PolicyMe is an excellent online-only life insurance company in Canada, offering the best term life and critical illness insurance policies at incredibly affordable prices.
If you want a fully-underwritten term life policy that is fast, easy and affordable, PolicyMe is your best bet. Their fully online platform allows them to undercut other insurance companies in Canada.
PolicyMe has streamlined buying life insurance policies with their simplified and cost-saving process to help you save 10% to 20% on average without leaving your home.
If you need life insurance, PolicyMe has many features to offer. This PolicyMe review will tell you in great detail who they are, how they work, their product offering, how to get the best out of the platform, benefits and downsides and many more.
Keep reading this PolicyMe review to get all the important information you need.
About PolicyMe
PolicyMe is a digital life insurance company that lets Canadians buy term life insurance at an affordable price. It only takes a few minutes to buy the insurance you want online.
Founded in 2018, PolicyMe is available in every province in Canada (except for Quebec and Newfoundland & Labrador). With PolicyMe, you don’t have to worry about taking ages to buy insurance because it is quick and efficient.
PolicyMe first started as an online insurance advisor and broker, allowing them to see the shortcomings of the timelines, prices, and delayed service of other insurance companies. They have used this experience to emphasise lower prices and quicker applications.
PolicyMe also reviews your insurance application the moment it is submitted. You will get your rate of estimate seconds after the submission, so you don’t have to wait weeks or even months to know if you are eligible for a term life insurance policy.
Their policies are issued by the Canadian Premier Life Insurance Company, a reputable insurance company in Canada that has been in the insurance space for over 60 years.
PolicyMe is best for:
- Most competitive rates
- Quick Insurance
- 100% online
- Guaranteed satisfaction policy
- Licensed advisors
- Instant approval
- User-friendly website
What Type of Life Insurance Products Does PolicyMe Offer?
PolicyMe provides the following types of insurance policies:
Term Life Insurance
PolicyMe offers term life insurance policies at affordable prices to Canadians from ages 18 to 75. PolicyMe has several lengths of term insurance you can pick from (10, 15, 20, 25, and 30 years).
With PolicyMe, you can get insurance coverage between $100,000 and $5 million. Getting term life insurance from PolicyMe helps you save up to 20% on average.
Apply for Term Life Insurance Now
Critical Illness Insurance
PolicyMe offers the best protection against critical illness at competitive rates. It offers the most covered critical insurance policy in Canada.
With PolicyMe Critical Illness insurance policy, you get covered for 44 medical conditions (27 critical illnesses and 17 early-stage conditions). You can get coverage for as low as $37.67 monthly for a 45-year-old non-smoking female with a $50,000 coverage amount.
It offers extensive coverage for early-stage cancers and cardiac illnesses with multiple payouts. It also offers coverage for heart conditions, neurological conditions, autoimmune conditions and sensory and mobility conditions.
Apply for Critical Illness Insurance Now
Benefits and Downsides of PolicyMe
Like all other life insurance companies, PolicyMe has its pros and cons. You should carefully consider the pros and cons of PolicyMe before deciding to buy life insurance from them.
Pros
- You can get an insurance quote in 5 minutes or even less.
- Their website is easy to navigate and understand. It is also interactive.
- They don’t request phone numbers to get quotes from people. This is contrary to common practice by many sites that compare quotes. So, don’t expect any intrusive phone calls from PolicyMe.
- After filling out your application, you can instantly discover if you have been approved. There is no need to wait several weeks or months to know if you can buy insurance.
- Applicants generally don’t need to carry out medical exams.
- Applicants needing to talk to an advisor may set up a virtual meeting or call by phone if they need expert counsel. However, PolicyMe applications are carried out entirely online.
Cons
- It is not accessible in every Canadian territory and province.
- Narrow product offerings: Other forms of insurance, like disability insurance, permanent life insurance, mortgage insurance, and others, cannot be gotten there.
- People who require supervision or assistance when using the internet and technological gadgets may need help during the application process.
- Hard-to-Insure people and people with complex medical conditions may not get a quick quote because they may require medical information or a medical examination from you.
How Does A PolicyMe Life Insurance Application Work?
