PolicyMe is an online-only life insurance provider in Canada, offering top-quality term life and critical illness insurance policies at highly affordable prices. They have streamlined the process of buying life insurance, making it simple and cost-effective, allowing you to save 10% to 20% on average without leaving your home.
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 offer lower prices compared to other insurance companies in Canada.
In this comprehensive PolicyMe review, we will discuss who they are, how they work, their product offerings, how to make the most of the platform, the benefits and downsides, and much more. Keep reading to get all the important information you need about PolicyMe.
Who is PolicyMe?
PolicyMe is a digital life insurance solution 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 and territory in Canada. With PolicyMe, you don’t have to worry about taking ages to buy insurance because it is quick and efficient.
PolicyMe 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.
Best part, PolicyMe 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 quote and application process
- Guaranteed satisfaction policy
- Licensed advisors
- Instant decision
- 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
Pros of PolicyMe
- 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 of PolicyMe
- 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 to Apply for PolicyMe Life Insurance
PolicyMe life insurance application process is easy and straightforward. 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 get a life insurance quote, 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, confirm your information and provide your payment details.
Sometimes, extra details could be wanted. For example, your 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 decision.
How Does PolicyMe Compare 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, Critical Illness Life insurance, critical illness, mortgage protection disability insurance Life, car, home, motorcycle, commercial, travel, and others Available provinces All provinces (except Newfoundland & Labrador) Ontario All provinces Selling point Instant decisions, low rates, and free life insurance calculator 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 Legit and Safe?
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 solution in Canada. Over 50,000 Canadians have used PolicyMe, and the life insurance company has a 4.9/5 rating on reviews.io.
PolicyMe Reviews
Here are some excerpts from PolicyMe Life Insurance customers’ reviews from different online platforms. These PolicyMe insurance reviews will help you make more informed decisions.
Positive PolicyMe Insurance Reviews
- “I had such a wonderful experience with PolicyMe. The online application process was smooth and when I needed to reach out to their support team, they were very prompt and friendly.” – Reviews.io
- “The options and Customer Service offered by PolicyMe exceeded all expectations! A very good and welcome change from the big and impersonal insurance companies” – Reviews.io
Negative PolicyMe Insurance Reviews
- “A lot of information on their website is misleading. Also, they criticize many other insurers and their policy options which is an ethics violation in itself.” – Reviews.io
- “I filled out all of the papers, completed telephone and online questionnaires, received an email that Ive been approved and will be receiving my policy and other final documentation shortly. That was almost a month ago and Ive heard nothing since. Now I feel like I have shared a bunch of personal information for no reason.” – 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 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 illness 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.
