PolicyMe vs PolicyAdvisor 2022: Top Life Insurance Providers

PolicyMe and PolicyAdvisor are two Canadian companies operating within the life insurance industry. Both are relatively new, innovative, and, unsurprisingly, digital-first.

I’ve worked as an insurance broker in the past, and within two years I had over 80 clients. I know that the insurance industry is one that’s been relatively stagnant for a long time.

Long approval timelines, out-of-date application processes, and inflated prices have characterized getting life insurance for a while.

However, things are changing to be more streamlined, efficient, and more cost-friendly with these two companies. 

In this head-to-head comparison, we’ll be going over which company comes out on top in each of the categories below and decide who is the ultimate winner. Hint, both are great for different reasons!

  • Products and services
  • Rates
  • User experience
  • Area of operation/Availability

Let’s get started! 

PolicyMe Vs PolicyAdvisor

Quick Introduction to PolicyMe

PolicyMe Logo

PolicyMe is a Canadian online life insurance company that offers life insurance affordably, quickly, and digitally. But, just as much as they are an insurance company, they are a technology company as well, digitizing the age-old processes that characterize the insurance industry.

PolicyMe was founded by industry leaders that had worked in insurance companies for a long time. Using their expertise, they aim to eliminate the inefficiencies in life insurance distribution and underwriting processes, cutting down both time and costs.

Unlike PolicyAdvisor (which I will introduce in the next section), PolicyMe offers its own life insurance products. You can get a quote on their website.

The calculator allows you to select your coverage amount and length without the uncomfortableness or hassle that’s sometimes associated with eager agents trying to sell you products with high commission rates.

Not only that but the entirety of the application process is done online in a matter of 20-30 minutes! Here is a comprehensive list of PolicyMe features:

  • 100% digital application and approval
  • Quick application process (20-30 minutes)
  • An instant instantaneous decision for most applications – doctor checkups are usually not necessary
  • Low cost with the same quality of coverage as other Canadian insurance companies
  • Fee and penalty-free cancellation option
  • 30 day grace period for any missed premium payments

This company is excellent, specifically because I know how biased insurance brokers and advisors can sometimes be. PolicyMe gives honest advice without overcharging you for their products, and it helps that their advisors are salary-based and not commission-based. 

I have also done a full review of PolicyMe on my website, which you can find here.

Quick Introduction to PolicyAdvisor

policyadvisor

PolicyAdvisors markets themselves as the “one-stop for your insurance needs.” To me, this is a rather accurate description. They are an insurance brokerage that makes insurance straightforward.

Their primary offering is a savvy comparison tool that allows you to buy from Canada’s 20 best insurers. In your purchasing process, they also provide you with impartial and live advice and assist you digitally in your application process.

PolicyAdvisor is different from PolicyMe in the sense that it does not offer its own insurance products; they are simply a brokerage that stands between you and existing insurance companies and products. With that said, their advisors are commission-free, so you never have to feel pressured. They are on your side.

Another unique thing to PolicyAdvisor is that their advice and scope go beyond life insurance. Through their advising services, you can learn more about and purchase other products such as whole life insurance, critical illness insurance, mortgage protection, and disability insurance.

PolicyAdvisor’s features:

  • Simple, quick, online
  • Compare products from 20+ companies
  • Live advisor support (online)
  • Impartial, trusted advice
  • Commission-free advisors
  • Digital application

I have done a full review of PolicyAdvisor on Wealth Awesome before. You can find that here.

Who Wins? PolicyMe vs PolicyAdvisor – Rates and Fees 2022

First up: fees and costs! Assuming that policies have the same coverage, a cheaper product is a better bang for your buck. Let’s see who wins. 

Rates and Fees – PolicyMe

Here is the quote for a 30-year-old female non-smoker. The policy covers up to $500,000 for a term of 20 years.

policyme personalized insurance

The quote shows $22.25 per month, with an option for free child coverage.

Rates and Fees –  PolicyAdvisor

Below is PolicyAdvisor’s rate for the same person (30-year-old, non-smoker, female)

Coverage amount

$23.40 per month for the same coverage, and no child coverage included.

Verdict: Rates and Fees Winner

Although rates will vary depending on your life situation (gender, health, age, smoking status), my research shows that PolicyMe has better prices than the products offered through PolicyAdvisor.

They achieve lower prices by eliminating their operating costs. For instance, check out this table on PolicyMe’s website

term life insurance

The winner of the rates section is PolicyMe.

Who Wins? PolicyMe vs PolicyAdvisor – User Experience 2022

User Experience – PolicyMe

Just like PolicyAdvisor, PolicyMe allows you to search for life insurance independently and from the comfort of your own home.

PolicyMe’s user interface is straightforward and easy to navigate. Their winning feature, however, is their turnaround time for policy approvals.

All applicants get their decision within minutes. In the rare case that a medical check is required, it will be conducted more swiftly than traditional insurance providers.

