Disclaimer: We are not PolicyGenius. We are a competitor of PolicyGenius and this article provides a short, detailed and fact-filled article to help your purchasing decision.
You’re likely here because you saw an ad for PolicyGenius and are looking for reviews and more in-depth information about the company.
In fact, you probably saw that ad online as they’ve had a ton of exposure and are at the top of all the search engines. Or even at a bus stop or a New York subway.
Either way, you’re here because you’re in the market for life insurance and want to make the best decision possible and Policy Genius was the first to capture your attention.
I’ll make this short. While no agency is perfect:
PolicyGenius does a great job of helping consumers purchase term life insurance.
And that’s coming from a licensed competitor of Policy Genius. If you’re looking to compare life insurance rates and purchase life insurance coverage online, we can recommend them.
In this article, we’ll dive deep and cover:
Fact #1: PolicyGenius has $51 million dollars in venture capital funding which is more funding than any “startup” direct to consumer agency has ever raised in the life insurance industry.
Being in the insurance business, there is no inventory to keep on the shelf, so the bulk of this money can go into marketing. This funding gives them the ability to be more visible than the majority of life insurance agencies around. PolicyGenius simply has the means to advertise more and that’s probably why you found them initially. That and both co-founders came from digital marketing consulting agency McKinney & Company which explains why their marketing savviness.
Fact #2: PolicyGenius has access to the top-rated life insurance companies around.
Life insurance rates are the same no matter what life insurance agency you use – everyone uses the same published rates. With that said, searching for life insurance elsewhere will lead you to the same rates for the same companies.
Fact #3: PolicyGenius is an insurance agency.
Many consumers think that PolicyGenius is a tech company. They actually make their money off the sale of insurance products.
How PolicyGenius Makes Buying Life Insurance Easier
They claim to make the process of buying life insurance easy. But what do they mean by “easy”?
For starters, they’ve designed a coverage calculator to take you step-by-step through your options – including figuring out if you even need life insurance in the first place. When you’re ready to shop, PolicyGenius makes it simple to compare your quotes and see what makes them different.
If you need help getting started, their website also offers a robust library of helpful, jargon-free guides to get you up to speed on, say, the difference between “whole life” and “term life,” or what to look for in a carrier. Their “Learn Centers” are a great resource if you feel overwhelmed by confusing insurance-biz concepts and lingo.
Once you apply, Policygenius’ team of licensed advisors – real people, not robots – handle the tough stuff, including paperwork.
Because they’re not affiliated with any specific life insurance company, they’re able to offer unbiased advice tailored to your needs.
They can even help you shop around for a better offer if your final quote comes back higher than expected. And they’ll be in touch with you every step of the way, whether you prefer phone, text, or email.
If you’ve read any other articles on our blog, you’ll know that underwriting life insurance is an art.
It’s important it is to have an experienced agent that will paint your risk in the most favorable light to an underwriter. That’s how you get the best possible rates for YOUR unique situation.
Any veteran life insurance agent will tell you that your application, medical exam and medical records are rigid. They are words on a paper and they need context to get the best possible rating in any impaired risk case.
How is PolicyGenius different from other insurance sites?
On their website they list 2 reasons, I’ll give you 3.
Reason #1: They say that a lot of websites are lead generators where your name and information are being sold to other insurance agencies and PolicyGenius is different because they work with you personally.
This is true. Most of the life insurance websites on the web are owned by lead companies who will sell your information to the highest bidder in real time through software called “ping trees”.
It’s a deceptive practice that gives our industry a bad name and I’m thankful PolicyGenius actually helps consumers purchase life insurance.
Reason #2: They designed the user experience to be the best in class and we’ll have to agree on that. It’s pretty, it’s engaging and it’s innovative. We’re big fans over here.
Reason #3: At the core of it all, PolicyGenius delivers instant quotes and an online application process where you don’t need to speak with an agent, although you can if you want.
One of the main reasons consumers choose PolicyGenius is because they can complete the process 100% online without any sales pressure.
Industry studies (from LIMRA) are showing consumers like yourself would like to educate themselves during the buying process.
Pros and Cons of Using PolicyGenius
Compare Quotes and Buy A Policy, All In One Place
Applying for a fully underwritten life insurance online is easy and intuitive. You compare all your quotes side-by-side, and if you want to move forward, you can complete the process on your own time without the assistance of a licensed agent.
It’s a gorgeous process and easy to use.
Get the right amount of coverage – No more, No Less
PolicyGenius does a great job with the coverage calculator. It will take you step-by-step to figure out how much life insurance you need.
