We’ve discussed business insurance before on our blog, and in this post we’ll talk about other another type of insurance policy that every Canadian business owner (or employee) will need to think about: life, term and critical illness insurance. PolicyMe (www.PolicyMe.com) is a Canadian insurance provider that will help you acquire all these policies under one hood. In this post, we’ll review this company to help you decide whether they’re the right choice for you…

Overview of the Company, Reviews & Ratings

• Corporate Name: PolicyMeCorp (FSRA #36783M.; AFM Client # 3002916818
• Website: https://www.policyme.com/
• Headquarters: 60 Adelaide St E, Toronto, ON M5C 3E4, Canada
• Available in: Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Prince Edward Island, Nova Scotia, Quebec, Yukon Territories & Nunavut
• Google Reviews: 4.9/5 (163 reviews)
• Reddit: Positive Sentiment.
• Reviews.io: 4.8/5 (823 reviews)
• Glassdoor: 4.6/5 (27 reviews)

As you can see from the above ratings, the review sentiment tends to be generally very positive, across several third-party review sites, including Reddit which is notoriously known for its rough audience. The positive comments on Reddit alone make me confident that the company is delivering quality services overall.

My Experience with PolicyMe Life Insurance: A Fresh Take on an Old Game?

For me, trying to find a life insurance policy in Canada always felt like trying to solve a Rubik’s Cube—complex and frustrating, to say the least.

There was always a lot of paperwork involved, and complex terms that I didn’t even understand. This was my mindset until I found out about PolicyMe, a beacon of simplicity in the convoluted and confusing life insurance industry. Super simple and easy to understand application process…

As a relatively new player in the field of insurance policies, having launched its operations in 2018, PolicyMe seems to have redefined the process of getting a life insurance policy with a more modern, streamlined approach, similar to what Zensurance did for business.

Why I Chose to Use PolicyMe

Before finding out about this company, I sifted through various forums and Reddit threads looking for life insurance options that didn’t require a Ph.D. to understand. PolicyMe stood out not just for its digital-savvy approach but also for its promise of simplicity, speed and competitive rates/prices—like a cheetah in the world of snails that is traditional insurance buying. See the below screenshot as an example of the cost of a life insurance policy for a 20 year old non-smoker female applicant with a 450k coverage

When I started filling out the form on the PolicyMe website, the process was as breezy as a walk in the park. The online application was intuitive and took barely 20 minutes to complete—a stark contrast to the usual paperwork marathon that you have to go through when you choose traditional life and term insurance providers. It was refreshing not to wade through an ocean of documents or to undergo a medical exam, which is a game-changer for someone like me who values efficiency.

The Coverage Conundrum

PolicyMe offers term life insurance, which is the bread and butter of their offerings. The terms range from 10 to 30 years, providing flexibility depending on one’s stage in life. For me, choosing a 20-year term was a no-brainer as it aligned perfectly with my goals of providing security for my family without the commitment of a lifetime policy.

However, it’s important to note that PolicyMe currently doesn’t offer permanent life insurance or whole life options. For some, this might be a deal-breaker, but for those who see life insurance as a temporary bridge rather than a permanent safety net, PolicyMe fits like a glove.

The Downsides

No rose garden is without its thorns, and PolicyMe is no exception. One of the main drawbacks is its limited availability and limited types of policies offered. Additionally, the lack of permanent life insurance options might steer away those who prefer lifelong coverage.

Moreover, while the simplicity of PolicyMe is commendable, the impersonal nature of handling everything online might not sit well with everyone. In moments of grief, having a familiar voice on the other end of the line can be comforting—a human touch that digital-first solutions sometimes fail to deliver.

Final Thoughts

For me, finding out about PolicyMe felt like stepping into a new era of life insurance—one marked by simplicity, transparency, speed, and adaptability. While it might not be the perfect fit for everyone, especially those looking for more comprehensive coverage options, it’s a great choice for those who appreciate modern conveniences and a straightforward, easy registration process.

As life insurance goes, PolicyMe is like a well-oiled machine in an industry that often still runs on steam—it’s not for every journey, but for those on a specific path, it might just be the ticket you need. Before you embark on this or any other insurance journey, weigh your options, consider your needs, and remember that the best policy is one that gives you peace of mind without tying you in knots.

I highly recommend that you compare PolicyMe’s rates with at least a couple of other life, term and critical illness insurance providers in Canada, to make sure you are getting the best deal. Some other noteworthy Canadian providers include: Desjardins Insurance, Sun Life, RBC Insurance and TD Insurance.

FAQ About PolicyMe

Q1: What types of insurance does PolicyMe offer? PolicyMe specializes in term life insurance, critical illness insurance, and health and dental insurance.

Q2: How can you get a quote from PolicyMe? Getting a quote from PolicyMe is quite simple. You just visit their website, answer four quick questions about your insurance needs, adjust your coverage amount and term, and you’ll get a quote live on the fly.

Q3: What is the application process like with PolicyMe? Quite efficient, in my opinion. I can complete the entire application process online in less than 20 minutes. Most applicants don’t need a medical exam, and once you’re approved, you have 90 days to activate your policy.

Q4: Is there a benefit to applying with a partner? Yes, if you apply with your partner, PolicyMe offers a 10% discount on your first year’s life insurance premiums. It’s a nice perk for couples looking to manage their life insurance together.

Q5: Why might PolicyMe be a good choice for insurance? PolicyMe offers competitive pricing and their policies are fully underwritten, which means they tailor the coverage to fit you properly. Plus, their process is entirely online, which can save you a lot of time and hassle. They also allow you to cancel anytime without fees, and they offer a 30-day grace period for missed payments.

Q6: Does PolicyMe offer coverage for children? Yes, when you sign up for life insurance through PolicyMe, they provide $10,000 of free coverage for each of your children. This feature might be particularly attractive if you’re looking to extend some protection to your entire family.

Q7: How quickly can you get approved by PolicyMe? PolicyMe’s process is quite fast. Many customers complete their application in less than 20 minutes and receive immediate approval, so you can know on the spot if you’re covered.

Q8: Are there other discounts or promotions? The primary advertised discount is for couples applying together, but it’s worth checking their site for any additional promotions, especially if you’re planning to buy multiple types of policies.

Q9: What should you consider before choosing PolicyMe? Consider what kind of insurance you need and how comfortable you are with managing your insurance online. PolicyMe’s offerings are robust for term and critical illness insurance, but they don’t offer permanent life insurance options.

Q10: Where is PolicyMe available? PolicyMe operates in several Canadian provinces including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Quebec (only for Insurance of Persons), Yukon Territories, and Nunavut.

Amine Rahal

Tech Entrepreneur, Author, and CEO of Little Dragon Media. Passionate about entrepreneurship, philanthropy, digital marketing, blockchain, finance, investing, health fitness & nonprofits.