PolicyAdvisor Review (April 2024) – Pros, Cons, Features, & Pricing

PolicyAdvisor is an insurance brokerage that offers online solutions for a variety of insurance products for clients. The company is well known for offering life insurance, though they also provide a wide variety of other insurance products, which you can review through its website.

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Last Updated: Apr 13, 2024


  • 99% of PolicyAdvisor customers recommend their service
  • Get live advisor support to answer your questions
  • Quick online process + competitive rates

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Why Choose PolicyAdvisor? What does PolicyAdvisor offer?

PolicyAdvisor is a new company that began in 2019 and has since become a successful digital insurance company, achieving over 15 billion in insurance quotes within a short period.

The company offers two main categories of insurance products: term life and whole life insurance. Term life refers to insurance covering a specific time frame, whereas whole life insurance doesn’t have a term or expiration.

PolicyAdvisor offers other products and life insurance, including mortgage protection, disability insurance, children’s life insurance, critical illness insurance, and similar products.

The company is known for its straightforward approach with customers, offering transparency and guidelines for which insurance products are a good fit.

How to Get Started with PolicyAdvisor

PolicyAdvisor works efficiently for anyone who wants to learn more about the company’s insurance products and services.

When you visit the company’s website, you’ll find a variety of life insurance products with the option of clicking on the “get instant quote” button located on the main page.

You’ll then be prompted to answer a questionnaire with details about yourself, including address, date of birth, gender, residency status, and if you smoke.

From this information, you’ll get an idea of the price range for insurance policies best suited to your circumstances.

Products and Services Offered by PolicyAdvisor

PolicyAdvisor ProductFeatures
Term Life InsuranceA tax-free, lump sum goes to your beneficiaries, if you pass away while coveredGet a Quote >
Whole Life InsuranceLife insurance that never expires and grows with timeGet a Quote >
Mortgage InsuranceTerm life insurance to protect your mortgageGet a Quote >
Critical Illness InsuranceA tax-free, lump sum payment if you get a covered critical illnessGet a Quote >
Disability InsuranceA tax-free, monthly payment if you can’t work due to an illness or injuryGet a Quote >
No Medical Life InsuranceLife insurance without a medical examGet a Quote >
Children’s InsurancePermanent life insurance purchased for a minor child, by a parent or grandparentGet a Quote >

In addition to life insurance, PolicyAdvisor offers a range of other insurance policies. If you’re a homeowner, you may be interested in the company’s mortgage protection, which is term insurance that takes effect during the amortization period of your mortgage.

If you pass away during this time, the mortgage will be paid in one payment (received by the beneficiary) and cover related expenses.

Disability insurance is another product offered through PolicyAdvisor, which offers compensation to policyholders who cannot work due to injury or illness.

Critical illness coverage offers a lump sum payment in the event of a significant health event, such as a stroke, heart attack, or cancer.

Children’s life insurance offers a parent or caregiver the opportunity to save for their children’s goals in the future. It’s often an alternative to registered education savings plans (RESPs).

Pros and Cons of PolicyAdvisor

PolicyAdvisor ProsPolicyAdvisor Cons
+ Compare over 20 Canadian companies
+ Online process is fast and easy
+ Lots of insurance products to choose from
+ Get live support from an advisor
+ Get suggestions on what policy is right for you
+ Offer guaranteed acceptance options
+ Offer medical health insurance and various forms of health and illness insurance
– Doesn’t serve all provinces

You’ll find lots of advantages that make PolicyAdvisor worth considering. The company’s website is a great platform to find many insurance products and policies, so you can make an informed decision that works best for your family and lifestyle.

To qualify for an insurance policy, you must be a Canadian citizen and 18 or 19 years old or over, depending on the province where you reside. The website offers a quiz, suggestions, and a calculator to find some great insurance options to consider.

Advantages of PolicyAdvisor

The company offers a wide selection of insurance products that last anywhere from ten years to more than 40 years in duration, or until age 65. Term insurance policies may increase in increments of five years, beginning from ten years.

You’ll also have the option of purchasing permanent life insurance, universal life insurance, and other products to protect you and your family in the event of illness or death.

Another great feature offered by PolicyAdvisor is the option of a 30-minute consultation for free so that you can discuss your eligibility for insurance products one-on-one with a representative.

You can also compare insurance policies across twenty Canadian companies and find quotes before committing to a policy.

Overall, you’ll find many excellent features on the website that help you understand the type of products available in the industry, so you can refine your search and choose the right policy.

Once you find the right insurance policy, the online application process is relatively easy so that you can get started immediately.

