Buying insurance coverage, whether it’s life insurance, health insurance, auto insurance, or something else entirely, can be stressful. That’s why finding the right service to help walk you through it can be essential.
Policygenius is a service that claims to take the stress out of getting insured. But, what is Policygenius – and how can it help you in your search for the ideal insurance company? This independent insurance broker aims to help you find the best rates, easily and quickly. The platform does all the work for you, shopping around to uncover several different plans from a wide variety of insurance companies.
The question is, can Policygenius really make getting insured that simple? In this Policygenius review, we’ll take a closer look at this independent insurance broker so you can decide whether or not it’s truly worth using.
Ready? Let’s get started!
What is Policygenius?
Policygenius is not an insurance company itself but is instead what is known as an “independent insurance broker” or aggregation tool. It shows shoppers insurance policies from a myriad of insurance companies.
It does not provide insurance policies itself – nor does it underwrite them – but instead gives you a good idea of all the insurance policies that are out there. That way, you’ll know for sure if you’re getting the best deals.
The biggest benefit of using an aggregation tool like Policygenius is that you can shop from a much wider online insurance marketplace. If you choose to shop with an insurance agent or most other insurance companies, you’ll quickly find that there are limitations.
Most individual agents can only offer life insurance, business insurance, auto insurance, or homeowners insurance from one different insurance company. That’s not the case with Policygenius.
Who Owns Policygenius?
Policygenius is an insurance marketplace and not an insurance company – because of this, it is not owned by any individual insurance company, nor does it own one.
Instead, this platform sells insurance policies from multiple insurance companies.
How Long Has Policygenius Been in Business?
Policygenius was founded in 2014 by two innovators named Francois de Lame and Jennifer Fitzgerald.
It raised funding from investors like Norwest Venture Partners, Revolution Ventures, KKR & Co, MassMutual Ventures, and other donors.
How Does Policygenius Work?
Policygenius offers several different types of insurance coverage, including:
- Homeowners insurance
- Renters insurance
- Life insurance (both whole life insurance policies and term life insurance policies)
- Pet insurance
- Identity theft insurance
- Long term care insurance
- Travel insurance
- Auto insurance
- Jewelry insurance
- Health insurance
- Vision insurance
- Short term disability insurance
- Long term disability insurance
If you can think of it, Policygenius probably offers it.
To get started, you will need to plug in some basic information, such as your name, gender, birthday, zip code, occupation, and employment status. You’ll be asked some other b basic questions that are generally used to gauge your eligibility for insurance products, such as those about your overall health and tobacco usage.
Of course, these are only asked for certain types of insurance – the specific questions you are asked will depend on the type of policy you are shopping for and your own insurance needs.
Once you’ve plugged in all the required information, you’ll be matched to personalized insurance quotes. You’ll be able to click on the quotes through the Policygenius website and you’ll be redirected to the specific pages of the insurance providers.
You can even filter your results so you don’t have to look at pages upon pages of insurance quotes. You can plug in things like deductibles, coverage limits, and more.
How Much Does Policygenius Cost?
Policygenius is totally free to use. It makes its money from the insurance companies you apply with whenever you shop and are approved for insurance.
So is it cheaper to buy insurance through Policygenius? Well…that depends.
Insurance rates are regulated by law. Therefore, no broker, company, or agent can actually offer you a discount on a policy.
That said, you will likely find lower prices when shopping with Policygenius because you’re going to be presented with a wider selection of all the potential quotes that are out there.
Policygenius is a platform that is totally safe to use. The company does not sell your personal information.
Your data will be kept secure and you don’t have to worry about it being sold to third-party vendors. The information only goes to insurance companies when you’re ready to apply.
Policygenius Customer Service
Getting insurance can be challenging but Policygenius makes it easier. There’s live chat support that is available every day from 9 am until 6 pm (and as late as 9 pm on weekdays).
If you want to talk to someone about your insurance questions, you don’t have to worry about aggressive sales tactics.
