PolicyMe Review 2026: Affordable Term Life Insurance

Life insurance is not the most pleasant topic. Most Canadians want to get their life insurance as quickly and cheaply as possible.

I used to work at a life insurance agency and once had over 80 clients that I advised. Around 70% of Canadians have life insurance coverage through work or personal purchases.

I'm a big believer in term life insurance, so I took a look at one of the top online providers in Canada; PolicyMe.

In this PolicyMe review, I will explain how its term life insurance policies work, and you can decide if it's a good fit for your needs.

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Pros

• Lowest rates in Canada - on average, roughly 10% - 20% lower.
• Offers a fully underwritten term life policy that is fast and easy
• Many applicants don’t require a medical
• Can apply entirely online in about 15 minutes
• Offers a 30-day money-back guarantee
• Provides friendly and helpful customer care
• All applicants receive a decision instantly

Cons

• People with complicated situations or pre-existing medical conditions may not qualify for instant approvals
• Coverage options are more limited compared to larger traditional insurers, as PolicyMe primarily focuses on life and health products (convertible and renewable term life insurance, T100 permanent life, and Health & Dental) rather than offering a full range of insurance categories like auto or home

What Is PolicyMe?

PolicyMe is an online life insurance company that allows Canadians to buy term life insurance — now both convertible and renewable — along with T100 permanent life insurance and Health & Dental coverage, all available nationwide, at some of the most affordable rates in Canada.

PolicyMe has already helped over 50,000 Canadians with their life insurance checkup in the three years it has operated.

Besides its auto quote generation system, PolicyMe offers life insurance guidance with its licensed advisors. You need to schedule a phone call beforehand for a specific time slot and duration to talk to them.

PolicyMe is a privately held entity financed and backed by two investors:

• HCS Capital Partners (a Miami-based venture capital firm)

• Westdale Properties (a Toronto-based real estate and management company)

How Does PolicyMe Work?

PolicyMe uses a questionnaire to evaluate the financial and personal circumstances of applicants. They cover all causes of death (except suicide in the first two years) and any costs associated with the underwriting process.

PolicyMe Product Details

Coverage Amount: $100,000 to $5,000,000
Term Length: 10, 15, 20, 25, or 30 years
Age: 18 - 75

It is important to mention here that PolicyMe primarily deals with term life insurance plans, which are now both convertible and renewable. In addition to term life, PolicyMe also offers a T100 permanent life insurance product and Health & Dental coverage. All products are available nationwide across every Canadian province and territory.

PolicyMe focuses on term life insurance because the majority of policyholders prefer it over traditional permanent life insurance, although the T100 option is available for those who want lifelong coverage. I strongly agree with the appeal of term life, as whole life insurance can be expensive and unnecessary for many Canadians.

People go with term life insurance because it involves lower premium rates with payouts that effectively help the family when they need financial assistance.

Related Reading: Best term life insurance companies in Canada

PolicyMe Rates vs. Competitor Rates

The following table shows you an example of how PolicyMe’s rates compare against other life insurance providers:

Is PolicyMe Safe and Legit?

PolicyMe has been around since 2018. During this duration, no legal complaints have been filed against it. PolicyMe has fully-underwritten term life policies.

An important note is that Canadian Premier Life Insurance Company, a reputable Canadian corporation, issues PolicyMe's policies.

It also garners a 4.6 rating based on the reviews on Google by Canadians. The fact that it works with leading insurance companies also puts a seal on the company’s authenticity and legitimacy.

PolicyMe Couples Discount

PolicyMe has a neat feature where you can save 10% off your term life insurance if you apply together as a couple. It's called the PolicyMe Joint Application.

How the Discount works

Each person completes a life insurance application online here. It only takes about 20 minutes to fill out. Once approved, you can activate each policy and save 10% on each policy. It's as simple as that.

If either partner passes away during the term, the coverage amount is paid out to their beneficiary. If both people pass away during the term, both coverage amounts are paid out to your respective beneficiaries, and the policies are no longer active.

Why Should You Buy from PolicyMe?

• They offer very cheap rates in Canada. Their rates are on average 10% to 20% lower than their competitors.

