Some tasks in life are enjoyable, others are tolerable, and a few are hard to stomach. For most people, shopping for life insurance falls into the last category.
There are several reasons for this, including:
- Everyone hates contemplating death
- Lack of transparency (many insurance products are difficult to understand)
- It’s an annoying process (Filling out paperwork and talking to pushy insurance agents)
Nationwide Insurance released a survey that highlighted these concerns, among others. For example, most people thought their insurance policy was too long, complicated, and confusing. Only 40% of those polled have read through their insurance policy contract. And 57% of all respondents said that they knew more about their favorite TV show than they knew about their insurance policies.
I get it, shopping for insurance can be a painful process. But PolicyGenius is doing everything they can to make the process transparent and simple.
PolicyGenius Review Background
Founded in 2014 by two former consultants, PolicyGenius is the easiest way to shop for insurance that I have found.
The shopping process takes about five minutes to complete and is done entirely online. You no longer have to contact an insurance agent or worry about annoying phone calls because your information is never shared with a third party.
PolicyGenius is an independent insurance broker providing unbiased quotes from more than 25 different life insurers. Examples include:
- Mutual of Omaha
- American General
They don’t recommend one insurer over another, they simply provide personalized quotes so that you can find the most affordable and appropriate coverage.
Do You Need Life Insurance?
A large percentage of the American population is underinsured when it comes to life insurance. While this topic can be emotional, the decision to purchase life insurance is primarily a financial decision.
If you have dependents who rely on your income, you should probably own life insurance. If you pass away, a life insurance policy pays a sum of money (called the death benefit) to a person of your choosing (called the beneficiary).
This money can be used in a number of different ways. First and foremost, the death benefit can help replace your lost income, allowing your dependents to continue living a full life in your absence. The money can also help cover your burial expenses, eliminate any outstanding debts that you leave behind, and help your children pay for a college education.
As you can see, life insurance is an important tool to protect your family. And if you think you might need coverage, PolicyGenius is a great place to start.
The PolicyGenius Process
To provide readers with a little guidance, I decided to go through the PolicyGenius insurance process before posting this article. Here are the required steps to get started.
1) Go to the PolicyGenius website.
Input your desired coverage amount and term. If you know how much coverage you need, you can automatically proceed to the quote process (#3 below). If you aren’t sure how much coverage you need, PolicyGenius can help you figure it out by clicking “I don’t know how much I need” as seen in the photo below:
2) Input your information
To help you find an appropriate level of coverage, you have to input your basic information:
- Page 1 asks for your age, gender, height, weight, income, and tobacco use.
- Page 2 asks your marital status and if you have children or other dependents.
- Page 3 asks how much financial support you want to provide for your family.
- Page 4 asks if you have any debts that you want the insurance policy to cover.
- Page 5 asks how much life insurance you currently have, and asks about your available savings.
After finishing that, you will receive a recommendation on the amount of coverage needed for your situation. It will look like this (the amount and length will vary):
3) Answer basic health questions
PolicyGenius requires that you include basic health information before receiving a quote. That includes:
- Personal medical history
- Family health history
- Driving record
Each question is in multiple choice format, and the health information page took me about 20 seconds to complete.
4) Compare personalized quotes
You are now ready to compare quotes from various insurance companies.
Here you can see the quotes for my policy ($400,000 of coverage, 30-year term):
American National provided the lowest price for me. You can also see that National Life Group offers a policy without any medical underwriting. It’s much more expensive because life insurance premiums depend on the health status of those insured.
If you scroll down the page a little bit, you will see quotes from the other available insurers:
Roughly 20 different insurers provided a quote through PolicyGenius, and several were priced at about $28 per month (also keep in mind, you can select annual pricing to save up to 10% on your quote). In my experience, these quotes represent a good value for term life insurance.
Also notice that PolicyGenius provides the A.M Best insurance rating, and the Better Business Bureau rating for all insurers. You’ll likely find A to A+ ratings for nearly 100% of the companies because PolicyGenius screens available insurers and only includes reputable companies in their system.
5) Review Your Quotes and Apply
If you are finished reviewing quotes, you can select the best option and apply.
The nice thing about applying through PolicyGenius is that they handle all of the important details for you. This includes:
- Scheduling a medical exam
- Retrieving any medical records
- Obtaining the stated price from the insurer
- Keeping you updated on the application process and answering your questions
Once you submit the application, it takes a couple of weeks to finish the process. PolicyGenius will keep you informed along the way.
You can speak (or chat) with a PolicyGenius employee at any point in this process if you have questions. You can also enter your email address to save your progress if you would like to resume the application at a later date.
PolicyGenius Review Summary
Shopping for insurance through PolicyGenius the easiest, smoothest process that I have found online. I suppose that is why consumers rate the service a 9.6/10.
The only features missing from PolicyGenius is simplified underwriting, as offered by Haven Life. Simplified underwriting allows you to obtain insurance coverage without a medical exam. It’s a new life insurance tool being rolled out by various insurers, and not yet available through PolicyGenius.
In addition to life insurance, PolicyGenius now offers long-term disability insurance, renters insurance, and pet insurance. They also have an “insurance checkup” feature to help determine if you are underinsured in other areas of your life.
If you are looking for life insurance, compare your options through PolicyGenius. You won’t be disappointed.