Policygenius Life Insurance Review - Are They Right For You?
If you're searching for life insurance online, chances are you've come across Policygenius.
Their website allows you to request a life insurance quote, and a licensed agent will call you within 48 hours to discuss your options.
While this simplifies the process of buying life insurance, Policygenius has received mixed reviews for their customer service, and they work with a limited selection of just eleven providers.
This insider’s review of Policygenius provides a brief background of the company’s history and an overview of the life insurance policies they offer. We’ve also explained some of the pros and cons of working with a large call center like Policygenius to help you make an informed decision.
Here’s what we'll cover in this post:
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Here’s what we'll cover in this post:
The History of Policygenius
Policygenius, a New York-based Insurtech startup, was founded in 2014 by Jennifer Fitzgerald and Francois De Lame. Their mission was to modernize the insurance shopping process by taking it online and allowing their customers to compare options from more than one provider.
Initially, they focused solely on life insurance products, but over time, they expanded into home and auto insurance. Between 2014 and 2022, Policygenius secured seven rounds of capital funding before being acquired by Zinnia on April 4th, 2023.
Zinnia currently employs over 1,100 people and positions itself as a technology provider for the life insurance and annuities industry. They are owned by an American holding company, Eldridge Industries, which was founded in 2015.
Is Policygenius Legitimate?
Policygenius is a legitimate insurance agency that is licensed in all 50 states. They work with eleven highly-rated providers and offer both term and whole life insurance. After asking you some questions about your health, their agents will quickly compare options from the companies they represent.
This process can save you time and money, especially if your're working with a local agency that only represents one company like Farmer's or State Farm. Policygenius doesn't provide the life insurance policy themselves, they operate as an agency or free matching service for their clients and insurers.
While having eleven options is beneficial, working with an agency representing a few dozen top-rated companies will providde you with considerably more choices. In the life insurance industry, each company sets its own approval guidelines, pricing, and coverage options.
Is Policygenius More Affordable?
By law, insurance providers cannot offer discounts on life insurance policies. Some big-box insurers provide bundling discounts for purchasing multiple policies, but these savings only apply to home and auto insurance, not life insurance. Furthermore, these bundles can often be overpriced from the start.
An independent agency like Policygenius can help you save money by shopping the market. While the savings might be minimal for young and healthy individuals, it becomes crucial for those with health issues, an unfavorable family health history, or those over 50.
Here's an example for a 60 year male in great health:
Rates for a 60-Year-Old Male In Great Health - $500,000 (20-Year Term)
|Local Agent||Policygenius||JRC Insurance Group|
|$259.24 - State Farm (A+ rated)||$199.56 - Corebridge Financial (A rated)||$183.81 - John Hancock (A+ rated)|
Some providers specialize in high-risk applicants, while others are more competitively priced for the young and healthy. This is where an experienced agent representing more than a dozen life insurance companies can make a significant difference.
Which Providers Does Policygenius Represent?
Policygenius currently offers Term Life Insurance policies from Banner Life, Brighthouse, Corebridge, Foresters, Lincoln, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. All of these providers are rated "A" or better by AM Best for financial stability.
|Company||AM Best||Standard & Poor's||BBB Rating||Year Founded|
|Banner Life||A+ (Superior)||AA- (Very Strong)||A+||1981|
|Brighthouse Financial||A (Excellent)||BBB+ (Stable)||A+||2016|
|Corebridge Financial||A (Excellent)||A+ (Strong)||C-||2022|
|Foresters Financial||A (Excellent)||N/A||A+||1874|
|Lincoln Financial Group||A (Excellent)||A+ (Strong)||A+||1905|
|Mutual of Omaha||A+ (Superior)||A+ (Strong)||A+||1909|
|Pacific Life||A+ (Superior)||AA- (Very Strong)||C-||1868|
|Protective Life||A+ (Superior)||AA- (Very Strong)||A-||1907|
|Prudential||A+ (Superior)||AA- (Very Strong)||D-||1848|
|Symetra||A (Excellent)||A (Strong)||A+||1957|
|Transamerica||A (Excellent)||A+ (Strong)||A||1907|
(Displayed ratings are accurate as of 10/01/2023)
Term life insurance provides a fixed death benefit with level premiums for a specified number of years. During the life of your policy, your insurance provider cannot decrease your coverage or increase your rates regardless of changes to your age or health. Term policies are primarily sold in 5-year increments for 10 to 30 years.
For most young families, term life insurance is ideal because it provides the most protection for the least amount of money. You can also customize your policy's term to coincide with major life events like the number of years remaining on your mortgage or your planned retirement age.
Policygenius also offers up to $50,000 of whole life insurance for individuals that are in average or better health for their age, without requiring a health exam. These policies offer lifetime coverage with fixed rates making them ideal for someone that wants to leave a little money behind for burial costs or end of life expenses.
On their website, Policygenius lists four whole life insurers: Corebridge, Foresters, Mutual of Omaha, and Transamerica. They do not offer guaranteed issue whole life insurance, which is the only option for those over 45 with serious health concerns. You can learn more about guaranteed issue life insurance here.
Is Policygenius a Good Choice for Life Insurance?
Policygenius is an excellent option for young and healthy adults seeking basic term life insurance for family protection. Their licensed agents represent a select group of highly rated life insurance providers offering traditional term life insurance coverage at competitive rates.
While Policygenius is superior to local insurance agencies, it's important to note that they represent only eleven companies. If you have health issues or are over 50, better options may be available, as every company evaluates applicants differently and sets their own pricing.
Some insurers are more lenient with overweight applicants, while others are better suited for individuals with high blood pressure, cholesterol, or diabetes. In addition, some insurers spend billions on advertising every year, and these costs trickle down to the consumer. More options from your agency mean a greater likelihood of saving money.
Our agency represents 63 top-rated life insurance companies including every company Policygenius offers. We’re licensed in every state and our experts offer at least 10 years of experience. You can instantly compare life insurance rates by clicking the form below. No agent needed!
Drawbacks of Choosing Policygenius
Policygenius operates as a large call center with numerous licensed agents who may have quotas to meet, potentially leading to neglected customer service issues. On the Better Business Bureau's website, the company has a "B" rating, primarily due to customer service-related problems and complaints.
Young and healthy applicants should expect quick and straightforward approval. However, if your underwriter has follow-up questions or needs to review additional medical records, you might experience delays. Errors are also common in more complex scenarios like Buy-Sell agreements.
Additionally, Policygenius may lack the experience of an owner-operated agency, as its agents work in a high-volume call center. If you require permanent life insurance for estate planning, long-term care insurance, guaranteed acceptance life insurance, or life insurance with living benefits, you'll need to work with a different agency.
How We Can Help
Our independent agency has helped thousands of families and businesses with their life insurance needs. We represent 63 top-rated life insurance providers and our agents are experts at matching their clients with the best option available. Instead of focusing on volume, we focus on customer service because we don't have to keep investors happy.
We are owner-operated so you'll never get lost in the process, we'll walk you through the entire process until your policy is approved and active. Most importantly, our comparative shopping services are completely free. We're here to answer all your questions and provide you with the unbiased advice you need.
JRC also offers more than just traditional term and whole life insurance policies. We also offer a variety of permanent life insurance products including guaranteed universal life, guaranteed acceptance whole life, disability insurance, life insurance with living benefits, and long term care.
Finally, it's worth noting that Policygenius' website does not provide real-time life insurance quotes. After entering your information, you'll need to wait at least 24 to 48 hours for a licensed agent to follow up with you over the phone. For instant rate comparisons, select your state below.
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.