PolicyMe is an excellent online life insurance company that offers the most competitive rates in Canada. Due to a simplified, cost-saving process, the rates can be on average 10% – 20% lower than other insurers. Also, the process of purchasing insurance is entirely online and incredibly easy: just fill out an online application and learn instantly if you’re approved. Most applicants don’t even require a medical exam.
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- Most competitive pricing in Canada
- Buy insurance ASAP
- Apply 100% online
- Interactive and user-friendly website
- Advice available from licensed advisors
- Instant approval in most cases with no medical exam
- Guaranteed satisfaction policy
PolicyMe is an online life insurance company that allows Canadians to buy term life insurance 100% online, at the most affordable price. It offers some of the most competitive pricing in Canada: on average, the rates can be approximately 10% – 20% lower than other insurers in Canada, thanks to a streamlined process that cuts costs for clients.
Using its online platform, it takes just 15 minutes to complete an application and find out if you’ve been approved for coverage—often without a medical exam. PolicyMe is the only life insurance provider in Canada where you can apply 100% online directly through its website. In addition, its team of licensed advisors is always available to answer any questions or talk about a sticky situation.
One caveat: PolicyMe is licensed in almost all of Canada, with the exception of Quebec, New Brunswick, and Newfoundland, but it expects to expand to more provinces soon.
Here are some of the top benefits of using PolicyMe:
- Lowest rates in Canada: Get a range of quotes and pricing to suit your life circumstances, as well as a monthly price that will never change. On average, PolicyMe can be about 10%-20% cheaper than other insurers in Canada.
- Easy to use: The entire process is online. Complete a quick and easy 15-minute life insurance application and hit submit. You’re done!
- Fast: After submitting your application, you’ll find out right away if you’re approved. No waiting weeks to get a decision, dealing with follow-up calls from agents, and most people don’t even require a medical exam.
- Personalized advice: The PolicyMe online calculator, online questionnaire, and licensed advisors will help determine your coverage needs. It even takes into consideration existing life insurance policies that you may already have and determines whether you need a “top-up” policy.
- Intelligent technology: Proprietary life insurance algorithms are designed to recommend the best product for you and your life circumstances.
- Reputable partnerships: PolicyMe has teamed up with Canadian Premier Life Insurance Company, one of Canada’s most reputable insurance companies with $1.4 trillion of life insurance in force.
- 100% digital: The only insurance provider in Canada where you can apply 100% online and get approval 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.
- Satisfaction guarantee. If you’re not happy with your policy in the first 30 days for any reason, PolicyMe will refund your payment in full. After that, you can cancel your policy at any time with no penalty.
- 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, PolicyMe 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
Affordable — Can save 10% - 20% on average over the leading term life insurance providers
Easy and quick— Online application takes 15 minutes
Get approved instantly
No medical exam usually required
No paperwork to prepare
Access to licensed advisors
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 a quote sitting at your home computer or surfing on your mobile device. There’s no need to deal with a third party if you are buying insurance directly from PolicyMe.
But how does it compare with other online insurance providers? A few key differences:
- PolicyMe is limited to life insurance, whereas PolicyAdvisor Life Insurance and InsuranceHotline.com offer a broader selection of insurance products.
- PolicyMe does not cover all of Canada, whereas InsuranceHotline.com is available across the country.
- Quotes are available on your screen instantly. 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 get approved instantly, often with no medical exam required. With other platforms, you may have to schedule a follow-up call to answer more questions or even do a medical exam.
|Types of Insurance||Life insurance||Life, critical illness, mortgage protection, disability insurance||Life, car, home, motorcycle, commercial, travel, and more|
|Provinces/Territories available||Ontario, BC, Alberta, Manitoba, PEI, New Brunswick, Nova Scotia||Ontario, Alberta, and Manitoba only||All|
|Stand-Out Feature||Lowest rates and Instant decision (no medical exams required for most applicants)||No medical exam or doctor's statement required for certain insurers.||Compare quotes from 30+ insurance companies in a single search|
|Apply online directly?||Yes||No||No|
|More Info||Learn More||Learn More||Learn More|
Issuance of coverage is subject to underwriting by the respective insurance company. The final insurance premium is established and insurance coverage offered by the insurance company only after underwriting is completed.
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 cover 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.
How to Get a Quote: PolicyMe
With PolicyMe, the assessment process is a cinch, starting with an online questionnaire that takes 15 minutes to complete. Just hit the “Get Started” button asks you some basic questions about:
- Your age
- Whether you are a smoker
From this initial screen, you’ll see an instant quote for term life insurance.
You’ll instantly see a quote for life insurance for varying amounts, and you can use the calculator to determine your premiums for various terms and coverage amounts. You can also request coverage for your partner, or take an additional quiz to help you determine how much coverage you need.
Below the instant quote are details for the policy including exclusions and grace periods.
If you choose to pursue the quote from PolicyMe, you can choose to start your application. The process takes about 15 minutes and requires the following information:
- Name, email, address, and citizenship
- Your financial information including your income, employment status and industry, and bankruptcy information
- Existing life insurance coverage
- Whether you’ve applied for other life insurance, and whether you’ve been declined
- Details about your physical health including your height and weight, whether you are a smoker, how much you drink, and family health history
- Your leisure activities, driving record, and criminal record
Once you’ve completed your application, you’ll either be instantly approved (the most common scenario) or directed to complete a medical evaluation in order to complete your application and approve your insurance policy.
PolicyMe is an excellent online life insurance company if you’re looking to save money and do the entire process online. It saves you hours of research and PolicyMe provides competitive quotes that can be 10% – 20% cheaper than other insurance companies in 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.