Policygenius Review: Compare Insurance Quotes Easily Online
Wouldn’t it be great if you could buy all the various types of insurance you need from the same source? Well, you actually can. There are dozens of different websites for purchasing a certain type of insurance–life, health, auto, disability, among many. But Policygenius brings all the different insurance coverages together on one website. What’s more, you’ll have a choice of insurance companies in every category. That will save you time and money searching for the best policy.
Policygenius is an online insurance aggregator and broker that gives you access to insurance policies of virtually every type. You won’t be getting coverage from just one company for all types of policies. But rather, you’ll have your choice from among several companies. That will help ensure you’ll get the best coverage for the most affordable premium, regardless of the insurance type.
Based in New York City, the platform was launched in 2012, as an attempt to put all the various insurance types on one site. It provides access to insurance quotes from dozens of different companies, giving you the widest possible choice of carriers. Policygenius is licensed in all 50 states.
Policygenius has provided more than $20 billion insurance coverage to more than 4.5 million people. And that’s for a service that’s only been around for a little over five years.
Third Party Ratings of Policygenius
Policygenius gets high marks from various third party rating services, including the Better Business Bureau, Trustpilot and ConsumerAffairs.com:
- Policygenius has a Better Business Bureau rating of A (on a scale of A+ to F). The company has been BBB accredited since July, 2014.
- The company also has a Trustpilot rating of five stars out of five (Excellent), based on 573 reviews, with 94% rating the service as excellent.
- ConsumerAffairs.com gives Policygenius 4.7 out of 5 stars based on 31 reviews in the past year.
How Policygenius Works
Applying for Insurance on Policygenius
To search for an insurance policy on the platform, you only need to enter your name, gender, birthday, zip code, occupation, and employment status. You will then be asked a series of questions based on the type of insurance you’re applying for.
For example, if you’re applying for life insurance, you will be asked general health related questions, including use of tobacco. You’ll also have the ability to make certain adjustments to your coverage, such as selecting deductible levels or certain add-on provisions.
(The initial application for health insurance is a good bit more involved, since it’s tied in with coverage available on the health insurance exchange in your state.)
Once you’ve supplied the requested information, you’ll have access to personal quotes from various insurance companies providing the desired coverage. Once you select the company, you’ll transferred to that company’s website and complete the process.
Policygenius is Completely Free to Use
There is no additional fee to use Policygenius to find your insurance policy. Policygenius acts as a broker and is reimbursed from the company you accept a policy with. This is a standard arrangement in the insurance world, and does not result in an increased fee or premium to you as the consumer.
Policygenius Features and Services
Educational tools and research. Very few people have a deep knowledge of insurance policies of any type. Policygenius removes much of the mystery by providing you with the resources and tools to help you better understand the type of insurance you’re trying to buy. They’ll help you to understand how much coverage you need, what provisions you need to include, and which you should exclude. The emphasis is on helping you get no more or no less coverage then you absolutely need.
Licensed insurance advisors. Policygenius isn’t just an insurance aggregator, but an insurance broker. They provide licensed insurance advisors to help you through the application process, relieving you of stress and the mechanics of the application.
Insurance Checkup. This is a tool Policygenius offers to help you determine the type of insurance you need–or don’t need. You complete the information requested on a series of screens, and it will help you determine your need for life, health, auto, renters, or disability insurance.
Platform ease of use. One of the features that distinguishes Policygenius is the easy flow of the website, especially since it provides so many different types of insurance, as well as resources and tools. This sets it apart from so many other insurance aggregator sites, that provide only minimal information in an attempt to gain your email address and phone number. With each type of coverage you’re looking to purchase, the information provided is comprehensive, and the entire site is very easy to navigate.
Customer service. Available by phone and live messaging, Monday through Friday, from 9:00 am to 6:00 pm Eastern time. But Policygenius is available by email 24/7 at [email protected]
Types of Insurance Available with Policygenius
Policygenius offers both term and whole life policies, and you’ll be presented the options for both when you apply.
