PolicyMe Review: Get the Best Life Insurance Rates in Canada for 2023

The importance of finding the right life and critical illness insurance coverage can’t be overstated.

That’s why a thorough PolicyMe review is essential to determine if their insurance products will meet your unique needs.

As a Chartered Insurance Professional (CIP) with years of experience and expertise in the insurance industry, I’m going to break down the different parts of PolicyMe’s offerings – from their comprehensive insurance coverage to the intuitive design of their platform – so you can make an informed decision about protecting yourself and your family.

Let’s dive in!

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In-Depth Review of PolicyMe

What is PolicyMe?

PolicyMe is an innovative Canadian online-only life insurance company based in Toronto that offers Canadians term life and critical illness insurance policies.

Established in 2018, PolicyMe initially operated as an insurance broker before launching its products in 2021 through a partnership with the Canadian Premier Life Insurance Company, one of the most trustworthy companies offering life insurance in Canada.

Over $5 billion in coverage sold, protecting families like yours!

PolicyMe’s goal is to provide accessible and convenient life insurance coverage for families that is easy to understand and budget-friendly.

The company’s fully online model allows them to offer competitive prices, quick quotes, streamline insurance coverage, and reduce service delays.

This forward-thinking insurtech company provides innovative services to help Canadians compare and select the best life insurance plan for their needs.

What Region Does PolicyMe Service?

Currently, PolicyMe is available in all Canadian provinces and territories except Quebec, New Brunswick and Newfoundland & Labrador.

How Much Will You Pay for Life Insurance using PolicyMe?

Purchasing life insurance using PolicyMe is an affordable option for many Canadians. They offer term life insurance policies, which are always cheaper than whole life policies.

Depending on your age, gender, health history, occupation, hobbies and other factors, the cost of your PolicyMe life insurance plan can vary greatly.

For example, if you are a 35-year-old female non-smoker looking for basic term life insurance coverage of $500,000 over 10 years, your estimated monthly premium would be around $16.49. This is comparatively lower than the cost of other life insurance policies in Canada, with PolicyMe rates typically 10-20% cheaper than most other insurance companies in Canada.

Overall, PolicyMe is an excellent choice for Canadians looking for an affordable and easy way to purchase life insurance.

Who Has the Most Affordable Term Life Insurance Rates in Canada?

As of the time of writing this PolicyMe review, a comparison of Canadian life insurance quotes shows that PolicyMe has the most affordable term life insurance rates in Canada.

Saving money (and time!) on your life insurance policy is easier than you think with PolicyMe.

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What are the Benefits of Using PolicyMe?

1. Most Competitive in Canada for Term Life Insurance

PolicyMe is an excellent choice when it comes to term life insurance in Canada. They offer some of the most competitive rates in the country.

Furthermore, they provide a free and instant no-obligation quote with 10% to 20% savings compared to other life insurers. Couples save 10% on the first year of their policy.

Finally, PolicyMe offers $10,000 in free life insurance coverage for policyholders’ kids (and future kids).

This makes PolicyMe one of Canada’s best options for term life insurance.

2. Most Comprehensive Critical Illness Insurance in Canada at Affordable Rates

PolicyMe’s comprehensive critical illness insurance in Canada offers a range of features and benefits designed to help protect individuals and their families.

It includes coverage for up to 44 critical illnesses, 10-15 more than most Canadian insurance companies.

There is also no waiting period after diagnosis to submit a claim for 25 of the 44 conditions, including all covered cancers.

With excellent customer service and the best value in Canada, PolicyMe’s comprehensive critical illness insurance is a great choice to protect you and your family.

3. Instant Quotes and Approval

PolicyMe provides instant quotes and decision with its streamlined online process.

Here’s a step-by-step guide on how to get your instant life insurance quote and policy decision in under 20 minutes:

• Visit PolicyMe’s website and click “Get My Quote” or “Get Started.”
• Select your family make-up, and provide your basic information (date of birth, gender and smoking status).

• Once you’ve provided your basic information, PolicyMe’s insurance algorithms will recommend the best coverage amount and policy length for your situation and provide you with an instant quote. You can then review the details and make any changes you need.

• If you’re happy with the quote, click “See If I’m Eligible” to start the life insurance application process.
• Submit your life insurance application online by answering questions about your personal and financial situation, your medical history, and any existing life insurance policy you have – this takes approximately 15 minutes.

• Get verified instantly or respond to requests for further information. In most cases, you’ll get an instant decision about your application.
  If you have any questions, you may speak to a PolicyMe advisor.

• If your application is approved, you’ll get a satisfaction guarantee from PolicyMe. If you’re unhappy with your policy, you can get a refund in the first 30 days or cancel the policy at any time with no penalty.
• Once approved, read your policy contract carefully and submit your payment details to start your coverage.

