Ratings Methodology for Life Insurance Company Reviews

Policygenius offers editorially independent reviews of life insurance carriers. Look what we take into account to help you make the right choice.

Colin Lalley 1600

Colin Lalley

Published November 11, 2019

Policygenius provides in-depth reviews on the life insurance companies we work with to help you find the right option:

Categories

We rate each carrier in five different categories on a scale of 1 (lowest) to 10 (highest). These individual category scores are averaged for a final overall rating out of 10.

The categories are:

Cost

Average monthly premium cost for a predetermined applicant profile and common health conditions.

The factors we look at for our cost score include:

  • The average cost across different age groups based on a healthy applicant profile
  • How well a company underwriters common health history — cancer, recent weight loss, heart attack, diabetes, sleep apnea, former tobacco use, high blood pressure, and high cholesterol.

Confidence

Consumer confidence based on scores from major financial rating institutions.

The factors we look at for our confidence score include:

  • Standad & Poor's rating
  • Moody’s rating
  • A.M. Best

These company ratings are normalized and scored out of 10.

Customer ratings

Satisfaction from consumer sentiment institutions and complaints to state insurance boards.

The factors we look at for our customer rating score include:

  • JD Power overall satisfaction score
  • Better Business Bureau rating
  • Consumer Affairs overall satisfaction rating
  • Consumers Advocate rating
  • Complains submitted to state insurance boards for individual life insurance policies as measured by the National Association of Insurance Commissioners (NAIC) National Complain Index Report

Policy options

Availability of such options as term length and rider availability.

The factors we look at for our policy option score include:

  • Term and benefit availability
  • Rider availability
  • Temporary coverage options
  • Term-to-whole life insurance conversion options

Customer experience

Ease of use, convenience, online tools, and availability.

The factors we look at for our customer experience score include:

  • State availability
  • Average turnaround time for a policy to become active
  • The ability to make changes online
  • Average length of application
  • Required documentation to file a claim

Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.