PolicyAdvisor.com Review 2021
PolicyAdvisor.com is the Hotels.com or Trivago of Canada’s insurance industry.
Just like those travel sites which allow you to compare the best flight and hotel prices in one place across multiple travel sites, PolicyAdvisor.com aggregates the best insurance policy options available from multiple insurance companies so you can compare multiple policies at once and buy the best one for you.
So, in this Wealth Rocket article, we'll review PolicyAdvisor.com and see what’s available and who you can get coverage from.
Table of Contents
PolicyAdvisor.com offers term life insurance, whole life insurance, mortgage protection insurance, critical illness, disability insurance, no medical insurance (insurance that is guaranteed issue and doesn’t require a medical history questionnaire or exam to qualify), and the newly offered children’s insurance.
After selecting the insurance type you want and entering some basic identifying and classification information, (man or woman, single, married or common law, dependents or none, smoker or non-smoker, etc.) you can either enter the amount of insurance you need or get PolicyAdvisor.com to calculate the amount based on variables you enter such as annual income, number of dependents, amount of debt, estimated funeral expenses, percentage of income you want to pass on to your dependents and any investments or other insurance policies you may have.
You will then be asked to customize your quote through questions that assess risk. For life insurance that’s height and weight, tobacco use, blood pressure, whether you drive or not, whether you have high cholesterol, and whether you abuse drugs or alcohol.
Once that’s all been assessed, you’ll be asked to sign-up for a free account to see quotes based on the information you provided for the type of insurance you selected from Canada’s top 20 best life insurance companies, including Manulife, BMO Insurance, RBC Insurance, Empire Life and more, all on the same page.
For example, I was assessed to need $540,000 in term life insurance and I was shown a policy from Equitable life at $67.59 per month, Desjardins at $70.67 per month, and Canada Life at $71.44 per month.
On each quote, I’m told these amounts are how much I will be paying per month if I pay annually.
Each quote also gives you information on the insurer providing it and what type of term policy it is, whether it’s renewable and whether you can convert it to a whole life insurance policy.
Once you select a quote from those presented, you’re asked your address, whether you have a spouse or significant other, your occupation, your annual income, and when you’d like to book a call from an insurance agent from a policy advisor who can help you with your application to the insurance company.
These quotes are valid in the provinces PolicyAdvisor.com agents are licensed to do business in, which are Alberta, Manitoba, and Ontario.
There actually are no fees you need to provide to PolicyAdvisor.com for its services. Signing up for an account as a mechanism to reveal the generated quotes from Canada’s top insurers is free. You don’t actually have to pay PolicyAdvisor.com directly for anything.
If you apply for and are approved for an insurance policy through their aggregated quotes, you will then pay the monthly or annual premium to the insurance company whose quote you selected. Meanwhile, PolicyAdvisor.com gets a referral fee from that insurance company for your business.
It’s a pretty sweet deal, especially since they provide several services in addition to their comparison-shopping function for insurance quotes.
These include the Insurance Calculator, to find out how much insurance you need based on your financial circumstances, Insurance Checkup, which gives you an unbiased insurance needs assessment, and PolicyAdvisor Magazine, which is a collection of articles on insurance that provides advice and answers to common questions.
Plus, if you’re looking for that personal touch, you can schedule a call at any time from a PolicyAdvisor.com agent who can give you advice on what type of insurance you may need, answer your questions, or speed up the sale of a policy without going through all those online questions.
What is PolicyAdvisor.com?
PolicyAdvisor.com is a digital insurance brokerage that hosts a group of independent insurance brokers along with several marketers, web developers, and designers who want to make insurance, in general, less confusing and the ability to buy it easier than it has been traditionally.
So they got their license to sell insurance in Ontario, Alberta, and Manitoba and created a website that allows you to shop for many different types of personal insurance at once.
After you answer a few personal questions, determine how much insurance you actually need through more questions, and then answer yet more questions that assess your likelihood of making a claim, you will receive several premium quotes from the top 20 insurance companies in Canada that you can compare.
Once you find a monthly or annual premium you like, you can fill out an application and schedule a call with a PolicyAdvisor.com agent who will complete the application with you and activate the policy at the premium you were quoted.
If you don’t want to buy insurance right then, you can read the free PolicyAdvisor Magazine which covers several insurance topics through various articles designed to get people more comfortable with insurance and raise their level of understanding and comprehension when it comes to insurance.
How does PolicyAdvisor.com work?
PolicyAdvisor.com allows you to compare monthly or annual insurance premiums for the personal insurance you want from a variety of leading insurance companies across Canada. If you don’t know where to start, you can always call them and speak to an agent who can advise you on the insurance to get based on your financial needs.
You can also use the provided online tools from PolicyAdvisor.com like the insurance calculator and the insurance needs check-up to assess how much and what kind of insurance you need. If you already know all that, you can request a call from a PolicyAdvisor.com agent who can help facilitate the sale of an insurance policy that fits your needs directly.
Our Final Thoughts
PolicyAdvisor.com’s mission is to make buying insurance easier using technology and it does. Rather than doing all your own research and calling around to insurance companies for pricing, PolicyAdvisor does that for you and presents you with options that already fit your needs and situation.
Plus, you can still get that personal one-on-one conversation that many other quote sites are lacking. What makes it different is PolicyAdvisor.com agents are independent and not tied to the policies of one company, so you can truly find the right insurance rate that fits your needs.
Frequently Asked Questions
PolicyAdvisor.com provides a way to comparison-shop for life and health insurance policies online by comparing premiums on individually customized policies from the top twenty leading personal insurance companies in Canada.
Once a quote is selected, a PolicyAdvisor.com visitor can apply to purchase the chosen policy through one of PolicyAdvisor.com’s independent agents.
In addition to purchasing insurance online, PolicyAdvisor.com also provides various educational resources on insurance, including an Insurance Calculator that calculates how much insurance you should get based on your financial situation and number of dependents, and an Insurance Check-up that determines what kind of insurance you should get, and PolicyAdvisor Magazine, which provides articles designed to educate and answer questions on life and health insurance in general.
You can buy the insurance compared in the quotes PolicyAdvisor.com aggregates for you in the three provinces where its agents are licensed to sell life insurance products, which is Manitoba, Ontario, and Alberta.
However, the website can be accessed nationwide, so you can still get educated on the basics and complexities of personal insurance by reading the web articles that are part of the PolicyAdvisor Magazine offered on the site.
You can also still use many of the quote tools available on the site to figure out how much and what kind of insurance you need.
Yes. If you live in a province where PolicyAdvisor.com agents can sell insurance policies, PolicyAdvisor.com can save you tons of time and research comparing insurance policy premiums on your own.
PolicyAdvisor.com can give you a decent snapshot of the pricing the top 20 insurance companies in Canada have to offer, and you don’t get that the same way anywhere else.
This is because PolicyAdvisor.com agents are independent, so they are not beholden to sell insurance policies from any particular insurance company. Instead, they can truly recommend policies that are the best fit for your situation and not for their corporate profits.