4. User-Friendly Interface

The user-friendly interface of PolicyMe’s platform helps to make buying life insurance more straightforward, faster, and more affordable.

The interface is designed in a way that is simple and easy to use, with everything clearly laid out.

The application process is streamlined, and the buttons, sliders, and transitions are intuitive and satisfying to click. This makes it much easier to tinker with options, get a revised quote, and make educated decisions.

Furthermore, PolicyMe has features such as no physical paperwork, no hour-long phone call with an agent, and usually no medical exam required.

This adds to the overall convenience of using PolicyMe, making it an excellent option for those looking for an easy and affordable way to purchase life insurance.

5. Easy, Straightforward Process

When buying life insurance, PolicyMe makes the process easy, quick and affordable.

Unlike many other life insurance companies, their application process can be completed in simple steps and usually gives instant results.

Moreover, most applicants require no medical exam or telephone interviews, so you can easily purchase a policy online in as fast as 15-20 minutes.

Furthermore, PolicyMe provides free service with quick results, an intuitive application process, a 30-day money-back guarantee, friendly licensed advisors and no commissions tied into the advising process, which ensures genuine advice.

The website is also simple, mobile-friendly and very easy to use, so you can easily compare and purchase a policy.

This makes buying life insurance a lot less stressful compared to other companies.

6. Accessible, Honest Advice

PolicyMe helps to provide accessible, honest advice by making available licensed advisors to help you make educated decisions.

PolicyMe’s friendly and knowledgeable insurance advisors are available seven days a week (9 am – 5 pm EST) with no commissions tied into the advising process – this ensures each customer can get a policy that fits their budget and family’s unique needs – essentially removing the tricky sales tactics from finding the right life insurance plan for your loved ones.

Cons of PolicyMe

• Limited Availability in Canada: PolicyMe is currently unavailable in Quebec, New Brunswick and Newfoundland & Labrador, which may limit its accessibility for some people. However, the company is growing and expanding.

• New Player in the Market: PolicyMe is a relatively new player in the Canadian insurance market, which may make some customers wary of using a new provider.
  However, it is pertinent to note that PolicyMe’s policies are issued by Canadian Premier Life Insurance Company, one of Canada’s most reputable life insurance companies.

• Limited Options for Riders: PolicyMe’s rider options are limited compared to other insurance providers, which may not meet the needs of all customers.

• Limited Insurance Products: PolicyMe currently only offers term life insurance and critical illness insurance products, which may not meet the needs of all customers who require other insurance products.
  For instance, they do not offer whole life insurance policies.

• No Physical Branches for Face-to-Face Interaction: PolicyMe is an online-only insurance provider, which may make some customers uncomfortable. This may also limit the ability of policyholders to receive face-to-face support.

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PolicyMe Insurance Products

1. Term Life Insurance

What is Term Life Insurance?

Term life insurance is a type of life insurance policy that provides financial protection for a specific period (e.g. 10, 15, or 20 years) or until you reach a certain age.

With a term life insurance policy, the policyholder pays a predetermined premium to the insurance company in exchange for a set amount of coverage.

If the policyholder dies within the specified term, the beneficiary will receive a tax-free pre-defined lump sum payment.

Furthermore, the payouts are tax-free, so the beneficiary does not have to worry about additional taxes.

Lastly, term life insurance is more affordable than other life insurance policies (such as whole life insurance) and provides flexibility in the coverage period.

Term life insurance is a cost-effective way to secure the financial well-being of those who depend on you should you pass away unexpectedly.

About PolicyMe Term Life Insurance

PolicyMe’s term life insurance policies offer coverage from $100,000 to $5,000,000 with guaranteed level premiums over the policy term.

Prices are mainly dependent on age, gender, lifestyle, and health.

What is the Age Restriction for PolicyMe Term Life Insurance?

PolicyMe Term Life Insurance is available for those between 18 and 75 years old.

Term Length of the Life Insurance Policy

Term life insurance is a type of life insurance policy that protects for a fixed period, usually ranging from 10 to 30 years. This is referred to as the term length of the policy.

During this period, the policyholder is covered, and the beneficiary of the policy is entitled to receive the death benefit in the event of the policyholder’s death.

You can choose a short- or long-term life insurance policy depending on your needs.

PolicyMe offers term life insurance with the option of 10 years, 15 years, 20 years, 25 years, or 30-year terms.

