Insurance can be daunting and confusing. From comparing policies and rates to going through the application and underwriting process, buying a policy can take more time than any one-click shopper wants to spend.

Policygenius makes insurance accessible. It offers online learning resources to help you understand how disability insurance works. Its quote software also offers instant price range estimates for policies. Once you provide your email, Policygenius will send you policy options and rates from different insurers, which means all you have to do is compare the policies.

Policygenius also has licensed agents available to answer questions, evaluate policies, and help you through the application process. These agents are salaried, which means they can focus on helping you find a policy that works best for you.

The Good

  • Easy Quote Process
  • Help After Underwriting Complete

Easy Quote Process

Policygenius is known for reliable, easy quote process. Its disability insurance quotes are no exception.

First, you'll need to offer information about yourself and your job, then you'll select policy features, view cost estimates, and provide email information to receive specific policy and rate information from Policygenius from multiple insurance companies.

Long-term disability policies are highly customizable. You can choose how high the monthly benefit is, how long the waiting period is, the benefit period, and what riders to include for additional protection.

Based on the information you provide about your income and job, Policygenius will make suggestions for how much your monthly benefit should be, but you can adjust it according to your preferences. Consider your overall financial situation, savings, and monthly essentials as you adjust the monthly benefit. Typically, long-term disability benefits replace your income at 60 percent.

Next, you'll choose what waiting period you want: 60, 90, 180, 365 days. You may be able to find a 30-day waiting period. This is the time between when you first become disabled and when the monthly benefit payment starts. The shorter the waiting period, the higher the monthly premium. As you choose a waiting period, look at your savings. How long could you live on your savings? Do you have a short-term policy that would help cover expenses?

The third policy aspect you can customize is the benefit period. The benefit period is how long you'll receive monthly disability payments from your policy. Through Policygenius, you can choose 2, 5, or 10 years or through age 65 or 67. Of course, the longer the benefit period, the more expensive the policy.

Through Policygenius, you can add the following riders:

  • Future Purchase Option — allows you to buy additional coverage or increase coverage
  • Guaranteed Non-Cancelable — prevents the insurer from canceling the policy as long as you pay the premiums
  • Own Occupation Coverage — defines disability as preventing you from practicing your profession, not as unable to do any job
  • Residual Disability — offers coverage for reduced income due to an illness or injury

The last questions you answer before viewing estimates are health-related. There are some diagnoses like multiple sclerosis or Alzheimer's disease that won't pass underwriting for an insurance policy to be issued. It can be frustrating to have customized all the information only to realize that you're not eligible at the last step.

Once you finish providing this information, you'll see price ranges and be prompted to provide your email address to receive specific policies and rates from Policygenius.

While Policygenius's quote process is a little more in-depth than some of its others, it gives you helpful time estimates along the way so you can see how much longer you have to before viewing a quote.

Help After Underwriting Complete

Underwriting is how insurers determine rates for each applicant. Sometimes, the quoted price ranges are different from the rates insurers offer after underwriting.

Since many factors go into the underwriting process for long-term disability, including the coverage amount, waiting period, and benefit period, sometimes you can adjust your policy to make it more affordable, even if it's not the ideal policy.

Policygenius's licensed agents have experience helping people with complex medical histories find long-term disability policies. If the insurer comes back with higher rates, Policygenius will help you shop around for better rates on comparable policies or make adjustments to your policy so it fits your budget.

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The Bad

  • No Short-Term Disability Insurance
  • Quotes as Price Ranges
  • Limited Customer Service Hours

No Short-Term Disability Insurance

Policygenius does not offer quotes on short-term disability insurance. In fact, Policygenius mentions on its site that group short-term insurance is cost-effective through an employer but is not otherwise. If you're interested in short-term disability insurance, you'll need to find another company to work with.

Quotes as Price Ranges

Policygenius only shows initial quotes for long-term disability insurance as price ranges. This is frustrating, especially if you want to see quotes instantly. However, this choice is due to underwriting. Many factors, especially for long-term disability, go into the underwriting process. Some insurers will treat different medical conditions differently in that process, which can lead to higher or lower prices.

Limited Customer Service Hours

Policygenius has licensed insurance agents available to assist you over the phone or via live chat. However, they are only available between 9 a.m. and 6 p.m. EST. If you need assistance, you'll need to find time within these hours, which can be particularly challenging if you live in another time zone.

The Bottom Line

Policygenius gets our recommendation for ensuring reliable quotes and making comparison shopping easy. Even though the quote and application process for long-term disability insurance isn't done completely online and isn't instantaneous, Policygenius's process simplifies comparison shopping so you can find the best policy to meet your needs.

You'll see initial estimates as ranges, which can be frustrating. However, insurers have different underwriting policies, and many factors affect your disability insurance rate. So, it's good to see a price range followed by an email with specific policy options and rates. 

Keep in mind that the rates in the email are still pre-underwritten rates based on the information you provided. Once you apply for a policy, the insurer will complete its underwriting. If your rate is higher than expected, Policygenius will help you shop around and decide what adjustments to make to your policy so it fits your budget.

As you plan to work with Policygenius licensed agents, remember that they are only available between 9 a.m. and 6 p.m. EST. While more availability would be beneficial, the ability to get answers and advice from experts is an excellent benefit. Policygenius agents are also salaried, which means they don't deal with commission pressure. They can focus on giving you the best advice and finding a policy that's a good fit.

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