Thinking about your mortality and planning for a scenario where you are no longer here can be stressful. However, it is vital to ensure the financial wellbeing of your bereaved family in case of your untimely death.
Having the right life insurance package can give you some peace of mind and ward off any fears you might have about the wellbeing of your family after your passing.
The majority of Canadians don’t review their life insurance plans annually and hence continue with poor rates.
If you need a life insurance plan and want to make sure you are getting the best rates, PolicyMe should be considered. It is a digital platform that acts as a life insurance advisor and comparison site.
In this PolicyMe Review, I will try to make sense of how this online life insurance comparison portal works.
Around 70% of Canadians have life insurance coverage
Use: Online Life Insurance Broker
Wealthawesome Score: 4/5
- Offers free customized term life insurance quotes
- No registration/sign-up required
- Works with six leading insurers
- Friendly and helpful customer care
- Ability to apply online
- Free life insurance check-up tool to determine your coverage and term
- Clients will need to get used to applying online, but can get help from PolicyMe’s advisors
- Need to get more companies on board
- Term insurance only available.
Summary: PolicyMe is an online life insurance broker that works with many companies in Canada.
Online Life Insurance Free Quotes
What Is PolicyMe?
In simple words, PolicyMe is a comparison site for life insurance premiums and works pretty similar to other platforms that compare mortgages, loans, and interest rates, etc. The idea is to fetch life insurance plans in line with the relevant information a potential policyholder has provided to PolicyMe.
You can also use the expertise of PolicyMe to purchase a policy from any of the six insurers it works with.
PolicyMe is just two years old and offering its services to life insurance applicants in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia and Ontario. However, it has already helped over 30,000 Canadians with their life insurance plans in this short time and limited radius of operations.
Besides its auto quote generation system, PolicyMe offers life insurance guidance with its free life insurance checkup tool that assesses your financial and family situation to determine your appropriate coverage and term length.
Their team of licensed advisors is also available if you have additional questions.
PolicyMe is a privately held entity financed and backed by a Miami-based venture capital firm HCS Capital and a Toronto-based real estate and management company Westdale Properties.
How Does PolicyMe Work?
PolicyMe works like any third-party broker. However, it only charges the seller (insurance company). You can use PolicyMe free of cost for its online comparative quotations. You can then proceed to buy an insurance plan that you think matches your requirements.
PolicyMe receives a commission on every premium that is sold through it from its affiliate insurance companies. Despite that, their advisors are salary-based, not commissioned, so they will not pressure you to buy a policy you don’t need.
PolicyMe uses a questionnaire to evaluate the financial circumstances of the applicant with queries regarding their spouse, their children’s health and education, issues related to health conditions, and details about savings and debt.
Using this information, it furnishes the list of life insurance plans that are most suitable with their payouts and premium amounts for the policyholder.
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 (10, 15 years, etc.) in case of the death of the policyholder.
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 for the exact time they need financial assistance.
How to Get a PolicyMe Life Insurance Quote?
Getting a comparison chart of life insurance quotes through PolicyMe is pretty simple. Click on any “Get Quotes” tab on its home page.
After clicking on the Get Quotes tab, you will land on the above page. You can either opt for direct quotes or can go for personalized policy offers by filling out a questionnaire.
The questionnaire breaks down into three sections: Family, Basics, and Finances.
In the first section, it asks about spouse/partner’s age, the number of children and their age, and whether you are planning to pay for their post-secondary education.
In the second section, you have to fill in your age, gender, answer if you use nicotine, and have any underlying health conditions.
In the last section, you have to enter details of your family’s annual income, residential status (rented, owned) debts, and savings and also need to answer if you already have any life insurance plan.
Before recommending the quotes, PolicyMe breaks down and asks you to fill out your monthly expense. It also suggests amounts sourced from the spending tendencies of millions of other Canadian families.
These are the general coverage and term recommendations made by PolicyMe in the light of the information you enter. If you want to see and compare different term life insurance quotes, click on See Prices.
Here, PolicyMe is suggesting four different 20-year term life insurance plans as per the provided family, health, and financial information.
The prices quoted here are subjected to changes and depend on the medical exams of the policyholder conducted by the insurance company. These tests are conducted to determine any unknown health issues policyholder is not aware of.
Life Insurance Companies PolicyMe Works With
As of now, PolicyMe is working with six insurers that are already serving millions of Canadians.
- Canada Protection Plan
- RBC Insurance
- Wawanesa Life
- Canada Life
Is PolicyMe Safe and Legit?
PolicyMe has been around for more than two years. In this duration, no complaints have been filed against it. Also, PolicyMe doesn’t ask for sensitive financial or personal information from users. You get a quote without submitting any document etc.
The fact that it is working with leading insurance companies also puts a seal on the authenticity and legitimacy of PolicyMe.
If you are a diligent shopper who loves to get rates and compare them to save money, you will like the easy-to-understand and free comparative term life insurance quotes furnished by PolicyMe.
PolicyMe is also an excellent platform for all those who want to avoid any hassle and need a seasoned liaison between them and the insurance company.