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Published: Nov 08, 2023 14 min read

Policygenius is a leading online insurance marketplace that looks to simplify the way consumers research and buy life insurance. Its platform streamlines the process comparing policies from a wide array of top-rated insurers and purchasing coverage.

This review delves into the key features, benefits, and potential drawbacks of Policygenius, providing you with an insightful and comprehensive analysis to determine whether it’s the right life insurance marketplace for you.

Best online broker

If you’re shopping for the best life insurance product for your needs, finding the right company — and comparing quotes — can be time consuming and overwhelming. Rather than getting prices and policy details directly from individual companies yourself, you can use an online broker to get quotes from several insurers at once.

Policygenius compares whole and term life insurance policies from top insurance companies. It's our pick for the best online broker because it allows you to shop entirely online, but it also has insurance agents available to give you personalized assistance if you need it.

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Offers no medical exams policies

  • No medical exams for policies under $2 Million. Just answer a few health questions online.
  • A policy of up to $2 million in coverage starts around $32/month
  • Get a quote in seconds with no obligation. Apply in minutes (most instantly approved)
  • No need to talk to an agent unless you want to
  • Rated “Excellent" by customers on Trustpilot
  • Limited-time offer for new policyholders- access to estate planning tools at no extra cost ($449 value)

Instant coverage available for ages 20 to 60

  • 100% online process from start to finish for coverage up to $3M.
  • Instant coverage available for ages 20 to 60 if approved
  • Policies available with 10- to 30-year terms
  • Save money on premiums over time with Ladder’s flexible coverage feature
  • No policy fees, 30-day money-back guarantee, cancel anytime
  • Licensed and experienced customer service reps available to answer questions

Policygenius life insurance pros and cons

Pros
  • Can compare multiple quotes at once
  • Not affiliated with any insurance company
  • Offers access to licensed agents
  • Multiple term coverage options
Cons
  • Limited range of insurance partners
  • Medical exams usually required
  • Some partners have low customer satisfaction scores

Pros explained

Allows you to compare multiple quotes at once

In the past, buying life insurance meant manually getting quotes from multiple companies or working with an insurance broker to do the research for you. Policygenius simplifies and streamlines the process, allowing you to complete one form and receive quotes from several top insurers.

You can also shop for term or permanent life insurance as well as a variety of other products, including home, auto and disability insurance.

Not affiliated with any insurance company

Like most other independent insurance brokers, Policygenius isn’t an insurance company, nor does it own one. It sells policies from multiple companies without favoring any of them, so you receive unbiased information.

Fully licensed agents available

In some cases, even with an online purchase, you may want to talk to an insurance agent about securing coverage. Unlike some brokers who don’t offer human interaction, Policygenius has fully-licensed agents available to help you by phone or text.

Multiple term coverage options

Term life insurance is a popular choice for many people, but some insurers limit you to terms of no more than 30 years or benefits of $2 million or less, for example. Policygenius allows you to shop multiple companies for terms as long as 40 years and coverage of up to $10 million.

Cons explained

Limited range of insurance partners

While brokers like Policygenius allow you to get quotes from several insurers at once, not all insurance companies work with them. They only provide quotes from its partners that pay commissions. That means you may be able to find better life insurance rates elsewhere if you’re willing to do additional research.

Medical exams are usually required

Most of the company’s policies are fully underwritten and require medical exams. If you’re looking for simplified issue or guaranteed issue policies, you may have to work with another company.

Some partners have low customer satisfaction scores

Since Policygenius doesn’t underwrite insurance policies, customer satisfaction ratings vary by insurer. While some of the companies have very good ratings, others are ranked relatively low for customer service.

Keep in mind that during the shopping process, Policygenius is available for assistance. But once you purchase a policy, you’ll work directly with the insurance company, so the customer service quality is out of Policygenius’ hands.

Policygenius life insurance products

Through Policygenius, you can get quotes for and purchase a term policy and whole life insurance. Once you choose a policy, you’ll work with a Policygenius agent to finalize your quote and submit your application.

Types of Insurance

Policygenius has two life insurance options:

Term life

With term life coverage, you purchase life insurance for a specified period. Since it’s temporary coverage, term life insurance is usually cheaper than a whole life policy, but your beneficiaries only receive a death benefit if you pass away during the policy term.

