PolicyMe is a Canadian online-only life insurance company that offers a variety of term life insurance plans. This online platform offers various features that help individuals choose an affordable insurance plan that suits their personal needs. PolicyMe aims to provide customized and convenient life insurance options that are easy to understand. Check out this PolicyMe review for more info.
The company is based in Toronto and was established in 2018. It’s a digitally-based company that gives users the option of comparing life insurance plans and quotes. PolicyMe initially began as an insurance broker and now offers programs directly to customers in March 2021. The firm works with Canadian Premier Life Insurance Company as a partner and third-party administrator.
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Last Updated: Sep 29, 2022
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PolicyMe can offer less expensive premiums and provide greater transparency by selling insurance policies directly to customers. The company is entirely online, so there aren’t any in-person meetings or paperwork to complete, as all agreements and information are conveniently provided online.
It’s easy to sign up with PolicyMe, by filling out an online questionnaire that takes just a few minutes. In this PolicyMe review we’ll go over the process. While all details and support are provided online, there is an option to call the support line and speak to an advisor. Once you register with the service, you can browse the various insurance plans available to you.
When you need a quick quote for life insurance, you can search with just a few pieces of information, including your gender, age, and smoker status. This quick assessment will give you a quick summary of which plans are available to you, then provides a more in-depth questionnaire that takes between five and ten minutes to complete for an estimate.
Once you proceed to the questionnaire level, you’ll need to provide further details of any current life insurance coverage you have, whether you’ve applied for additional plans and the status (approved or declined), criminal and driving records.
The application process also asks questions about your leisure activities and details about your lifestyle, including whether you drink alcohol, smoke, your weight, height, physical health, and your family’s health history.
This PolicyMe review offers a variety of term life insurance plans available in 10, 15, 20, 25, and 30-year terms. Insurance terms are available to Canadians between 18 and 75, with a coverage range of $100,000 to $5,000,000. PolicyMe offers all the details you need to make an informed decision, including the eligibility, costs and requirements for the plan, and coverage limits. You’ll have access to all the information you need before purchasing an insurance plan.
The PolicyMe review offers some significant features that stand out. At first glance, you’ll find that the company’s website offers a lot of helpful information. You’ll have access to general information about life insurance products, a quick application process, and overall, less expensive premiums that range between 10% and 20% in savings compared to other insurance providers in Canada.
If you’re approved for an insurance plan, you’ll be notified right away so that you don’t have to wait for days or weeks for a response. The entire application process is online, so you don’t have to take any additional steps to fill out forms or provide medical information before your insurance coverage takes effect.
When reviewing the terms and guidelines of your insurance coverage options, PolicyMe is upfront and transparent about what your plan covers and doesn’t cover. You’ll receive a summary report that includes what you get, so you can review the bottom line without numerous pages of terms and conditions, which can be challenging for many people to understand.
|Pros of PolicyMe||Cons of PolicyMe|
|+ Free to use|
+ Save on insurance
+ Quick, online application & approval
|– Only for life insurance|
– Limited customer support
You’ll find some significant advantages to signing up with PolicyMe when you’re shopping for a reasonably priced insurance plan. The first benefit you’ll notice is that it’s free to use and conveniently easy to navigate. You’ll find the quote process is quick and available within five minutes. You’ll find the rates are competitive, which is a significant benefit compared to working with an insurance broker.
Suppose you require additional information on the online platform. In that case, you can speak directly to a PolicyMe advisor to determine which insurance coverage plan works best for you and other details about coverage level options. To qualify for an insurance plan, you don’t need to conduct a telephone interview, and no medical exam is required.
The PolicyMe platform will offer suggestions based on the type of policy you need and how much coverage works best for you. Since the underwriting process is data-driven, and there are fewer expenses, and most policies don’t require medical exams, interviews, or statements from a physician, so you’ll enjoy affordable rates for any plan you need. The coverage is dependable, straightforward, and significantly less expensive than competitors. Check out more competitors later on in this PolicyMe review.
When you create an account with PolicyMe, you’ll have quick access to free advice and quotes with no obligation. You’ll never have to call the company to confirm your insurance policy or conduct any interviews, making the process fast and without any complicated steps. PolicyMe offers a 30-day money-back guarantee so that if you’re not completely satisfied with your insurance policy, you’ll receive a full refund within this time frame and without penalty.
There are a few drawbacks to consider before you sign up for an insurance plan through PolicyMe. While many individuals will find the online platform very convenient and easy to use, other people may need additional assistance and support to complete the registration and insurance questionnaire. For this reason, PolicyMe may not be a good fit for individuals who need a greater level of personal assistance.
