PolicyAdvisor Review

Offering Canadians an innovative way to find the right insurance policy.

WRITTEN BY
Priya Correia
Updated September 30, 2020


RATING

Having a life insurance policy in place can provide you with some peace of mind knowing that your family will be taken care of when you’re no longer around. But finding the right policy can be a real chore, especially when considering all the insurance providers out there and policies available. 

To streamline the process of choosing the right insurer and policy, a life insurance brokerage can help. That’s where PolicyAdvisor comes into the picture. PolicyAdvisor is a life insurance brokerage that can help find the right insurance company for you. 

The process of finding a life insurance company and making sense of the different policies that offer varying degrees of coverage can be daunting. And finding a competitive rate can be a frustrating process as well. PolicyAdvisor promises to change the outdated way of buying insurance and offers a more innovative way to find the right policy. 

Let’s take a closer look at PolicyAdvisor and its offerings to see if it’s a service worth using. 

How Does PolicyAdvisor Work?

PolicyAdvisor is an online brokerage designed to help Canadians find the right life insurance policy by comparing top insurers in the country and finding the lowest rates available. Consumers will be asked a few questions in order to help PolicyAdvisor narrow down the most appropriate life insurance companies. The brokerage will consider your specific insurance needs and identify areas where you may be most vulnerable.

PolicyAdvisor offers handy comparison tools that help make choosing the right life insurance provider easy. They’ll help you compare the best rates for life insurance, critical illness insurance, disability insurance, and mortgage protection insurance and offer access to 16 Canadian life insurance providers.

There are also insurance brokers available to speak with and informative articles to read to answer any questions you may have. Once an insurer and policy is chosen, PolicyAdvisor helps submit an application online to get the process of coverage going quickly. You can set up a call with a broker to walk you through the application process from start to finish so there are no loose ends left behind. There are no fees associated with this service.

Types of Insurance PolicyAdvisor Offers

PolicyAdvisor offers the following types of insurance:

Life insurance. Both term and whole life insurance policies are offered which are designed to protect your family and save for the future. The one chosen will depend on your financial goals and needs. 

Term life

  • Lower premiums over the initial term
  • Offers protection for limited time, such as 10 or 20 years, or up to age 65
  • Premiums increase after the initial term
  • No cash value is offered to borrow against 
  • Death benefit does not change
  • Best for temporary needs

Whole life:

  • Higher premiums
  • Guaranteed coverage for life
  • No increases in premiums
  • Death benefit may grow
  • May offer cash value to be withdrawn 
  • Best for permanent needs 

Critical illness insurance. This type of insurance coverage pays out a lump sum of cash if you are ever diagnosed with a covered critical illness. You can use the money to help you deal with financial burdens placed on your family. 

The money can be used to cover medical expenses, such as deductibles, prescription medicines, alternative treatments, or to upgrade medical facilities. It can also be used to pay for non-medical expenses, such as transportation costs, home care, or replacing lost income.

Disability insurance. If you ever become disabled and are no longer able to work to support yourself or your family, a disability insurance policy can cover you. 

This type of policy pays out a monthly payment to partially replace lost income while you recover, minimizing the negative effect of not receiving your regular paycheck. Disability insurance can be claimed for serious illness, mental illness, injuries, and hospitalization.

Mortgage protection insurance. In the event that you face a serious illness, injury, disability, or even death, your mortgage protection insurance policy will offer your family financial security. Your beneficiaries will have the flexibility to decide whether to pay off the outstanding balance on the mortgage or sell the home and use the proceeds to pay off debt.

No medical life insurance. This type of insurance does not require a physical or medical exam, nor a medical statement from a physician. No medical life insurance is faster and easier to obtain. Policy coverage may be more limited than those that require a medical exam, but can still provide enough coverage for many Canadians.

How Much Does It Cost To Get Insurance With PolicyAdvisor?

The actual online service that PolicyAdvisor provides is free. There is no charge to use their online platform to compare insurance providers and policies. However, there will be a fee associated with the policy that you end up choosing, which can vary a great deal from one insurer to the next and among the various policies offered by each insurance provider. 

That said, there are several factors that will influence how much you end up paying for your policy, including the following:

  • Policy type
  • Age
  • Pre-existing health conditions
  • History of family health
  • Gender
  • Lifestyle factors (ie. tobacco use)
  • Occupation

Pros and Cons of Using PolicyAdvisor 

Pros 

  • Get access to several Canadian insurance companies and rates. You can easily compare insurers and rates online with just a few clicks on PolicyAdvisor’s platform.
  • Get all major insurance coverages in one spot. Choose from term or whole life insurance, disability insurance, critical illness insurance, mortgage protection insurance, and even no medical insurance.
  • The service is free. There’s no charge to use PolicyAdvisor or to speak with one of their licenced brokers. 
  • PolicyAdvisor is an independent insurance broker. They don’t represent one company, so you know that they will be providing you with unbiased opinions and will have your best interests in mind. 
  • The online insurance checkup tool and calculators make it easy to assess your particular insurance needs.

Cons 

  • Only available in Ontario at this time.

How Will I Receive My Benefit?

When the person holding an insurance policy passes away, the benefit is not automatically paid out to beneficiaries. Instead, the beneficiaries will have to file a claim to get the insurance proceeds. A copy of the insured’s death certificate will need to be obtained and filed along with an insurance claim with the insurance provider, who will then assess the claim and either approve or deny it. 

If the claim is approved, it will be processed within two to four weeks, although sometimes longer. The beneficiaries will then need to decide how the payout should be received.

A life insurance benefit can be paid out in one lump sum and is usually not taxed. Some insurance providers allow beneficiaries of a policy to put their death benefit in an account that accumulates interest, then receive regular interest payments. 

In the case where payments are made in installments, part of the payments could be taxed as regular income. You may want to speak with a financial advisor to gain a better understanding of which method of benefit payment is best suited for you.

The original benefit can also be paid out to another beneficiary if the initial beneficiary dies. 

PolicyAdvisor Insurance Application Process

To receive a quote from PolicyAdvisor, you’ll need to fill out a quick online form and submit the following information:

  • Your name
  • Contact information
  • Date of birth
  • Gender
  • Whether or not you smoke
  • Desired coverage amount
  • Policy term

To apply, you’ll be taken further into the process and will be asked to choose how much coverage you need and your desired coverage term and monthly cost. You’ll then be asked a series of questions about your lifestyle and health, history of any substance abuse, and family health history. 

Once you’ve completed the process, you will be able to chat with a broker to finalize and customize your coverage and help you choose from an array of companies and policies.

Where is PolicyAdvisor Insurance Available in Canada?

At this time, PolicyAdvisor is only available in Ontario.

PolicyAdvisor Overview 

CostFree
AccessibilityAll online
Provinces OfferedOntario only
Number of Insurance Companies in Network16
Type of Insurance PoliciesLife InsuranceWhole Life InsuranceCritical Illness InsuranceMortgage ProtectionDisability InsuranceNo Medical Insurance
Special perksPotential to save 40% on life insurance

Is PolicyAdvisor Right For Me? 

PolicyAdvisor is a great tool to use for those who don’t want to do all the comparison shopping for different life insurance policies alone. The process of comparing insurers and rates can be time-consuming, but PolicyAdvisor makes it simple and streamlined. 

This tool is also great for those who like the convenience of handling everything online without the need to visit an insurance broker in person. There are also options that don’t require a medical exam, which is great for Canadians who are looking for more convenience and flexibility.