If you’ve ever tried to purchase insurance for yourself or your family, you know how complicated it can get. Especially if you’re doing your best to compare different insurance providers and insurance rates, it’s easy to get bogged down by the different types of insurance on the market. You may also quickly find your email inbox inundated with a variety of insurance options without fully understanding what your insurance needs truly are.
This is where a platform like Policygenius comes in. Policygenius offers an all-in-one platform for researching your own insurance needs, comparing various insurance products, and even buying insurance. Learn more about how Policygenius can help you and what to expect from the service in this review.
Policygenius has helped millions of customers find better insurance since its founding in 2014. They are a leading insurance broker without any affiliations to other insurance companies. This means that when you use their system to evaluate auto insurance, health insurance, homeowners insurance, or life insurance, you won’t be obligated or pressured to work with a specific insurer.
Policygenius doesn’t provide insurance coverage itself. Rather, they are an online insurance marketplace that allows customers to determine what sorts of coverage amounts make the most sense for them and compare pricing and products before ever speaking to an insurance agent. Policygenius prides itself on ensuring that customers don’t experience any surprises as they shop around for the best life insurance or car insurance, meaning that their rates are the most accurate you’ll find online before you start your formal application process.
How does Policygenius work?
When it comes to how Policygenius works, the process couldn’t be simpler! Policygenius works hard to make it easy for customers to figure out how much life insurance they need before they even start looking at products from life insurance companies. The same goes for other forms of insurance, meaning that Policygenius is your one-stop shop for all of your insurance needs.
To get the ball rolling with Policygenius, you’ll need to create an account on their website. Creating an account allows you to track your application status and chat with your agent about different aspects of your policy. All you need to do to make your free account is enter your first name, email, and create a password.
Once you’ve created an account you’ll answer three questions to help personalize the insurance advice you get. The questions you’ll answer involve simple facts about you and your family, such as whether or not you have children under the age of 18 (or plan to have kids soon), whether or not you rent or own your home, and if you’re currently employed.
Once you’ve completed that brief questionnaire, you’ll be able to get your recommendations. In this example, I was recommended to look into life insurance to protect my family as well as bundled home and auto insurance. Clicking on the “Get Started” button will take you to a page that works to determine how serious you are in your search at this point.
For example, if you’re looking at life insurance policies, you’ll be asked whether you’re still determining whether or not a life insurance policy is right for you, actively comparing quotes, or ready to fill out an application.
If you’re just getting started in determining whether or not a whole life insurance or term life insurance policy makes sense for you, you’ll be asked a series of questions that may or may not apply to you and your financial and family situation. For example, you’ll be able to input whether or not you have children or are planning to have kids in the foreseeable future, are married, max out your retirement fund, or are only interested in a life insurance policy that covers funeral expenses.
This in-depth questioning ultimately ensures that you get the right coverage that meets your overall wants and needs. You’ll also input a bit of information about your age, gender, zip code, and annual income to help ensure you get enough coverage. While a medical exam isn’t required, you will be asked questions about your tobacco use, weight, and any other health conditions you may have to better determine the insurance that’s the best fit for you.
Policygenius’ process is quite similar when it comes to shopping around for auto or homeowners insurance, although you’ll fill out more specific information about your current housing and vehicle information.
Once you’ve finished your questionnaire, you’ll be asked to enter your email and phone number and a representative from Policygenius will reach out to confirm details of your application and discuss various insurance options with you. This allows you to get all of your questions answered promptly and helps you fully understand exactly what sort of coverage you’re purchasing.
One of the best things about Policygenius is that it's free-to-use. Policygenius makes money from the insurance company you apply with any time you get approved for insurance. Policygenius also won’t profit off of your personal data, meaning that you truly don’t pay anything for their website service. Plus, Policygenius will even shop around quotes for you to ensure you get the best deal on the market, allowing you to get even more value when you use Policygenius.
Policygenius offers a lot for just a free service. Here are some of the biggest strengths of Policygenius’s online platform.
One major benefit of using a platform like Policygenius is that it provides a consistent experience. If you were trying to compare various insurance companies on your own, you’d likely need to create multiple accounts and wrestle with different website user interfaces from insurer to insurer. Policygenius’ website is simple, straightforward, and streamlined, making it easy for anyone to quickly compare insurance options.
High-quality live help
Life insurance is complicated. Especially if you have family members counting on your income to make ends meet or are shopping for something high-stakes such as disability insurance, you’re likely going to have some questions. Thankfully, live chat support is helpful from 9 a.m. to 9 p.m. EST Monday through Friday and on the weekends from 9 a.m. to 6 p.m. EST.
If you talk to someone over the phone to learn more about your insurance options, you can rest assured that you won’t have to deal with aggressive sales tactics. Since each representative from Policygenius is paid on a salary and not via commission, they’re not as incentivized to get you to make a purchase. Rather, while they want to help you get insurance, they’re much more patient and willing to answer your questions.
