earned itself a solid score and reputation.
What are the AM Best ratings for Policygenius?
Policygenius does not have an AM Best rating because they are an independent insurance broker and not an actual life insurance company.
Only individual life insurance companies are given AM Best ratings, representing the financial strength and claims-paying ability an insurance company has towards its insured customers.
Policygenius Life Insurance Options
Policygenius offers a plethora of insurance options but focuses primarily on life insurance. When it comes to their online quote process, you can receive comparisons for:
- Term life insurance
- Whole life insurance
- No medical exam life insurance
Life Insurance Companies Offered by Policygenius
When it comes to insurance brokers, the company is only as good as the insurance companies they can offer to their potential customers. As an independent insurance broker, Policygenius is contracted with some of the most recognized and highly respected life insurance companies in the insurance industry.
Rates for life insurance coverage can be compared from any of the following Policygenius life insurance companies:
- Banner Life
- Brighthouse Financial
- Lincoln Financial Group
- Mutual of Omaha
- Pacific Life
Policygenius and Brighthouse Financial Partnership
In alignment with Policygenius’s focus on making it easier and faster than ever to apply for and receive life insurance, they’ve partnered up with Brighthouse Financial, Inc to offer an exclusive term life insurance option referred to as SimplySelect.
This move is a smart one, and the pairing means that customers can now access nearly instant no medical exam term insurance. Most applicants will receive an answer from underwriting within 24 hours, making this one of the fastest options available.
Through the exclusive partnership between Policygenius and Brighthouse, customers now have access to no-medical exam policies with the option to choose from term lengths of 10, 20, and 30-years. Coverage amounts are available starting from $100,000 and go as high as $2,000,000.
SimplySelect also offers a guaranteed conversion option that allows the term insurance coverage to be converted into permanent life insurance without providing any evidence of insurability.
Policygenius and Brighthouse launched SimplySelect in 2019.
Policygenius Life Insurance Quote and Application Process
According to an annual life insurance study conducted by LIMRA, one of the most significant reasons people hesitate to buy life insurance is the hassle to find an affordable policy, apply for it, and sign up.
Online brokers try to make this process simpler, and Policygenius has made the process simple with their online quote tool. Here is what you can expect if you ask for a life insurance quote and apply through Policygenius.
Filling out the Policygenius online quote form
The Policygenius quote process is a step by step questions and answer process. Every question you answer helps the online quote tool display the companies and rates that you are most likely to qualify for based on your responses.
The entire process takes just a few minutes before you receive your rates. Questions are broken down into three different groups of questions of basic information and health questions.
The basic questions are as followed:
- Multiple choice question as to why you are purchasing life insurance
- How quickly you want a policy in place
- Date of birth
- Zip code
- Marriage Status
- Height and weight
- Tobacco use past 5-years
- If you have ever been diagnosed or take medications for Asthma, Depression, Heart attack, Stroke, Cancer, Diabetes, or Sleep apnea
- Have you had your license suspended or revoked, or had more than one ticket or accident in the past 5 years?
- Desired Coverage Amount (from 50K to 10M)
After answering the above questions – and it takes about two minutes – you’ll be directed to a page of quotes and contract options.
For every contract length, you will see the monthly premium and you can adjust the death benefit with a simple slider ranging from $50,000 up to $10,000,000.
Here, you’ll see quotes provided for numerous insurance companies based on the answers you provided to Policygenius.
When you’re ready to compare rates from all available companies based on the term length you’re interested in, simply click the orange “continue” button which will direct you to fill out contact information.
Choose quote and apply online
Once you’ve decided on a policy length and coverage amount you’d like to pursue, you can click on the quote, and you’ll be directed to a final Policygenius page. Here, you need to fill in your contact information, including an email and phone number.
At this point, a licensed Policygenius representative will call you to confirm your information and help choose the proper insurance company based on your initial responses and insurance needs.
The telephone call with a licensed Policygenius agent takes about 10 minutes.
Policygenius customer dashboard
While you wait for your life insurance application to be processed, you will have access to your own dashboard. Your personal dashboard will keep you updated on the progress of your application step by step.
You can view messages from Policygenius, ask questions, upload files, view other products, and even get quotes from other insurance options offered by Policygenius.
Policygenius isn’t the only company to make the process of purchasing life insurance policies easier on customers.
As mentioned, tech focused, online insurance brokers have been popping up by the droves within the last few years, making life insurance quote comparing and applying for coverage as simple as it can get.
Here are a few other online brokers similar to Policygenius that do a pretty outstanding job hosting an easy-access online insurance marketplace.
Policygenius Will and Trust Service
Purchasing life insurance is one of the best ways to provide financial protection to your family due to an unexpected passing. However, recognizing that many people who want to set up life insurance for the first time are also thinking about long-term financial items like setting up a will or trust.
