Calculate the coverage you need, compare providers and buy a policy — all on one site.
The whole system around life insurance is dated, to say the least. Buying and comparing products can be frustrating, especially with how little information most insurers provide online. Calling a salesperson or visiting an agent is probably the last thing on your mind when you’re tied to work and looking for the tiniest speck of time to relax.
Comparison sites can ease the time and emotional labor required to find a policy. Policygenius is just that. It’s committed to helping consumers through the process of finding the affordable coverage you need.
|Free Quote||Phone, Online form.|
|Insurance Products||Term, Whole, Universal, Quality of Life, Variable|
|Issue Age||18 to 85|
|Coverage Amount||$50,000 to $10,000,000|
|Term Lengths||10, 15, 20, 25, 30 years and whole life|
|Cost||As low as $15|
|Medical Exam Required||Depends on provider and policy|
|Ways To File A Claim||Varies by company|
|Ratings, Accreditation and Memberships||BBB: A-|
|Temporary Underwriting Coverage||N/A|
|State Availability||All 50 states|
|Customer Service Options||Phone, online, email.|
|Policy Riders Offered||Varies by company|
What is Policygenius known for?
Policygenius is a comparison site that lets you calculate how much life insurance you may need, compare providers and purchase your policy. Its service is free and makes money through commissions from the insurance companies you compare on its site.
The company was formed in 2014 under the belief that insurance companies have trouble engaging customers digitally, which creates an unpleasant experience all around. Policygenius is partnered with over 20 insurance providers as of this writing.
- Allows you to compare several policies you could be eligible for using a two-minute quote form.
- Offers a calculator that lets you get an idea of just how much life insurance you need.
- Guides you through the application process with its customer support team.
- No need to give up identifying information to get a quote.
- Online quotes aren’t always available for all providers.
- The methodology behind which companies are suggested isn’t clearly provided.
- It’s not clear which types of life insurance the quotes are for outside of the basic term and whole life.
How does PolicyGenius compare?
What life insurance coverage does Policygenius offer?
Policygenius doesn’t provide coverage directly. The insurance providers it partners with each offer different levels and types of insurance.
Though not directly listed as available, Policygenius gives a general comparison of the following types of life insurance:
- Term life. Most policies cover you from 10, 20 or 30 years. Once the coverage ends, your premiums can increase depending on the provider. Outliving the policy means no you won’t see a payout.
- Return of premium term life. If you outlive your policy, you’ll be paid back the premiums that you’ve paid over the years.
- Whole life. Premiums are typically higher than a term policy, but coverage is permanent as long as you stay on top of your payments. Policies can also gain cash value.
- Universal life. A type of whole life that gives you the option to change your premium throughout the life of your policy. Lowering premiums and borrowing from the cash value can decrease the value of the payout.
- Variable life. This type of permanent policy allows you to invest your payments in subaccounts, allowing you to earn dividends.
- Variable universal life. A combination that brings you the ability to change your premiums from universal to the subaccounts of variable life.
What’s not covered in my policy?
It’s uncertain the insurer you’re matched with will have everything in its policy that you need unless you compare it ahead of time. You can add riders to your policy at a cost, and some providers have more than others. Here are a few riders you may want to look for:
- Accelerated death benefit. A terminal illness diagnosis that gives you less than 12 months to live, slightly more in some states, could get you access to some or all of your benefit.
- Accidental death benefit. An additional amount is paid if your death is caused by an accident.
- Child protection. Generally small amounts of coverage for your children — adopted, step or biological — can be bought using this rider.
- Disability waiver of premium. If you become disabled or have to move to an assisted-living facility, you could be relieved of your premium payment.
- Unemployment waiver of premium. After a predetermined number of months of unemployment, your premiums are waived for a certain amount of time.
How can I get the best rate?
Each insurance provider has its own standards and criteria used to underwrite policies. For example, some insurers may consider a DUI or DWI more serious than others.
A few factors are constant across the board. While they may be weighted differently, here are some of the qualities that are assessed when determining your risk profile:
- Recent bouts with a serious illness. You may want to wait to apply if you’ve recently gotten past a serious illness or medical condition. Providers have different standards of what recent is — one could say a few months while another says five years — so make sure you consult with the insurer or an agent.
- Family health history. There’s not much you can do about your family’s health. One option is to search for a provider that doesn’t consider it as heavily. Still, your other health and lifestyle information may still be scrutinized.
- Your health criteria. Weight, cholesterol, psychiatric diagnoses and serious medical conditions can also affect your premiums. Your risk profile may not be rated as high if you can manage conditions with medication, therapy or other treatment.
- Tobacco or alcohol use. Frequency and when you last used often impacts how heavily these are weighted. It should be noted that even occasional tobacco use can result in much higher premiums.
- Driving or criminal convictions. The frequency of the convictions and the time since the last one are considered when evaluating your risk under these criteria.
How do I file a life insurance claim with Policygenius?
Strictly speaking, you don’t. Policygenius is a comparison site, not a provider.
You’ll need to contact the provider you select to find out how to file a claim. Each has its own specific requirements, so it’s important to understand the process before you begin.
What other services does Policygenius offer?
A selection of other insurance types are available for comparison on Policygenius including:
- Identity theft
When you’re looking to compare and apply for life insurance all at once, Policygenius may be a good solution. The number of insurance providers it works with are limited though, and you may not find the tailored results you’re looking for. Your needs are wholly unique and you should always compare your life insurance options thoroughly before settling on a provider.