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Policygenius Life Insurance Review

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1 Minute Review

Policygenius is a great option if you want to compare cheap life insurance companies and apply for a policy all in one place. . The service could save you up to 40% with its comparison of top-rated carriers. And because Policygenius is a marketplace, not an insurance company, you can also get unbiased life insurance advice from their licensed experts. 

Use Policygenius’ free cost calculator to help you figure out the amount of coverage you need. There are also good educational tools if you want to buy a policy on your own.

Best For

  • Comparing policies side-by-side
  • Multiple coverage options

Pros

  • Comparison of multiple policies
  • Unbiased advice from licensed insurance experts
  • Free cost calculator

Cons

  • Quotes from all providers not always available
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Life insurance offers a tax-free lump sum to replace lost income after you pass on. The money from your life insurance policy may be used to settle expenses like a mortgage, utility bills, college education, funeral arrangements and more. 

Need life insurance but you’re not sure where to start? Take a look at our Policygenius review to learn more.

Who is Life Insurance for?

Choosing a good provider for your needs is just as essential as choosing the right policy. You might want to consider life insurance if you’re a:

  • Spouse: Marriage may complicate finances. You’ll have peace of mind knowing your significant other has a safety net for any future financial plans or shared debt.
  • Parent: Whether you’re paying for daycare or college education, kids are expensive. A Policygenius life insurance policy ensures future costs are covered.
  • Homeowner: A mortgage is 1 of the largest, long-lasting debts. A good rule of thumb is to purchase a policy that lasts as long as your home loan. It’s not uncommon for policies to last 30 years.
  • Business owner: Smart business owners should have an insurance policy so the venture continues even after you’ve passed on.
  • Student: Your parents can be on the hook for cosigned student loans. Consider life insurance if you have cosigned debt.

Policygenius Life Insurance Products

You have numerous options when it comes to buying life insurance. Policygenius helps break down your options on their website, and their experts can help guide you to the right policy type for your needs.

  • Term life insurance covers you for a specific number of years before it expires. Should you die before the term lapses, a set amount of money (known as a death benefit) is paid out to your beneficiary. Term life policies are more affordable than other options. Premiums typically cost between $30 to $40 per month for a $500,000 30-year policy for healthy people in their 20s and 30s.
  • Whole life insurance is considered a permanent life insurance policy since it doesn’t expire. It has a death benefit as well as a cash value — a tax-deferred savings account included in the policy. The cash value gains interest at a predetermined fixed rate. This extra feature makes whole life insurance more expensive and complex. However, it can cover things like large estate plans or endowments.
  • Universal life insurance also has a cash value and premiums go toward the cash value and death benefit. You can change your premium and death benefit amounts without acquiring a new policy. You can skip premium payments if you have enough money in the cash value, letting the accrued interest work for you.
  • Variable life insurance is similar to whole life since both have a cash value, though the functions differ. With whole life, the cash value is like a savings account while with variable life insurance it is more akin to investing. Money paid goes into a series of mutual fund-like sub-accounts where you could have some decent growth.
  • Simplified issue life insurance skips the paramedical exam needed as part of the underwriting process. However, you may need to fill out a health form or answer a few questions.
  • Guaranteed issue life insurance adopts the idea of simplified issue life insurance and takes it a step further — you won’t answer any questions concerning your health.
  • Final expense insurance covers the cost of anything associated with your death, including medical costs, cremation or a funeral. Coverage typically ranges from $5,000 to $25,000.

Life Insurance Policy Pricing

You may wonder, “How much life insurance do I need?” You will need to determine both how much coverage you need (death benefit) and how many years the coverage should last (the term). Other factors to consider include:

  • Your health: Are you a smoker? Do you have a family history of diabetes or cancer? You’ll pay more for a policy if you’re tested for some health-related factors.
  • Your age: A life insurance policy becomes more expensive as you age. For $500,000 in coverage, a 20-year-old will pay $28.26 per month. A 50-year-old will pay $94.57 per month.
  • Your gender: Men pay more than women on average.
  • Your hobbies: Dangerous hobbies like bungee jumping or skydiving raise your premium. You may need to pay a $2 or $5 flat additional fee per $1,000 of coverage.

Here’s Policygenius’ breakdown of monthly premiums for $500,000 in coverage at different policy lengths:

Policy LengthPremium
10 yearsStarting at $13 per month
15 yearsStarting at $14 per month
20 yearsStarting at $19 per month
25 yearsStarting at $25 per month
30 yearsStarting at $30 per month
35 yearsStarting at $37 per month
40 yearsStarting at $52 per month
PermanentStarting at $421 per month

We also gathered quotes for a few carriers based on a $500,000, 30-year term life insurance policy for a non-smoker male in the preferred health rating.

Insurance ProviderPremium
AIG$31.48 per month
Banner Life$30.92 per month
Mutual of Omaha$35.90 per month
Protective$30.55 per month

Policygenius Customer Service

Policygenius’ licensed experts can provide assistance and unbiased advice on how to buy life insurance. You can contact customer service via:

Policygenius Claims Support

Policygenius is a marketplace, not an insurance company, so you won’t file a claim through them. You’ll need to contact the carrier you select to begin the claims process. Each carrier has specific requirements to start the claims process.

Your beneficiary will receive your death benefit as long as your death is covered by your carrier. With term life insurance, mortality is covered for as long as the policy is active. Insurance providers may deny a claim if you misrepresent yourself during the application. It’s important to provide accurate information about yourself.

Shop with Policygenius Today

Policygenius can make it easy for you to compare quotes and find the right fit for your needs. It’s important to periodically compare your current financial obligations against your policy to ensure you’re adequately covered for the appropriate period. 

Make the choice to protect your spouse or family — get a quote from Policygenius today.