Wide variety of insurers and insurance types
Policygenius makes it easy to search for and compare a broad array of insurance companies and insurance products. In addition to life insurance, homeowners insurance, and automotive insurance, Policygenius can also help you with renters insurance, disability insurance, and even wills and trusts. With vision insurance, travel insurance, identity theft insurance, and jewelry insurance, the only kind of insurance you won’t be able to shop for through Policygenius’ online marketplace is pet insurance.
Who is Policygenius best for?
Policygenius is a great platform with a lot to offer, but it’s certainly better suited for some types of customers than others. Here’s a quick rundown of who will likely benefit the most from using Policygenius.
One of the most obvious reasons to use Policygenius is to save money. When it comes to life insurance, Policygenius advertises that you can save up to 50% or more on your life insurance policy. Whether you currently have an insurance policy or are shopping for automotive or homeowners insurance for the first time, Policygenius can help you shop around quickly and efficiently. If you want to weigh all of your options and get the best deal possible, you’ll get a lot of benefits from using Policygenius’ website to help you as a shopper.
Customers who want to understand what they’re paying for
Education is a core value of Policygenius, as evidenced by the quality of its support staff as well as the resources available on its website. If you’re the kind of shopper who wants to know exactly what you can expect from your insurance coverage, the straightforward way that Policygenius walks you through each element of your insurance policy can be incredibly helpful. Their insurance checkup tool is even useful for customers with an existing policy curious about whether they have the right amount of coverage or an appropriate deductible.
Who shouldn’t use Policygenius?
Shoppers who want all the options
While Policygenius does a great job of helping you compare major insurers, it’s worth noting that it won’t give you quotes and estimates from every insurer you could qualify for. From Prudential and AIG to Transamerica and Pacific Life, you will get a good amount of options with Policygenius, but you won’t get all of the options. As such, while Policygenius can serve as a great jumping-off point for your insurance research, you’ll likely want to perform some extra research beyond what Policygenius offers you to get an even fuller picture.
Your situation is sensitive or complex
In some situations, you may prefer to speak with an insurance agent in person rather than through a web chat or over the phone. If this is the case, Policygenius isn’t a great platform for you. At the same time, if you have extra extenuating circumstances related to your health or that may complicate the underwriting process, it may make sense to speak with representatives from each insurance company rather than use a comparison tool like Policygenius.
Pros & cons
Policygenius vs. The Zebra vs. Insurify
When it comes to other online comparison tools, The Zebra is the only website of the above platforms that can hold a candle to Policygenius. Like Policygenius, The Zebra enables you to quickly compare life insurance, auto insurance, home insurance, and renters insurance. That being said, Policygenius offers disability insurance and The Zebra doesn’t. Especially when you add in other types of insurance such as jewelry insurance and vision insurance, Policygenius still has more to offer than The Zebra, but The Zebra is still a fine platform to consider.
Insurify has a bright and colorful user interface just like Policygenius; however, it’s the most limited of the above options. Insurify will give you quotes for life, auto, and home insurance, but that’s where the list ends. That being said, it’s also free to use, which is nice.
Any time a customer makes an insurance purchase through a broker like Policygenius they get a commission from that sale. It’s important to note that Policygenius is completely free of charge and the commission amount they are paid is baked into the price of the policy you’re shopping for. This means there aren’t any hidden fees or reasons not to use a broker when compared with an individual insurance company’s website.
How accurate are the quotes offered by Policygenius?
Policygenius takes pride in the accuracy of their quotes, even offering an advisor to help with more complicated insurance quotes based on your health history and other factors. According to their website, over 80% of policies sold are within $10 of what is quoted online.
Is Policygenius a licensed insurance broker?
Yes. All insurance brokers must be licensed in the states they operate in, and Policygenius is no exception just because they’re based on the internet. You can learn more about the licenses Policygenius holds on the disclosures page of their website.
The bottom line
Whether you’re looking to compare big-name insurance companies like AIG, Mutual of Omaha, and Prudential or are just trying to find the cheapest life insurance quotes on the market, Policygenius has a lot to offer. Even if you’re just performing an insurance checkup to feel more confident in the existing coverage you have, Policygenius can be a major help when it comes to navigating the complex world of insurance.
Policygenius makes the process of researching and finding a great deal on your insurance simple, thanks to its easy-to-use interface and clearly written guides and resources. While there are certainly some people who may prefer to deal with matters of insurance in-person rather than online, if you’re the type of consumer who wants to get as much information about whether a policy is a good fit for you before you make a purchase, there’s a lot to like about Policygenius. Ultimately, whether or not you use a comparison tool is up to you; however, with so much value offered free-of-charge, it doesn’t hurt to use a comparison website. This is specifically true since you aren’t obligated to pick any insurer recommended to you by Policygenius.
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