Policygenius, an online insurance marketplace has released two new tools which will simply the process of taking out a policy.
Its Coverage Calculator helps people pinpoint how much life insurance they need and explains why it recommends a certain policy.
The new pricing widget will generate 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.
According to a new study from Policygenius, it found that 77% of term life insurance applicants do not seek enough coverage. Breaking this down, 57% are not applying for a suitable length of policy and 17% do not seek a suitable coverage amount and 26% are under shopping for both of these.
Policygenius co-founder and head of product Francois de Lame said, “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.
“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.”
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