Policygenius operates as a digital insurance marketplace that helps consumers buy various types of insurance, including life, homeowners, auto, disability, and renters insurance. The platform allows users to compare quotes from different insurance providers, making it easier to find the best coverage at competitive prices. Unlike traditional insurance agents, Policygenius offers a user-friendly online experience and personalized assistance from licensed agents and case managers to guide customers through the process. The company generates revenue through commissions from insurance companies when policies are purchased through its platform. Additionally, Policygenius provides educational tools and resources, such as calculators and guides, to help consumers understand their insurance needs and navigate the buying process. The goal of Policygenius is to simplify the insurance purchasing experience and make it more transparent for consumers.

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PolicyGenius

According to a PolicyGenius survey on April 9, more than one-fifth of young people in the US own crypto, as individuals in the younger generations invest 4x more often in crypto than older generations.Gen Z, which includes ages 18 to 26, showed the highest preference for crypto over traditional investments — 20% of Gen Z respondents own crypto, while 18% own stocks, 13% own real estate, and 11% own bonds.Millennials aged 27 to 42 invest in crypto slightly more often than Gen Z respondents, with 22% owning crypto.However, millennials’ crypto ownership did not exceed traditional investment rates — with 27% invested in stocks and 24% in real estate. Bonds are less popular among the age group, with only 16% invest in bonds.The survey also found that 9% of Gen Z respondents own NFTs versus 8% of millennials.The generational divideAlthough each generation’s investment rates demonstrate some interest in crypto in an absolute sense, the numbers are highly significant compared to older generations.PolicyGenius found that the two oldest generations reported significantly lower crypto ownership overall. In the Gen X category, 10% of respondents owned crypto, while 4% owned NFTs.Meanwhile, only 5% of boomers own crypto, and only 1% own NFTs.The generational divide is also relevant regarding real estate investment. When Gen Z and millennial investment rates are considered together, 21% of respondents own crypto, while 20% own real estate. But despite the remarkably close rate within the age group, older investors have significantly higher real estate investment rates, with 45% of boomers investing in the category.Housing shortages and high housing costs may prevent younger individuals from investing in real estate, possibly increasing the appeal of alternative investments like crypto, according to the report.Latest Alpha Market Report

One-Fifth Of Young Americans Invest In Crypto, With Gen Z Shunning Traditional Assets

A new survey from Policygenius confirms that when it comes to wealth accumulation and making financial decisions, Gen Z and Gen Y are taking a very different path from the generations that came before them.Drawing from a survey of around 4,000 Americans, the 2024 Policygenius Financial Planning Survey reveals that millennials, defined as those ages 27 to 42, and Generation Z, those 18 to 26, are as likely to own cryptocurrency (21 percent) as they are to own real estate (20 percent). This comes against a backdrop in which home affordability has plummeted to its lowest level since the Great Recession. Factors such as elevated interest rates, stagnant wages, and a thin housing supply have rendered homeownership a distant dream for many. The Policygenius study found that across generations, baby boomers led the charge in amassing housing wealth, with 45 percent of those surveyed citing real estate as a component of their asset portfolio

Gen Z, Millennials As Likely To Own Crypto As Real Estate

New Policygenius survey shows younger Americans are also more likely to try viral "hacks" and turn to social media for financial adviceNEW YORK, April 9, 2024 /PRNewswire/ -- When it comes to wealth, younger Americans — specifically millennials and Gen Z — have some catching up to do, especially considering adult members of these generations own just 74 cents for every $1 of wealth that baby boomers owned at the same age.New data released today shows that together Gen Z (ages 18-26) and millennials (ages 27-42) are almost equally likely to own cryptocurrency (21%) as they are to own real estate (20%). They are also more likely to try financial "hacks," often popularized on social media. In fact, 62% of the members of these younger generations have tried at least one of the six financial hacks we asked about in the survey, with the "no spend challenge" the most popular with Gen Z (21%) and almost two in 10 millennials (19%) having tried extreme couponing. Only 36% of Gen X (ages 43-58) and baby boomers (ages 59-77) have tried any of the financial hacks — maximizing credit card rewards was the most popular hack for these generations (21% and 19% respectively).New survey shows younger Americans — specifically millennials and Gen Z — have some financial catching up to do. Post thisThe 2024 Policygenius Financial Planning Survey found that the feelings different generations have about their finances vary greatly as well, with around three-quarters of baby boomers (78%) saying they feel at least somewhat proud of their finances, compared to 70% of millennials and 64% of Gen Z.The survey also found that:Gen Zers are more likely to own cryptocurrency (20%) than they are to own stocks (18%).than they are to own stocks (18%). 14% of Gen Z have tried " infinite banking " — a term for borrowing against the cash value of a whole life insurance policy." — a term for borrowing against the cash value of a whole life insurance policy

Millennials And Gen Z Are As Likely To Own Cryptocurrency As They Are Real Estate

Well-known financial adviser Suze Orman shared an essential insight on her podcast: the critical importance of fully understanding financial products before investing."It's better to do nothing than something you don't understand," she said.Orman raises concerns about a trend where individuals are investing in complex life insurance policies — such as whole, universal and variable life insurance — without a complete grasp of the consequences. She has observed an increase in listener inquiries about life insurance policies, indicating a broader lack of understanding of these financial products.Don't MissThe average American couple has saved this much money for retirement — how do you compare ?Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.Orman explains that life insurance is generally aimed at younger people who have not yet built substantial wealth and have dependents. However, the need for such insurance decreases as your financial situation improves with age. Despite this, many are enticed by the appealing, though misleading, idea of benefiting from an investment and life insurance simultaneously.Orman uses detailed examples to point out the drawbacks of these investments, including instances where people were misled about the returns they could expect. She notes that the optimistic projections offered by insurance agents often fail to match guaranteed outcomes, posing a risk of financial loss.“You are being told by some insurance agent that you can have your cake and eat it, too," she said. "You cannot