If you’re looking for other insurance products, you’ll only find life insurance through PolicyMe. Other forms of insurance are not available. The platform is open to Canadians, though it’s not a service open to all provinces and territories. PolicyMe is available in all provinces and territories except Saskatchewan, Quebec, Newfoundland, and New Brunswick.
PolicyMe offers term life insurance only, which expires after a specific number of years. For this reason, if you’re looking for permanent life insurance options, you’ll need to find an alternative provider. While PolicyMe only features term insurance coverage, you’ll find that this product is a good option for most people, as it’s affordable. The premium amounts are set at a specific rate that’s paid monthly. In the event of death before the policy expiry date, PolicyMe will pay a lump sum to the beneficiary that is tax-free and predetermined.
PolicyMe offers several customer support options for customers. If you prefer to inquire about your insurance policy online, the website offers a convenient live chat function and helpful tips available on the website. If you prefer speaking to an advisor, representatives are available by phone or Zoom, so you’ll have convenient access to a licensed insurance advisor to help you choose a product, complete the questionnaire, and provide the required information.
If you’re looking for customer service online or by phone, the hours are between 9:00 am, and 8:00 pm, Monday through Thursday, and between 9:00 am and 5:30 pm on Fridays. Outside of these hours, you can review the website’s blog, educational videos, and references to guides and resources, which can offer helpful details that may answer your questions.
PolicyMe offers a user-friendly website that’s easy to navigate and find all the information you need to choose an insurance product. You’ll find some valuable details on the main page to help guide you through how the company works. There’s a helpful video tutorial on life insurance, a summary, and a comparison of how PolicyMe’s rates rank with top competitors.
There’s a “Life Insurance 101” section that gives you an overview of life insurance products, policies, and what you can expect with a new product. It’s a helpful website to explore so that you can learn more about the company’s products and which options work best for you.
When you sign up with PolicyMe, you’ll find the company is highly reputable and secure. The firm works with some of the top insurance companies in Canada and offers advice and resources from licensed insurance advisors. PolicyMe has a solid track record of helping thousands of people find affordable, quality life insurance products.
This PolicyMe review indicates a consistently high rating from various insurance companies. RGA and A.M. Best rated the company with A+, and it’s considered one of the top-rated insurance carriers in Canada. PolicyMe is well-known for its transparency and has paid billions in insurance claims to date.
If you’re shopping around for other life insurance providers, there are a few Canadian-based companies to consider before you buy coverage. PolicyAdvisor and InsuranceHotline.com are two companies that offer life insurance products for Canadians.
PolicyAdvisor offers a variety of insurance coverage products, including life, mortgage protection, disability, and critical illness insurance. It’s an easy service to use that doesn’t require a medical exam or physician’s statement for most insurers.
While this company offers a great selection of insurance options and coverage plans, PolicyAdvisor is limited to people in Ontario, which is a significant drawback. The company offers helpful information online, though the application process must be done in person or over the phone, taking longer than applying online.
InsuranceHotline.com is another alternative to consider if you’re shopping for life insurance coverage. This company offers insurance plans to Canadians in all provinces and territories. It offers a helpful comparison tool so that you can review more than thirty insurance companies, their premiums, and coverage levels by conducting a simple search.
InsuranceHotline.com offers car, home, travel, commercial, motorcycle, and life insurance. You can shop for more than one type of insurance product and compare prices and coverage levels across many providers, making decision-making easier. You’ll have to contact the insurance company offline to apply for coverage, as there is no online application process available.
Generally, PolicyMe is an innovative, forward-thinking insurance company that offers competitive services, tutorials, and a quick quote feature, so that you can compare and select an insurance plan that works best for you. One of the highlights of PolicyMe is that it’s completely online, so you can process your application and receive coverage without unnecessary delays. You’ll also find the price range more budget-friendly and reasonable than other options.
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PolicyMe is a Canadian online-only life insurance company that offers a variety of term life insurance plans.
PolicyMe plans start at $15/month. PolicyMe offers all the details you need to make an informed decision, including the eligibility, costs and requirements for the plan, and coverage limits. You’ll have access to all the information you need before purchasing an insurance plan.
This PolicyMe review offers a variety of term life insurance plans available in 10, 15, 20, 25, and 30-year terms. Insurance terms are available to Canadians between 18 and 75, with a coverage range of $100,000 to $5,000,000.
To get a plan with PolicyMe you apply online on their website and know if you are approved almost instantly. It's one of the quickest and easiest ways to get life insurance.
PolicyMe is for Canadians between 18 and 75 looking for life insurance plans.