PolicyMe Review 2021
PolicyMe is an online platform and life insurance aggregator that helps navigate and provide life insurance options. Its popularity leans on its guidance 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 and nonpartisan approach to life insurance quotes by comparing Canada's most trustworthy life insurance providers.
With PolicyMe, the simple process requires only a few clicks and about five minutes of your time to fill out an online questionnaire.
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PolicyMe is the only Canadian broker allowing customers to fully apply for life insurance coverage rates with up to 50% savings.
In this PolicyReview, Wealth Rocket takes a look at how the insurance aggregator works and how they can find a policy to protect the things most precious to you and your loved ones.
A PolicyMe Review for 2020
Now that you understand more about this insurtech company, it’s time to take a look at how PolicyMe works directly for you.
Here, you’ll be able to learn more about pricing, the types 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 understands that you can't change certain circumstances about your life. However, their intelligent technology can help the average person navigate every personal factor to determine the best insurance premium available to them.
PolicyMe does not charge an additional fee to find you suitable life insurance but rather takes a cut from the insurance provider.
Their services provide examples of the average life insurance cost, depending on your age, gender, and the type of coverage you require.
PolicyMe requires potential policyholders to fill out a questionnaire to determine your age, gender, smoking status, and pre-existing health issues, among other circumstances unique to you.
On top of personal characteristics, premiums with PolicyMe depend on your death benefit and how much of a safety net you plan on leaving your beneficiaries.
While it's impossible to create a set rate or fixed pricing for a life insurance policy, premiums are often much less than most people expect.
Types of insurance offered
PolicyMe solely assists Canadians in finding the right life insurance in Canada. They do not charge for their services but rather provide options from third-party providers. There are only two life insurance types available in Canada: term life insurance and permanent life insurance, with different sub-policies for each type.
Term life insurance covers a fixed period, leaving you and your beneficiaries coverage for 10, 20, or 30 years. 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.
On the other hand, permanent life insurance provides lifelong coverage from the impact of death. It is the most common option for adults with long-term perspectives who have registered investment accounts.
The advantage of permanent coverage is that the policy will never expire, regardless of factors, such as health, that inevitably changes with age.
The costs are greater than term insurance. However, the beneficiaries that rely on your financial aid are protected.
What is PolicyMe?
PolicyMe is a Toronto-based insurance brokerage operating out of Toronto, Ontario, since 2018. It joins a rising trend wave of Canadian insurtech companies.
A third-party broker, PolicyMe offers life insurance consultations through a website questionnaire or directly through a licensed human advisor, both available through an inclusive and accessible platform.
Since there's a lot to consider when planning for your future, PolicyMe helps each consumer by using a proprietary algorithm, sifting through all available quotes from the top insurance providers in Canada. 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:
However, the digital life insurance brokerage plans to expand its services to other Canadian provinces and territories.
How to get a quote with PolicyMe
PolicyMe could not make the process of finding the right life insurance policy any easier.
Whether searching for your policy or, if you’re ready to apply, click the “Get Started” button on their website. You’ll then have to fill out the necessary information through the setup wizard. The questionnaire’s quick results can help you determine which policy works for you, with personalized advice for the best policies.While everyone is finding their footing in the current unprecedented times, the last thing anyone would want is to leave any dependents stuck in a financial crisis. PolicyMe’s online platform will relieve stress when planning for an unforeseeable future.
PolicyMe Pros and Cons
Pros: The Good Stuff
Compares competitive rates from Canada’s top insurers
Free service, with quick results
Easy and intuitive online questionnaire
Friendly licensed advisors to help make educated decisions
Cons: The Not So Good Stuff
Not available in every province and territory.
Only assists with life insurance
Frequently Asked Questions
While both are digital insurance brokers, PolicyMe and Policygenius are separate companies.
PolicyMe is a free, Canadian, third-party service that provides unbiased advice when in the market for life insurance.
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.
With the global pandemic looming, the desire to do right by your community is stressful when you realize that everyone’s ‘new normal’ is different than yours.
But 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.