Suze Orman Says, 'It'S Better To Do Nothing Than Something You Don'T Understand' — People Are Investing In This Product They Don'T Grasp

As baby boomers age, an inheritance wave dubbed the "great wealth transfer" is underway. What’s also ahead: a great debt transfer that will have to be managed by younger generations of Americans.More than 46% of Americans expect to transfer debt on death to their loved ones, according to a survey by PolicyGenius. The average American household owes $10,000 in credit card debt, $58,957 in student loan debt, $241,840 in mortgage debt, and $22,612 in auto loans."Debt does not miraculously disappear when someone passes away, and any outstanding debt is paid out of assets like property, retirement accounts, and bank accounts," Rosalyn Glenn, a financial planner for Prudential, told Yahoo Finance. "If you have assets, your debt can be transferred at death, and if you don’t have a plan for managing the debt, you leave your family at risk."As many make New Year's resolutions about their health, it is a good time to check the state of your wealth — especially life insurance coverage — so instead of transferring debt to loved ones, your legacy is one of financial stewardship and wealth building."Unfortunately, there have been cases where families were displaced because of the loss of income and the inability of the surviving spouse to maintain the mortgage on a single income," Glenn said.Life insurance to mitigate transferring debtAmong the share of Americans who expect to leave debt behind when they die, 21% do not have life insurance, PolicyGenius found."One of the advantages of life insurance is it provides security in case a loved one dies and leaves you responsible to pay any jointly owned debt, such as a mortgage," Shardéa Ages, a certified financial planner at Collective Wealth Partners, told Yahoo Finance. "And the best part is that life insurance proceeds are tax-free, in most cases."When it comes to student loan debt, much depends on whether the debt is federal versus private loans.Story continues"Federal student loans are forgiven upon the death of the borrower, but some types of student loans issued by private lenders can be passed onto loved ones upon the death of the borrower, especially if the loan was co-signed," Jessica Ruggles, corporate vice president of financial wellness at New York Life, told Yahoo Finance.Disparities in wealth — and debtThe PolicyGenius study found that households with more than $150,000 in income had more debt than lower-income households, but higher-income households were better prepared to help loved ones pay off those debts. Only 13% in the higher income group had no life insurance, compared to 31% of lower income households.The study also found racial disparities in debt, which contribute to the racial wealth gap, noting "Black and Hispanic Americans have a harder time accessing credit to make larger purchases, like real estate, that can help them build wealth and pass it down to future generations."Homeownership and life insurance proceeds are generally how most people pass on generational wealth to family members.Jason et Shannon Phleger look at the damage in their property after the floods in Boulder Creek, California on January 16, 2023

A Rolling Debt Transfer Is Coming: 'Debt Does Not Miraculously Disappear'

NEW YORK, Oct. 11, 2023 /PRNewswire/ -- Haven Life, a leading life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company ( MassMutual ), has been awarded the Life Insurance Direct Marketing Association (LIDMA) Innovation Award, which recognizes technology leaders who change how life insurance is purchased.The winner was announced at the LIDMA Fall 2023 meeting held in St. Petersburg, Florida, on Monday, October 2."On behalf of everyone at Haven Life who strives to find new and better ways of helping people enjoy the financial peace of mind that life insurance offers, we are honored to be recognized," stated Wade Seward, Head of Partnership Distribution. "We thank LIDMA for its leadership in supporting the life insurance industry and helping more people enjoy financial peace of mind."This award honors companies that creatively work to seamlessly implement products into the consumer buying journey. Tweet thisThe LIDMA Innovation Award is given to the company that demonstrates its ability to make the daunting process of purchasing life insurance more accessible for Americans seeking to protect their loved ones financially. This award honors companies that creatively work to ensure that products are seamlessly implemented into the consumer buying journey

Haven Life Receives The 2023 Lidma Innovation Award For Blazing The Trail Of Technological And Digital Innovation In Life Insurance

Earlier this year, Policygenius unveiled its Policygenius Pro offering, which extends the capabilities of the Policygenius life insurance platform-including cutting-edge software, an extensive carrier selection, and award-winning operations-to B2B distribution partners.

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Today, Marble is pleased to announce the launch of its partnership with Policygenius, its preferred partner for life insurance.

Announcing: Marble members can now shop for life insurance with Policygenius

As per recent social media posts, Policygenius has reportedly undergone another round of layoffs. Impacted roles include employee experience lead and a technical recruiter.The news comes three months after we broke the story of Policygenius’ merger with Zinnia, an IT company, and a year after its most recent layoff, which occurred in June 2022 and impacted around 170 workers. The company’s current headcount is significantly lower than its peak, which was close to 700 employees. Based on data from LinkedIn, the company size is currently ~400 employees.Bottom Line: Policygenius looked in the mirror and saw Lemonade. If it looked closer, it would have seen Quotacy. Now, Policygenius is looking to Zinnia and vice versa.Hear of anything happening at Pg? Reach out to shefi@coverager.com

Layoffs At Policygenius

Haven Life announces Partnership with Policygenius to increase accessibility of Affordable and reliable term Life Insurance options.

Haven Life announces Partnership with Policygenius to increase accessibility of Affordable and reliable term Life Insurance options

Digital marketplace for comparing insurance policies

PolicyGenius

Digital marketplace for comparing insurance policies

PolicyGenius

Digital marketplace for comparing insurance policies

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