Insurance aggregators have become common in recent years. Those are websites that act as online insurance marketplaces. There, you can complete a single summary application, and get rate quotes from some of the many insurance companies connected to the sites.
But one online insurance marketplace, PolicyGenius, is practically in a class by itself. While most insurance aggregators specialize in a specific type of insurance, like life or auto insurance, PolicyGenius has them all.
That includes life, auto, health, disability, renter’s, and even pet insurance. That makes PolicyGenius a one-stop-shop for all your insurance needs. If you need more than one type of insurance, PolicyGenius needs to be on your itinerary.
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Who is PolicyGenius
PolicyGenius is an online insurance marketplace, based in New York City and launched in 2012.
At least a dozen major insurance companies participate on the platform, giving you an opportunity to get quotes from some of the top providers in the industry. More than 4.5 million consumers have obtained over $25 billion in insurance coverage from the site.
Some of the insurance companies they work with include:
PolicyGenius has a Better Business Bureau rating of “A” on a scale of A+ to F, where it has been accredited since 2014.
How to Apply for Insurance on PolicyGenius
Let’s start with this, PolicyGenius is free to use. And even when you select an insurance policy, there’s no additional cost to you related to the service.
Instead, PolicyGenius is a broker and is paid by the insurance companies you purchase a policy with. In short, you’ll pay the same premium for a policy on PolicyGenius than you would if you purchased a plan directly from a specific insurance company.
When you enter the website, you’ll provide your name, gender, birth date, occupation and employment status, and ZIP code. You’ll then be asked several questions about the type of insurance you want to purchase. You’ll also be able to choose deductibles and extra coverage provisions.
Once your information has been entered, you’ll start receiving quotes from participating insurance companies. And once you choose the company, you’ll automatically be transferred to that company’s website to complete the application process.
Pros of PolicyGenius
While every company has its advantages and disadvantages, PolicyGenius has some really great strengths going for it:
Quotes from Multiple Insurance Carriers
The major advantage of PolicyGenius is that it enables you to get quotes from several companies, so you to choose a plan that offers the best combination of quality and price. It’ll save you time and effort shopping for insurance – which is something no one wants to do!
Access to Licensed Insurance Advisors
Another major advantage – and one that isn’t available with other online insurance marketplaces – is that PolicyGenius makes licensed insurance advisors available to you. They can help you through the application process so you don’t need to go it alone.
Great Customer Service
Customer service is available by phone and live chat Monday through Sunday, from 9:00 am to 9:00 pm, Eastern time. But they can be reached by email any day, any time.
Educational Tools & Resources
PolicyGenius also provides educational tools and research to help you better understand the insurance you hope to buy. They even offer and Insurance Checkup tool that will help you decide which type of insurance you need.
Types of Insurance Offered by PolicyGenius
The big advantage of PolicyGenius is that you can go there seeking virtually any type of personal insurance. That includes the following policy types:
Unlike many online insurance marketplaces that only offer term life insurance, PolicyGenius also offers whole life insurance. That’s important, because while term is the least expensive, it’s not always the right type of coverage for everyone.
They provide a life insurance calculator to help you choose the right amount of coverage. The calculator will ask you several questions, such as your age, number of dependents, mortgage balance and other debts, income, and available savings. All this information will help the calculator determine how much coverage you need.
Once the amount of coverage has been determined, additional input screens will ask more specific questions, such as your gender, date of birth, ZIP code, marital status, and health questions.
You’ll then see quotes from several life insurance companies, provided side-by-side. That will enable you to make direct comparisons, and select the provider that will work best for you.
PolicyGenius has another major advantage with life insurance in that they have coverage for all health profiles. Most life insurance aggregators provide coverage only for those in excellent health, and usually younger. That’s the major reason why so many are able to offer such low quotes. But PolicyGenius provides coverage for just about everyone.
With Policy Genius, you can get life insurance quotes from the top 12 insurance providers within minutes.
If you’re shopping for disability insurance, PolicyGenius starts by explaining how it works and what the various terms are that you need to be familiar with. Having this knowledge is important because disability is probably the most complicated insurance coverage of all.
They’ll explain the difference between long- and short-term disability, percentage of your income a policy will cover, waiting periods, benefit periods, and the various exclusions. But one of the most important provisions they cover is own occupation.
