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PolicyMe Review

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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.

PolicyMe is a digital life insurance provider that provides an affordable life insurance product in Canada. Its popularity leans on its quick approval process, 10-20% lower costs and trustworthiness, while eliminating the uncertainty and anxieties that often come when searching for a life insurance policy with the right coverage.

PolicyMe’s goal is to provide a transparent go-to resource to life insurance by offering quotes that make the most sense to your needs.

In this PolicyMe Review, we take a look at how the insurance provider works and how they can find a policy to protect the things most precious to you and your loved ones.

Here, you’ll be able to learn more about features, pricing, the type of life insurance it offers, and the pros and cons, among other useful information that will help you decide whether or not PolicyMe is the right fit for you.

Who is PolicyMe?

PolicyMe is a Toronto-based insurance provider operating out of Toronto, Ontario, since 2018. It joins a rising wave of Canadian insurtech companies.

The company offers life insurance through its website questionnaire or directly through a licensed human advisor, both available through an inclusive and accessible platform.

PolicyMe became an insurance provider after their company found inefficiencies in the life insurance application process while it operated as a broker platform. Unable to control the customer experience or price, PolicyMe’s solution was to work on optimizing customer satisfaction by building their own product.

Since March of 2021, PolicyMe has partnered with the Canadian Premier Life Insurance Company (CPL) (est. 1955), a federally regulated life insurance company which serves more than 2 million customers, in order to serve customers directly.

There’s a lot to consider when planning for your future, so PolicyMe helps each consumer by customizing policies. It’s how they help determine the right life insurance policies for you and your family.

From start to finish, PolicyMe guarantees honesty and security for each customer by providing quotes that include pressure-free guidance.

As of September 8, 2023, term life insurance is now offered nationwide.

PolicyMe features

PolicyMe solely assists Canadians in finding the right life insurance in Canada. There is only one type of life insurance they currently provide: term life insurance.

Canadians between the ages 18-75 may apply for the PolicyMe Term Life Insurance. Coverage length is typically 10, 20, or 30 years. The amounts available are between $100,000 and $5 million. This type of life insurance is considerably more affordable and generally best for young families, business owners, or new homeowners with a mortgage.

Term life insurance provides fiscal assistance with the financial impact of death. The policyholder makes monthly payments. Should you pass away before the policy expires, insurance companies pay out a tax-free, prearranged monthly sum.

Other features include:

  • No cancellation fees, plus you can cancel any time
  • A locked-in price, which means that your monthly payment amount during the insurance term does not change
  • An option to extend the term length within the first five years of the policy
  • Tax-free death benefit, meaning that your family is protected in the event of your death, regardless of whether it was health or non-health related
  • A 30 day money-back guarantee

PolicyMe application process

Here’s where PolicyMe fares better than traditional insurance companies. The process is 100% online and requires less than 20 mins from start to approved!

Step 1: Get a quote (5 mins)

Enter basic details including income and smoking status. Based on your coverage needs, the algorithm will generate an instant quote. Alternatively, you can use the PolicyMe life insurance check up to figure out how much insurance coverage you may need.

Since there’s a lot to consider when planning for your future, PolicyMe helps each consumer by customizing policies. It’s how they help determine the right life insurance policies for you and your family.

PolicyMe homepage

Step 2: Complete your application (15 mins)

Fill out a no-obligation application and personalise your quote. You don’t have to share any payment details at this stage. You can also speak to an advisor or write to them for clarifications.

PolicyMe estimate

Step 3: Receive the decision within seconds

Get on-the-spot approval based on your application. In case of a non-approval, they may ask you for further information. Individuals with health issues may have to do a medical exam. Such individuals may also have to provide medical and driving records.

PolicyMe pricing

By cutting out process inefficiencies, and offering an insurance product directly and digitally to customers,  PolicyMe can now save you an average 10-20% more compared to more traditional insurance companies.

PolicyMe pricing
PolicyMe Pricing

PolicyMe pros and cons


  • Free service, with quick results

  • Easy and intuitive application process

  • A 30 day money-back guarantee

  • Friendly licensed advisors to help make educated decisions, 7 days of the week

  • No commissions tied into the advising process, therefore genuine advice


  • Does not sell permanent life insurance

Frequently Asked Questions

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