Rather than going to a lawyer and paying hundreds of dollars to set up a will, Policygenius now offers a step-by-step will service that helps you craft your own on their mobile app that can be downloaded through the Apple or Google Play store.
By utilizing Policygenius in the creation of your will, you:
- Have access to a library of educational resources
- Receive state-specific will and trust information
- Can set up a healthcare directive and financial power of attorney
- Receive a digital and print copy of your documents
If creating a will or a trust is on your to-do list along with obtaining a life insurance policy, stick around on Policygenius’ app or website, and get both done at once.
Have questions about Policygenius? We rounded up some of the most asked questions about Policygenius to get you answers to those important questions you have.
How long does it take to get life insurance with Policygenius?
If you’re only looking for a quote, you can receive one in a matter of just a few minutes. Once you fill out their questionnaire, quotes are immediately provided.
It can take considerably longer to have your application for a policy approved. Depending on your answers to Policygenius questions, the individual life insurance company’s requirements, and whether you choose medical or no-medical options, the process typically takes anywhere from 4-6 weeks from start to finish.
If you qualify for term life insurance with Brighthouse Financial, you could have your application underwritten in as little as 24 hours but understand that SimplySelect may not be the cheapest option, and there certain underwriting requirements that must be met in order to qualify for the coverage.
Are the life insurance companies that Policygenius offers any good?
Many factors can go into what makes an insurance company a “good” company.
One of the most important factors that we as life insurance experts gravitate to is whether an insurance company has been awarded a letter grade by the rating organization AM Best.
In short, AM Best provides peace of mind in knowing that an insurance company will meet its financial obligations to its customers should a claim arise.
Policy genus is contracted with the top life insurance companies within the insurance industry. Every company that Policygenius offers is backed with a strong rating by AM Best that consists of at least an A or better.
What states are Policygenius services available?
Thanks to the large team of licensed professionals at Policygenius, you can access Policygenius services in all 50 states, including Washington D.C.
It is important to understand that while Policygenius is licensed to sell life insurance coverage in all U.S. states, some of the insurance companies they work with may not provide coverage in certain states.
How are Policygenius life insurance rates?
Policygenius doesn’t offer life insurance directly since they are a broker. Their job is to help you shop for life insurance coverage by comparing rates from the multiple insurance companies they are contracted with to sell.
The initial pre-application rates quoted from the online Policygenius quote tool are actual rates that come directly from insurance companies’ rate books and are tied into the Policygenius quote tool.
What you see offered on the website will greatly depend on if you can qualify for the rates by going through underwriting. Factors such as your health and lifestyle will determine if your eligibility and if you can qualify for the rates you were initially quoted before completing an application for coverage.
Before applying for coverage, your Policygenius agent will discuss your initial quotes and answer any questions you have about the quotes and coverage.
What information is required to get a quote?
To obtain a quote through Policygenius, you only need to answer a few short questions about your health and lifestyle. If you decide to proceed with the application process, you will be required to provide your contact information such as email, telephone, and address.
Policygenius strives to make its quoting process as accurate as possible.
The final quote is subject to change, which could happen if someone enters inaccurate information or insurance companies decide a person’s health status doesn’t qualify them for a quote received.
Does Policygenius require a medical exam?
Policygenius works with several life insurance companies that offer a no medical exam underwriting option. However, many life insurance companies still require a medical exam to qualify for coverage.
If you want a no medical exam policy, you’ll need to specify your requirements when discussing life insurance options with your Policygenius representative.
Ultimately, the insurance company will decide whether you qualify for a no medical exam policy based on information from your medical, lifestyle, and health history. In general, people age 18-65 and who fall into the good to excellent health categories are typically eligible for no medical exam policies.
Does Policygenius offer policy riders?
Most of the insurance companies that Policygenius works with do offer policy riders. If there is a specific policy rider that you are interested in adding to your life insurance coverage, you will need to request it during the process of obtaining life insurance, you can request a rider.
Most companies offer optional policy riders:
- Accidental death – Pays an additional death benefit if death was a direct cause of an accident.
- Children’s term insurance – Adds term life insurance protection to every child of the insured often up to age 25.
- Living benefits – Allows for access to the death benefit if diagnosed with a chronic, critical, or terminal illness.
- Waiver of premium – waives all premium payments is diagnosed with an illness or injury that causes total disability.
Who will benefit from using Policygenius?
There’s no doubt that Policygenius’s ideal market is young adults, especially those who are just starting a family or currently have children with a high need for life insurance coverage.
However, that should discourage you from giving Policygenius a shot if you are not their ideal market. Policygenius can provide just about anyone who simultaneously wants fast access to life insurance quotes from multiple insurance companies.
