Policy Genius: An Honest Review

Policy Genius: An Honest Review

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If you’ve been wondering where’s a good place to search for the best life insurance you can buy, check out Policy Genius!

No need for a life insurance agent when this platform makes it easy for you to get a quote.

And here’s my honest review about the experience.

For those of you wondering about this website.

If you’re wondering whether or not to use this website to buy life insurance, check out this review!

Why Purchase Life Insurance

I’m pretty sure most people don’t consider life insurance for a couple of reasons.

No one likes to think about what happens if they pass away.

Or life insurance is too complicated to research since there are so many types out there to buy.

But let’s face it.

If you truly care for your loved ones and don’t have the assets yet to generate extra income that could replace your current income.

You SHOULD consider life insurance.

Having this policy in place gives you more time to build your wealth so your loved ones won’t worry about financial matters when you’re gone.

It’s not an easy topic and I understand if you want to put it on the back burner.

But for those of you still considering purchasing life insurance, follow along.

Policy Genius is a great website to purchase your life insurance.

Application Process Through Policy Genius

The website makes it easy to figure out what insurance you need through a helpful questionnaire.

Such as your current age and how much you currently make.

Plus your current living arrangements.

However, know that everyone is different.

There won’t a one-size fits all solution but the simplicity of this questionnaire makes it easy for anyone to purchase life insurance.

And the process through Policy Genius goes something like this:

Some steps may take longer than others.

Such as the underwriting from the insurance company you apply to through Policy Genius.

Because they will need to evaluate your health and other risk factors.

For me, the whole process from applying to being covered took a little more than a month.

But I was updated by the Policy Genius team on what the status of my application was each week or so.

So I didn’t feel like I was being left in the dark.

How Much Life Insurance Do You Need

When you start the life insurance application, a major question to answer is “how much life insurance do you need”.

The general rule according to most insurance companies is 30 TIMES your current salary.

Which is quite a lot if you ask me.

But most families have mortgages, kids, cars to shoulder on so the amount makes sense.

Know that this rule applies to the total amount of life insurance you have.

Not just the policy you’re applying for.

So if you already have life insurance, you’ll have to deduct it from the one you’re looking to buy.

Term vs Whole Life

You may have heard of these terms before because there are generally 2 main types of life insurance: term or whole life.

Term life insurance is temporarily and you will only be insured until the policy ends.

So if you buy a 30 term life policy, you are insured up to 30 years from the age you purchase it.

Whole life insurance is named as it implies.

You are insured for your ENTIRE life. Even after you finished paying the premiums on the life insurance.

But guess what?

It’s also a lot more expensive to buy whole life insurance.

For financially saavy folks, it’s better to purchase term life insurance and invest the difference in premiums into a stock index fund or a high yield savings account.

If you already purchased whole life insurance and are wondering what to do with the “cash value” then check out this post!

Final Thoughts

I didn’t think it would be that simple to purchase life insurance until I encountered Policy Genius.

The whole process was pretty straightforward and painless.

From start to finish.

Because there is a team of individuals helping to support you as you proceed through the process.

So if you’re looking to purchase life insurance and don’t know where to start.

I suggest giving Policy Genius a try!

Did you purchase life insurance? What did you use?

Leave your thoughts below!

Cheers!

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Sue

Hi there! Creator of Matcha Financials. Former accountant passionate about finding ways to put money to work. I firmly believe that there is more to life than the 9-to-5 grind so make money for you. NOT the other way around!
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