If you reside in Alberta, Ontario, or Manitoba and are looking for life insurance, children’s life insurance, or mortgage protection, PolicyAdvisor.com is the place to find yourself great insurance products.
PolicyAdvisor.com is an innovative digital life insurance brokerage. It uses real-world expertise, the latest technology, and intuitive design to make several kinds of insurance simple, quick, and entirely online for Canadians.
PolicyAdvisor.com partners with 20 of Canada’s largest insurance providers to make insurance buying friction-free while offering you outstanding products, and advising you on the best options given your circumstances.
This PolicyAdvisor.com review covers in great detail what PolicyAdvisor.com is, its product offerings, how it works, and the pros and cons.
Without further ado, let’s discuss PolicyAdvisor.com and how it works.
What is PolicyAdvisor.com?
PolicyAdvisor.com is an online insurance brokerage for comparing and finding the best rates for children’s life insurance, mortgage protection, disability insurance, critical illness insurance, and life insurance.
PolicyAdvisor.com helps you find the perfect life insurance based on your finances, current situation, and insurance needs. PolicyAdvisor.com can simplify your insurance buying process and save you the hours you would spend sitting with different insurance advisors.
PolicyAdvisor.com is a Canadian life insurance broker and not an insurance provider. They do not provide the actual insurance; they are just licensed insurance brokers.
They do not charge any fees to use their services, and their advisors do not receive any commission on sales as they are strictly salary-based.
With PolicyAdvisor.com, you can rest knowing that you are dealing with transparent, honest, always available, secure, safe, and supportive advisors.
How Does PolicyAdvisor.com Work?
Instead of manually comparing multiple life insurance quotes in Canada and looking for a product that suits you, PolicyAdvisor.com has made it easy for you.
PolicyAdvisor.com has created a digital platform that makes finding coverage and affordable rates easy for different products.
Within a few minutes, you can compare rates online and save up to 40% on your premium. To get started, you have to visit PolicyAdvisor.com.
Complete the small questionnaire asking for your personal information, like Gender, Date of Birth, Postal code, etc.
You will be asked how much coverage you need. If you are unsure of what you need, contact their licensed advisors by phone, chat, or email to get the help you need.
Go ahead and submit your online application. The PolicyAdvisor.com brokers will call you to help you through the entire process. And as I said earlier, PolicyAdvisor.com is free of charge to use.
Related: 10 Best Insurance Brokers in Canada For 2022
What Does PolicyAdvisor.com Offer?
PolicyAdvisor.com, by itself, does not offer products to clients. They are only a life insurance quote broker that provides a search and comparison tool to find the right insurance products for you.
PolicyAdvisor.com helps you with all of your essential insurance needs. Here are the different types of insurance you can get through PolicyAdvisor.com.
1. Life Insurance
Life insurance is an important part of your financial planning, and its benefits cannot be overemphasized. I am a strong advocate of getting life insurance coverage, and I personally believe its benefits outweigh its costs.
Think about this, you have worked so hard to provide you and your family a certain lifestyle while you are here- house, cars, school, and comfort. However, what truly maintains that lifestyle for your loved ones in the event of your death is tax-free, creditor-protected money.
A life insurance policy will indeed offer your family members and dependents financial protection after you are long gone, and your policy will pay out a lump sum of tax-free money to your beneficiary (loved ones and family) after you pass away.
All you have to do is pay a periodic sum of money, either monthly or annually, to the policy-holder, who, in turn, pays out financial protection to family members that depend on you for financial support.
PolicyAdvisor.com is a life insurance broker, and it offers great quotes for different types of life insurance.
There is the term life insurance, which insures for a pre-specified period, and the permanent life insurance, which does not expire and has a savings component.
There is also the no-medical life insurance, which does not require blood work or medical exam to submit an application, and the children’s insurance, which parents and grandparents can purchase for their minors.
2. Children Life Insurance
Children’s life insurance is a permanent life insurance that a parent or grandparent can purchase for a minor child.
