PolicyMe Review

Helping Canadians find the best insurance policies from the comfort of their home.

WRITTEN BY
Priya Correia
Updated September 30, 2020


RATING

Have you ever thought about what would happen to your family if you were suddenly unable to work because of an injury, or worse, death? Would your family be able to take over all of the financial obligations? 

That’s precisely why life insurance exists. These types of insurance policies are designed to provide you and your family with financial coverage should the unthinkable happen. 

But rather than spending your time reviewing all the different insurance providers out there and the various policies they provide, you can get some professional help from an insurance brokerage that can do all that comparison shopping for you. 

PolicyMe is one of the many brokerages that helps Canadians find the right insurer and policy for their specific needs. Rather than having to meet face-to-face, PolicyMe offers an entirely online portal for Canadians to use to pursue insurers and policies from the comfort of their home. The service makes choosing a life insurance policy much easier and more streamlined compared to the traditional way of going about selecting a policy. 

Let’s review PolicyMe and go over the pros and cons of this online platform for finding and choosing insurance companies and policies. 

How Does PolicyMe Work?

PolicyMe was created to streamline the process of finding an insurance company and choosing a policy. The company’s goal is to provide Canadians with a simple and convenient online platform to compare rates and policies among various Canadian insurance companies. With this online tool, comparing rates can help consumers find the lowest rate available to meet their budgets. 

In order to start the process, you will be asked a few questions that the platform will use to narrow down the life insurance companies that are most appropriate for you. Your personal profile and insurance needs will be factored in when insurance companies and policies are populated. 

PolicyMe will help you compare the best rates for life insurance among a number of life insurance providers in Canada. Once you choose an insurer and policy, PolicyMe will help you fill out and submit an online application to get you covered with your insurance provider of choice. You’re also free to speak directly with a licensed broker to answer your questions and take you through the application process step by step. PolicyMe is free to use. 

Types of Insurance PolicyMe Offers

PolicyMe offers the following types of insurance:

Term life insurance. This is the most affordable form of life insurance and pays out a death benefit to policy beneficiaries upon the passing of the policyholder. Term life insurance can last for 10 years, 20 years, or up to age 65. Premiums are paid every month to an insurance company over the time frame agreed upon. 

If a claim is made after the death of the insured, the insurance company will pay out a lump sum cash payment that is tax-free. This is a good option if you want coverage for the years that matter the most, such as when you still have a mortgage and young children.

Critical illness insurance. This type of insurance provides coverage in the event of a medical emergency that forces you to be out of work and unable to meet your current financial obligations. Rather than leaving your family to pick up the slack, your critical illness insurance policy will kick in to provide the financial coverage your family needs to continue paying the bills. You’ll need to speak with a representative with PolicyMe to obtain a quote or start an application for critical illness insurance, as the website is currently not set up to take quotes for this type of insurance.

Disability insurance. This form of insurance provides an income if you’re unable to work because of a disability. This type of policy will pay out a monthly payment to partly cover any lost income that you suffer as a result of a disability. Disability insurance covers things such as injuries, mental illness, and hospitalization.

Like critical illness insurance, you’ll need to call or email PolicyMe to obtain a quote or begin the application process for disability insurance because the website is not currently set up to take quotes for this form of insurance.

How Much Does It Cost To Get Insurance With PolicyMe?

There is no fee to use PolicyMe’s online service. You can use their online platform to compare insurers and the policies they offer. Of course, there will be premiums to be paid to the insurance provider based on the policy you choose, which will need to be customized based on a number of factors, including the following:

  • Your age
  • Your health
  • Family health history
  • Your job
  • Your gender
  • Whether or not you smoke
  • Policy type

Pros and Cons of Using PolicyMe Insurance

Pros 

  • Free to use. There are no fees for this service.
  • Quick and easy questionnaire. Simply type in a few details about yourself and what you’re looking for and the application process can be completed within minutes. 
  • Access to many insurance providers in Canada. You can quickly get rates and quotes from several Canadian insurers in PolicyMe’s network of providers.
  • Speak to someone live. While the service is predominantly online, you can still talk to an actual broker to get all your questions answered.
  • Independent brokerage. PolicyMe does not represent the insurance companies in their network. Instead, they’ll be representing you and looking out for your best interests. 
  • Get your rates and policy details in one spot. PolicyMe provides you with an all-in-one spot to get all the information you need from various insurance providers to help you make your final decision. 

Cons

  • Not available in all provinces and territories
  • Only life insurance offered on the website. Other insurance types are available upon calling or emailing.

How Will I Receive My Benefit?

If you pass away and you have a term life insurance policy, your beneficiaries will have to file a claim with your insurance company, as the death benefit will not automatically be paid out upon your passing. The insurance provider will need to see a copy of your death certificate along with the claim, after which the claim will be reviewed.

The claim will take anywhere from two to four weeks to process, and sometimes longer if there are unique circumstances to deal with. Once the claim is approved and processed, the beneficiaries will be paid out.

Usually, benefits are paid out in one tax-free lump sum. However, your beneficiaries may have the option to have the proceeds paid out in installments by putting the death benefit in an account that collects interest. In this case, the payouts may be partially taxed.  

PolicyMe Insurance Application Process

To apply for life insurance through PolicyMe, you’ll be given a few options to choose from, such as the coverage amount you need and the term length of the policy. From there, you’ll be instantly provided with average quotes from each of the insurance providers with PolicyMe’s network of insurers. If you need help choosing a policy, you can schedule a call to talk to a licensed advisor.

You’ll also be asked to submit a few pieces of information about yourself that may influence the exact quote you get, such as those listed above. Once the application process is complete, you can customize and finalize your policy details. Everything can be done online from the comfort of your home.

Where is PolicyMe Insurance Available in Canada?

PolicyAdvisor is not available in all provinces and territories. At this time, the service is available in Ontario, BC, Alberta, Manitoba, New Brunswick, Nova Scotia, and P.E.I. 

PolicyMe Overview

CostFree
AccessibilityAll online
Provinces Offered– BC
– AB
– MA
– ON
– NB
– NS
– PEI
Type of Insurance Policies– Life Insurance
– Critical illness insurance
– Disability insurance
Special perksPotential to save up to 50% on life insurance

Is PolicyMe Right For Me? 

If you’re looking for a more convenient and simplified way to find the lowest premium on life insurance, PolicyMe can help. This online platform makes it easy to compare insurers and their rates side by side and is a much more time-effective way to find and choose a life insurance policy. 

PolicyMe is also great for anyone who wants to do everything online without the need to meet face-to-face with a broker. Everything is handled online from the comfort of your home. This tool offers the ultimate in convenience and flexibility.