Policygenius (2024)

FAQs

Is Policygenius safe to use? ›

Policygenius has near-perfect ratings on Trustpilot, BBB, and Google.

In 2023, Policygenius was acquired by Zinnia, an insurance technology and digital services company.

Policygenius does not engage in any sharing of personal information that you can limit. Questions? Call 1-855-695-2255 or email privacy@policygenius.com.

Funding & Financials

Policygenius has raised a total of $125M of funding over 7 rounds. Their latest funding round was raised on Mar 17, 2022.

Suze Orman recommends that generally most people should get a 20 year term life insurance policy at 20 times your annual income. What does that mean? That means if you're 30 years old and you make $50,000 a year you should get a million dollar 20 year term life insurance policy.

Policygenius itself is free to use, as it makes its money through commissions from the insurance companies for each sale. Those commissions are already included in the price of the insurance policy, so you're not paying any extra for using Policygenius.

Policygenius' platform lets users buy homeowner's insurance, life insurance, car insurance, and other products. Policygenius acts as an independent insurance broker and, as such, is paid a commission by insurance companies upon each sale.

April 25 (Reuters) - Online insurance marketplace Policygenius has agreed to be acquired by fellow digital insurance platform Zinnia, to create a tech-focused platform covering the full insurance process, executives at the companies told Reuters.

Companies buy life insurance policies as an investment. They estimate how long you will live and then give you a payment that's less than your policy death benefit. The company looks to make a profit by collecting the death benefit after you pass away.

How do companies that buy your life insurance policy make money? ›

A person or company that buys other people's life insurance policies. Providers pay cash for your policy and continue paying premiums as the new owner. In exchange, providers get the death benefit when you die.

You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees).

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.

Since 2014, we've helped over 30 million people shop for insurance and placed over $150 billion in coverage.

One reason why the wealthier may consider purchasing life insurance has to do with taxation. Tax law grants tax benefits to life insurance premiums and proceeds, affording asset protection in the process. The proceeds of life insurance are also tax-free to the beneficiary.

Yes, nearly every major insurer offers a way to get quotes for car insurance online, though some require you to contact an agent before you can finalize your purchase. However, many companies allow you to complete the entire process on the internet, from quote to purchase.

You don't have to repay an insurance policy loan, but if you don't pay it back, you could owe taxes or face a lowered death benefit. If you need quick access to cash, a life insurance policy loan is an easy way to obtain money.

Complete safety

Online term insurance plans are safe to buy. Insurers offer secure payment gateways that ensure that your money is safe and reaches the receiver without any hassles or fraud.

Policygenius is an independent insurance broker and marketplace. This means it isn't locked into offering insurance from only one insurance company and its aggregation tool lists several different policies from a range of providers.