PolicyMe is an excellent digital platform to get advice, compare life insurance quotes, and buy life insurance online. It’s the only broker in Canada where you can apply 100% online, directly through its website. It takes just 5 minutes to complete the online questionnaire and instantly get quotes from the top life insurance companies in Canada. Using this platform, PolicyMe helps Canadians save up to 50% on your life insurance by getting free and honest advice and comparing life insurance quotes online.
- Save up to 50% on life insurance
- Get quotes in less than five minutes
- Apply 100% online
- Interactive and user-friendly website
- Advice available from licensed advisors
Launched in 2018 and based in Toronto, PolicyMe is a digital life insurance advisor that lets you compare and buy life insurance online. Using its online platform, it takes just 5 minutes to complete a life insurance “check-up” and get personalized recommendations to suit your situation. Then, once you’ve found the right policy, PolicyMe will take care of the paperwork free of charge. Partnered with top companies that you know and trust, PolicyMe is the only broker in Canada where you can apply 100% online directly through its website. In addition, its team of licensed advisors are always available to answer any questions or talk about a sticky situation.
To be clear, PolicyMe is not an insurance provider and does not sell life insurance directly to customers. Rather, it’s a convenient online platform that uses algorithms to help customers find an affordable policy that best meets their needs – which ultimately saves you time and money. In fact, it’s estimated that you can save up to 50% on your life insurance by comparing quotes through PolicyMe’s intelligent platform.
One caveat: PolicyMe is currently only available to customers residing in Ontario, PEI, British Columbia, Alberta, Manitoba, New Brunswick, Nova Scotia, but it expects to expand to more provinces soon.
Here are some of the top benefits of using PolicyMe:
- Easy to use: PolicyMe starts every new customer off with a quick and easy 5-minute life insurance checkup, assessing your needs.
- Personalized advice: The PolicyMe online calculator, online questionnaire, and licensed advisors will help you determine your coverage needs. It even takes into consideration existing life insurance policies.
- Intelligent technology: Proprietary life insurance algorithms are designed to recommend the best product for you and your life circumstances.
- Reputable partnerships: PolicyMe only compares life insurance quotes from top life insurers in Canada (guaranteeing you peace of mind).
- 100% digital: The only broker in Canada where you can apply 100% online, directly through their website.
- Affordable options: Get a range of quotes and pricing to suit your life circumstances, as well as a monthly price that will never change.
- Free trial period. Cancel your policy within 10 days
- Flexible. Option to convert to a permanent policy.
- Human help: Access to a team of licensed advisors ready to answer questions or talk through a tricky situation.
- No fees. It’s free to buy insurance directly through PolicyMe.
There’s no “standard pricing” or flat rate for life insurance. The cost of life insurance depends on your unique life circumstances, such as:
- Your age and gender. The older you are, the higher the premiums. Women pay a little less than men since their life expectancies are slightly higher.
- Policy type. The shorter the term, the lower the premiums. Conversely, a permanent life insurance policy that covers you to any age is the most expensive because the chances that you’ll die while covered are 100%.
- Coverage amount. The higher your coverage, or potential death benefit, the more you’ll pay in premiums.
- Your health. Smokers or those with underlying health conditions pay more. Likewise, if you’ve had COVID-19 and it left lasting damage to your lungs, your rates could be higher.
Although there’s no “one-size-fits-all” pricing, PolicyMe’s website provides a snapshot of what insurance could cost you, depending on your gender, age, and policy type.
Types of Life Insurance Offered
PolicyMe offers the following types of life insurance:
- Term life insurance – a life insurance policy that expires after a set number of years (usually 10, 20, or 30 years) and is customizable to your age and life circumstances. You’ll make a payment every month, and if you die before the policy expires, the insurance company will pay out a predetermined lump sum of money to your beneficiary, tax-free.
In case you were wondering if you can bundle your insurance policies, PolicyMe only offers life insurance. If you’re looking to insure your house, check out The Best Home Insurance Companies in Canada. We’ve also rounded up the best car insurance companies in Canada.
