PolicyMe Review 2024: Pros & Alternatives
Reviewed by Kristina Knight, Journalist , BA
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PolicyMe Insurance is a Canadian insurance company that aims to make it easier for Canadians to understand and purchase life insurance. They offer comprehensive coverage, fair prices, and an easy-to-use online platform.
Pros
- Lowest rates in Canada
- Easy to use
- Fast application
Cons
- Limited to life insurance products
- Comprehensive Coverage
- Low Premium
- Easy-to-Use Online Platform
- Expert Advice
PolicyMe Insurance offers a variety of life insurance products and services, including term life insurance, whole life, universal life, critical illness and disability insurance. They provide coverage for individuals or families, with options ranging from $25,000 to $2 million in coverage. Their online platform makes it easy to compare rates and options from different providers to find the best policy for your needs. PolicyMe also provides support through their customer service team who are available by phone or email 7 days a week.
PolicyMe Life Insurance is an online insurance platform that helps Canadians make informed decisions about their life and health insurance needs. The life insurance provider offers a range of products, from term life insurance to critical illness coverage, to help individuals protect themselves and their families; they do not require a medical exam.
PolicyMe was founded in early 2019 as a way to provide Canadians with a more affordable, flexible and reliable insurance solution. With their mission of “Making Insurance Easier for Everyone”, PolicyMe has made it easier than ever for Canadians to obtain the insurance coverage they need without having to pay exorbitant premiums or jump through hoops. By leveraging technology, PolicyMe enables customers to purchase and manage policies online at any time from anywhere in Canada.
PolicyMe makes it easy for customers to compare quotes from different insurers in minutes, allowing them to find the best coverage at the lowest price. With its user-friendly website and helpful customer service representatives, PolicyMe provides a convenient way for Canadians to get the coverage they need without having to deal with a medical exam, complicated paperwork or long waits on hold. Whether you’re looking for affordable protection or comprehensive coverage, PolicyMe has the solutions that are right for you.
The company is licensed in most of Canada except Quebec, New Brunswick, and Newfoundland but it is still actively working on expanding its services.
PolicyMe Advantages
PolicyMe has been a leader in the insurance industry for years. They offer comprehensive coverage, competitive rates, and customer service that’s second to none. It’s a great choice for anyone looking for reliable protection.
Lowest Rates in Canada
Compared to other companies, PolicyMe offers 10-20% cheaper rates in Canada so that you can save money with no sacrifice to quality. Their range of plans also provides low monthly payments that make it easy for customers to budget.
Quick, Easy, Affordable, and 100% Digital
PolicyMe makes buying insurance easy with a 100% digital process. With their intuitive website, you can purchase and manage your policy in minutes. You can even get a free quote in no time, so getting started is hassle-free.
Excellent Customer Service and Satisfaction Guarantee
PolicyMe has a team of knowledgeable customer service agents who are always ready to help. They offer 24/7 support, and their satisfaction guarantee ensures that you get the best coverage for your needs.
No Medical Exam Required
If you’re looking for life insurance, PolicyMe makes it easy. You can purchase a policy without a medical exam, ensuring that you get coverage quickly and easily.
PolicyMe Pricing
Now let’s dive into PolicyMe’s pricing. PolicyMe offers a variety of policy options for individuals, families, and businesses.
Term Life Insurance
Basically, the term life insurance policy covers you for a certain period of time and pays out in the event of your death. PolicyMe offers term life policies up to $10 million in coverage with guaranteed, level premiums over 10-30 years.
Prices depend on your age, gender, lifestyle, and health, but they are competitive compared to other providers.
Having a term insurance policy has its advantages:
- Cost-effective: A term life insurance policy is generally cheaper than whole-life or universal life policy, so you can get coverage for a longer period of time without breaking the bank.
- Offers flexibility: You can choose from different term lengths such as 10, 15, and 20 years to fit your budget and lifestyle.
