PolicyGenius promises to offer insurance for life and everything in it with an easy application process. In this PolicyGenius review, we put it to the test.
One of the keys to finding the right insurance policy is shopping around. The internet has made that simpler, but Policygenius makes it an absolute breeze. This aggregate website is an online marketplace that acts as your one stop shop for all sorts of insurance policies, including life insurance, disability insurance, health insurance, and even pet insurance.
Here, we’ll tell you what Policygenius is and why you may want to use it next time you’re shopping for insurance.
What is Policygenius?
Policygenius is basically a tool that allows you to compare quotes from various insurance companies all in one place. But it’s also more than that. Most other aggregator sites will give your information to all the insurance companies you work with. Apply for a quote, and you’ll queue endless calls and emails from insurance companies.
At Policygenius, though, it’s not like that. Instead, they act more like a traditional insurance broker with a slick online twist. They walk with you through the insurance purchasing process rather than passing you off directly onto the insurance company. So you can get the ease of an online insurance quote aggregator with the personalized advice of a broker.
Besides its insurance services, Policygenius also offers a robust database of articles on various insurance products. If you have questions about life insurance, renters insurance, health insurance, and more, Policygenius’s online magazine is a great place to go for answers.
Who Created It and Why?
Policygenius founders Jennifer Fitzgerald and Francois de Lame used to be consultants to insurance companies. But they saw some big gaps in the way the insurance world spoke to consumers. Concerned about the gaps this left for consumers–like the more than half of consumers with no life insurance–they decided to make things easier.
So they launched Policygenius in 2014. Since then, the company has found new and better ways to help consumers find the insurance coverage they need. As they note on their website, buying insurance will probably never be fun. But at least Policygenius makes it less of a headache.
How Does Policygenius Work?
You can start by filling out your ZIP Code on Policygenius’s home page. This lets them ensure that you’re in a state where they’re a licensed broker. Then you can put in your information for different types of insurance. Once PolicyGenius has your basic information, you can compare different insurance quotes side by side. That way you can choose the policy that’s most cost-effective for your needs.
One thing to note is that Policygenius doesn’t work with any just any insurance company. They vet companies for financial stability, for one thing. So you know that the companies you’re seeing have solid financial ratings and are likely to be in business for years to come.
You can then apply for insurance through Policygenius. You don’t even have to communicate directly with the insurance company. Policygenius’s licensed advisors will handle the rest of the process and contact you if they need any more information.
Policygenius only gets paid if you choose to purchase an insurance policy through them. The cost of the broker fee is written into the insurance quote, so you don’t pay anything above what you see in the quote.
What Kinds of Insurance Do They Offer?
First, know that Policygenius isn’t licensed to sell all types of insurance in every state. So the offerings may depend on your state. But they specialize in several types of insurance, including:
- Life insurance
- Disability insurance
- Health insurance
- Renters insurance
- Pet insurance
If you haven’t shopped around for these health insurance options recently, you might check out Policygenius just to see if you can get a better deal than your current coverage.
How Do I Choose a Policy?
Choosing a policy depends largely on your needs. Luckily, Policygenius has some great tools to help you figure out what you need.
One is their Insurance Checkup tool. It takes your basic information and then assesses things like your general level of worry, your ability to handle financial risks, and your family and financial situation. The checkup is pretty comprehensive and even asks for balances on your debts and information on your current insurance coverage.
Then the tool gives you a list of insurance to-dos. When I ran the checkup for myself, the tool suggested accident and critical illness policies to supplement my health insurance coverage. It also suggested pet insurance for my cat.
The Insurance Checkup tool can be a good place to begin if you’re looking for potential gaps in your insurance coverage. But if you have questions on specific types of insurance policies, check out Policygenius’s large base of informational articles for some in-depth information.
One thing to note, though, is that once you know how much insurance coverage you need, Policygenius suggests just choosing the cheapest quote you get. That’s because they only work with insurers that are financially sound. Since your policy will be taken care of either way, it’s a good idea to save as much on premiums as you can.
Who is Policygenius For?
If you’re in the market for any of the above types of insurance coverage, Policygenius could be a great place to begin. It gives you the information you need to make an informed choice about insurance coverage. Then it lets you choose the coverage that best meets your needs.
However, there are a few potential caveats to consider, including:
- They might miss discounts if you already have a policy with a company. If you have an existing car insurance policy, for instance, your current insurer could offer you a lower rate on homeowners or renters insurance. Consider getting a quote from them directly as well as a list of quotes from Policygenius.
- You may not get quotes from all available sources. Policygenius works with a pretty big list of insurance companies. But that doesn’t mean they work with all of them. If you really want the lowest rates, you might get quotes from other quote engines or directly from other insurers, as well.
- They may not offer all types of insurance. Policygenius offers a variety of insurance options. But if they don’t have the type of insurance you’re looking for, you may need to go elsewhere.
Knowing that Policygenius isn’t going to sell your information to people who are then going to call you a million times is definitely a bonus. That means that even if you’re considering shopping for new or different coverage, Policygenius is a great place to begin. They can help you walk through your options in a low-pressure environment. And they have some pretty great informational content to get you started, too.