PolicyMe is an online insurance platform, whose goal is to provide Canadians with affordable insurance policies that are easy to access. With their innovative interface, users can access affordable policies by completing a 20-minute online application. If you’re looking for term life insurance, critical illness insurance, or private health insurance, PolicyMe has a plan for you.
What Type Of Insurance Does PolicyMe Offer?
PolicyMe currently offers Canadians the following types of insurance policies:
Term Life Insurance
Term life insurance offers coverage for families in the event of death. Unlike whole life insurance, term life insurance is only valid over a specified period. While terms are much shorter than whole life insurance, it offers more affordable rates.
Features Of PolicyMe Term Life Insurance
- Coverage Amount – Depending on your needs, you can choose a policy with coverage amounts between $100,000 to $5,000,000.
- Coverage Period – PolicyMe is an online life insurance company that offers 10, 15, 20, 25 and 30-year term life insurance policies.
- Payout – No matter which policy you choose, your loved ones will receive a tax-free lump sum payment if you pass during the covered term.
- Online Quote – You can get an instant no-obligation online quote to check how much your premiums will be.
- High Savings – Save up to 20% on your term life insurance policy with PolicyMe. Apply as a couple and get 10% off in the first year. Moreover, you can get $10,000 of free life insurance coverage for each child you have.
Critical Illness Insurance
Critical illness insurance provides coverage to help cover income loss or changes in expenses for those diagnosed with a specific condition. PolicyMe critical illness insurance covers 44 critical illnesses, the broadest coverage of any other Canadian insurer. Of the 44 illnesses, 27 have full coverage and 17 have partial coverage.
Features Of PolicyMe Critical Illness
- Coverage Amount – PolicyMe offers coverage amounts from $10,000 up to $1 million.
- Coverage Term – PolicyMe offers a range of coverage periods. You can choose between 10, 15, 20, 25 or 30 years.
- Tax-Free Payout – If you’re diagnosed with an illness and are eligible for a payout, you’ll receive it in one tax-free lump sum.
- Safe – PolicyMe is federally regulated.
- No Waiting Period – There’s no 30-day waiting period after diagnosis to submit a claim for 25 of 44 conditions, including all covered cancers.
- Illness Covered – 27 of the covered illness are severe illnesses and are fully covered. The other 17 illnesses covered are early-stage conditions which are partially covered (15% – 30%).
- Online Quote – You can get a no-obligation online quote to check how much your premiums will be.
PolicyMe Life And Critical Illness Insurance Overview
| Term Life Insurance | Critical Illness Insurance | |
| Cost | Varies | Varies |
| Accessibility | Application can be completed 100% online | Application can be completed 100% online |
| Coverage Amount | $100,000 to $5,000,000 | $10,000 to $1,000,000 |
| Term Length | 10, 15, 20, 25 or 30 years | 10 to 30 years |
| Age Eligibility | 18 – 75 | 18 – 75 |
| Provinces Offered | All of Canada expect QC, NB, NF | All of Canada expect QC, NB, NF |
| Type of Insurance Policies | Term Life Insurance | Critical Illness Insurance |
| Perks | – Couples save 10% in the first year – $10,000 in free Child Coverage |
PolicyMe Health And Dental Care Insurance
PolicyMe offers health and dental care insurance under their Guaranteed Issue Plan and Protect Plan. Each plan contains multiple plans with various coverage options.
Guaranteed Issue Plan
The Guaranteed Issue Plan has multiple health and dental insurance plans that offer basic to comprehensive coverage:
- Dental Care Plan
- Economic Plan
- Classic Plan
- Advanced Plan
Prescription Drug Benefits Features
Depending on the plan you choose, you can get up to $700 in coverage per year (up to 70%) for prescription drugs.
Dental Plan Features
No matter which plan you get, you’ll get coverage for basic preventative and restorative dental services up to a limit. Coverages range from $500 to $1,200 yearly with 70% to 90% coverage.
If you opt for the Advanced Plan, you’ll also get coverage for major services, including crowns and bridges and even endodontic/periodontal treatment. You’ll also get coverage for orthodontics treatments to correct your bite.
Vision Plan Features
Depending on the plan, you’ll get coverage for eye examinations, prescription lenses frames, contact lenses and laser eye surgery.
Extended Health Care Benefits
If you’re looking for extended health care benefits, you can get coverage for some or all of the following, depending on the plan you choose:
- Accidental dental
- Ambulance services
- Hearing aids
- Diagnostic services (Quebec only)
- Home care and nursing, prosthetic appliances, and medical equipment
- Chiropractor, massage therapist, physiotherapist, acupuncturist, chiropodist, podiatrist, dietitian, naturopath and osteopath.
- Speech therapy
- Mental health services
- Access to telehealth
Protect Plan
If you’re looking for extra coverage for your prescriptions, consider the PolicyMe Protect Plan. Like the Guaranteed Issue Plan, they offer various options with different coverages, including:
- Economic Plan
- Classic Plan
- Advanced Plan
Coverage for the vision, dental and extended health care benefits is the same as the Guaranteed Issue Plan, however, the Protect Plan offers extra coverage for prescriptions.
Coverage amounts for prescriptions range from $1,000 to $2,800 per year with 80% coverage.
How To Apply For Insurance With PolicyMe?
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 about 20 minutes and involves providing in-depth information on your personal lifestyle, finances, and medical history.
Add Optional Critical Illness Insurance
You can add critical illness insurance when you apply for term life insurance with PolicyMe.
Can You Apply For Critical Illness Insurance Only?
Yes, if you only want to apply for critical illness insurance, you can do so by applying online with PolicyMe. The application process will take around 20 minutes or less, and you’ll find
out if you’re approved instantly. You’ll simply need to answer a few questions about your lifestyle and health.
Once approved, you simply need to sign the contract and enter your payment information. After that, you’ll be covered.
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.
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 who depend on you financially in the event of an unexpected death.
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.
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.
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.
Benefits of Using PolicyMe
PolicyMe offers a slew of perks, including the following:
- Some Of The Lowest Rates In Canada – PolicyMe offers rates for term life insurance that are roughly 5% – 10% lower than other providers in Canada.
- 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.
- 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.
- No Medical Checks – If you’re healthy, you likely 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.
Drawbacks of Using PolicyMe
Be sure to consider the following downsides before applying for a plan with PolicyMe:
- Limited Services – Despite its vast plan options, you can only get term life insurance through PolicyMe. If you need permanent or disability insurance, you’ll have to look elsewhere.
- No In-Person Meeting – While PolicyMe offers video meetings, emails, 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.
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 20-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.
Final Thoughts
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.