• Their application process is fast and relatively straightforward. Whereas traditional insurers’ application process can take weeks because of their confusing paperwork and lengthy medical exams, you can complete PolicyMe’s online application in just a matter of minutes.

• They use an automated and data-driven underwriting process to provide instant decisions.

• They offer a 30-day money-back guarantee for individuals who are not delighted with their policy. Beyond that, you can cancel your policy anytime without penalty.

• You can rely on their expert and exceptional customer service via phone and live chat during business hours.

Why Might You Not Buy from PolicyMe?

• You might not qualify for instant approval if your situation is complicated or you have a pre-existing medical condition. Note that PolicyMe will still process your application as quickly as possible.

• They primarily offer term life insurance (now both convertible and renewable) alongside T100 permanent life insurance and Health & Dental coverage.

• They do not offer in-person meetings, so you must schedule a Zoom meeting or phone call instead.

How to Apply for a PolicyMe Life Insurance Coverage?

Getting a comparison chart of life insurance quotes through PolicyMe is pretty simple. Here is an overview of what you need to go through:

Step 1: Click on Get My Rate tab.

Visit PolicyMe’s official website. Click on the Get My Rate tab. The site will then show you the above page. Choose Ready to apply.

Step 2: Get an instant life insurance quote.

This step usually takes five minutes to complete. You must enter your birthday, sex, and smoking status to receive life insurance quotes based on your selected coverage amount and term length.

If you're wondering how much coverage you need, you must answer a few additional questions about your personal and financial situation to receive a personalized coverage recommendation from PolicyMe.

Unlike most online brokers, PolicyMe doesn’t require scheduling a phone call or meeting before providing you with a life insurance quote. Instead, you can instantly get a no-obligation quote in most cases.

In addition, PolicyMe only recommends the exact amount of coverage you need. Their experts are non-commissioned, so they will never pressure you to buy what you need. If you don’t need any coverage, they will tell you about it, too.

Step 3: Complete your life insurance application.

Click on Start My Application button. It will take you to a series of questions about your financial status, personal situation, lifestyle, family history, medical history, and other important details.

The application normally takes around 15 minutes to complete. Still, it may take longer, depending on whether you have medical or lifestyle factors that may affect your life insurance premium.

The application is done entirely online, with no commitment to purchase (no payment details are required at this stage).

Step 4: Receive your decision immediately.

After assessing your information, PolicyMe will let you know instantly whether or not you’ve been approved on the spot or if they will need additional information from you.

If you have been approved, all you need to do is sign off on your application, verify your identity, and add your payment details. Afterwards, your coverage will then begin.

On the other hand, if they request additional information, you might need to complete a medical exam or submit additional driving or medical records.

Once you complete those requirements, they will then let you know whether your application has been approved.

Most healthy individuals will qualify for instant approval without needing an in-person medical exam.

Does PolicyMe Offer Good Customer Service?

When it comes to a life insurance policy you’ll be paying into every month, it helps to have access to a good customer support system to answer any questions or problems you might experience.

Unlike traditional life insurance companies, PolicyMe has no physical office where you can speak with an agent face-to-face. Instead, all of your correspondence will be handled over the phone or with online chats.

Although all customer service is handled virtually, PolicyMe excels in customer support and values its customers. Most questions and concerns can be easily handled over the phone.

However, if you ever need a face-to-face chat, you can request a personal Zoom call with your PolicyMe agent.

Understanding Life Insurance: How It Works

Before signing up for any life insurance policy, you should know how it works and your options. Otherwise, you could easily end up purchasing the wrong policy. Life insurance policies can be difficult to change once you’ve enrolled, so it helps to be informed upfront.

The first decision you’ll need to make is what type of life insurance policy you want. You’ll be able to choose between two options, each of which is very different from the other:

• Term life insurance

• Permanent life insurance (or “whole life insurance”)

After deciding what type of policy you want, you’ll be able to create an individualized plan that meets you and your family’s needs.

Note: PolicyMe offers both term life (convertible and renewable) and a T100 permanent life insurance option, along with Health & Dental coverage. It’s still a good idea to know your broader options across the industry, but PolicyMe now covers both term and permanent needs.

Let’s start by breaking down these two types of life insurance so you can decide which one best suits your needs.

