If you’re in the market for insurance and want to buy it fast, cheap, and from a highly-rated insurance company, Policy Genius is a great place to start and our Policy Genius Review should be the first step you take.
It’s important, however, that you understand Policy Genius is not an insurance company but rather, an insurance broker just like we are.
Buying any kind of personal insurance like life insurance should be done through an independent insurance professional and not directly from a company. Doing so will give you more choices because independent agents represent many companies instead of just one.
Policygenius
50 West 23rd Street 9th Floor
New York, NY 10010
Who is Policygenius?
As we mentioned earlier, Policy Genius is an independent insurance brokerage that represents many of the leading insurance companies that offer personal insurance products like life, health, auto, homeowners, and renters insurance.
Policy Genius is a relative newcomer to the insurance brokerage marketplace when you compare them with other well-known insurance brokers. They are well-funded and as a result, you’ll likely see ads for their services all over the internet, on billboards, taxis, and buses in your city.
The founders of Policy Genius are consumers like the rest of us and just as frustrated with how difficult and confusing purchasing insurance could be. Unlike the rest of us, they decided to something about it and so they secured the funding and armed with a mission statement that put consumers first, the company took off like a rocket and never looked back.
When we mention “took off like a rocket,” we mean that since being established in 2012, the company has generated over $25 billion in coverage from over 4.5 million consumers.
What types of insurance does Policy Genius offer?
While most insurance brokers specialize in typically one segment of personal insurance, Policy Genius jumped in with both feet and could be considered a one-stop-shop for individuals and families. Here’s what they offer:
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Term Life Insurance
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Whole Life Insurance
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Guaranteed Universal Life Insurance
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Disability Insurance
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Health Insurance
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Auto Insurance
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Homeowners’ Insurance
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Renters’ Insurance
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Pet Insurance
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Vision Insurance
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Long-Term Care Insurance
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Travel Insurance
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Jewelry Insurance
Although there is a lot of information about Personal Umbrella Insurance on the Policygenius website, it is ambiguous whether or not the company sells it.
What insurance companies does Policy Genius Represent?
Although Policygenius boasts about representing many highly-rated insurance companies in each insurance category of personal lines insurance, they do not list the carriers they represent and there are no insurance company logos on their website.
We do not consider this a drawback for doing business with Policygenius but, rather curious since most insurance brokers take pride in listing the companies they represent and often go as far as offering the financial ratings for each of them.
What separates Policygenius from other Brokers?
Where Policygenius really stands out compared with other independent insurance brokers is how they look to educate the consumer about their need for insurance by taking them through an online type of interview.
What the company is very good at is uncovering the insurance needs of consumers who visit the Policygenius website and offer clear and convincing reasons for the type of insurance needed and the amount of coverage to consider.
Instead of being connected to a hungry insurance agent right from the start, Policygenius encourages the consumer to learn about managing your everyday risks and which insurance products can be used to mitigate those risks.
Not much time or information is required to understand what insurance product or products you need and how much it will cost. After the consumer is finished completing the simple steps to get a quote, then they can connect with an experienced agent for additional information and complete the transaction quickly and efficiently.
Even if you know what you want and you’re ready to make a purchase and complete the transaction, you do not have to speak with an agent if you prefer not to (although it may be a mistake not speaking to an experienced agent about the product or products you’ve decided to purchase).
Advantages and Disadvantages of using Policy Genius
Certainly, your circumstances are likely to affect the advantages and disadvantages of shopping with Policygenius but there are certain issues that will likely affect most consumers who use their service to purchase personal insurance products.
Advantages
The Policygenius website is a consumer-focused platform that makes shopping for insurance simple and provides a ton of information that help with making an informed decision about mitigating your financial risks.
Consumers do not have to deal with commission-starved agents right out of the gate. There are no CALL US NOW! buttons scattered all over the website. although getting help from a licensed professional is only a click or phone call away.
They are a supermarket of insurance products. Most consumers prefer one-stop-shopping because it’s quick and efficient and Policygenius makes that possible for all lines of personal insurance products while representing the “cream of the crop” insurance carriers.
Disadvantages
Although Policygenius represents many insurance companies, they do not represent companies that cater to small niches. By that we mean you’ll be unable to purchase life insurance that isn’t Term or Whole Life. This certainly knocks out consumers looking for products like Indexed Universal Life insurance that provide life insurance with a wealth accumulation component. Or, if you have an unusual home or car, it’s unlikely they will have a company willing to insure them.
Since the agents at Policygenius can only offer cookie-cutter coverage, you’ll likely need to go elsewhere to buy life insurance if you have health issues and need an experienced agent to help you through the underwriting process.
In Conclusion
Our Policy Genius review should help you understand how this service can benefit you when it comes to the various insurance coverages you likely need. You can learn enough about life, health, auto, and home insurance to make an informed decision on which company would be the better fit for your circumstances and budget.
It is important, however, that if you need special insurance coverage or if you have unusual circumstances, that you shop with an agency like InsuranceQuotes2Day to get the attention and special products you’ll need.
Frequently asked Questions
Is insurance cheaper through Policy Genius?
You will likely save money with Policy Genius but not because they sell insurance cheaper, but they can typically find very low rates from the companies they represent. They are a broker, not an insurance company.
Will Policygenius help me determine what kind of insurance I need?
The Policygenius website has a lot of information about insurance and a step-by-step interview to help you know what kind of insurance you need.
Does Policy Genius offer Universal Life Insurance?
No. Policy Genius offers only Term and Whole Life insurance.
Does Policy Genius require a life insurance medical exam?
Policy Genius is not an insurance company but an independent insurance broker. The company will decide if a medical exam is needed.
