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PolicyMe Review

Monday, September 20th

2021 Canadian Life Insurance Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award PolicyMe Review 5 Star Rating


5 Star Rating
  • Specializes in life insurance as an independent broker
  • Focuses on term life policies
  • Newer company on the market
  • Strong initial customer feedback
  • Get quotes online without providing identifying information
Top Consumer Reviews Best-In-Class Blue Ribbon Award

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.

Detailed analysis

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.

Best Canadian Life Insurance Plans

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.

Where Can Canadians Find the Best Life Insurance Policies?

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.

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Canadian Life Insurance FAQ

In Canada there are two main types of life insurance: term and permanent (also known as whole life). Term policies last for a specified time period, usually 10, 20 or 30 years. The premiums are usually lower, partially because the policy has no cash value if you cancel before you die. Permanent policies generally have higher premiums but last until you pass away, and there's a cash value if cancelled prior to death.
While many Canadians do have life insurance policies through their work, the coverage amounts have dropped considerably over the past few years. Instead of a benefit representing a year or more of the employee's salary, it's now common for the coverage to include a flat payout (e.g. $25,000). Studies show that many people in Canada are underinsured, and for that reason they turn to privately-purchased life insurance policies.
There's no one-size-fits-all answer, but you can start by looking at your current situation. Do you have a partner or dependents who would face hardships without your salary? Do you have a mortgage that would be an undue burden on your loved ones? Consider future expenses as well, like paying for a child's university costs. And, don't forget to estimate any funeral costs. Those considerations can help you decide how much coverage you'd like to have in place.
It's obvious that the higher the benefit, the higher the premiums will be. Term life insurance will usually be more affordable than whole life.
Now. The older you are when you purchase life insurance, the more you'll pay in premiums (because it's more likely you'll pass away, making you more of a financial risk to the insurer). The younger and healthier you are, the less you'll pay in premiums.
Most of the time, yes. It may require blood and/or urine tests, a doctor visit, and several weeks to be underwritten and the policy issued. There are life insurance policies designated as "no medical" or "simplified issue" ; these usually just have a few medical questions but no tests or doctors. Generally speaking, the larger benefit amounts require more in-depth medical underwriting.
Yes. You'll need "insurable interest" : in other words, your coverage has to match your life situation and the hardship your loved ones would experience if you passed away. For example, if you have an annual salary of $25,000, you wouldn't qualify for a $2 million life insurance policy. Your coverage limit will be determined by your salary, net worth, and several other factors.
Yes - to a certain extent. Depending on the insurer and policy you select, you may be able to complete the entire application process online and make your initial payment. But, most insurance policies will need to go through an approval process that includes medical underwriting, so you won't have your coverage immediately. Shopping for life insurance online is a great way to compare quotes and get an idea of what your options are - before working with an agent.
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Continued from above...

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:

  • Reputation. What do other clients have to say about their experience with the agency? Has the company been rated by the Better Business Bureau?
  • Ease of Use. How quickly can you get a quote through the agency's website? Can you find the information you're looking for? Is the site intuitive to use?
  • Selection. Does the agency have a wide range of policies to choose from? Can you get both term and permanent life insurance quotes?
  • Rates. How much will you pay for your coverage? Can the agency give you a policy with competitive premiums and terms?

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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