Apply Now

PolicyMe Is On a Mission To Help Canadians Find Affordable Life Insurance

Loans Canada: The Country's Best Loan Comparison Platform

PolicyMe Is On a Mission To Help Canadians Find Affordable Life Insurance

Written by Caitlin Wood

PolicyMe Is On a Mission To Help Canadians Find Affordable Life Insurance

The team behind PolicyMe, based in downtown Toronto, is working on a big mission, to not only help Canadians gain access to life insurance but to make it more affordable and convenient. Canadians can get advice, recommendations, and even compare offers all online at policyme.com. PolicyMe has served over 20,000 Canadians in Ontario, British Columbia, Alberta, Manitoba, Nova Scotia, and New Brunswick with more provinces coming soon.

We spoke with the PolicyMe team about the importance of finding the right life insurance policy and how they are setting themselves apart from the more traditional life insurance industry. 

When were you established? Why did you start your business in this industry?

PolicyMe is a new kind of life insurance company – one that is easy and personalized. We provide a platform for customers to get life insurance advice in 5 minutes under a convenient and “pressure-free” environment. Once users get a recommendation, we help them compare policies & apply online, saving them money and hassle along the way.

Today, Canadians can manage their investments, file their taxes and complete a number of their financial transactions online. However, in many ways, the life insurance industry has been left behind. The industry has failed to incorporate even the most basic of technology solutions that have been present in other industries for over a decade.

Buying insurance can involve multiple in-person interactions with an advisor, physical paperwork, and 4-8 weeks to get coverage in place. We believe this process is deterring younger, working consumers from buying life insurance to protect their families.

What types of services or products do you provide your clients? 

In its simplest form, life insurance is a security blanket for your loved ones. It is there to protect anyone who depends on you financially in the worst-case scenario.

Term life insurance is the purest and most affordable form of life insurance. It pays out a benefit to your beneficiaries only if you die within a specified timeframe, usually 10, 20, or 30 years. A term product is the best option for 95% of young families.

For most young families, term life insurance is the way to go, and that is what 95% of our customers choose. 

In addition to term life insurance, we also sell permanent products and critical illness.

Can you explain the application process? How long does it take for a client to find the right policy for their needs? 

We provide a platform for customers to get life insurance advice in 5 minutes under a convenient and “pressure-free” environment. Once users get a recommendation, we help them compare policies & apply online. The process in total takes about 10 minutes. 

Why is it important for Canadians to have life insurance?

If you’ve been told to look into life insurance, there’s a question you’ll probably have when you’re going through the research and buying process: Is life insurance worth it?

If you have anyone financially dependent on you and you don’t have enough money set aside to provide for them financially, if you were to die tomorrow, then life insurance is worth it. It should be your top insurance priority. (We’re not just saying that.)

Why? Because most people would agree that without a financial cushion from life insurance, their family might face a dire money situation if they were to pass away. That’s why term life insurance is so valuable. For a lot of people, it’s the difference between their family living out their lives without any financial stress and their family potentially really needing to scale back their lifestyle (moving out of their house, cutting back significantly on expenses, etc.). As a result, it’s an affordable way to protect the people you love most financially.

Why should Canadian consumers choose PolicyMe for their life insurance needs? Whats sets you apart from other companies in your industry? 

We are on a mission to make buying life insurance easy. Our platform allows users to get advice, compare, and buy insurance policies online. There’s no need for face-to-face meetings, no up-selling or pressure, just honest and bias-free options to help you choose the best life insurance for your needs.

But don’t listen to us, check out our reviews and see for yourself. 

How do you choose the insurance companies you work with?

We are an independent third-party broker, meaning we can sell life insurance products from whichever companies we choose.  We went through a rigorous process of analyzing each insurance company’s products, prices, and customer experience and handpicked the ones that will deliver the best overall value to our customers.

If you work as a sort of “broker/liaison” between insurer and client, how are you able to customize a plan for your clients?  Do you negotiate with the insurer on behalf of the client? 

Our life insurance checkup is completely personalized to you! We have used advanced statistical techniques to develop a sophisticated and best-interest advice engine that goes far beyond the calculators the rest of the industry uses to assess customer needs. This ensures that the recommendations we provide are precise, and customers don’t need to buy insurance coverage that they don’t need.

We are also here to help if you have a complicated case, or in the worst case, if you are denied coverage due to health issues. We work with alternative companies that deal specifically with harder to insure individuals. No matter what situation you are in, we will help you find the coverage for you.


Rating of 5/5 based on 2 votes.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Industry Spotlight

What's happening with Canada's credit industry?

CLA COVID-19 Survey: Canadian Businesses Struggling to Gain Access to The Financing They Need to Keep Their Doors Open

CLA COVID-19 Survey: Canadian Businesses Struggling to Gain Access to The Financing They Need to Keep Their Doors Open

Government requirements for financial aid is leaving many Canadian businesses out in the cold. With COVID-19 stunting sales, how will they survive?

Read More
Locator
Find The Best Rate
In Your Region
OR
Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan.

Your data is protected your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.