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PolicyAdvisor Review

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PolicyAdvisor Review

Written by Chrissy Kapralos
Fact-checked by Caitlin Wood

PolicyAdvisor Review

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Insurance Review

Statistics show that life insurance coverage is at an all-time low in Canada. Clearly, life insurance is no longer a priority for most Canadians. Whether that is because of the cost or because of the time-consuming application process, is unclear. But one thing is clear, companies like PolicyAdvisor are changing the way Canadians shop for and find the right life insurance policy. 

Let’s take a closer look at how PolicyAdvisor makes the process of purchasing life insurance more approachable for the average consumer.

What Is PolicyAdvisor and What Makes It Different?

PolicyAdvisor is a digital insurance brokerage that is partnered with 20 of the most popular life insurance providers in Canada. Using an online platform, PolicyAdvisor helps users decide which provider is the right based on current circumstances and lifestyle and also helps find the lowest rates. PolicyAdvisor is available to clients living in Alberta, Ontario, and Manitoba. 

Choosing the right insurance provider and plan can be tricky, especially if you haven’t done it before. Consumers find PolicyAdvisor’s support helpful in deciding the best option. 

The Benefits of Working With PolicyAdvisor

There are many benefits to using PolicyAdvisor, including the fact that it’s free, their advisors don’t work on commission, it’s all online, and more. 

  • PolicyAdvisors service is completely free
  • Access multiple insurance companies and rates all in one place
  • One stop shop for most major insurance needs
  • Completely online service, apply from the comfort of your home
  • PolicyAdvisor is an independent broker

How Does PolicyAdvisor Work?

PolicyAdvisor’s online platform offers access to insurance policies from different providers across Canada. Based on your personal circumstances, PolicyAdvisor looks for the most suitable policy for you. If you have trouble deciding, you can read PolicyAdvisor’s many advice articles, use their comparison tools, or chat with one of their insurance brokers for advice. Once you’ve picked the policy, PolicyAdvisor helps you fill out your application before sending it to the desired insurance provider. 

Need more advice, check out how a financial advisor can help

Required Information

To view quotes from various insurance providers on PolicyAdvisor’s website, you will need to fill out their online application form by providing the following information:

  • Gender
  • Date of Birth
  • If you are a smoker
  • Postal Code
  • Resident/Non-resident of Canada

You’ll also be required to answer a few questions regarding the type of coverage you need and how much you’re willing to pay for it. You’ll also need to provide information regarding your personal lifestyle and health. Once they process your information, you’ll receive a list of offers that you can choose from. You can also speak to a broker to customize and finalize any of the offers. 

Cost

One of the main advantages of using PolicyAdvisor is that there are no costs associated with using the platform. Finding the right life insurance for you is completely free. However, do bear in mind, that while PolicyAdvisor is free, the amount you pay for your policy ultimately depends on: 

  • Your age
  • Your gender 
  • Your lifestyle
  • Your job
  • Your personal health as well as your family history’s health 
  • The coverage you want

Check out how life insurance affects your debt.

Overview of PolicyAdvisor- Types of Services

PolicyAdvisor helps you find an insurance policy that best works for you. There are many different kinds of insurance that PolicyAdvisor will compare for you including life insurance, whole life insurance, critical illness, mortgage protection. and disability insurance. Below, you’ll find a short summary of each one.  

Life Insurance

PolicyAdvisor allows you to access five different kinds of life insurance policies in Canada including term life insurance, whole life insurance, and permanent life insurance This kind of insurance is especially important for people who have dependents, as life insurance can ensure financial stability for the loved ones of someone who dies. 

What happens to your student debt when you die? 

Critical Illness Life Insurance

A critical Illness life insurance policy is an agreement between a client and insurance provider outlining the lump-sum payment to be paid to the client if they are diagnosed with one of the life-threatening illnesses covered in the policy. The client pays a premium, which is a monthly fee for the insurance. Critical illness insurance protects against loss from serious illnesses, including:

  • Cancer
  • Heart attack
  • Stroke
  • Kidney failure
  • Multiple sclerosis (MS)

Mortgage Life Insurance

Mortgage protection, or mortgage life insurance, ensures your mortgage balance can be paid for in the event of your death through a life insurance policy. This is a great way to not only protect your home but also your dependents, or beneficiaries, in the event of your death.   

No Medical Insurance

Policy Advisor offers no medical insurance. This insurance policy does not require clients to undergo a medical check up before signing a policy agreement. The three types of no medical insurance policies are as follows:

  • Accelerated Issue – detailed health questions, with the possibility of a required medical test
  • Simplified Issue – some health questions, but no medical test
  • Guaranteed Issue – no health questions or medical tests required

Disability Insurance

Disability insurance financially supports you and your loved ones if you acquire a disability that makes you unable to work. This insurance pays monthly, and stops if/when you are fully recovered. You can claim disability insurance for a variety of reasons, including serious illnesses and injuries, hospitalizations, and mental illnesses. 

PolicyAdvisor Overview

Types of life insurance offered– Whole life insurance
– Term life insurance
– No medical check life insurance
– Mortgage life insurance
– Critical illness life insurance
FeesFree
Number of providers16 
Service availability Ontario, Manitoba, Alberta
Perks Get up to 40% off 

Should You Use PolicyAdvisor Or Work With a Human Advisor 

Although PolicyAdvisor is an online platform, it offers consumers access to licensed insurance advisors. These advisors are paid on salary, not commissions; so, they are more transparent and trustworthy when helping you pick out the right insurance policy. You get the best of both worlds with PolicyAdvisor – a completely online platform with the flexibility to speak to knowledgeable, licensed advisors. 

Why Should You Invest In Life Insurance?

Many people might think that they don’t need to think about life insurance. The thought of passing away seems so far away, so one might not think it’s wise to invest. However, there are a few reasons why buying life insurance is a great way to invest your money.

  • You never know what can happen in future – Death might seem like a faraway event, but accidents happen all the time. If you have a family or people who are financially dependent on you, life insurance can ensure they are financially secure, even after you pass. It helps cover funeral costs, mortgage payments, credit card debt, or any other debt
  • Death benefits aren’t taxed as income – If you have children, they will not be taxed on your death benefits in the event of your death. This can reduce the financial and tax burden on your children. 

Learn how to financially deal with the death of a spouse

When Should You Invest In Life Insurance?

It is always best to invest in life insurance early, provided you have the extra money to do so. Premiums are lower when you are in a lower risk age bracket. 

Bottom Line 

PolicyAdvisor is a great online platform for comparing insurance policies, insurers, and rates. It’s a time and cost-efficient way of researching life insurance policies as it does all the work for you. Moreover, they offer users access to different tools and advice from professional brokers to help you evaluate your offers and choose the best one for you. 


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