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Policygenius offers editorially independent reviews of life insurance carriers. Look what we take into account to help you make the right choice.
Policygenius provides in-depth reviews on the life insurance companies we work with to help you find the right option:
For our life insurance reviews, we focus on each company’s recommended term life product. Generally, we guide shoppers towards choosing term life policies over all others, both for their affordability and convenience. Term life policies often have the best value and flexibility for people in need of life insurance.That’s why we’ve decided to focus our reviews entirely around those offerings.
As for permanent life policies such as whole life and universal life? They’re usually more complicated and more expensive for most people. You will find information on these other products in our reviews, but we don’t factor them into the scoring.
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.
If there aren’t enough factors within a category to score on, then that category is removed and the remaining categories are averaged for the final score. For example, if a company doesn’t have a sufficient number of reviews from third-party customer ratings sites, then the Third-Party Ratings category won’t figure into the final average.
The categories are:
For reviews of our partner carriers, we base sample rates on a certain applicant profile: a male non-smoker in California, who qualifies for a Preferred class, applying for a 20-year, $500,000 term life insurance policy.
We then compare the average monthly premium costs for each eligible age group to the overall industry average, pulled from internal Policygenius data that's based on the costs of policies from our partner companies, including AIG, Banner, Brighthouse, Lincoln, and others.
Remember that your individual monthly costs will vary by your chosen company, coverage amount, health class, length of term, and state. And not all policies are available in all states. In general, however, the lower the monthly costs, the better the score for that company in our review.
After Cost, the next question we tackle is Will the company be able to pay out beneficiaries?
To find that out, we look at how major financial rating institutions score insurance companies. Then we base our scores on their ratings.
Here are the agencies we look at for our Confidence score:
These company ratings are normalized and scored out of 10. For example, Standard & Poor’s, or S&P, rates companies on scale of AAA (the best possible rating) to D (the lowest rating). We assign numbers to those letter grades, and then average the ratings from each institution for the final score.
This is based on satisfaction scores from consumer sentiment institutions, third-party review sites, and complaints to state insurance boards.
The factors we look at for our customer score include:
Next, we look at the coverage details of each company’s premier term life policy. Do they offer multiple term lengths? Are the face amounts reasonable? Is temporary coverage available? The more flexibility there is for customers, the better we rate the life insurance carrier.
In other words, companies with a wide range of coverage options receive higher scores.
Here are some of factors we look at for our Policy Option score:
How convenient is it to start a policy with a company?
The factors we look at for our ease of application score include:
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.