Highlights of PolicyMe Term Life Insurance

PolicyMe Term Life Insurance offers several features and benefits to its policyholders. These include:

• Affordable term life insurance plans for Canadians between the ages of 18 and 75.
• Online application process with the potential for instant approval.
• Instant decision on your application, usually without the need for a medical exam.
• Customized term life policy with tailored coverage and payouts.
• Money-back guarantee in the first 30 days if you’re unhappy with the service.
• Non-convertible and non-renewable policies.

Unique Features of PolicyMe Term Life Insurance

I. PolicyMe Couples Coverage

PolicyMe Couples Coverage is an excellent way for couples to save 10% off the first year of their term life insurance policies.

The application process is simple, and all you need to do is apply with your partner online (about 15-20 minutes per application).

Once your applications are approved, you can activate your respective policies and benefit from the 10% savings!

The coverage provided by a PolicyMe term life insurance policy is also dependable;

• If either partner passes away during the term, the coverage amount is paid out to their beneficiary.
• Suppose both partners pass away during the term. In that case, both coverage amounts are paid out to their respective beneficiaries, and the policies are no longer active.

Overall, PolicyMe Couples Coverage is an excellent way for couples to save money and get the life insurance coverage they need.

II. PolicyMe Child Coverage

PolicyMe is the only life insurance provider in Canada that provides parents with FREE comprehensive child coverage at no extra cost and makes it incredibly easy to keep your family financially protected.

As a policyholder, if anything were to happen to one of your kids, PolicyMe will provide a tax-free lump sum payment of $10,000 as financial assistance that can be used to cover costs like funeral expenses or time off work.

PolicyMe also offers free Child Coverage of $10,000.

This is a bonus with purchasing any life insurance policy with PolicyMe – no extra work or fees are required.

With PolicyMe Child Coverage, policyholders never have to worry about their loved ones going unprotected again.

2. Critical Illness Insurance

What is Critical Illness Insurance?

Critical Illness Insurance is a type of insurance policy designed to provide financial coverage if an individual is diagnosed with a critical illness but does not pass away.

Coverage for medical emergencies like heart attacks, strokes, or cancer is provided.

This type of insurance is meant to help individuals and families cope with income loss or changes in expenses that may occur due to a diagnosis of a critical illness.

The payout is made to you, the policyholder.

About PolicyMe Critical Illness Insurance

The most extensive critical illness coverage in Canada is provided by PolicyMe, which offers coverage for 44 critical illnesses. This is 10-15 more than most Canadian insurers.

These illnesses are divided into two categories:

• 27 of those covered are severe illnesses that are fully covered, and
• 17 are early-stage conditions that are partially covered (15%-30%). 

The critical illness coverage amounts vary from $10,000 to $1 million, and you can choose between 10, 15, 20, 25 or 30 years of coverage.

PolicyMe also offers no waiting period for 25 of the 44 conditions, including all covered cancers. The payouts are received tax-free in one lump sum.

PolicyMe is Canada’s most comprehensive critical illness insurance provider, helping individuals and families prepare for the worst while planning for the best.

Unique Features of PolicyMe Critical Illness Insurance

I. The Most Extensive Critical Illness Coverage in Canada

PolicyMe Critical Illness Insurance stands out from the competition thanks to its comprehensive coverage.

With 44 covered illnesses, PolicyMe offers 10 to 15 more coverage on critical illnesses than the average Canadian insurer – giving policyholders protections against a wide range of conditions.

II. Simple and Quick Application

Not only do you benefit from superior critical illness insurance coverage through PolicyMe, you’ll also enjoy a simple, fast and convenient insurance application process.

In just 20 minutes or less, you can apply for Critical Illness Insurance when taking out Life Insurance or as a standalone policy.

III. Fast Financial Relief for You and Your Family

PolicyMe helps protect you and your family financially during a critical illness by providing insurance to cover medical costs and other expenses.

On top of that, Policyholders receive speedy financial relief when needed; there’s no 30-day waiting period after diagnosis to submit a claim for 25 of the 44 covered conditions, such as cancer.

PolicyMe’s Critical Illness Insurance provides policyholders with unparalleled peace of mind.

Who Should Get Critical Illness Insurance?

Critical Illness Insurance can make a real difference during tough times – but who should get it? Here are some suggestions:

• Those without emergency savings should consider critical illness insurance.
  Not many people have the financial resources to pay for medical costs associated with severe illnesses – PolicyMe’s Critical Illness policy provides coverage for such costs, easing the financial burden when you least need it.

• Parents and those looking to start a family will also benefit from Critical Illness Insurance.
  With PolicyMe’s coverage, you can ensure that your children will not have to deal with extra financial burdens if you become critically ill.

• Employed individuals who don’t have group insurance plans that offer critical illness coverage will miss out on potential assistance during an already difficult time.
  PolicyMe offers custom critical illness insurance packages tailored to meet your needs, so you can rest assured that you’re covered in case the unexpected happens.