Pros and Cons
- Easy and quick questionnaire designed to assess your needs
- Free and expedient process
- Compare competitive rates from Canada’s top insurance providers
- No paperwork to prepare
- Access to licensed advisors
- Emphasis on educating Canadians on life insurance
- No medical exam or doctor's statement required for certain insurers
- Limited to life insurance products
- Not available everywhere in Canada
How Does PolicyMe Compare?
If you go the traditional route of getting life insurance, it takes an average of 10 weeks to get insured – which is a long time. Plus, getting advice on your life insurance often requires face-to-face meetings with a broker, who is often motivated to sell more expensive coverage and/or products in order to earn a buck.
PolicyMe is a game-changer in the industry. Using sophisticated algorithms and answers to your questionnaire, you can get expert and honest advice and life insurance quotes sitting at your home computer or surfing on your mobile device. There’s no need to deal with “the middle-man” since the process is entirely online.
But how does it compare with other online insurance providers? A few key differences:
- PolicyMe is limited to life insurance, whereas PolicyAdvisor, Kanetix, and InsuranceHotline.com offer a broader selection of insurance products.
- PolicyMe does not cover all of Canada, whereas Kanetix and InsuranceHotline.com are available across the country.
- Quotes are available on your screen in less than five minutes. With other online insurance platforms, you may have to wait for an email to hit your inbox or speak with a representative for a detailed breakdown of a quote.
- PolicyMe is the only online insurance platform that allows you to apply directly to the insurer. With other platforms, you may have to schedule a follow-up call to answer more questions or even do a medical exam.
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PolicyMe and COVID-19
It’s natural to worry if your life insurance policy will protect your loved ones in the case of COVID-19. But don’t fret! In general, life insurance policies in Canada generally covers all types of death (except suicide) unless there is a specific exclusion specified in your policy (like skydiving). The same goes for PolicyMe: once your life insurance policy is in place, it will pay out for all types of death, including complications arising from COVID-19. Learn more about life insurance and the coronavirus crisis
How to Get a Quote: PolicyMe
With PolicyMe, the assessment process is a cinch, starting with an online questionnaire that takes 5 minutes to complete. Just hit the “Get Started” button and it takes you through a series of questions about:
- The basics: your age, gender, marital status, number of dependents
- Your health
- Your finances (savings, assets, debts, etc.)
- Your existing life insurance coverage (if any)
If you have questions, the site also provides pop-up answers on why these questions are important in determining the right coverage for you. PolicyMe uses your answers to provide a snapshot of your monthly expenses, based on the spending patterns of millions of Canadians. Their user-friendly website allows you to adjust the suggested amounts to reflect your actual spending.
Once you answer all the questions, PolicyMe will make a personalized recommendation on the amount of coverage, the term, and so forth. The recommendation is explained in detail with a balance sheet that takes into account your debts, savings, and future expenses.
You’ll also be given a series of quotes from life insurance providers that best suit your needs. If you toggle the coverage or policy length, the quotes are automated updated with different pricing.
The platform also explains what’s included in the pricing and flags whether a particular insurer offers an expedited process (as fast as 24 hours) or if the insurer is likely to request further information or medical tests.
There’s also an option to arrange a call with a PolicyMe advisor, if you have questions. Or you can apply to the insurance provider through PolicyMe on the spot. If you decide to move forward, you simply fill out an application form and PolicyMe will handle the rest.
PolicyMe offers an excellent user-friendly digital platform for comparing life insurance before committing to the right policy for you. It saves you hours of research and PolicyMe only provides competitive quotes from reputable insurance companies within Canada – giving you peace of mind. Save time, save money, and be confident that your insurer isn’t a fly-by-night operator. What’s not to like?
That being said, if you still want to shop around and learn more about life insurance, check out The Best Life Insurance Companies in Canada. Also, once you’ve taken the step of protecting your family and loved ones with life insurance, the next step is to make a will. With an online legal will service like Willful, it takes as little as 20 minutes and costs as little as $99 to make a legal will. Plus, use the promo code YOUNGANDTHRIFTY and get $20 off any Willful plan.