PolicyMe Review

PolicyMe Review

Written by Priyanka Correia
Fact-checked by Caitlin Wood
Last Updated September 23, 2022

PolicyMe is an online company that was founded in 2018. It offers Canadians term life insurance through Canadian Premier Life Insurance Company; a well-respected life insurance company in Canada. It comes with terms between 10 and 30 years and coverages ranging from $100,000 to $5,000,000. With PolicyMe’s innovative interface, users will be able to access affordable policies by simply completing a 15-minute online application. If you’re looking for a term life insurance policy, PolicyMe is currently available to Canadians in all provinces excluding Quebec, New Brunswick, and Newfoundland. 

How Does PolicyMe Work?

Unlike many other life insurance companies, PolicyMe has a simple and straightforward application process that you can complete in 4 simple steps. 

  1. Understand Your Needs and Get a Quote – If you’re unsure of how much coverage you need, PolicyMe can make a personal recommendation based on your unique financial situation. Simply provide information on your family, your lifestyle, your financial commitments, your savings, and your income. You can then get an instant quote based on your preferred coverage amount and term length if you provide your age, gender, and smoking status.
  2. Complete Your Application – Once you get a quote, you can either continue with the application or you can email or call their life insurance experts to ask any questions you may have. The application will take a total of 15 minutes and involves providing in-depth information on your personal lifestyle, finances, and medical history.
  3. Review Your Agreement – Once you complete your application, you’ll get an instant decision regarding your approval. However, it’s important to note that those with a health condition may be required to complete a medical exam or provide additional documents in order to be approved. 
  4. Activate Your Coverage – If you’re happy with your policy, you can lock in the agreement by providing the finishing details. 
    • Name your beneficiaries – This is the person who will collect the payout if you pass away.
    • Verify your identity – You’ll need to provide a photo ID in order to verify your identity and prevent fraud. 
    • Electronically sign your agreement – In order to accept the agreement, you’ll need to e-sign the document.
    • Add your payment details – Once you agree and sign, you’ll have to add your payment details. You can choose to pay monthly or yearly, but those who pay annually will receive a 9% discount. 

What Type of Insurance Does PolicyMe Offer?

PolicyMe is an online life insurance company that offers 10, 15, 20, 25 and 30-year term life insurance policies. Depending on your needs, you can choose a policy with coverage amounts between $100,000 to $5,000,000. Whichever policy you choose, your loved ones will receive a tax-free lump sum payment if you pass during the covered term. 

Find out why buying insurance online is cheaper.

Important Features to Consider When Choosing to Work With PolicyMe

Life insurance is an insurance policy that pays out money upon the death of the policyholder. It is a financial tool that can help you secure the financial well-being of those that depend on you financially in the event of an unexpected death. 

Learn about life insurance and its relationship to debt.

Your Premium

When entering into a contract with the insurer, you will be required to pay a fee known as an insurance premium (payable monthly or annually) for the duration of the contract – if the insured person dies during the contract duration then the appointed beneficiaries will receive a tax-free lump-sum amount.

Check out what happens to your debt when you die.

Term Life Insurance Period

Term life insurance provides protection for a certain period of time (e.g. 10, 15, 20 years). Depending on your needs, you can choose a short or long-term. Moreover, if you later decide you need additional years of coverage you can simply renew your policy when the specified time period is coming to an end. 

Here are 14 insurance terms you need to know.

Amount of Coverage

Another point to consider is the importance of buying an appropriate amount of insurance. As your monthly or annual premiums will be higher for higher coverage policies, you should factor in all aspects of your household budget to decide what coverage amount is right for you.

Check out these insurance mistakes to avoid.

