Why is this PolicyMe review important, you may be wondering. Well, when choosing a life insurance policy, a capable life insurance advisor could make all the difference.
It doesn’t matter if you are trying to ease your family’s adjustment to life without you (in the event of demise) or just trying to take care of your family’s essential needs; your insurance policy matters. This is where PolicyMe comes into the picture.
As your life insurance advisor, PolicyMe will help you make a decision that you won’t regret. If you want a suitable amount of life insurance coverage that feels tailored to suit your needs, PolicyMe is worth your consideration.
This PolicyMe review will tell you in great detail who they are and how they work, their product offering, how to get the best out of the platform, and their features, benefits, and downsides.
Keep reading this PolicyMe review to get all the important info you need to know.
What Is PolicyMe and How Does It Work?
PolicyMe is a digital life insurance advisor that lets residents and citizens of Canada buy term life insurance at an inexpensive 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 (with the exception of Quebec and Newfoundland & Labrador). With their life insurance portal, you don’t have to worry about taking ages to buy insurance because it is quick and efficient.
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 for weeks or even months to know if you are eligible for a term life insurance policy.
What Product Does PolicyMe Offer?
PolicyMe currently provides only term life insurance policies to residents and citizens of Canada from ages 18 to 75 years.
Term life insurance is more affordable in general, as compared to permanent life insurance coverage. Therefore, if you are not planning to buy permanent life insurance, then buying a term life insurance from PolicyMe is a valid option to consider.
PolicyMe has several lengths of term insurance you can take your pick from (10, 15, 20, 25, and 30 years).
With PolicyMe, you can get insurance coverage between a hundred thousand dollars and $5 million.
PolicyMe Pros and Cons
Benefits
- You can get an insurance quote just for you 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.
- You can instantly discover if you have been approved or not after filling out your application. There is no need to wait several weeks or months just to know if you can buy insurance.
- Applicants generally don’t need to carry out medical exams.
- Applicants who feel the need 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.
Downsides
- It is not accessible in every Canadian territory and province.
- Narrow product offerings: Other forms of insurance, like disability insurance, critical illness insurance, health insurance, travel insurance, and others cannot be gotten there.
- People who require supervision or assistance when using the internet and technological gadgets may struggle 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 medical examination from you.
How To Apply for the PolicyMe Life Insurance
When applying for coverage specifically for term life insurance on PolicyMe, you will go through the following steps this PolicyMe review has provided for you below:
Step 1: Enter Your Details and Get a Quote in 5 Minutes
If you want to apply on PolicyMe, make sure to enter essential personal information of yours (like income, age, health and smoking status, savings, debt, and others).
PolicyMe’s algorithm will make an estimation of your expenses per month. It then utilizes this info (plus other details you entered) to make a recommendation of term length and amount of coverage.
The explanations of the recommendations they make will also be provided to you (in addition to policy coverage and price estimation.
PolicyMe’s initial and non-binding quote (gotten instantly with the advice tool) is ideal for those who do not want to bother themselves with calling a broker via phone or meeting them in person.
Step 2: Complete the Application in 15 Minutes
In the event of 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 roughly 15 minutes to wrap up.
As for the application form, it can be gotten online. Details about your medical history, finances, and standing life insurance coverage are all included amongst other info usually needed when applying for life insurance.
PolicyMe set up its system in a way that allows you to complete a full application process on the Internet. This is contrary to 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. In the event of being accepted instantly, signing your application can be carried out online. You can also confirm your information plus provide your details for payment.
Sometimes, extra details could be wanted. For example, driving records or medical tests. In such a scenario, added directives will be given to you on what to do next.
In most cases, people who are healthy are instantly accepted, and medical exams are not needed for them in person.
Instead of waiting for weeks to know if you have been accepted or not (like some insurance companies do), PolicyMe will not put you through all that hassle and stress.
To know all you can about insurance brokers in Canada, check out our comprehensive article on the topic.
Related: Best Insurance Companies in Canada 2022
How PolicyMe Compares to Other Online Insurance Brokerage
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 can confirm that PolicyMe is definitely a safe platform. They have been in operation since 2018. Originally, the platform was a broker on behalf of insurance companies.
Later (in December 2020), PolicyMe entered a partnership with a Canadian Premier (which is regulated federally). Canadian Life is a subsidiary of Securian Financial. With over 5,000 people having used PolicyMe, they are clearly widely trusted across Canada.
Related: Life Insurance for Seniors in Canada.
Conclusion of PolicyMe Review
PolicyMe is an appealing platform that is easy to use. It offers quotes for life insurance policies that suit you. If a worthy life insurance policy is what you are after, then this PolicyMe review recommends checking them out.
If you are interested in different types of insurance (not just term life insurance), then PolicyMe as a platform may not be best for you. Talking to a licensed insurance advisor will expose you to other great products that will better your finances.
PolicyAdvisor is also a great option that covers much more than life insurance and you do not have to undergo medical tests just to apply. However, it is not available in all Canadian provinces.
Related: Disability Insurance for Self-Employed Canadians: The Ultimate Guide
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 alone. However, that is as far as they go. 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?
Simply put, 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 who seek to secure and safeguard the financial health of the people that are financially dependent on them most especially in the event of an untimely death.
The two types of life insurance are term life insurance and permanent life insurance.
What Is the Difference Between Term Life Insurance and Permanent Life Insurance?
A term life insurance policy is set up to offer protection and safety for a precise number of years. Term life insurance Canada residents can get may stretch across a specific period of 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 do not change, but Permanent life insurance policies are more expensive than term life insurance policies.
The different types of permanent life insurance are universal life insurance, term to 100, and whole life insurance.
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.
