Policygenius Term Life Insurance: A Comprehensive Guide

Policygenius term life insurance is a type of life insurance that provides coverage for a specific period of time, usually 10 to 30 years.

This coverage is designed to pay out a death benefit to your loved ones if you pass away during the term of the policy.

Policygenius offers term life insurance policies with coverage amounts ranging from $100,000 to $1 million.

You can use this type of insurance to cover funeral expenses, pay off debts, or provide for your family's ongoing living expenses.

Policygenius offers two life insurance options, and within term life insurance, there are several types to consider.

Level term life insurance is the most common and popular type, offering both level premiums and a level death benefit that stay the same throughout the policy duration.

Annual renewable life insurance, also known as yearly renewable term, has a term of only one year and can be renewed on a yearly basis, but premiums will increase every time you renew the policy.

Increasing term life insurance comes with a death benefit that increases over time, making it usually more complex and expensive than level term.

Decreasing term life insurance has a payout that decreases over time, and it's commonly used to cover loans, like a mortgage.

Return-of-premium life insurance refunds all or part of your premium payments if you outlive the policy's term, but it's usually two to three times more expensive than level term.

Convertible term life insurance allows you to convert your policy to permanent life insurance at the end of your initial term, and many policies include this option by default.

The length of the term can vary, with options including 10-year, 15-year, 20-year, 25-year, 30-year, and 40-year term life insurance policies.

Here are some common term lengths and their typical uses:

Term life insurance is a type of life insurance that provides financial protection for your family over a fixed period of time, typically between 10 and 30 years. Most people get term life insurance to protect their income.

According to recent data, 40% of insurance policies purchased in 2022 were term life insurance policies. This type of insurance is the most affordable way to provide a financial safety net for your loved ones.

With term life insurance, you'll make premium payments in exchange for coverage, and if you die during your policy's term, the insurer will pay your beneficiaries a tax-free sum of money called the death benefit. The most common type of term life insurance is level term, which has a death benefit that stays the same throughout the life of the policy.

Term life insurance doesn't build cash value, unlike universal life insurance and other types of permanent life insurance. However, it does tend to cost less in premiums each month, with the average 35-year-old female paying about $24 per month for a term life insurance policy with a 30-year term and $250,000 of coverage.

Here are some common term lengths:

PolicyGenius term life insurance offers several benefits, but it's essential to consider the potential drawbacks as well.

PolicyGenius doesn't work with every single insurance company, so you may not get the absolute rock bottom price available.

One of the advantages of PolicyGenius is that it allows you to compare multiple quotes at once, making it easier to find the best option for your needs.

However, PolicyGenius may require additional information to complete your application, which can add to the overall process.

Term life insurance is generally considered affordable, with prices that are often manageable, even for those on a budget.

Here are some of the key pros and cons of PolicyGenius term life insurance:

PolicyGenius offers multiple term coverage options, which can be tailored to meet your specific needs.

Term life insurance expires after a certain period, usually 10, 15, 20, 25, 30, or 40 years, so it doesn't provide lifelong protection.

Some of the specific term life insurance options available include level term life, increasing term life, decreasing term life, mortgage protection insurance, return-of-premium life insurance, short term life insurance, and temporary life insurance.

Term life insurance coverage is generally cheaper than whole life insurance.

Your age plays a significant role in determining the cost of life insurance. If you purchase a policy in your 20s, coverage can be more affordable than if you get a policy in your 50s because you're less likely to have pre-existing health conditions.

Policygenius' quotes are in line with industry averages.

Here are some sample monthly premiums for a healthy 30-year-old:

$100,000 policy: $18.90-$28.02

$250,000 policy: $47.25-$70.25

$500,000 policy: $93.50-$140.50

$1M policy: $187.00-$280.00

A 30-year-old non-smoking female in good health can expect to pay $22 per month for a 20-year term life insurance policy with a $500,000 payout.

Whole life insurance tends to have higher premiums than term life insurance. You can expect to pay up to 21 times more for a whole life policy than you would for a term life policy with the same coverage amount.

Here's a comparison of term life and whole life rates for a $500,000 policy:

Term life insurance may have more affordable premiums than permanent life insurance, since you're not building up lifelong coverage.

Policygenius has a solid reputation when it comes to customer satisfaction, with many reviewers praising the company's quick application process.

Its TrustScore on TrustPilot is an impressive 4.7 out of 5, based on over 4,739 reviews, which puts it in the "excellent" category.

Policygenius customers rave about the company's communication and cost, making it a standout in the industry.

The company also has an A- rating from the Better Business Bureau (BBB) with a 4.69/5 customer rating based on 155 reviews.

This level of customer satisfaction is a testament to Policygenius's commitment to making the term life insurance process as smooth and hassle-free as possible.

Policygenius simplifies the quote process by allowing you to complete one form and receive quotes from several top insurers.

To start, simply click on one of the buttons that reference comparing quotes, getting life insurance, or using the comparison calculator.

You'll then provide basic information, including your gender, date of birth, and zip code, along with details about your household and income.

Next, you'll share details about your health and lifestyle, including your height, weight, and history with tobacco products.

The quote tool will ask about your coverage goals, which you can select one or multiple options, including whether you want to cover final expenses, build long-term cash value, or create a safety net for your loved ones.

You'll receive a monthly estimate based on a set amount of coverage and term length, which you can adjust to fit your preferences.

To get actual quotes from the insurance carriers Policygenius partners with, you'll need to create an account and provide a phone number where an agent can contact you.

Policygenius is legally required to verify your information by phone.

After creating your account, you'll complete a more detailed questionnaire about your health, including questions about your weight, pregnancy history, medications, family medical history, and more.

You'll also share information about your history with substances, criminal record, military status, finances, and travel history.

Keep in mind that you may not receive your quote automatically, and in our experience, a message told us Policygenius was calculating our quote.

You can buy term life insurance from an independent broker or directly from an individual insurance company, according to Policygenius.

At Policygenius, their agents can help you compare quotes from different term life insurance companies to find the right coverage at a price that works for you.

To get started, fill out an application, which will then require a phone call with an agent and in most cases, a medical exam.

Here are the steps to follow:

If you need help, you can call Policygenius at 1-800-608-2192 or follow the link below to connect with an agent and get started on your application.

Policygenius has outstanding reviews on TrustPilot, with a 4.7 out of 5 TrustScore based on over 4,739 reviews.

Policygenius' quick application process, communication, and cost are consistently praised by customers.

Its A- Better Business Bureau (BBB) rating with a 4.69/5 customer rating based on 155 reviews is a testament to the company's commitment to customer satisfaction.

However, some customers have mixed reviews of the insurance providers that underwrite and issue the policies sold by Policygenius.

I've learned from my own experience that life insurance can be a daunting topic, but it's super important. Not having the right information can lead to costly mistakes.

Not buying enough coverage is a common mistake. This can leave your loved ones with a significant financial burden if you were to pass away.

Not choosing the right type of insurance is another mistake. This can leave you underinsured or overinsured, which can be costly in the long run.

Not understanding the policy's fine print is a mistake. PolicyGenius's FAQ section and 101 guides can help you understand the industry and process.

Not taking advantage of free personalized insurance advice is a mistake. PolicyGenius's Insurance Checkup Portal provides a customized to-do list after analyzing your financial safety net and needs.

Not using tools like insurance calculators is a mistake. PolicyGenius offers a life insurance and disability insurance calculator to help you make informed decisions.

Not being aware of your financial situation is a mistake. PolicyGenius's resources can help you save money and protect yourself properly.