Online Disability Insurance

[Coastie]

Has anyone used policygenius for a quote? pros and cons?

Just heard about them and wondering if they are a good additional option for quoting disability insurance.

Cheers

[orthogal88]

My husband and I got quotes from both Policy Genius and LeverageRX.com. We ended up using an agent through LeverageRX. It's similar to Policy Genius but they let you compare different agents and quotes.

[Jason Veirs]

I'm an independent broker who only specializes in life/disability/long-term care and health insurance.

Although Policy Genius (PG) is a great company and represents almost every carrier on the market, I would definitely go with an independent broker like the ones recommended/listed here on WCI. Some things require a bit of conversation before purchasing (ie: DI) and you will be glad that you took the time to understand the specifics of the coverage.

It shouldn't take too much time to speak with a broker and go over everything together (usually 25min to an hour or so), which is why I would not just purchase DI off the shelf. What many people like about the PG model is that you do not necessarily have to speak with an agent and hear a sales pitch, yet the pricing is the same whether you briefly speak with an agent beforehand, or just apply through a site like PG.

As you probably know, DI is a lot more complicated than Term Life insurance, which is why I would recommend going with a competent professional - As I mentioned above, you pay the same amount with either of them, but an independent broker who works with all of the carriers and knows underwriting extremely well can save you a TON of money. They can also go over all of the specific riders with you and explain everything in full-detail.

To be honest, if you're in perfect health and you do not need to be selective with which carrier to apply, then PG would probably foot the bill for Term Life insurance, but if you have some health issues (ie: high blood pressure, cholesterol, anxiety/depression, etc.) then I would strongly suggest working with a broker. Also, a good broker will recommend and assess the amount of coverage that you're looking for, but they shouldn't be pushy and try to convince you to get a different face amount or term length - This is what turns most people off with sales people, and I completely understand where they're coming from. They should present the facts and then let you decide.

Lastly, although you can buy Term Life through any companies like Policy Genius, Select Quote, AccuQuote, Matrix Direct, etc., many of these are more like call centers, where in most cases, the agents are not typically as knowledgeable as an independent broker who owns their own shop. I may be biased, but I routinely save people money by replacing existing policies that they previously took out through one of the companies mentioned above. This is where it really helps to know the underwriting guidelines of each carrier, and more importantly, how each insurance carrier evaluates specific health risks.

Just my two cents.

[Jason Veirs]

This is true, and why it's very easy to vet these brokers out on a website like www.Term4Sale.com, as the rates are entirely visible to the consumer, which then makes it fully-transparent. Any Term Life insurance carrier will want to be listed on T4S, which allows the consumer to keep the broker honest. Furthermore, if a broker is specifically recommending a different carrier over another carrier that is listed on T4S, then they also better provide you with an explanation as to why exactly they would be recommending that specific carrier.

When it comes to purchasing DI, it's definitely a bit more complicated, which is why I would not recommend taking a so off-the-shelf approach. I would still be sure to shop around, and educate yourself, as I do with everything, but this is just a matter of doing your due diligence. Unfortunately, there are many brokers who state that they are fully independent, yet only work with a handful of carriers. You just have to vet them out a bit further when it comes to DI.