When purchasing term life insurance through Policygenius, you can choose a term of 10 to 40 years. And, you can get up to $10 million of coverage.

Whole life

If you’re looking for a life insurance policy that never expires, a whole life plan might be best for you. Unlike term life insurance, whole life policies last for your lifetime. They can also accumulate cash value over time allowing you to withdraw or take a loan against it as needed.

Through Policygenius, you can get quotes for whole life insurance with death benefits as high as $10 million.

Insurance riders

Policygenius sells policies with riders from various insurance companies. However, it doesn’t provide a comprehensive list of the riders offered by each company or their cost during the preliminary quote process.

The only way to get that information is to contact a Policygenius agent or the insurance company directly.

Limitations

Policygenius only sells term and whole life insurance. If you’re looking for another form of coverage, such as guaranteed issue policies or universal or variable life insurance, you’ll have to look for another company.

Policygenius credentials

Policygenius was launched in 2014. Since its inception, it has sold more than $200 billion in insurance coverage, including life, auto, disability and homeowners policies. It has headquarters in New York, New York and Durham, North Carolina.

Policygenius doesn’t underwrite or issue policies. Instead, it connects customers to leading insurance companies. The company’s life insurance partners include Brighthouse Financial, Lincoln Financial Group, Mutual of Omaha, Pacific Life, Prudential and Transamerica.

Financial stability

Purchasing a life insurance policy is a serious decision; your policy will last for decades, if not your entire life. To ensure that your beneficiaries are protected, you want to make sure the company you buy a policy from will be financially stable for the long-haul.

Before purchasing a policy, it’s a good idea to review ratings from credit rating agencies to see what experts believe about the company’s financial stability and future outlook.

Below are the credit ratings for the companies that issue Policygenius’ policies:

Carrier

AM Best Rating

Brighthouse Financial
Rating: BBB+ (Good)
Lincoln Financial Group
Rating: A (Excellent)
Mutual of Omaha
Rating: A+ (Superior)
Pacific Life
Rating: A+ (Superior)
Prudential
Rating: A+ (Superior)
TransAmerica
Rating: A (Excellent)

Third-party ratings

Policygenius’ customer service rankings vary between insurers.

Half of its partners had above average scores in the J.D. Power U.S. Individual Life Insurance Study, which ranked 22 life insurance companies based on customer satisfaction. Mutual of Omaha ranked the highest on this list at number four, while Brighthouse Financial came in last.

Insurance Company

Ranking

Score (based on a 1,000 scale)

Brighthouse Financial
22/22
739 (Well below the industry average)
Lincoln Financial Group
11/22
788 (A little bit below the industry average)
Mutual of Omaha
4/22
805 (Above industry average)
Pacific Life
6/22
799 (Above the industry average)
Prudential
16/22
779 (Above the industry average)
TransAmerica
20/22
757 (Below the industry average)

Cost of Policygenius life insurance

If you’re deciding which insurance is best for you, consider that term life insurance coverage tends to be much cheaper than whole life.

Your age is also a factor. If you purchase life insurance in your 20s, coverage can be more affordable than if you get a policy in your 50s because you’re less likely to have pre-existing health conditions.

When you request a quote from Policygenius, it will give you a premium range rather than a set rate.

To give you an idea of what rates to expect, we requested quotes for a healthy 30-year-old. We found that Policygenius’ quotes were in line with industry averages.

Below are the sample monthly premiums:

$100,000 policy

$250,000 policy

$500,000 policy

$1M policy

10 years
$7 to $8
$9 to $14
$11 to $22
$16 to $34
20 years
$8 to $11
$11 to $18
$16 to $29
$25 to $49
30 years
$11 to $16
$22 to $38
$37 to $69
$67 to $128
Whole Life
$80 to $82
$189 to $194
$374 to $384
$733 to $754

Your rates may vary from the sample rates we received because premiums are based on multiple factors including your age, gender, health history and location.

How to get a quote from Policygenius

The Policygenius online platform makes it easy to start the quote process, but you likely won’t receive your quote automatically. We started the process and this was our experience.