Benefits of Using PolicyMe

  • Couples Save – Apply with your spouse using PolicyMe’s Joint Application and receive 10% off the first year of the policy.
  • Child Coverage – Every PolicyMe plan includes Child Coverage at no extra cost.
  • Convenience – PolicyMe’s application and underwriting process are simplified so that you can complete your application quickly without hassle. Moreover, their data-driven underwriting process allows them to offer instant decisions. 
  • Affordable Rates – PolicyMe offers rates that are at least 5% lower than other insurers, with some rates being 10% – 20% lower. 
  • Easy Cancellation – If your insurance needs to change during your life insurance term, you can cancel anytime without fear as there are no cancellation fees or penalties. There is also a 30-day money-back guarantee for those who are unsatisfied with the policy.
  • No Medical Checks – If you’re healthy, you will not be required to undergo a medical check. However, if you have a medical condition that requires additional information, you may need to complete a medical exam or provide additional medical records. 
  • High Coverage – PolicyMe provides life insurance coverage from $100,000 to $5,000,000 with terms between 10 and 30 years. 
  • Fixed-Rate – Lock in your rate when you get a policy with PolicyMe. Even if your health changes, your premium won’t change during your term.  

Find out if you need travel insurance when travelling in Canada.

Drawbacks of Using PolicyMe

  • Service Coverage – PolicyMe is available across Canada except for Quebec, New Brunswick, and Newfoundland. 
  • Limited Services – Unlike many other insurers, you can only get term life insurance through PolicyMe. If you need permanent, disability, or critical life insurance, you’ll have to look elsewhere. 
  • No In-Person Meeting – While PolicyMe offers video meetings and phone calls for customer support, it doesn’t offer in-person consultation– everything is done online which may pose a challenge for those who are not adept at technology.

Want to switch life insurance providers? Learn how to cancel your life insurance policy.

PolicyMe Overview

AccessibilityApplication can be completed 100% online
Coverage Amount$100,000 to $5,000,000
Term Length10, 15, 20, 25 or 30 years
Age Eligibility18 – 75
Provinces OfferedCanada expect QC, NB, NF
Type of Insurance PoliciesTerm Life Insurance
PerksNo medical check required* 
*certain conditions may apply

Check out our list of the best life insurers in Canada.

Should You Use PolicyMe or Work With a Human Advisor?

Depending on your needs and preferences, either PolicyMe or a human advisor can be a better choice. 

You should use PolicyMe if:

  • You want convenience – Getting insured can take no more than a few minutes with PolicyMe. You simply have to fill out their 15-minute application which can all be done from the comfort of your home. 
  • Your life insurance needs are straightforward – If you’re healthy, you can get insured with no medical checks and unnecessary paperwork. However, if you have complex financial needs and a complicated medical history, a human advisor may be more beneficial. 

You should use a human advisor if: 

  • You don’t mind the long process – Working with an insurance broker in person will likely take a longer period of time – an average of ten weeks to get insured.
  • You want human contact – If you’re not very adept with technology and prefer discussing your options in person, a human advisor may be the best option for you. 

Why Should You Pay For Life Insurance?

Having a life insurance policy in place allows you to protect your family and loved ones as the insurance provider will give them a lump-sum payment that is tax-free at the time of death. Using PolicyMe, you can instantly get a quote based on your coverage needs and budget. As with any financial commitment, make sure you do your due diligence as to what the costs are and any details that your beneficiaries may need to be aware of.

Frequently Asked Questions

Does PolicyMe make money through commissions?

No, PolicyMe is 100% salary-based, which means they won’t make additional money by selling you higher premiums. 

Is PolicyMe available in Quebec? 

PolicyMe is available across Canada except for Quebec, New Brunswick, and Newfoundland. However, PolicyMe is working toward offering its services in these provinces.

Does PolicyMe have human support? 

PolicyMe has life insurance experts to help guide you through the application process and select an insurance policy that best suits your needs. They also have a wide range of tools and resources that can help you better understand the details and process of committing to a life insurance policy.

Go To PolicyMe Website

Priyanka Correia is a Marketing Coordinator and personal finance expert at Loans Canada. Priyanka completed her Bachelor's degree in Marketing at Concordia University and has published work that has been mentioned in various news media. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives.

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.

Save With Loans Canada

Special Offers

Earn 5% Cash Back With Neo

Earn 5% Cash Back With Neo
No annual fee!

Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.

View Offer
Build Credit With Refresh

Build Credit With Refresh

Build credit while spending money with the Refresh Financial VISA card.

View Offer
Build Credit For $10/Month

Build Credit For $10/Month

With KOHO’s prepaid card you can build a better credit score for just $10/month.

View Offer
Best Personal Loan Provider by Greedy Rates

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. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.