PolicyGenius Review – Easy Term Life Insurance
According to Life Insurance and Market Research Association (LIMRA), “Americans continue to see the value in owning life insurance. In fact, six in 10 people own life insurance. And for those who don’t have it, many agree they need it.”
The good news is that there is more awareness on the importance of having life insurance. However, as you see, about 30-40 percent of the population does not have life insurance even though most believe and agree that they need it.
In one of my earlier posts, I had talked about the importance of having a life insurance.
The main reason for having life insurance is not for you, but for your beneficiaries – your loved ones, whose lives depend on your income.
Okay, if you have read thus far, and you don’t have a term life insurance, you are probably wondering – Oh boy, now I need to get quotes from each brick and mortar insurance company / agent and try to find one that gives a good rate.
You don’t need to…there is a much easier route…this is where PolicyGenius comes into the picture.
What is PolicyGenius?
PolicyGenius is a digital insurance broker.
Basically, they are the middleman between you and the insurance companies. They make insurance companies compete for your business, which is good for you.
PolicyGenius has revolutionized purchasing life insurance and made it seamless to customers. In less than 5 minutes, you receive competitive quotes from 25-rated top rated insurance companies.
You fill in your personal details and information once at PolicyGenius and you get real time term life insurance quotes from multiple insurance companies.
Image Courtesy: PolicyGenius
Now, what is term life insurance? Term life insurance is the simplest form of life insurance that exists today. You can purchase term life insurance for terms between one and thirty years. If you die within the term period, then the designated beneficiary would receive the death benefit. If you live past the term, then no premiums will be returned to the policy holder. This is the reason why term life insurance costs less and makes it very affordable.
In addition to term life insurance, PolicyGenius also sells other types of insurance – Long Term Disability Insurance, Renters Insurance, and Pet Insurance.
In this post, I will limit my focus to Term Life Insurance.
PolicyGenius Insurance Checkup
PolicyGenius Insurance Checkup basically asks you a series of questions about your current status including age, marital status, whether you have dependent kids, the types of insurance you currently have either through your employer or purchased directly etc.
It takes about five minutes to complete this exercise. Once completed, PolicyGenius reviews the information, determines where you might have exposures, and provides you a simple to do list recommending you to address the identified items.
This service is 100% free. In fact, I would recommend that you complete this exercise first.
PolicyGenius Term Life Insurance Quotes
You might wonder, how do you know it takes less than five minutes to get term life insurance quotes? If I were you, I would be asking the same question.
I set a timer and I measured how long it took for me to go from start to finish – it took me about 4 minutes to see quotes from multiple providers.
You can view instantaneous term life insurance quotes online within a matter of minutes – how cool is that?
The quote from each insurer includes A.M Best’s financial strength rating (A++ to D) of the insurance company, Better Business Bureau’s (BBB) rating based on consumer feedback, and J.D. Powers’ rating based on customer satisfaction from customer surveys.
Basically, you get a full 360 degree profile of insurance companies that you viewing quotes from.
PolicyGenius Term Life Insurance Application
At this point, you can choose which insurance company to go with, and proceed to the next step of completing and submitting your life insurance application.
Once you have submitted your application, it is time for you to sit back and relax.
PolicyGenius would guide you through the remaining steps of completing all the required paperwork, scheduling medical exams etc.
They will notify you as soon as your term life insurance application has been approved.
Typically, it would take about ~4 weeks from the point of you submitting the term life insurance application and receiving approval, if there are no issues encountered during the underwriting process.
Are PolicyGenius Quotes Accurate?
PolicyGenius has developed a unique algorithm that uses the answers you provide regarding your health to come up with the most accurate real time quote.
This enables you to receive most accurate quotes online at real time before you go through the process of applying and helps avoid any price surprise during the process.
One you select an insurance provider, and go through the process of completing your application, the underwriting process takes a few weeks to complete.
If at the end of the underwriting process, if the insurance provider you have chosen to go with wants to charge more due to a medical finding, then PolicyGenius will help you shop around to ensure you get the best value for your money.
How much does PolicyGenius charge for their service?
It is 100% free for you, the customer.
Insurance companies must file their life insurance prices with state regulators. The pricing must include all expenses that includes marketing and commissions.
So, there is no extra cost for you the consumer, to work with an insurance broker.
To put it another way, you would be paying the same price if you went through PolicyGenius or if you purchased the policy directly from the insurance company.
How does PolicyGenius get paid?
Once you purchase and make your payment for the insurance policy, PolicyGenius receives a commission from the insurance company that you chose to insure with.
What happens after I purchase an insurance policy?
At this point, you would work directly with the insurance company for all servicing activities that include renewing the policy, making annual payments, and filing a claim.
Have you given purchasing term life insurance much thought? The best time to buy term life insurance is when you are young and healthy. The premiums would be lower and that would be the best time to lock in the rates (your monthly premium payments) for your desired term period.
If you don’t have life insurance, don’t delay it. Get it taken care of right away. You do not want to put your loved ones at financial risk.
Would you like to get a free term life insurance quote from PolicyGenius?