You’ll start the process by using the life insurance calculator. This will help you determine the right amount of life insurance coverage you need. You’ll be asked a series of questions, including your age, number of dependents, mortgage balance, other debts, income, and savings. With this information, the life insurance calculator will tell you how much coverage you will need, and for how long.
Once you click “Start Comparing Quotes”, you’ll be brought to a series of screens that will ask more specific questions, including your gender, date of birth, zip code, citizenship, marital status, and health questions.
You will then be shown the most affordable quotes from several companies, side by side. The quotes will be for term policies, but you will also have the option to get quotes for whole life policies as well.
Once you select the company, you can apply online. In the process, you’ll also have access to the Policygenius staff of experts to help you along the way. In fact, one of the major advantages with the service is that it includes licensed advisors who can deal with the insurance companies for you, sparing you the effort.
The life insurance companies are each “A” rated, and offer coverage even for those who have complex medical histories.
The disability insurance portion of Policygenius works very similarly to the life insurance section. What distinguishes this particular service is the wealth of information that the platform provides about disability insurance. This is not a minor factor. Disability insurance is surprisingly complicated, and very few consumers understand even the basics.
For example, Policygenius explains the following critical elements of disability insurance:
- The difference between short term disability and long term disability.
- Coverage amount/participation rate – When you take a disability policy, it only covers a certain percentage of your income (usually no more than 60%).
- Waiting period – This is the disability insurance equivalent of a deductible. It can range anywhere from 30 to 365 days. The longer the waiting period, the lower the premium will be.
- Benefit period – Disability insurance has wide variations on this. You could receive benefits that run between two years or all the way through to retirement. But since longer benefit periods result in higher premiums, Policygenius generally recommends a five year benefit period.
- Exclusions – All insurance policies contain exclusions. This could be pre-existing health conditions or even high risk hobbies, like skydiving. You need to be aware of these exclusions before making application.
- “Own occupation” – This is probably the most important disability insurance provision of all, and the least understood. Some disability policies won’t pay benefits unless you are incapable of performing any type of occupation. That means if you are no longer able to work as a truck driver, but you can work as a security guard, you won’t get benefits. But under an own occupation policy, you’ll be paid benefits as long as you are incapable of working in your current occupation. The premium is higher on this type of policy, but it’s much more likely to result in benefit payments.
And continuing on the disability insurance theme, Policygenius even provides information on the best disability insurance companies for certain occupations, such as lawyers, CPAs, nurses, software engineers, veterinarians, and dentists. This is another very important factor in the disability insurance application process.
Health insurance options have become more limited since the passage of the Affordable Care Act (ACA). Health insurance policies are limited to what is available on healthcare.gov or your state marketplace. These are the policies Policygenius makes available to you on the platform.
Once you enter your basic information on the Policygenius website, you’ll be asked to provide your email address. You will then be emailed the information about the plans available through the carriers offering coverage in your state or county.
Probably the biggest advantage provided by Policygenius is having their licensed advisors available to help you deal with the health insurance provider during the application process. Having applied for coverage on healthcare.gov several years ago, I can tell you it’s a grueling process. Having experts available who could help you navigate the process can make all the difference in the world. Buying your health insurance through Policygenius will be well worth the effort for this reason alone.
An important limitation with health insurance is that some providers do not cooperate with insurance brokers. If you identify a policy with one of these companies, you’ll have to complete the process through that provider. Policygenius experts will not be available to help you through the application process.
But once again, one of the big advantages to getting your health insurance through Policygenius is the volume of educational resources. Health insurance policies are more complicated than ever, particularly with the various provisions and limitations. Policygenius provides you with plenty of articles and tools to help you better understand the process and limitations.
Also, be aware that the open enrollment period on healthcare.gov is limited to November 1st through December 15th of each year, unless you have extenuating circumstances.
Renters insurance is an often overlooked type of coverage. Tenants often assume their contents are protected from damage or theft by the landlord’s policy. But a landlord policy applies only to the physical structure of the building. Any contents within the building, owned by the tenant, are the responsibility of the tenant. That’s where renter’s insurance enters the picture.