When applying for coverage specifically for term life insurance on PolicyMe, you will go through the following steps:
STEP 1: Enter Your Details and Get a Quote in 5 Minutes
If you want to apply on PolicyMe, enter your essential personal information (like income, age, health and smoking status, savings, debt, and others).
PolicyMe’s algorithm will estimate your expenses per month. It will use this information to recommend a term length and amount of coverage. It will give reasons for the recommendation, details of your coverage and the estimated price of your policy.
STEP 2: Complete the Application in 15 Minutes
If the estimated price, length of term, and coverage are satisfactory to you, you may progress to submitting a full and comprehensive application. This should take 15 minutes to wrap up.
The application is entirely online and includes details of your medical history, finances, previous life insurance coverage and other information usually needed when applying for life insurance.
PolicyMe set up its system to allow you to complete a full application process on the Internet. This differs from the customary practice of waiting for scheduled medical interviews when applying for life insurance.
STEP 3: Get an Instant Decision
Instantly, the details you provided are assessed. If accepted instantly, you can sign online and confirm your information and provide your payment details.
Sometimes, extra details could be wanted. For example, driving records or medical tests. If this is needed, you will be instructed on how to proceed.
In most cases, healthy Canadians are instantly accepted, and medical exams are unnecessary.
While other insurance companies let you wait for two to three weeks to get their decision, Policyme saves you lots of time and headaches with its instant approval.
How PolicyMe Compares to Other Online Insurance Companies
InsuranceHotline.com and PolicyAdvisor.com are top insurance advisor alternatives to consider if you live in Canada. Their features and differences are explored in the table below:
PolicyMe | PolicyAdvisor | InsuranceHotline | |
Insurance type | Term Life insurance | Life insurance, critical illness, mortgage protection disability insurance | Life, car, home, motorcycle, commercial, travel, and others |
Available provinces | All provinces (except Quebec and Newfoundland & Labrador) | Ontario | All provinces |
Selling point | Instant decisions, low rates, and no medical tests required | No medical test or doctor's statement needed for some insurers | They compare quotes from over 30 insurance companies in a single search |
Direct online application | Yes | No | No |
Is PolicyMe Safe and Legit?
Yes. This PolicyMe review is positive that PolicyMe is a safe platform. They have been in operation since 2018, though, as a broker on behalf of insurance companies.
In December 2020, PolicyMe entered a partnership with a Canadian Premier Life Insurance Company, a federally regulated and wholly-owned subsidiary of Securian Financial.
PolicyMe is a trusted life insurance company in Canada. Over 50,000 Canadians have used PolicyMe, and the life insurance company has a 4.9/5 rating on reviews.io.
Final Thoughts on PolicyMe Review
PolicyMe is an appealing platform that is easy to use. It offers quotes for life insurance policies that suit you. If you want a fast and affordable life insurance policy, this PolicyMe review recommends checking them out.
PolicyAdvisor is also a great option that covers much more than life insurance; you do not have to undergo medical tests just to apply. However, it is only available in some Canadian provinces.
If you are interested in other types of insurance and not just term life and critical illness insurance, you should check out other insurance companies in Canada.
However, talking to a licensed insurance advisor will expose you to other great products that will better your finances.
FAQs on PolicyMe Review
Who Issues PolicyMe’s Policies?
The policies of PolicyMe are issued by Canadian Premier Life Insurance Company (a reputable Canadian life insurance company).
Does PolicyMe Offer Life Insurance?
PolicyMe offers term life insurance and critical life insurance policies. If you are interested in other types of insurance, this PolicyMe review recommends that you consider platforms like PolicyAdvisor and Bounc3.
What Is Life Insurance?
Life insurance is a kind of insurance that pays out money to your specified beneficiary in the event of the death of the life insured. Life insurance policies are important financial tools for individuals seeking to secure and safeguard the financial health of their loved ones, most especially in the event of an untimely death.
What Is the Difference Between Term Life Insurance and Permanent Life Insurance?
A term life insurance policy is set up to offer coverage for a precise number of years. Term life insurance covers you for a specific period,10, 15, 20, 30 years, and so on.
On the other hand, a permanent life insurance policy’s coverage is for life. The death benefit is paid out when the life insured dies. Premiums often stay the same, but Permanent life insurance policies are more expensive than term life insurance policies.
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.
