Policygenius launches state-of-the-art tools to help people get life insurance right

Four in five term life insurance applicants aren't shopping for enough coverage, Policygenius finds

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Dec 10, 2019, 09:30 ET

NEW YORK, Dec. 10, 2019 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, released two state-of-the-art tools to make it easier for consumers to get life insurance right.

The new Coverage Calculator helps people pinpoint how much life insurance they need — and walks users through why it's making that recommendation. The embeddable Pricing Widget generates real-time estimates on the cost of a policy, based on age, gender, zip code and overall health. Users can toggle and compare quotes across varying policy terms and coverage amounts.

"We know life insurance needs aren't going to be the same for everyone, even when individual circumstances appear similar, so we wanted to build tools that help people better understand what the right coverage looks like for their specific situation," Francois de Lame, co-founder and head of product at Policygenius, said. "The three big things people need to figure out is the amount of coverage they need, for how long, and what that will cost — and our Coverage Calculator and Pricing Widget help answer these questions."

Four out of five (77%) term life insurance applicants aren't seeking enough coverage, according to new Policygenius research. Of the applicants who are under-shopping, 57% aren't applying for a suitable term (length of policy) while 17% aren't applying for a suitable coverage amount and 26% are under-shopping for both facets of coverage.

Policygenius analyzed the results of anonymized life insurance applications from January 2019 to June 2019.

"We recommend people buy life insurance in an amount ten to 15 times their individual income with a term long enough to get them to retirement age, which is typically between ages 65 and 67," Nicholas Mancuso, the senior operations manager of the advanced planning team at Policygenius, said. "Life insurance is primarily designed to replace your income so your loved ones can take care of themselves if you're not there to provide for them."

Policygenius helps you compare quotes and get life insurance right. You can find the Coverage Calculator here and the Pricing Widget here. For additional resources, visit our Life Insurance Learn Center.

About Policygenius: Policygenius is the nation's leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We've helped more than 30 million people shop for all types of insurance like they shop for everything else — online — and have placed $35 billion in coverage. Policygenius launched in 2014 and is one of the early insurtech pioneers. We were named one of Inc. Magazine's Best Workplaces for 2018 and 2019.

For more information:
Brooke Niemeyer
Associate Director of Media Relations, Policygenius
[email protected]

SOURCE Policygenius