  • Get started: Start by simply clicking on one of the buttons that reference comparing quotes, getting life insurance or using the comparison calculator.
  • Provide basic details: Next, you’ll provide basic information including your gender, date of birth and zip code along with details about your household and income. Then, you’ll share details about your health and lifestyle, including your height, weight and history with tobacco products.
  • Select coverage goals: The quote tool will then ask about your coverage goals. You can select one or multiple options, including whether you want to cover final expenses, build long-term cash value or create a safety net for your loved ones.
  • Receive an estimate: On the next screen, you’ll receive a monthly estimate based on a set amount of coverage and term length. You can adjust those numbers to fit your preferences.
  • Create an account: To get actual quotes from the insurance carriers Policygenius partners with, you’ll need to create an account and provide a phone number where an agent can contact you. Policygenius is legally required to verify your information by phone.
  • Complete your profile: Next, you’ll complete a more detailed questionnaire about your health. You’ll answer questions about your weight, pregnancy history, medications, family medical history and more. You’ll also share information about your history with substances including marijuana and alcohol, criminal record and military status. Then, you’ll share details about your finances and travel history.
  • Quotes: This may vary, but in our experience, a message told us Policygenius was calculating our quote. To receive it at the moment, we’d have to call Policygenius directly or wait for a call or email from the company.

Policygenius accessibility

Customers can apply for a life insurance policy through Policygenius’ website. However, Policygenius also has fully-licensed agents that can answer your questions, help you determine how much life insurance you need or guide you to finding a policy if you have chronic health issues or a complicated medical history.

Contact information

The life insurance customer support team is available by phone or email:

Phone: 855-695-2255 Monday - Thursday 9 am - 10 pm ET and Friday - Sunday 9 am - 8 pm ET

Email: Team@Policygenius.com

User experience

Policygenius allows customers to create an account to save their information as they get quotes and navigate through the application process. However, once you purchase a policy, you’ll need to create an account with the company issuing the policy to make payments or changes.

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Policygenius customer satisfaction

While Policygenius reviews are generally positive, the insurance providers that underwrite and issue the policies it sells receive a mix of positive and less-complimentary remarks.

Customer reviews

On TrustPilot, Policygenius has outstanding reviews. Its TrustScore is 4.7 out of 5 based on over 4,739 reviews, putting it in the “excellent” category. Policygenius customer reviews typically praise the company's quick application process, communication and cost.

It also has an A- Better Business Bureau (BBB) rating with a 4.69/5 customer rating based on 155 reviews.

Complaint index

To get an idea of what kind of customer service Policygenius offers, we looked at the complaint ratios of the companies that issue policies through the site.

The National Association of Insurance Commissioners (NAIC) releases ratios that reflect the number of complaints submitted relative to the company’s size. The industry standard is 1.0; a ratio above 1.0 indicates that the company received more complaints than is typical for its share of the market.

Because Policygenius life insurance policies are sold by different insurers, the level of customer service can vary by company.

FAQs about Policygenius life insurance

How does Policygenius work?

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Policygenius is an online insurance broker. That means it sells insurance policies from several partners. The platform allows you to easily get quotes from several insurers at once. It sells life insurance along with auto insurance, disability insurance and homeowners insurance.

Does Policygenius charge a fee?

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No, Policygenius doesn't charge you a fee to use the service. Instead, it's paid a commission by insurance companies for each sale it makes. The insurance commissions are built into the price of a policy, so you don't pay a higher premium when you get your policy through this broker.

Is Policygenius good for life insurance?

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Policygenius receives positive ratings as an online broker. It also partners with quality life insurance companies. All of them have a strong financial outlook and half receive a positive customer service rating from J.D. Power.

What insurance companies does Policygenius use?

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Policygenius works with several top life insurance companies, including Brighthouse Financial, Lincoln Financial Group, Mutual of Omaha, Pacific Life, Prudential and TransAmerica.

How we evaluated Policygenius life insurance

In our evaluation of Policygenius and other life insurance companies, we looked at the following factors:

  • Available plans and terms
  • Insurance riders
  • Policy exclusions
  • Underwriting process
  • Cost
  • Financial stability
  • Customer service
  • Customer reviews
  • Third-party ratings

Summary of Money’s Policygenius life insurance review

If you need life insurance and aren’t sure where to start, Policygenius could be a helpful resource. As an online broker, Policygenius allows you to fill out one simple form and get life insurance quotes from multiple insurance companies so you can pick the best fit for you. You can get up to $10 million in coverage, and purchase either term or whole life policies.

However, some people may find it worthwhile to shop around on their own. Because Policygenius only works with certain insurance companies, you may find better rates with insurers that don’t partner with Policygenius.

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