User Experience –  PolicyAdvisor

PolicyAdvisor’s user experience is digital and seamless, as well. Their comparison tool is innovative, easy to use and informative.

I really appreciate the access to impartial and non-commission-based insurance advisors with PolicyAdvisor, as well. The only downside is that the approval process takes longer than PolicyMe because they offer products through traditional providers.

In my opinion, however, this is made up for through the convenience that their comparison tool provides.

Verdict: User Experience Winner

The companies tie in the user experience category. With PolicyMe’s swift decision-making and PolicyAdvisor’s convenient policy comparison tool, both are strong contenders for different reasons and, thus, tie.

Who Wins? PolicyMe vs PolicyAdvisor – Products and Services 2022

Who Wins?: PolicyMe vs PolicyAdvisor - Products and Services 2022

In the first round, we will compare the products and services of these two companies to see which one comes out on top.

Products and Services – PolicyMe

PolicyMe is a digital life insurance company that quotes and sells its own term life insurance policies. Their policies are fully underwritten and sport reasonable prices.

Additionally, one of the best features of their life insurance products is that you get a decision within a matter of minutes. With traditional providers, this whole process can take weeks or even months. Below is a picture of their timeline. 

PolicyMe vs PolicyAdvisor - timeline

Quick, convenient, and impartial, PolicyMe’s life insurance products and services are an attractive contender to traditional insurance providers. However, they only offer their own quote to you before you apply and do not offer policies other than term life insurance.

Products and Services –  PolicyAdvisor

PolicyAdvisor’s services are quite different from those of PolicyMe. You can indeed get insurance through them; however, it will be the product of a traditional provider. With that said, PolicyAdvisor makes the decision and application process incredibly seamless.

By allowing you to compare products from more than 20 companies and aiding you through your online application process, they cut down the time and effort it takes to obtain quality life insurance. In my eyes, this makes their service very innovative.

why clients choose policyadvisor

Verdict: Products and Services Winner

If you are on the market for any type of insurance, go with PolicyAdvisor. Their marketplace can be a really good place to start in your research.

Better yet, you can stay on the same website to purchase your insurance and get the advice of impartial professionals in the process. PolicyAdvisor also goes beyond just term life insurance, which is great.

In terms of the innovation and scope of their products and services, PolicyAdvisor is the winner.

Who Wins? PolicyMe vs PolicyAdvisor – Area of Operation 2022

Who Wins?: PolicyMe vs PolicyAdvisor - Area of Operation 2022

Lastly, we’ll compare these two companies based on their availability across the country.

Area of Operation – PolicyMe

PolicyMe is a Canadian company licensed to operate in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Yukon Territories, Northwest Territories & Nunavut.

These are all provinces and territories in Canada except for Quebec and Newfoundland, and Labrador.

Area of Operation – PolicyAdvisor

PolicyAdvisor Brokerage (PAB) Inc. is also a Canadian insurance brokerage. They are licensed to sell life insurance products in Ontario, Alberta, and Manitoba.

Although these provinces collectively hold more than 20 million people, PolicyAdvisor’s coverage across Canada is weak compared to PolicyMe.

Verdict: Area of Operation Winner

The winner of the area of operation category is PolicyMe. They operate in all regions of the county, with the exception of Quebec and Newfoundland and Labrador.

Is PolicyMe Legit?

Is PolicyMe Legit?

Yes, PolicyMe Corp. is a legitimate company. They are regulated by the Financial Services Regulatory Authority of Ontario under license #36783M.

In addition, the company is a Better Business Bureau (BBB) accredited business and has an A+ rating with them. They have been accredited since 17/6/2021.

PolicyMe has been in business since 2018 and operates out of York, Ontario.

PolicyMe vs PolicyAdvisor – Final Verdict

Overall, the winner of this head-to-head comparison is PolicyMe. You can find out more about them, get a quote and apply for their term life insurance products here.

But that doesn’t mean that PolicyAdvisor’s insurance comparison tool doesn’t deserve any credit. This tool is innovative, and its findings cannot be obtained by using PolicyMe instead. Let’s see which company you should personally go for and why.

Use PolicyMe if:

  • You are looking for term life insurance
  • You want a purely digital application process
  • You’re interested in penalty-free cancellations
  • You’re trying to secure the best rate possible

Use PolicyAdvisor if:

  • You want to get an understanding of the insurance market and compare products and policies.
  • You are looking for insurance products including but not limited to term life insurance (such as whole life insurance, critical illness insurance, mortgage protection and disability insurance)
  • You want impartial advice on your insurance journey.
  • You are okay with waiting a bit longer for your application decision as traditional providers tend to take longer than PolicyMe’s decisions.

You can’t go wrong with either of these companies. Why not start your search on PolicyAdvisor and get quotes from several of the largest life insurance providers in Canada? If you like one of the products there, you can get live and impartial advice from their advisors and apply right through PolicyAdvisor.

Or, you can go directly for PolicyMe if you are in a rush to obtain quality life insurance at a reasonable rate. The choice is up to you!

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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