Term Life Insurance

By far, term life insurance policies are the most popular life insurance plans on the market. They’re generally more affordable, more straightforward, and come with set policy terms.

When you sign up for a term life insurance policy through PolicyMe, you’ll be asked to clarify the duration of your policy. Term life insurance policies are typically offered for 5, 10, 15, or 20-year terms (hence the word “term”).

The term defines how long your policy will cover you. Once the term expires, you’ll be given a choice to renew your existing policy, cancel your policy, or switch to a new policy offered by another provider.

After defining the length of coverage you need, you’ll be asked to define how much you want your policy to pay out in the event of your death. This could be determined by a number of factors that depend on your personal finances and how much you want to leave behind for your beneficiary.

Here are some of the basic pros and cons of a term life insurance policy:

Pros of Term Life Insurance

• Much more affordable monthly premiums than whole life insurance.
• Customize the duration of the insurance policy to meet your needs.
• Your beneficiary receives a pre-defined lump sum if you pass away.
• Separate your insurance from your investments

Cons of Term Life Insurance

• Term life insurance policies don’t have a cash value.
• You can’t withdraw money from your term life policy.
• You can’t use your term life insurance policy as collateral for a loan.

Permanent Life Insurance

Permanent life insurance is a lifelong commitment, so you definitely want to understand your policy thoroughly before enrolling. While many providers focus only on traditional whole life coverage, PolicyMe has introduced a T100 permanent life insurance product that offers lifetime protection with simpler, more transparent pricing. This gives customers an affordable permanent option in addition to PolicyMe’s popular term life policies.

You won’t be able to increase or decrease your whole life policy once you sign up, either. This means that it’s very important to figure out your finances and future plans so that you can work them into your policy accordingly.

One of the main advantages of a whole life insurance policy is that you don’t have to worry about renewing your policy or signing up for a new one. You’ll be locked into the same monthly rate from the day you begin until the day you die.

Another key feature of a permanent life insurance policy is that it’s an investment. Once you pay into your policy long enough (typically at least 10 years), your policy will accrue a cash value.

The cash value of your life insurance policy can be withdrawn, borrowed against, or used to pay your monthly premium.

Personally, I don’t recommend withdrawing money from your life insurance policy, but it’s nice to have the option available for emergencies.

Using your cash value as collateral for a loan can also be very useful in certain situations. Your insurer will typically loan you the money at a lower percentage than standard banks since you have verified collateral.

Here’s a quick table outlining some of the pros and cons of enrolling in a permanent life insurance policy:

Pros of Permanent Life Insurance

• You’re locked into the same rate for life.
• Your life insurance policy will accrue a cash value over time.
• Once your policy has a cash value, you can withdraw money from it.
• If your policy has a cash value, you can use it as collateral to receive a loan.

Cons of Permanent Life Insurance

• You’re generally locked into the same policy for life and can’t increase or decrease it.
• Cancelling your permanent life insurance policy before you’ve accrued cash value will leave you with nothing to show for it.
• Permanent life insurance policies generally cost much more than term life insurance policies.
• Combining investments with insurance can be confusing for many people.

Term Life Insurance vs. Permanent Life Insurance: What’s Better?

Now that you’ve had a chance to compare the two types of life insurance policies, you’re probably wondering which one is better.

Unfortunately, I can’t give you a specific answer, as this depends strongly on your unique situation. Here are some points to think about, though:

• Term life insurance is the cheapest, making it a great option for young people who want affordable coverage in an emergency.

• You’re only required to pay term life insurance for a short period of time. This makes it a good option for those who are temporarily working in a dangerous career field.

• Enrolling in a permanent life insurance policy at a young age means it will accrue cash value earlier in your life, which can be leveraged for investments.

• Some permanent life insurance policies allow you to invest your policy's cash value into stocks and ETFs, which can help your cash value grow as it sits.

Overall, most people only need term life insurance, but there are some cases where permanent life insurance might make sense.

Tips to Save Money On Your Life Insurance Policy

While we’re on the subject of applying for policies, it’s a good time to go over some easy ways that you can save money on your life insurance policy.

Whether you enroll with PolicyMe or another provider, these tips can help you get the best coverage at the lowest monthly premium.