It offers your child lifelong insurance coverage and it also provides an attractive savings vehicle to help them meet their future financial goals.
The Children’s life insurance policy has a cash value that accumulates and builds savings that your child can use for major expenses like education and down payment for their first home or first car.
The cash value accumulates and grows tax-free all through your child’s lifetime. The coverage does not expire, and your child is covered for life.
In addition to an RESP, you can also use the children’s life insurance policy to secure your child’s finances, and transfer wealth to your baby when he/she becomes an adult.
With this children’s life insurance, you can provide insurance and a financial head start for your child or grandchild.
3. Disability Insurance
Suppose you are disabled and you are suddenly unable to work due to an injury or illness. Disability insurance offers you protection against your loss of income.
Disability insurance does not replace all of your income. Still, it replaces a substantial portion of your monthly paycheque until you can resume work or until the end of a pre-determined disability coverage period.
There is the short-term coverage, which covers from 6 to 26 weeks, and the long-term coverage, which can last up to two years, five years, or until you are 65.
4. Mortgage Protection Insurance
Mortgage protection insurance pays off your outstanding mortgage debts in case you die without paying them off. It protects your mortgage debts through term life insurance.
The term life insurance matches the length of your mortgage’s amortization period and payout, which covers the amount you owe.
The Mortgage protection insurance allows a one-time payment to your family to pay off the mortgage should you pass away while the mortgage is outstanding. It offers a more flexible way to protect your home for your family financially.
5. Critical Illness Insurance
Critical illness insurance pays you a one-time lump-sum cash payment if you are diagnosed with any of the critical illnesses covered by your policy.
You can use this money to cover medical bills, prescription medicines, lost income replacement, and more.
The insurance pays out the lump-sum money once a specific critical condition is diagnosed. It does not pay out on any disease but only on pre-specified illnesses.
Critical illness insurance policies are not always the same, and you may need to check your policy to really determine what your policy covers.
However, most critical illness policies cover the big four diseases like heart attacks, dementia, stroke, and cancer.
Benefits and Downsides to PolicyAdvisor.com
Pros
- It is completely free to get a quote on PolicyAdvisors.com
- Access to a wide range of products, and you compare similar products from 20 different companies.
- Access to insurance quotes from top life insurance companies in Canada.
- Advisors aren’t pushy since they are salaried and not on commission incentives.
- It has an easy application process.
- It is an independent insurance broker.
Cons
- Only for Ontario, Alberta, and Manitoba residents.
Is PolicyAdvisor.com Safe?
Yes, PolicyAdvisor.com is safe and legit to use. PolicyAdvisor.com is regulated by the Financial Services Regulatory Authority (FRSA) of Ontario and incorporated under PolicyAdvisor.com Brokerage (PAB) Inc.
PolicyAdvisor.com values your safety and has several security measures to keep your data safe. Their security measures include 256-bit encryption, time-sensitive authentication, never share your data with third parties, and Password Protected Logins.
PolicyAdvisor.com has received ratings of 4.6/5 from trustpilot.com and 4.9/5 from reviews.io.
How Does PolicyAdvisor.com Make Money?
PolicyAdvisor.com does not charge any fees for its services. They make money from the insurance companies that partner with them. When you purchase products through PolicyAdvisor.com, the insurance companies pay them.
Final thoughts on PolicyAdvisor.com Review
If you are looking for insurance companies with the best life insurance quotes, PolicyAdvisor.com has got you covered.
PolicyAdvisor.com helps to simplify your search and comparison process, to help you find the best rates without too much hassle.
FAQs on PolicyAdvisor.com Review
Where does PolicyAdvisor.com operate?
At this time, PolicyAdvisor.com is only available to Ontario, Manitoba, and Alberta residents.
Is PolicyAdvisor.com regulated?
Yes. PolicyAdvisor.com.com is regulated by the Financial Services Regulatory Authority (FRSA) of Ontario.
Is PolicyAdvisor.com free to use?
Yes. PolicyAdvisor.com is free and does not charge any fees for its services.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
