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PolicyMe is an online portal that allows Canadians to compare life insurance quotes from some of the biggest insurance providers in the country. The company was founded in 2018 and is currently available to Canadians in all provinces excluding Quebec (also excluding the territories). PolicyMe uses an innovative interface that requires the user to answer a series of questions in order to make accurate recommendations that suit their needs.
How Does PolicyMe Work?
To get started, PolicyMe has an online questionnaire that you will need to fill out – based on your responses, the algorithm will make recommendations for which life insurance package fits your profile. The questionnaire only takes several minutes to finish and once completed, you will be shown a recommended coverage amount and policy length. To receive quotes from insurance companies, you simply need to click on the prices that are displayed on the portal. From there, you are provided with the option of proceeding directly to the application or to request a consultation with an insurance advisor.
Certain insurance companies will offer an “express” option on PolicyMe. This means that you would not be required to undergo a physical medical examination or to provide urine or blood samples. Using the express option, it may be possible for the application to be processed within two to three business days after submission.
PolicyMe also provides users with a life insurance quote calculator that allows users to quickly obtain a quote from the top Canadian life insurers.
What Type of Insurance Does PolicyMe Offer?
PolicyMe’s online insurance platform matches Canadian consumers with life insurance providers based on their unique lifestyle needs. While their platform is not currently set up to match consumers with critical illness or disability insurance, you can get in contact with a PolicyMe advisor to discuss your options.
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.
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 vs. Permanent Life Insurance
The most commonly purchased type of life insurance is term life insurance, which provides protection for a certain period of time (e.g. 10, 15, 20 years) whereas permanent life insurance will provide coverage for life. Premiums for permanent life insurance are fixed, more expensive, and you are obligated to pay until death; term life insurance is significantly cheaper and 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. For those who are healthy, taking a medical exam that shows a clean bill of health will also help you save on your premiums.
Benefits and Drawbacks of Using PolicyMe
|No medical checks required for certain providers.||Only available in certain provinces in Canada.|
|Free and simplified application process.||Doesn’t have a wide range of life insurance products.|
|Compare rates from different insurers with a single application.|
|Provides life insurance coverage up to $10,000,000.|
|Provides access to licensed advisors who can help resolve any questions you may have.|
PolicyMe acts as a platform for users to compare different life insurance quotes from the biggest Canadian insurers. As they are not directly affiliated with any insurance providers, users can be assured that recommendations will be unbiased. The process to get access to the insurance provider’s quotes is also very easy, as the online questionnaire takes less than five minutes and the platform is very intuitive and user friendly.
With quotes and recommendations from several insurers, you are provided with a snapshot overview of what is available. This can save you the time that you otherwise would have spent navigating the website of each individual insurance provider in order to obtain a quote. PolicyMe will also match you to a coverage that is ideal for your situation, meaning that you won’t be over-paying for insurance premiums.
PolicyMe’s online portal also features a wide range of tools and resources that can help you better understand the details and process of committing to a life insurance policy. Life insurance experts are also available to help guide you through the process and select an insurance policy that best suits your needs.
One of the downsides of PolicyMe is that there is no in-branch or in-person service – everything is done through an online portal which may pose to be a challenge for those who are not adept at technology. Also, PolicyMe is not available to those in Quebec or the territories, and they only offer life insurance while other online insurance providers offer a wider range of insurance products.
|Accessibility||Application can be completed online|
|Provinces Offered||BC, AB, MA, ON, NB, NS, PEI|
|Type of Insurance Policies||Life insurance, critical illness insurance, disability insurance|
|Perks||Save up to 50% on the cost of life insurance|
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 unbiased recommendations – PolicyMe provides users with unbiased recommendations within minutes from the comfort of their own home.
- You want convenience – Getting insured can take no more than a few minutes with PolicyMe. You simply have to fill out their application which can all be done from the comfort of your home.
- Your life insurance needs are straight forward – PolicyMe is an online platform that can provide you with insurance quotes based on your needs. However, if you have a complex financial situation, 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 prefer discussing your options with an advisor in person, PolicyMe may not be the best option.
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 with a lump-sum payment that is tax-free at the time of death. Using PolicyMe, you can quickly compare quotes from different insurers to select coverage that suits your 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.
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