In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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PolicyMe Life Insurance
Get a quote
Types of Insurance
Term Life, Critical Illness
Minimum Coverage
Maximum Coverage
Age Range
18 - 75
Medical Exam Required

Our verdict

Get fast and affordable term life insurance, usually without submitting for a medical exam, with this reputable provider, PolicyMe.

PolicyMe offer a suite of multi-year term life insurance plans for just about every situation. You can register and get approved for coverage in a matter of minutes without the need for a medical exam in most cases. Just be aware that PolicyMe doesn't offer whole or cash value life insurance policies.

Best for: Canadians between the ages of 18 and 75 looking for affordable term life insurance plans.


  • Affordable prices
  • Fast turnaround
  • No medical required
  • Money back guarantee
  • Easy cancellation


  • No whole or cash value life insurance policies available
  • No in-person service

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
  • Get a quote if...
    You want affordable term life insurance coverage, likely without the need for a medical exam.
  • Choose a different provider if...
    You want whole or cash value life insurance and you’d rather deal with an advisor in-person.

What can life insurance cover?

Life insurance is a way of making sure that your family can cope financially if you die. It’s designed to pay out a large premium to your loved ones in the event of your death. This payout can be used to clear away your debts, pay off your mortgage or cover everyday expenses. It can also help to pay for your funeral if you haven’t set any money aside for that.

What is PolicyMe Life Insurance?

PolicyMe is a private life insurance provider that offers affordable term life insurance plans to Canadians between the ages of 18 and 75.

You can typically get a decision on your life insurance on the day you apply, and usually without the need for a medical exam. PolicyMe also offers a money back guarantee in your first 30 days if you’re unhappy with the service for any reason. This gives you time to try out your policy before you’re locked into a payment plan.

Which provinces does PolicyMe work in?

PolicyMe offers life insurance products to residents of AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU.

What types of life insurance does PolicyMe offer?

PolicyMe only offers term life insurance policies to Canadians between the ages of 18 and 75. It doesn’t offer whole life or cash value insurance policies.

  • Coverage amounts. Coverage amounts range from $100,000 to $5,000,000.
  • Term lengths. Terms range from 10, 15, 20, 25 and 30 years.

Is term life insurance the right fit for me?

Term life insurance may be a suitable option for you in situations where you want extra insurance while you pay off your mortgage or meet specific financial goals. It’s designed to protect your family from being left with significant debt in the event of your death.

It may not be a good fit if you’re looking for a policy that will insure you for your entire life span or provide you with a cash value deposit at the end of your policy.

How much does PolicyMe Life Insurance cost?

PolicyMe claims that its rates can be roughly 10% to 20% lower than other insurers in Canada. It also goes so far as to offer a money back guarantee in your first 30 days if you’re not happy with your policy. Beyond this, it’s difficult to say exactly how much your PolicyMe Life Insurance will cost since this will depend on a number of personal factors. These include the following:

  • Your age. You’ll typically pay higher premiums as you age since you’re statistically more likely to run into health issues.
  • Health history. You may have to pay higher premiums if you have a chronic or critical health condition.
  • Weight. You’ll usually pay more if you’re overweight since this can increase your risk of developing serious health conditions.
  • Substance use. You’ll often have to specify how much you drink or smoke, and you may have to pay a higher premium if you’re over a certain threshold.
  • Occupation and hobbies. Your overall price could go up if you work a dangerous job or indulge in thrill-seeking activities such as skydiving or scuba diving.

What exclusions do I need to know about?

There are certain exclusions you’ll need to watch out for when you sign up for a PolicyMe Life Insurance policy to make sure you don’t unwittingly void your coverage. For example, you won’t get any death benefits if you commit suicide within the first two years. You could also void your coverage if you supply false information when you apply. You should make sure to read your policy in full before agreeing to its terms and conditions. That said, any exclusions are the standard exclusions that are found in most typical life insurance policies.

You can also contact PolicyMe directly to go over anything you’re not sure about. Its agents will be able to clearly explain any confusing language and make sure you understand your coverage so that you can remain eligible for payouts for the duration of your policy. You also have the opportunity to view a sample policy contract before you apply, which can provide you with an opportunity to read over the policy and identify anything that you don’t understand or that concerns you.

How to apply for PolicyMe life insurance

You can apply for PolicyMe Life Insurance by following the steps below:

  1. Click the ‘Get a quote’ button above to be securely redirected to the PolicyMe website. Use PolicyMe‘s recommendation calculator if you want personalized recommendations about which plan you might want to apply for.
  2. Enter your age, gender and smoking status to receive life insurance quotes based on the plan you select.
  3. Compare PolicyMe‘s quote with those of other providers to make sure you’re getting the best deal.
  4. Submit a 15-minute life insurance application through PolicyMe‘s website by answering questions about your personal and financial situation as well as your medical history and existing life insurance coverage.
  5. Get verified instantly or respond to requests for further information.
  6. Once you’re approved, read over your policy contract carefully and submit your payment details to start your coverage.

Pros and Cons of PolicyMe insurance


  • Affordable prices. PolicyMe claims to have life insurance policies that can be 10% to 20% lower than those of its competitors.
  • Fast turnaround. You can qualify for approval and get insured on the same day that you apply in many cases.
  • No medicals required. Most healthy individuals will be able to qualify for coverage without needing to submit to an in-person medical.
  • Many term lengths. You’ll be able to sign up for many different term lengths depending on how long you want your coverage to last.
  • Money back guarantee. If you’re not happy with your policy in the first 30 days for any reason, PolicyMe will refund your payment in full.
  • Easy cancellation. You can easily cancel your PolicyMe Life Insurance at any time with no penalty and no explanation required.
  • No commissions. PolicyMe pays its advisers a salary so there are no commissions baked into the sales model (which means less pressure when you’re looking to buy).
  • 24/7 customer support. It’s possible to reach a customer service agent at any time of day or night to file a claim (either by phone or email, depending on the hour).
  • Family-friendly features. Save 10% off your policy in the first year when you apply as a couple, and get child coverage at no extra cost with the purchase of any policy.


  • No in-person service. You won’t be able to visit PolicyMe in-person to discuss your life insurance needs (though you can arrange a Zoom meeting to speak to an adviser, or simply do it over the phone).
  • No whole life insurance. PolicyMe doesn’t offer whole life or cash value insurance policies, which is unusual for a life insurance company.
  • Some exclusions. You may not be covered for certain risks or injuries, depending on your policy specifications and how much coverage you request.

Why is PolicyMe no longer a life insurance broker?

PolicyMe was a reputable life insurance broker for many years before branching out with its own insurance products. It made this move after working with many other insurance providers and identifying inefficiencies in their policies and processes. PolicyMe has used these lessons to make its own life insurance offerings cheaper and more accessible.

PolicyMe has excellent online reviews and partners with some of Canada’s most trusted insurance underwriters to bring you transparent life insurance that you can trust. PolicyMe is no longer a broker and will only offer its own insurance products going forward.

Bottom line on PolicyMe

PolicyMe Life Insurance offers an easy and affordable way to get term life insurance in Canada. You can apply online in a matter of minutes and get approved for coverage on the same day and without the need for a medical in many cases. Find out more about how PolicyMe Life Insurance works, and apply for a quote to find out how much you’ll have to pay to get insured.

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