This is probably the most important provision in disability insurance. A disability policy based on your own occupation will pay benefits if you’re unable to work in your current occupation. Many policies work on an any occupation basis, which means they won’t pay benefits if you’re capable of working in an unrelated field.
This is the kind of information that’s absolutely necessary when purchasing insurance, but especially complicated coverage, like disability insurance.
There’s a major limitation with health insurance, but it’s not unique to PolicyGenius. Since the passage of the Affordable Care Act (ACA) the only way to get private health insurance is through Healthcare.gov. The health insurance policies available on PolicyGenius will be provided by available carriers in your state.
Like the other types of insurance offered, you’ll enter basic information on the PolicyGenius platform, including your email address. Plan information will be emailed to you, based on availability in your state.
Also be aware that per ACA regulations, open enrollment is available only from November 1 through December 15 of each year. However, if you have a qualifying event, such as the loss of your current coverage, you will be eligible to apply outside the open enrollment period.
And while PolicyGenius has licensed insurance agents available to help you with the process, the application will ultimately need to be completed with the actual insurance provider. Be aware that the application process through Healthcare.gov is quite involved. But that’s beyond the control of PolicyGenius.
Renter’s and Homeowners Insurance
PolicyGenius offers homeowners insurance, which most consumers readily understand. But less well understood is renter’s insurance, and why it’s needed. Tenants often assume their possessions are protected against damage or theft by the landlord’s insurance, but this is not correct. The landlord’s policy will only cover damage to the building itself and the surrounding property. Providing coverage for personal possessions is the responsibility of the tenant, and that’s where renter’s insurance enters the picture.
PolicyGenius will provide resources to help explain this and other concepts connected with renter’s insurance. They even provide a calculator to help you determine how much coverage you’ll need to fully protect your contents. And once again, various insurance carriers will provide quotes for your policy.
For most pet owners, their pets are part of their families. And with the cost of veterinary bills as high as they are, having pet health insurance can enable a pet owner to take advantage of costly medical procedures he or she may not be able to afford out-of-pocket. That’s the whole purpose of pet insurance, and it’s available through PolicyGenius.
One limitation, however, is that the coverage is available only for dogs and cats, though they do have one provider offering coverage for exotic pets. Premiums run from $10 to $60 per month, depending on the age and breed of the pet, where you live, and the amount of coverage needed. They also offer accident plans, which cover injuries due to accidents only. But comprehensive plans cover both accidents and illness.
Similar to other insurance policies, you’ll enter basic information, then get quotes from several insurance companies. PolicyGenius even provides exclusive discounts that can save you up to 15% on premiums. They also advertise that with the coverage you can take your pet to the vet of your choice.
Other Insurance Policies Offered by PolicyGenius
The above insurance policies are just some of those offered by the platform.
Others include insurance for:
- Critical illness
- Long-term care
- Identity theft
The only type of policies they don’t offer are business-related policies.
If you’re looking for any type of insurance policy, whatever it is, you should start with PolicyGenius. It’ll save you a lot of time shopping for whatever kind of insurance you’re hoping to find.
Should You Use PolicyGenius to Get Coverage
When shopping for insurance of just about any type, you’re almost always better off using an independent broker. That’s because a broker represents multiple insurance companies, rather than just one. That will give you the best opportunity to get the coverage you need at a premium rate you can afford.
PolicyGenius is an insurance broker, and can provide you with that advantage. You’ll enter your information for an insurance policy type, then get quotes from several companies from which you can choose the one that will work best for you.
It’s also an excellent choice if you like the online insurance marketplace concept, but prefer to have help from live insurance agents. PolicyGenius has those standing by to assist you.
Still another major advantage is that you can get just about any type of personal insurance policy you need on the platform. Rather than going to a life insurance website, and auto insurance website, or a renter’s insurance website, you can get all those policies at PolicyGenius.
The one-stop shopping convenience PolicyGenius offers can save you time and money. And it also gives you freedom of choice. With each insurance policy type, it’s you who ultimately will decide which insurance company you’re going to work with. PolicyGenius doesn’t attempt to get you to work with certain preferred insurance carriers. Who you work with is completely up to you.
But one area where PolicyGenius may offer the biggest advantage is with life insurance. Not only do they provide both term and whole life insurance (which most online insurance marketplaces don’t) but they also make policies available to those with health conditions. If that describes you, PolicyGenius should be one of your preferred choices for finding the right life insurance.
If you’d like more information, or you’d like to make an application for one or more insurance policies, check out them out!
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.