PolicyMe Life Insurance
Get fast and affordable term life insurance, usually without submitting for a medical exam, with this reputable provider.
- 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 Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Prince Edward Island. It doesn’t currently provide insurance services to Canadians living in Quebec, Saskatchewan, New Brunswick or Newfoundland. That said, it does plan to expand its coverage to these provinces in the near future.
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 (currently, only the 10-year and 20-year terms are available but you can apply for all terms as of 1 April 2021).
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 or die while committing a crime (such as drinking and driving). 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:
- Click the green ‘Get a quote’ button above to be securely redirected to the PolicyMe website. Use PolicyMe‘s advice tool if you want personalized recommendations about which plan you might want to apply for.
- Enter your age, income and smoking status to receive life insurance quotes based on the plan you select.
- Compare PolicyMe‘s quote with those of other providers to make sure you’re getting the best deal.
- 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.
- Get verified instantly or respond to requests for further information.
- Once you’re approved, read over your policy contract carefully and submit your payment details to start your coverage.
Benefits and drawbacks 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).
- 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).
- 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.
- Only available in some provinces. You won’t be able to apply for PolicyMe Life Insurance if you live in Quebec, Saskatchewan, New Brunswick or Newfoundland.