• Freelancers and self-employed individuals should also get Critical Illness Insurance as they tend to lack access to group disability or health plans – and may not be able to work while critically ill and thus experience loss of income.

PolicyMe’s coverage provides a safety net related to long-term care costs, putting your mind at ease so you can focus on recovery instead of worrying about finances.

Critical illness insurance is a vital protection for individuals of all ages and all life stages.

Others who should consider getting critical illness insurance include:

• Individuals with high-risk jobs or careers
• People with family members who have suffered from a critical illness
• Seniors who are at a higher risk of developing a critical illness
• Individuals with a genetic predisposition to certain illnesses
• People who want to make sure their family does not have to deal with an extra financial burden in the event of a critical illness

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Comparison of PolicyMe Term Life Insurance vs Other Canadian Insurance Companies

PolicyMe has quickly gained traction as a leading provider of life insurance coverage for Canadians.

With over $5 billion in coverage sold, PolicyMe has become a top choice for families looking to protect their loved ones.

PolicyMe offers a range of family-first features, such as Couples Coverage with 10% savings in the first year and Child Coverage at no extra cost, making PolicyMe an ideal solution for growing families looking for affordable coverage options.

What truly sets PolicyMe apart is their fast and easy 20 minute-or-less online application process – no need to make unnecessary meetings. Resulting in most people getting approved without a medical exam – so you won’t have to wait weeks or months to make sure your family has the protection it needs.

PolicyMe is all about unravelling the complicated insurance purchasing process, providing non-commissioned advice only when you ask for it and designing a budget-friendly insurance policy that fits your unique needs.

PolicyMe is the clear choice for life insurance, allowing people to be financially secure and rest assured that their loved ones are taken care of.

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How to Get Life Insurance in Canada using PolicyMe?

Figuring out the right life insurance policy for you and your family can be overwhelming.

To make the process easier and ensure you get the coverage you need, PolicyMe provides an easy-to-use platform that considers your personal and financial situation.

Getting a quote for life insurance through PolicyMe is straightforward. It typically takes 20 minutes to fill out the application on the PolicyMe website, and most applicants receive approval instantly.

Here is a step-by-step guide on how to get your life insurance quote and get life insurance in Canada using PolicyMe.

Step 1: Get an Instant Life Insurance Quote (30 Seconds)

→ Head to PolicyMe’s website and click on the ‘Get My Quote’ or ‘Get Started’ tab.

• Choose the make-up of your immediate family.

In case you are wondering! PolicyMe offers free life insurance for policyholders’ kids (and future kids).

• Enter Basic Details: Enter your date of birth, gender and smoking status to get a personalized life insurance recommendation.

• Get an Instant Quote: After entering your basic details and getting a personalized recommendation, you’ll get an instant life insurance quote based on your selected coverage amount and policy length.

Suppose you’re unsure how much coverage you need, PolicyMe also has a life insurance check-up (quiz) tool that will make a personalized coverage recommendation based on your unique financial situation. You’ll provide information on your family, lifestyle, financial commitments, savings, and income to get a recommendation.

Step 2: Complete Your Life Insurance Application (15-20 minutes)

Once you’ve received your quote, you submit a more detailed, free, no-obligation life insurance application through PolicyMe’s website.

The application contains questions about your personal situation, finances, medical history, and any existing life insurance coverage you may already have.

Step 3: Receive Your Decision Instantly

After assessing your information, PolicyMe will instantly let you know whether you’ve been approved or if they need additional information from you.

Most people receive an instant decision after completing their application, with no need for a medical exam or physical paperwork.

Those with a health condition may need to provide additional documents or complete a medical exam to be approved.

If you’re approved instantly, you will be able to sign off on your application, verify your identity, add your payment details, and your coverage will begin.

Following these steps, you can get your life insurance quote from PolicyMe in no time! And start protecting your family from any future financial burden.

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FAQs: PolicyMe Reviews

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Final Thoughts: PolicyMe Review

Purchase term life insurance to save on monthly premiums!

Term life insurance can help you save money on monthly premiums in several ways.

First, it is significantly cheaper than whole life insurance policies, making it an excellent option for those who want to save money.

Second, you can choose the duration of coverage based on your financial needs, saving you money in the long run.

Third, PolicyMe offers competitive prices for term life insurance policies, which can help you save even more.

Get life insurance quotes in just a few clicks with PolicyMe!

For Canadians who want to be proactive when it comes to protecting their loved ones, PolicyMe makes that goal much more attainable with its family-first features, honest and uncomplicated coverage structure, as well as its fast and easy application process – all designed with affordability in mind.

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