1. Compare Quotes

You should always compare quotes, as you can save a lot of money with one provider compared to another. PolicyMe has incredibly low rates compared to some of the other policies I’ve seen.

However, if their customers never took the time to get a quote from PolicyMe after receiving a quote from another company, they would have never been able to save as much as they’re saving.

2. Calculate Your Finances & Figure Out Your Policy Needs

Before you purchase any policy, I recommend that you take the time to sit down and look at your personal finances. Figure out how much your beneficiary will need to cover costs like rent, home mortgage, funeral costs, and other post-mortem expenses.

3. Stay On Top Of Your Health & Fitness

The healthier you are, the lower your insurance policy will be. Insurance premiums typically go up for individuals who:

• Smoke

• Consume alcohol frequently

• Are overweight

• Frequently visit the doctor with health concerns

• Take prescription medications with potentially dangerous side effects

Before applying for life insurance, it’s a good idea to cut out smoking, as it will be much more expensive for smokers.

4. Avoid Dangerous Occupations & Activities

Many people purchase life insurance because they’re working a dangerous job. However, if this isn’t the case, then you can save on your policy by proving that your current line of work (and weekend hobbies) aren’t immediately life-threatening.

5. Purchase Term Life Insurance To Save On Monthly Premiums

Term life insurance policies are always cheaper than whole-life policies. If you’re unsure of your future needs and don’t want to invest a lot of money upfront, a 5 or 10-year term policy can be a great way to get cheap, basic coverage.

FAQ Section for PolicyMe

What is PolicyMe? PolicyMe is an innovative online life insurance provider in Canada, offering affordable convertible and renewable term life insurance policies, a T100 permanent life insurance option, and Health & Dental coverage. It simplifies the process of obtaining insurance through a fully digital platform, providing quick and easy access to policies nationwide.

How does PolicyMe offer lower rates? PolicyMe reduces costs by eliminating traditional underwriting processes and using advanced algorithms to assess risk. This allows them to offer rates that are typically 10% to 20% lower than other insurers.

Can I apply for life insurance with pre-existing conditions? Yes, you can apply for life insurance with PolicyMe even if you have pre-existing conditions. However, the approval and rates might vary based on your medical history and the severity of your conditions.

What types of life insurance does PolicyMe offer? PolicyMe offers term life insurance — both convertible and renewable — with fixed rates for terms of 10 to 30 years. They also provide T100 permanent life insurance for those who want lifelong coverage, and Health & Dental insurance, all available nationwide across every Canadian province and territory.

How long does it take to apply for a policy with PolicyMe? The application process is quick and can be completed online in about 15 minutes. Most applicants receive instant decisions, making it one of the fastest ways to secure life insurance.

Does PolicyMe require a medical exam? Many applicants won't require a medical exam to qualify for a policy with PolicyMe, depending on their health status and the amount of coverage they seek.

What is the PolicyMe couples discount? PolicyMe offers a couples discount where both partners can receive a 10% discount on their individual policies when they apply together.

Is PolicyMe safe and legitimate? Yes, PolicyMe is a legitimate insurance provider backed by reputable investors. It offers policies issued by Canadian Premier Life Insurance Company, ensuring reliability and security.

Who can be listed as a beneficiary in a PolicyMe policy? You can list anyone as a beneficiary, including spouses, children, other family members, friends, or even charitable organizations.

Can I change my PolicyMe life insurance policy once it’s active? While term life insurance policies generally do not offer flexibility in terms of changes once they are active, PolicyMe provides some options for adjustments based on your changing needs. It's best to discuss specific changes directly with PolicyMe's customer service.

Conclusion

Because most Canadians don’t review their life insurance plans annually, they continue with potentially poor rates.

However, having the right life insurance package can give you peace of mind and ward off any fears you might have about your family’s well-being after your passing.

If you wish to save money by buying insurance online at very competitive rates, you’ll appreciate the free and easy-to-understand quotes from PolicyMe. Whether you’re looking for convertible and renewable term life insurance, T100 permanent life coverage, or Health & Dental insurance, PolicyMe makes all of these options available nationwide across Canada.

Check out my list of the best life insurance companies in Canada to learn more options.