PolicyMe is a fully online, term life insurance provider. The company opened its doors in 2018 as an online insurance advisor and broker. In 2021, PolicyMe began offering its own life insurance products. Through a partnership with Canadian Premier Life Insurance Company (CPL), PolicyMe administrates life insurance policies directly from one of the nation’s most reputable insurance providers. PolicyMe’s unique partnership and fully online model allows them to undercut competitors in price for the same products and to streamline insurance coverage. Their time as insurance advisors and brokers for other companies allowed PolicyMe to see the shortcomings of the prices, timelines, and delayed service of the traditional insurance model. They are quickly changing that model and putting stress on lower prices and quicker applications. Quotes with PolicyMe can be obtained in under 30 seconds with full applications done in as little as 15 minutes. While PolicyMe is changing insurance, they currently only offer term life insurance which is available in select provinces. Learn more in this review.
Overview
- Get a quote in under 30 seconds
- Rates that are 10% to 20% cheaper than other insurance providers
- Find out if you are approved instantly online
- No waiting for weeks, and usually no medical tests required
- Simple application, all online, with no physical paperwork
- PolicyMe insurance algorithms will recommend the best policy for your situation, including no policy in some situations
- The insurer PolicyMe has partnered with Canadian Premier Life Insurance Company (CPL)to offer its own policies
- Satisfaction Guarantee, if you are not happy with your policy, they will do a refund in the first 30 days, and they allow you to cancel your policy at anytime with no penalty
- While services are online, human help is available either over zoom, phone calls, or live chats
Products & Services Offered
PolicyMe currently only offers term life insurance policies. This type of insurance offers predetermined payouts to beneficiaries in the event a policy holder dies. Policy holders have coverage for an agreed upon term, usually 10, 20, or 30 years. After the term is finished, the policy expires. The term and amount of possible payout are all customized to specific needs and desired protections for specific life circumstances. Currently, PolicyMe has policies for Canadians 18 to 75, with policy amounts of $100,000 to $5 million. These policies are offered in 10, 15, 20, 25, and 30-year terms.
PolicyMe does not offer any other insurance policies, like home, car, or health insurance. PolicyMe is not currently licensed to provide insurance in Quebec, Saskatchewan, New Brunswick, and Newfoundland. However, they are working on expanding into these provinces.
Advantages of PolicyMe
- Quick, easy, and affordable
- Normally instant approval
- Usually no medical exam required
- No physical paperwork
- Excellent customer service options
- Satisfaction guarantee
Disadvantages of PolicyMe
- Only term life insurance policies
- Not able to bundle with other insurance types
- Limited to select provinces
- Completely online, may be a drawback for individuals who require more assistance
How does PolicyMe compare to the competition?
PolicyMe is the only fully online insurance policy provider in Canada. However, there are online insurance brokers who will work to find you the best possible rate for multiple types of insurances. Popular online brokers include PolicyAdvisor and InsuranceHotline.com. Check out how they compare to PolicyMe below:
| Provider / Features | PolicyMe | PolicyAdvisor | InsuranceHotline.com |
| Types of Insurance | Term life insurance | Life, critical illness, mortgage protection, disability insurance | Life, car, home, motorcycle, commercial, travel, and more |
| Available In | Ontario, BC, Alberta, Manitoba, PEI, New Brunswick, Nova Scotia | Only Ontario | All of Canada |
| Highlight | Lowest rates and instant decision (usually no medical exam required) | No medical exam needed for some insurance providers | Compare 30+ providers with one search |
| Online Application | Fully Online | Limited online quotes, not fully online application | Limited online quotes, not fully online application |
Aside from being fully online, PolicyMe is one of the affordable term life insurance provider in Canada. Check out the estimated monthly prices for different providers below. All prices are estimated for a male, non-smoker, with $1,000,000 coverage for a 20-year term:
| Age of insurance holder | 25 | 30 | 35 | 40 | 45 | 50 | 55 |
| PolicyMe | $53.11 | $53.29 | $55.67 | $81.84 | $132.13 | $222.11 | $403.90 |
| RBC Insurance | $59.58 | $56.25 | $57.33 | $89.10 | $142.02 | $246.06 | $455.13 |
| BMO | $56.70 | $57.60 | $58.50 | $90.90 | $144.90 | $251.10 | $460.80 |
| Manulife | $60.65 | $60.67 | $65.21 | $94.06 | $152.88 | $258.11 | $470.72 |
| Sun Life | $60.75 | $61.65 | $61.65 | $95.85 | $154.35 | $259.65 | $470.25 |
FAQs – PolicyMe
What impacts the price of life insurance?
Life insurance policies will be affected by age, gender, smoking status, personal health, driving history, and risky hobbies.
What is Term vs. Whole Life Insurance?
Term life insurance provides coverage for a preselected period of time, whereas whole life insurance provides coverage for you whole life. Whole life insurance is much more expensive and requires lifelong payments, making it more inflexible and burdensome. It does have some benefits you may want to look into, but for most individuals term life insurance provides the security they need.
How do I get a life insurance quote?
You can go directly to the insurance provider you’d like to receive a policy from online and apply directly with them. You can contact a local broker who can help you meet your needs at the best price. Or you can apply online with a virtual broker who will give you quotes from multiple insurance companies. Using any broker will help you establish comparable pricing and secure the best policy for the lowest price. If you are certain all you want is term life insurance, you can apply online directly with PolicyMe.
How much life insurance coverage do I need?
This is a highly personalized question and depends on your household size, expenses, and needs. Do you have a spouse and/or children? How many children do you have? What is your debt load? Will your family need to replace your income? Do you want to ensure your children have money for education? These are the kinds of questions you should ask yourself when determining how much coverage you need.
Will PolicyMe save you money?
PolicyMe, on average is 10% to 20% cheaper than other term life insurance providers in Canada. Monthly payments for the exact same coverage and term will be cheaper with PolicyMe.
Is PolicyMe worth it?
PolicyMe is an affordable and reliable term life insurance provider. They make applications and policies streamlined yet customizable. If you are looking for a quote, you can get one in 30 seconds and have a new policy in as quick as 15 minutes. PolicyMe will not attempt to upsell you on a policy you do not need, they will assess your needs and only offer you what suits you best. While they only offer limited types of policies in limited provinces, they are growing and expanding. For now, if you are interested in a term life insurance policy and you live in a province they service, PolicyMe is an excellent choice.
Author Bio
Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.
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