Many websites out there offer blanket advice like “10 times your annual income” or “enough to cover your mortgage & any debts”. The problem with blanket advice like this is everyone is different and PolicyGenius goes above and beyond by making this self-serve needs analysis available.
Jargon Free Help
Research until you’re comfortable with making a purchasing decision.
Their guides and calculators don’t use insurance jargon that I’m likely guilty of using in this article by habit. And if you ever have any questions, their licensed advisors can help out by phone or chat as well.
No Sales People To Speak With
You can apply online without speaking with any “salesperson”, but if you do need assistance you can talk to someone.
This can also be a bad thing too because their system doesn’t give accurate quotes for those with health conditions – but neither does any other life insurance site on the net, including ours.
Even though PolicyGenius asks you health questions in their online questionnaire, they don’t drill down deep enough to get the data needed to provide an accurate quote if you have any combination of health concerns. That’s why PolicyGenius has experienced agents backing their technology up.
They don’t offer the smaller “niche” carriers
To their credit, they offer some of the most competitive and well-known companies around, but there’s a lot more they’re missing. PolicyGenius isn’t working with the many of the “smaller” carriers that offer some of the best rates for specific demographics of people.
Granted, these smaller carriers would only be helpful for a small percentage of the life insurance buying pool, but it’s worth mentioning in this article.
Every life insurance company looks at your health and lifestyle differently and if you’re going for the best term life insurance rates and have a set of unique health conditions, these smaller companies might be helpful.
Tips For Enhancing The PolicyGenius Experience
Tip #1: If you’re applying for a policy with PolicyGenius and have any health issues, ask your agent to draft a cover letter and for you to approve it. Make sure they’re going the extra mile to get you the best possible rating.
With impaired risk, we need to gather a lot more detailed information and then submit a cover letter to the life insurance company that paints your risk in the most favorable light possible.
Think about it…all life insurance underwriters see are what’s in your application, medical exam and medical records. Don’t you want the opportunity to explain a few things to them?
Writing cover letters will also “humanize” your application to an underwriter who can now draw a connection to you.
Tip #2: If approved other than applied for, meaning the rate you were approved for is higher than the rate you were quoted on the PolicyGenius website, ask your agent for details why and if you disagree with their findings, take 1 of 2 routes:
- Ask for a “reconsideration request” with the company. You must give a good reason why – something they may have missed or even a doctors note explaining why the reason they gave you a higher rate is false.
- Ask to shop it with different carriers. Use the information they gave and have PolicyGenius Quick Quote” it with different carriers. All that means is your agent will email your risk (including the reason why you were given a higher rate) anonymously to other carriers and they’ll respond with 2-3 days of their possible rating.
Life insurance carriers don’t like to underwrite a case and use all their time and resources and not place the case in force. They want you to get coverage…sometimes they just need more information.
Tip #3: Engage the agent assigned to you and be 100% transparent about your health. I know many reading this don’t want to speak with an agent, but I can with certainty say that they have your best interests in mind and want to help you secure the best rate available. That’s what independent life insurance agents take pride in doing.
So don’t hide any information about your health or lifestyle as they will come up when the insurance companies underwrite your application. The MIB (Medical Information Bureau), MVR (Motor Vehicle Report) and Rx (Pharmacy) report will detail anything that you don’t provide to an agent.
Securing life insurance is an art.
You need to balance the budget, field underwriting, your specific needs, and timeline. I believe PolicyGenius has the experience to manage all of these proactively IF you engage the agent during the process.
How To Get Life Insurance Online and In Force TODAY
Many consumers are looking for life insurance with no medical exam required. Which if you’re between the ages of 18 and 70 and are in good health, is doable.
Traditional life insurance is a long process and a lot of people who have the intention of protecting their family with life insurance get frustrated with having to take a medical exam, wait for medical records to be released to underwriting and then have the underwriter review and potentially ask more questions.
Because of this process, around 50% of people who start the application process drop out and don’t end up getting coverage for their family.
By simply giving the option of a no medical exam policy, many of our clients take it to forgo the long arduous underwriting process. So make sure you ask your PolicyGenius agent about these no exam options.
There are several no medical exam carriers that allow you to purchase coverage online and over the phone and get a decision.
If you’re in the market for life insurance and consider yourself a “do it yourself” type person, PolicyGenius’ life insurance offering has the best platform, hands down. You get the option to self-complete and you have licensed advisors ready to answer any questions.
It’s how life insurance should be purchased.
We’ve reviewed some other agencies and they’re not so nice reviews: (Zander Insurance and Primerica Life Insurance to name a couple). I say this so you don’t think we’re out there praising every agency.
PolicyGenius is, admittedly, one of the great life insurance agencies out there.