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Monday, September 20th
PolicyMe is an independent third-party broker, which allows them to sell life insurance products only from the companies that meet their rigorous standards. Their experts analyze many insurers with respect to products, pricing, and customer feedback in order to deliver the best value to consumers.
To see which companies PolicyMe has evaluated and how they rank, we encourage you to click on the link at the bottom of the page, "Life insurance company reviews" . For quick reference, Policy Me has selected Manulife, Wawanesa, BMO, Canada Protection Plan, and IA Financial Group as their top five insurers.
Two ways to get quotes immediately
There are two ways to get a quote for life insurance when using PolicyMe. If you're just starting your search for coverage, select "Searching for the right policy" after you click the "Get started" button (estimated time to complete: 4 minutes). Otherwise, if you've already done some research and want to jump right to getting quotes, select "Ready to apply" .
Policies up to $10 million
To get the quickest quotes for our two sample individuals, a 25-year-old woman from Dawson (YT) and a 40-year-old man from Montreal (QC), we opted for the second choice. We were initially given coverage amounts ranging from $100K to $10M, policy terms of 10 years, 20 years, or to age 65, and asked whether we wanted to cover just the individual or a partner as well.
No contact information required to get quotes
The PolicyMe quotes are immediately populated at the bottom of the page, without providing any personal contact information (which we think is a great perk). For the 25-year-old woman, we were offered three quick quotes from Manulife, BMO and Assumption Life, with premiums ranging from $8.20 to $10.17 per month for a 10-year plan with coverage of $100,000. Surprisingly, the 40-year-old man's policy wasn't much more expensive, with premiums between $12.29 and $20.16 per month for the same term length and benefit. With the man's quote, we were offered a "no medical testing" policy from Canada Protection Plan; that was the plan with the highest monthly premiums.
Big focus on term life plans
Did you notice that there were no permanent life options offered? We were never given the choice to select it, and when we searched the PolicyMe site for more information, everything we found seemed to point us in the direction of term life insurance only. Even using the chat feature on the site gave us answers from a bot that were geared towards why term policies are the superior option in every circumstance. In other words, if you want permanent life insurance coverage, you probably won't find it right away when using PolicyMe.
Extensive details on each policy and insurer
On the other hand, if you click through the "See Details" feature for each policy quote, you might be surprised: when we looked at the Manulife quote, for example, under "what's included in your policy" it said that there would be an option to convert to a permanent life plan. We also liked the details under "PolicyMe's perspective" , where we learned that the Manulife application process doesn't require blood or urine tests for more than 75% of their applicants.
Significant savings, helpful advisors
Because PolicyMe is so new, there isn't as much customer feedback to consider as you'll find with many of their rivals in the insurance industry. But, the comments that are available are extremely positive: out of more than 300 reviews, PolicyMe earned an impressive average of 4.9 out of 5 stars. Clients described the process of getting their life insurance through this service as affordable, painless, and easy to understand. Many customers made mention of the fact that they saved a significant amount of money by getting their coverage through PolicyMe instead of going directly to the insurer. And, from what we read, advisors are on hand to answer any questions you may have along the way.
Best option for life insurance in Canada
Getting life insurance coverage can feel complicated, but it doesn't have to be. PolicyMe eliminates all of the guesswork and gives you as much (or as little!) information as you want, to guide you through the decision-making and ultimately get the policy that best suits your needs. This service easily earns our highest recommendation for Canadians looking to get a life insurance policy online.
If you're not fortunate enough to have coverage through your employer, you're wise to consider purchasing life insurance privately. Why? The right policy can help your beneficiaries, usually your spouse and/or dependents, to cover the costs of final arrangements, replace your salary and continue to pay the bills, or even have enough money to fund future expenses like university tuition.
Even if you have a policy through your job, are you sure you have enough coverage? Although a 2019 LIMRA study showed that nearly 13 million households in Canada had life insurance coverage - an all-time high - further research demonstrated that most policies weren't enough to pay for remaining mortgage payments at the time of death.
In other words, many Canadians have life insurance but are still underinsured. For that reason, some consumers choose to purchase individual policies even though they have a group plan through their work.
How much life insurance do you need? That depends on many factors, such as your annual income, your number of dependents, your debts and your anticipated funeral expenses. But, before you decide to buy millions of dollars in coverage, you should be aware that there's a limit to the amount of insurance you can have. Known as "insurable interest" , your coverage has to match your net worth and your income: you can't buy a policy for $10 million if your net worth is $100,000 and your salary is $75,000 a year.
Plus, you'll need to evaluate how much insurance you can afford. The bigger the policy, the higher the premiums - and the older you are at the time you initiate the coverage, the more you'll pay as well. Your premiums will also be affected by the type of life insurance you choose, and in Canada there are typically only two types: term insurance, which is usually less costly but will only insure you for a predetermined number of years, and permanent life insurance, which lasts for as long as you live and often has a cash value against which you can borrow but with higher premiums to match.
Reaching out to an insurance agency online makes it easy to find out what policies are available to you, how much coverage you can get, and how much you can expect to pay in premiums. You will likely need a medical exam before your policy goes into effect, but starting the process online is a great way to get the ball rolling.
As you shop for life insurance, how can you tell which provider is the right choice? Here are several criteria to keep in mind, to guide your decision-making:
TopConsumerReviews.com has reviewed and ranked the best sources of life insurance policies in Canada. We hope this information helps you find the right coverage, to give you the peace of mind that comes from knowing your loved ones are taken care of in the event of your passing.
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