Thinking about your mortality and planning for a scenario where you are no longer here can be stressful. However, it is vital to ensure your bereaved family’s financial well-being in case of your untimely death.
Because most Canadians don’t review their life insurance plans annually, they continue with poor rates.
However, having the right life insurance package can give you some peace of mind and ward off any fears you might have about your family’s well-being after your passing.
If you need a life insurance plan and want to make sure you are getting the best rates, you should consider PolicyMe. An online life insurance company, PolicyMe allows Canadians to buy term life insurance in just a matter of minutes.
In this PolicyMe review, I will try to make sense of how its term life insurance policies work.
Around 70% of Canadians have life insurance coverage
Online Life Insurance Broker
PolicyMe is an online life insurance company that enables Canadians to purchase affordable life insurance online.
- Offers a fully underwritten term life policy that is fast and easy
- Has the most competitive pricing in Canada
- Many applicants don’t require a medical
- Offers a 30-day money-back guarantee
- Provides friendly and helpful customer care
- All applicants receive a decision instantly
- Clients will need to get used to applying online
- Is not licensed in Quebec, New Brunswick, and Newfoundland
- People with complicated situations or pre-existing medical conditions may not qualify for instant approvals
- Only sells term life insurance
What Is PolicyMe?
In simple words, PolicyMe is an online life insurance company that makes it possible for Canadians to buy term life insurance online at the most affordable price.
PolicyMe started in 2018 as an online life insurance broker for life insurance applicants in Alberta, Saskatchewan, British Columbia, Manitoba, New Brunswick, and Ontario. However, as a broker for other insurers, they found considerable cost and numerous time inefficiencies in the life insurance application process.
Wanting to optimize those inefficiencies, PolicyMe launched a new product that would improve customer experience. As of March 1, 2021, they now offer their services as an online life insurance firm directly to clients.
PolicyMe has already helped over 50,000 Canadians with their life insurance checkup in the three years that it has operated.
Besides its auto quote generation system, PolicyMe also offers life insurance guidance with its team of 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)
Why Should You Buy from PolicyMe?
- They offer the very cheap rates in Canada. Their rates can be at least 5% to 20% lower than their competitors.
- Their application process is fast and relatively straightforward. Whereas traditional insurers’ application process often took 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 also cancel your policy anytime without incurring any penalty.
- You can rely on their expert and exceptional customer service during business hours via phone and live chat.
Why Might You Not Buy from PolicyMe?
- They do not yet process applications from Quebec, New Brunswick, or Newfoundland.
- You might not qualify for instant approval if your situation is pretty complicated or if you have a pre-existing medical condition. Note, though, that PolicyMe will still process your application as quickly as possible.
- They only offer term life insurance.
- They do not offer any in-person meetings, so you will need to schedule a Zoom meeting or phone call instead.
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), as well as any costs associated with the underwriting process.
It is important to mention here that PolicyMe primarily helps with term life insurance plans. This type of life insurance involves a predetermined period of protection (i.e., 10 years, 15 years, 20 years, 25 years, and 30 years) in case of the policyholder’s death.
Note that only the 10-year and 20-year terms are still available as of March 1, 2021. The rest of the terms will be available on April 1, 2021.
PolicyMe has focused on term life insurance because the majority of policyholders prefer it over permanent life insurance. People go with term life insurance because it involves lower premium rates with payouts that effectively help the family when they need financial assistance.
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 just takes five minutes to complete. All you need to do is 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 have to 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 you to schedule 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.
PolicyMe Couples Discount
PolicyMe has a neat feature where if you apply together as a couple, you can save 5% off your term life insurance. 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 5% 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.
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 for about three years. In this duration, no legal complaints have been filed against it.
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.
If you wish to save money by buying life insurance online at very competitive rates, you will like the easy-to-understand and free, comparative term life insurance quotes from PolicyMe.
Not only can you get affordable life insurance in minutes, but you also get long-term peace of mind knowing that you are protecting your family with high-quality and secure term life insurance coverage.