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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, Saskatchewan, New Brunswick, and Newfoundland and Labrador.
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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.
- 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.
- 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.
- 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.
- 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 annual will receive a 9% discount.
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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.
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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.
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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.
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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.
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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.
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Benefits of Using PolicyMe
- 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.
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- Easy Cancellation – If your insurance needs 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.
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- 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.
Drawbacks of Using PolicyMe
- Service Coverage – PolicyMe is available across Canada except for Quebec, Saskatchewan, New Brunswick, and Newfoundland and Labrador.
- 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.
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|Accessibility||Application can be completed 100% online|
|Coverage Amount||$100,000 to $5,000,000|
|Term Length||10, 15, 20, 25 or 30 years|
|Age Eligibility||18 – 75|
|Provinces Offered||Canada expect QC, SK, NB and NL|
|Type of Insurance Policies||Term Life Insurance|
|Perks||No medical check required*|
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.
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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.
Does PolicyMe make money through commissions?
Is PolicyMe available in Quebec?
Does PolicyMe have human support?
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