Suppose you’re unsure whether additional insurance plans are available and want to learn more. In that case, PolicyAdvisor’s website does an excellent job of guiding you through the process with an insurance “checkup” while providing a helpful calculator to estimate your life insurance rate, including premiums.

The best part of the PolicyAdvisor review is that the company is a fully licensed insurance broker, but gives you the option of comparing products, so you’ll have the best selection to choose from in one place.

Insurance Coverage for Unique Situations

The PolicyAdvisor review offers a few great options for people who may not qualify for other types of insurance products.

These insurance options are Simplified or No Medical Life Insurance coverage and cater to individuals who may have been declined previous life insurance products and are difficult to insure.

This coverage is also great for people who want insurance right away, without medical testing, or simply want to skip this process altogether.

If you’re looking for simplified life insurance options, this product only requires a short medical questionnaire to qualify for coverage.

It’s easy to apply and qualify for, with no medical exam, tests, or health records needed, and the policy takes effect within 24 hours of signing up.

While the price range is typically higher for this type of insurance, it’s a better option if you don’t qualify for other products.

PolicyAdvisor’s Website

Whether you apply for the simplified insurance option or compare other insurance policies on the website, you’ll find the entire process is easy and unintimidating.

PolicyAdvisor offers a lot of helpful information on the website, so you can easily navigate each section and find what you’re looking for right away.

The top section of the home screen provides a banner of insurance options to explore, including term life, whole life, disability insurance, critical illness insurance, and more.

Along the top of the website’s home page, you’ll find more information about the insurance industry, details about the company, PolicyAdvisor reviews, and more.

Since opening in 2019, PolicyAdvisor has quickly grown into a dependable digital company that’s gained a lot of respect and customers.

Promotions and Discounts

You may not find insurance discounts or specials on PolicyAdvisor, though some promotions and advisors can guide you to find the best deals for your coverage needs.

One of the main features you’ll find on this website is the free 30-minute consultation with a licensed insurance agent.

Before you consult with them, you can research your options to narrow down which items you’re interested in inquiring about, so you can make the most out of your free consultation.

PolicyAdvisor may introduce new, innovative products and services within the next few years, making this company a profitable company to watch and check with regularly.

A Few Drawbacks to Consider

There are a few drawbacks to consider when you use the PolicyAdvisor website.

Another disadvantage of PolicyAdvisor is service availability because the brokerage is licensed in Ontario, Alberta, Manitoba, and British Columbia.

Since the company is legally permitted to operate in these provinces only, they can only sell insurance products to residents from these four areas.

If you reside in another province or territory, it’s worthwhile to keep an eye on PolicyAdvisor, as they may eventually expand their scope to include more areas in Canada.

Since the company opened in 2019, there is a lot of room for growth and improvement, though overall, PolicyAdvisor offers a great platform so far and has lots of potential.

A Safe, Secure Website and Company

This PolicyAdvisor review found that the company is safe and offers a great reputation and a strong start for a new insurance provider.

When you log into PolicyAdvisor to purchase a policy and provide personal information to assess your eligibility, all your data is protected with 256-bit encryption and password login.

There is also a time-sensitive authentication system so that if you leave your computer or phone unexpectedly, you’ll be logged out automatically.

Your data is never shared with any third parties or anyone outside of the company. PolicyAdvisor is a well-trusted company with an excellent reputation and customer service.

Customer Service Support

Since the company is entirely online, you can access the support team through email or live chat if you have any specific questions or concerns. If you want to discuss a policy or insurance product with an advisor, you can reach the company by phone.

Fee Structure for PolicyAdvisor

A great benefit of this PolicyAdvisor review is that the website is free to use, and you are never under any obligation to sign up for any products or services.

The website is also available 24/7, so you can visit anytime, and there’s no pressure to consult with anyone if you’re simply browsing for options and not yet confident if you’re in the market for an insurance product.

You’ll never spend any fees searching the website, receiving a complimentary quote, or consulting with an advisor for the initial inquiry.

The entire fee structure, including premiums, coverage levels, and other charges, will be fully disclosed well before you sign up for insurance.

This process allows you to decide which plan is best suited for your situation and budget to plan and decide with all the information you need.

PolicyAdvisor Review Conclusion

PolicyAdvisor is a unique, high-quality insurance brokerage that gives you the best quotes from twenty insurance providers in Canada.

You’ll find these companies along the bottom of the website’s screen, with lots of helpful suggestions, links, and insurance options for all your coverage needs.

Whether you decide to proceed with an insurance product immediately or want to shop around, PolicyAdvisor is an excellent choice for comparing costs and policies to find the best option for insurance.

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September 20, 2022
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