Those in good health with low-risk lifestyles and good medical history are more likely to complete the application process faster than those with high-risk health factors.
What if you’re not in good health?
As an independent broker, Policygenius will do its best to find the best company based on your individual health and lifestyle.
Because they have multiple outlets to choose from, they can shop specific lifestyle risks and medical conditions with companies willing to offer the most favorable rates for coverage.
Unfortunately, not every person will qualify for life insurance coverage.
How does Policygenius get paid?
Generally, insurance carriers pay commission to brokerage companies or individual insurance agents for each policy they sell.
Policygenius receives a commission for every insurance policy they sell, but their agents are not paid a commission. Instead, they are paid a salary from Policygenius.
As a result, you can be sure that Policygenius agents work hard to find you the best policy.
Does Policygenius offer any other insurance products?
In addition to life insurance, Policygenius offers a host of other mainstream insurance products, including home and auto, disability, and renters. They also offer other financial products ranging from wills and trusts to health insurance, pet insurance, long-term care insurance, vision, anti-theft, and more.
How are death claims processed?
Death claims are sent directly to the insurance company that holds the policy. Policygenius representatives may be able to help, but the life insurance company alone processes and pays claims.
Can Policygenius help me figure out how much coverage to get?
Determining how much life insurance you need to protect your family can be tough. Policy genius makes this part of the process simple with its life insurance calculator which can estimate the amount of life insurance you should have based on answering a few questions of common insurance needs.
Do you need to speak with anyone to get a quote?
You don’t need to speak with anyone for the initial quote, but the option is available via phone or chat.
If you decide to proceed with applying for an insurance policy, you will be required to speak with a Policygenius representative.
Where is Policygenius located & how long have they been in business?
Policygenius has two headquarters. Their first location is in NYC. Their second location, established in 2019, is located in Durham, NC.
Policygenius has been in business since 2014.
Does Policygenius use personal information to underwrite applications?
Policygenius does not underwrite applications. Individual insurance company underwriters do that job, and they will use questions about your medical and health history, lifestyle, and other information about you from the Medical Information Bureau, Prescription Check, and the Motor Vehicle Report to inform their decisions.
Is Policygenius the best option for life insurance?
Policygenius is a good option for accessing multiple life insurance quotes simultaneously, but it doesn’t make them the best company.
They offer a limited amount of insurance providers, so you might be better off checking out a different online marketplace.
No Medical Exam Quotes, for example, offers all of the insurance carriers that Policygenius offers and several more besides.
Policygenius Pros and Cons
As with any company, Policygenius has some pros and cons to consider before taking the leap and applying for a policy.
Pro #1: User-friendly quoting tool
One of the best things Policygenius has going for it is its incredibly slick user interface. Accessing a quote for a wide variety of insurance products takes as little as two minutes. The quoting tool and interface are incredibly intuitive and makes the entire process a breeze for busy people and those who want a quote in a hurry.
Pro #2: Online application ability
For the financial DIYers, Policygenius is sure to be a favorite. You can complete the entire application process online and send it in without ever speaking with an agent. You’ll then receive a call to confirm your information, but the hard work can all be done in as little as five minutes, and your application will be out the door.
Pro #3: Online chat and phone reps available
If you like the idea of talking with a licensed agent to help walk you through choosing the best policy for your needs, you can talk to someone two ways – online or on the phone. A phone call is the most direct method for obtaining help with policy quotes and applications, but online agents are available for a quick chat if you need them, as well.
Pro #4: Offers a library of information on insurance
Life insurance can be confusing especially when there is jargon used that doesn’t make any sense. Policygenius offers a library full of insurance content that is free from confusing jargon. Their articles are clear and to the point.
Con #1: The quote tool does not always display the cheapest company
Policygenius strives to make its quote tool as accurate as possible. However, because their providers are limited, you may not receive the cheapest option during the quote process. To truly shop around, try getting quotes through more than one online insurance marketplace and compare prices.
Con #2: May have to re-enter information or supply more information directly to the insurer
Ultimately, the insurer decides your rate. As a result, you’ll likely be asked to provide further information directly to the insurer, such as comprehensive medical and health history and answers to lifestyle questions.
Con #3: Limited number of providers offered through the quote process
Policygenius has many of the top insurance providers but leaves out a niche and smaller insurance providers that may be more applicable for your specific needs. This is another reason why it’s a good idea to shop around rather than solely obtaining a quote through Policygenius alone.
Policygenius Review - Final Thoughts
Policygenius is a customer-focused company that strives to provide a user-friendly insurance marketplace for customers who would normally find purchasing life insurance more hassle than its worth.
They are a competitive company and offer a wide range of insurance products in addition to life insurance. If you want a go-to company that does a little bit of everything, Policygenius is worth a look.
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