That’s because Policygenius representatives are paid on salary – not via commission. They’re incentivized to help you, not to sell a specific product.
Policygenius Pros and Cons
Here are some of the biggest advantages – and disadvantages – of using Policygenius to shop for your next insurance policy.
Pro: Insurance Check-Up Tool
Policygenius has a unique feature known as an insurance check-up tool.
The tool asks about a dozen different questions and will give you a blueprint of your insurance needs and the areas you’ve covered. You’ll be provided with an insurance to-do list so you know which policies you need to take out and which you’re already all set with.
Pro: Wide Variety of Insurance Companies
Policygenius works with many different insurance companies, including the following:
- Brighthouse Financial
- Banner Life
- John Hancock
- Liberty Mutual
- Mutual of Omaha
- Lincoln Financial Group
- Principal Financial Group
- Pacific Life
- Protective Life Insurance
- Savings Bank Mutual Life
You won’t feel constrained in the slightest when you start shopping for your next insurance policy.
Pro: Saves Time and Money
Let’s face it – we’re all busy, and not everyone has the time or financial freedom to sit down with an insurance agent and get personalized insurance advice. That’s where Policygenius can help.
Unlike working with a traditional insurance company, you’ll be able to uncover the best quotes from the entire insurance marketplace. You’ll get your quotes in minutes so there’s no back and forth on the phone, over the fax machine, or in an agent’s office.
You’ll get unbiased information – and it’s fast.
Pro: Life Insurance Learn Center
Policygenius even has a helpful Life Insurance Learn Center. Shopping for insurance can be tricky, but the learning center helps break things down and answers some common questions that might come up during the process.
Con: Not the Best for Life Insurance
Although Policygenius offers life insurance policies, it’s not the best if you’re not totally healthy (or young). If you are shopping for life insurance and aren’t in the ideal bracket, you may want to shop through an agent – Policygenius doesn’t always secure the lowest rates.
It doesn’t work with the more “specialized” companies so if you have a severe health complication, like diabetes, you aren’t going to get the best life insurance quotes.
Con: Limited Business Plans
Many types of business insurance policies are costly – whether it’s a car insurance or life insurance policy that you’re looking at, you probably won’t get the best deal with Policygenius. Shop with the actual insurance companies themselves, since business insurance can be tricky.
Con: Medical Exam Still Required
Some people might choose to shop with Policygenius because they assume that the medical exam that is necessary for most health insurance policies will not be required with Policygenius.
Unfortunately, almost all of the insurance companies represented by this aggregation tool do still require medical exams. Sorry – you still have to do it!
How Does Policygenius Compare?
As you’ve likely gathered in reading this Policygenius review, this is a platform that can streamline and simplify a typically complex industry. However, it’s not the only one out there. There are several other niche competitors that can offer the same level of flexibility and an overall wonderful user experience.
The Zebra is one such example. It allows you to quickly compare home insurance, auto insurance, life insurance, and renter insurance policies. However, it is more limited in its offerings – it doesn’t allow you to shop for things like disability, jewelry, or vision insurance like Policygenius does.
Intensify is another platform to use. It has an attractive, user-friendly interface, but it is also limited in the types of insurance policies you can shop for.
Both of these platforms, like Policygenius, are totally free to use. So while there are plenty of other options out there to help you in the process of applying for insurance, Policygenius seems to be the best in terms of the wide swath of insurance types and insurance providers represented.
Is Policygenius Trustworthy?
Policygenius is trustworthy. This independent insurance broker only works with insurance companies that have a minimum A-financial rating. To date, the company has placed more than $45 billion in insurance coverage and it has an excellent rating on Trustpilot, TrustScore, and other review platforms.
Although Policygenius may not be the perfect platform for everyone, for many people, it is a helpful tool when it comes time to shop for insurance.
Hopefully, our Policygenius review has given you a good idea of whether this tool is right for you!