A PolicyMe Review for 2022
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.
Since March of 2021, PolicyMe has changed its model, where they have gone from being an insurance broker to offering their own life insurance products directly to consumers. They have 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. Currently, they offer term life insurance in select provinces in Canada.
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.
Table of Contents
Now that you understand more about this insurtech company, it’s time to take a look at how PolicyMe works for you.
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.
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.
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.
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.
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.
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 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.
From start to finish, PolicyMe guarantees honesty and security for each customer by providing quotes that include pressure-free guidance.
Currently, the service is only available in the following provinces:
- British Columbia
- Northwest Territories
- Nova Scotia
- Yukon Territories
However, the digital life insurance provider plans to expand its services to other Canadian provinces and territories.
PolicyMe Pros and Cons
Pros: The Good Stuff
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
Cons: The Not So Good Stuff
Only available in certain Canadian provinces
Does not sell permanent life insurance
Frequently Asked Questions
While both are digital insurance brokers, PolicyMe and Policygenius are separate companies.
PolicyMe is a Canadian digital insurance company that provides term life insurance at affordable rates, with quick approval processes.
Policygenius is only licensed to sell insurance in all 50 states and Washington, D.C. With life insurance, Policygenius offers home and auto insurance through its online platform as well.
Choosing the right life insurance coverage is a personal choice. PolicyMe will factor in personal circumstances such as age, gender, and health status.
Once the results are in, it is up to each policyholder to decide which coverage suits them best. PolicyMe has some fully licensed friendly Canadian agents to help anyone make an educated decision.
While everyone's priorities and circumstances are different, purchasing term insurance is generally the most budget-conscious life insurance option.
Most would agree that one of the best things to do is to stay inside, comfortable in your jammies, and plan for the future.PolicyMe’s online platform is ahead of the game, promising no more face-to-face meetings necessary when it comes to Canadian life insurance. Their life insurance checkup is available on any device, as long as the internet is available.