PolicyMe is an online-only insurance company where Canadians can buy term life and critical illness insurance in minutes at an incredibly affordable price.
PolicyMe offers a streamlined approach with no unnecessary bells and whistles so applicants can get a fully-underwritten policy that’s fast, easy and affordable. The company’s mission is to provide insurance that is transparent, customized, and convenient.
If you’re in need of life or critical illness insurance, PolicyMe has a lot of great features to offer when making your decisions.
In This Article:
- Get a personalized insurance quote in less than 5 minutes
- Interactive and user-friendly website with an easy-to-understand application
- Some of the most competitive pricing in Canada. On average, PolicyMe rates can be roughly 10% to 20% lower than other insurers in the country
- The only Canadian company to offer $10,000 of free Child Coverage for each of your kids
- After filling out an application, you can get an instant decision, instead of waiting weeks as you would with many other companies
- Most applicants don’t require a medical exam
- Though PolicyMe has a 100% online application process, potential applicants who may want to speak with an advisor can schedule a Zoom meeting or a phone call with an expert.
What Is PolicyMe?
Founded in 2018 and based in Toronto, PolicyMe started as a digital life insurance advisor that let users compare life insurance quotes from a variety of reputable insurance companies in Canada. As of March 2021, PolicyMe has gone from being an insurance broker to offering its own life and critical illness insurance product directly to consumers.
To sell life insurance directly to Canadians, PolicyMe has partnered with Canadian Premier Life Insurance Company (CPL). As a third-party administrator, PolicyMe offers policies issued by Canadian Premier Life Insurance Company, which has an A (Excellent) rating* from A.M. Best. This company is one of the most respected and highly-rated insurance carriers in Canada, and they have paid out billions of dollars in insurance claims.
PolicyMe made the decision to become an insurance provider because the company says it found numerous cost and time inefficiencies in the life insurance application process when it functioned as a broker platform. Furthermore, it was selling other insurer’s products, so it couldn’t control the customer experience or the price. To overcome these issues, PolicyMe worked on optimizing efficiencies in their own product, so they are now able to offer a significantly improved customer experience and a lower cost for its clients by selling only its own product.
The company is 100% online, meaning there’s no in-person paperwork to complete (though if you want to speak to an advisor, they’re available to hop on a call). To apply, customers can fill out a quick questionnaire and get a quote in just a few minutes. The entire process is designed to be hassle-free, transparent, and affordable.
Underwriting and Operational Costs
PolicyMe offers some of the best rates in the country not only because it’s entirely online, but also because it has significantly reduced underwriting costs through the use of data-driven (not human-driven) underwriting. This saves PolicyMe money on expenses like third-party medical exams, interviews, and attending physician statements. Those savings translate to a more affordable policy, but with the same high-quality, dependable coverage as more expensive competitors.
PolicyMe is available in all provinces except for Quebec, New Brunswick, and Newfoundland (though there are plans in the works to open PolicyMe services to those provinces in the future).
What Does PolicyMe Offer?
PolicyMe offers term life and critical illness insurance. The company offers term life policies for Canadians aged 18 to 75 with coverage amounts ranging from $100,000 to $5,000,000. There are 10, 15, 20, 25, and 30-year policy terms available.
A user’s eligibility, coverage limits, costs and requirements all depend on their unique profile and the information they provide during the application.
How to Get a Quote
Step 1: Get an instant life insurance quote (5 minutes)
Head to the PolicyMe website and fill out a form by entering your age, income, and smoking status. You’ll then get life insurance quotes based on your selected coverage amount and term length.
If you’re wondering how much coverage you need, you just need to answer a few additional questions about your personal and financial situation to receive a personalized coverage recommendation from PolicyMe’s recommendation calculator.
Unlike with many other insurance providers, you don’t need to schedule a phone call or meeting before getting a life insurance quote. PolicyMe provides a no-obligation quote, instantly.
Additionally, PolicyMe only recommends the exact amount of coverage you need — you don’t have to worry about any upselling tactics. If you don’t need any coverage, PolicyMe will tell you that, too. In fact, when I applied the website told me that because I didn’t have any young dependents, I didn’t need life insurance right away. How refreshingly honest!
Step 2: Complete your life insurance application (15 minutes)
Once you’ve received your quote, you then submit a more detailed, free, no-obligation life insurance application through the website. The application contains questions about your personal situation, your finances, your medical history, and any existing life insurance coverage you may already have.
The application takes about 15 minutes but it may take longer if you have medical or lifestyle factors that may affect your life insurance premium. At this stage, many other insurance providers would require potential customers to schedule a 30-40 minute medical interview. However, PolicyMe has condensed the application and the medical interview into a seamless 15-minute online process. Better yet, there’s no confusing insurance jargon and the majority of applicants will not have any additional medical interviews after completing the application.
Step 3: Receive your decision instantly
After assessing your information, PolicyMe will let you know instantly whether or not you’ve been approved or if it needs additional information from you. If you’re approved instantly, all you need to do is sign off on your application, verify your identity, add your payment details, and your coverage will begin.
If additional information is needed, you might be asked to complete a medical exam or submit additional driving or medical records.
After those requirements are completed, you’ll find out whether or not you’re approved. PolicyMe notes that most healthy individuals will qualify for instant approval, with no need for an in-person medical exam. That’s because the company’s data-driven underwriting process uses new technology and predictive modeling to provide instant decisions, with no medical exams needed for most people.
Because PolicyMe is an online, digital-only platform, you can’t meet with a representative in person. However, the company prioritizes customer service and even offers users the opportunity to schedule a call or a Zoom meeting with a licensed insurance advisor who will answer any questions you might have. Additionally, expert help is also available during business hours via phone and live chat. PolicyMe’s experts are non-commissioned, so they’ll never pressure you to buy what you don’t need.
Another great service PolicyMe offers is its money-back guarantee. If in the first 30 days you’re not happy with your policy for any reason, the company will refund your payment in full. After that, you can cancel your policy at any time with no penalty.
What We Liked
- Free and convenient to use
- The only Canadian company to offer $10,000 of free Child Coverage for each of your children
- Easy and quick quote and application process
- Very competitive rates
- No medical exam or telephone interviews needed for most applicants
- You can speak to a PolicyMe advisor if needed
What We Liked Less
- Not available in all of Canada
- Might not be a good fit for someone who needs a lot of personal assistance through the application process
PolicyMe is an engaging, easy-to-use platform that provides competitive quotes for life insurance policies. If you’re looking for a life or critical illness insurance policy, it’s certainly worth your while (and the 15 minutes it would take you) just to see what they can offer you.