You can generally get a decent renter’s policy for no more than $20 per month, and Policygenius can show you how. And once again, one of the advantages of working with Policygenius is the educational resources they provide.
The shopping and buying of a renter’s insurance policy process works the way it does for other types of insurance, including the insurance calculator that helps determine specifically how much coverage you’ll need. You enter your zip code, complete a brief application, and get your renter’s insurance quotes in minutes.
One of the problems with homeowner’s insurance is it’s one of those policies most people think they understand. But that can be a real problem when disaster strikes.
Homeowner’s insurance policies come with all kinds of nuances, including what is covered and what isn’t, and to what extent.
For example, most homeowners are completely unaware that hazards such as floods or earthquakes are not covered under a typical homeowner’s insurance policy (those require separate policies).
Policygenius will not only educate you on these facts, but they also help you to find discounts that will make your homeowner’s insurance more affordable.
To shop or apply for coverage, you complete a brief online application, then receive your quotes.
Policygenius uses a service called CoverHound that searches out the best auto insurance rates from dozens of insurance companies available in your state.
As is always the case with Policygenius, they first go into detailed explanations of the various types of coverages you’ll need. This includes liability insurance, collision and comprehensive, personal injury protection (PIP), and uninsured/underinsured motorist insurance. They’ll also tell you the level of insurance you are required to have in your state, and what factors affect the premium.
Policygenius works with several different auto insurance companies, but their primary partners are Liberty Mutual, Allstate, USAA, and State Farm. To get quotes and to complete an application from any of the listed providers, you’ll be redirected to that insurance company’s website.
Other Types of Insurance Available on Policygenius
Policygenius doesn’t just limit insurance to the more typical coverages. Other types of insurance policies provided include:
- Pet health insurance
- Critical illness insurance
- Long-term care
- Prescription discount cards
- Jewelry insurance
- Identity theft insurance
- Travel insurance
The only obvious coverage missing is business insurance, but Policygenius is a personal insurance website.
Policygenius Pros and Cons
- Policygenius is free to use, and will not result in you paying higher premiums on the polices you purchase.
- Policygenius has licensed advisors available to deal with the various insurance companies, so you don’t have to. That also prevents you from getting calls from salespeople, as is often the case with online insurance sources.
- Life insurance policies are available for those who have complex medical histories, which is a unique feature among online insurance aggregators.
- Policygenius not only provides access to some of the best insurance companies available, but the platform also provides a wealth of educational information to make you a better educated consumer. They’ll show you the various provisions of each type of coverage, as well as provide tools to help you know how much insurance you need.
- Many insurance aggregators offer just one type of coverage–life, health, auto, etc. But Policygenius enables you to buy all the insurance policies you’ll need on one trusted platform.
- Policygenius even has some more obscure insurance plans, like pet health, long-term care and jewelry insurance.
- Due to limitations within the health insurance industry, you will not get a lower premium rate by applying for coverage through Policygenius. All health insurance policies are now regulated by state government, including premiums.
- The auto insurance section does not provide access to all insurers available, but primarily with preferred partners.
- When you want an auto insurance quote, you’re redirected to the auto insurance company’s website, where you’ll work directly with that company.
- No business insurance policies are offered.
Should You Get Insurance from Policygenius?
The high ratings Policygenius consistently receives are well deserved. The site is user friendly, provides large volumes of information, offers competitive quotes giving you the lowest premium’s possible, and provides professional assistance where necessary. This gives you a real opportunity to get only as much insurance coverage as you need, at the lowest possible premium rate.
But perhaps where Policygenius is strongest is in their insurance tools and educational resources. Most types of insurance are much more complicated than the average person understands. And since we typically buy insurance only occasionally, we may not even know the right questions to ask. Policygenius can answer those questions before you even start the process. That will make you an educated consumer, and more likely to get the best coverage at the lowest price.
Should you get insurance through Policygenius? Absolutely! 4.5 million Policygenius customers can’t be wrong.
If you’d like more information, or you’d like to apply for insurance coverage, visit the Policygenius website.