- Provides financial security: Term life insurance policy is designed to provide protection in case of unexpected death during the policy term, ensuring that your family’s financial needs are taken care of when you’re gone.
- Payouts are tax-free: The proceeds from a permanent life insurance policy are generally not taxable as income, so your family won’t have to worry about taxes eating up the death benefit.
- Easy to understand: Term life insurance policies are straightforward and easy to comprehend, so you won’t have to worry about getting confused by complicated terms or trying to figure out how the policy works.
Term Life Insurance Calculator
Perhaps the best feature of PolicyMe is its term life insurance calculator. All you have to do is answer a few simple questions about your health and lifestyle, and it will give you an accurate estimate of how much coverage you need, as well as the cost.
This is a great tool for anyone looking to get permanent life insurance because it allows them to see exactly what they are getting before committing to anything.
Age and Gender
Age and gender have a big impact on the cost of life insurance. The older you get, the more expensive your life insurance premium becomes. PolicyMe takes this into account and offers competitive rates for all ages and genders.
Policy Type
PolicyMe has several different types of policies available, from basic coverage to more comprehensive options. This allows customers to find the policy that best fits their needs and budget.
Coverage Amount
PolicyMe allows customers to choose the amount of coverage they need, up to $10 million. This is great for those who want higher levels of coverage but don’t want to pay exorbitant prices.
Your Health
Your health is another important factor when it comes to life insurance. PolicyMe takes this into account and will offer lower premiums for those who are in better health. However, since this is purely digital (everything goes online), health questions are limited to tobacco use.
Here’s a sample computation of PolicyMe’s pricing. Let’s say you’re a 35-year-old male, non-smoker and looking for basic term life insurance coverage of $500,000 over 10 years. Your estimated monthly premium would be around $15.75.
PolicyMe Quick Overview
PolicyMe Customer Reviews
On their website, the life insurance company boasts a 4.84 rating from 715 unique reviews. It’s easy to see why PolicyMe Insurance is becoming one of the most popular insurance providers in Canada. With their comprehensive coverage options, competitive prices, and exceptional customer service, they have earned a reputation as an industry leader. Here are some reviews from customers who have had experience with PolicyMe Insurance:
I’ve been with [this life insurance provider] for several years now and I’m very pleased. Their coverage is excellent, the prices are reasonable, and their customer service team is always quick to respond to any inquiry. Highly recommended!
Their customer service team is extremely helpful – they always take the time to explain things in detail so that I understand what I’m getting.
I’ve been with PolicyMe since 2019, and it’s been a great experience so far. They offer really affordable rates compared to other companies in the market, and their customer service team always goes above and beyond to help me out. I highly recommend them!
I recently switched to PolicyMe and I am so glad I did. Their customer service is outstanding – they answered all of my questions quickly, were very helpful and friendly, and made sure that I got the best coverage for my needs. The prices are also much lower than other providers.
PolicyMe Service Review
Review of Lorem Ipsum
| Overall Pricing and Value | 97%
| 97% |
| Cost Value | 95%
| 95% |
| Customer Support | 99%
| 99% |
| Ease of Use | 98%
| 98% |
| Included Features | 95%
| 95% |
Aside from its low-cost and comprehensive coverage, as an online life insurance company —PolicyMe Insurance stands out from other insurance providers with its user-friendly digital platform. It’s designed to make it easy for customers to find the best policy at the lowest cost. The website has an impressive array of features that facilitate a smooth transition from researching policies to signing up for one.
Is This Brand Right For You?
To answer this question, it’s important to identify your needs and goals when it comes to traditional life insurance companies. PolicyMe Insurance has a variety of plans available, so you can easily find the life insurance quote that fits your specific situation. From couples, individuals, and families to self-employed professionals, PolicyMe is a premier life Insurance company with policies tailored for each.
Plus, you can rest assured that your policy is in good hands. PolicyMe Insurance has an experienced team of professionals who are dedicated to providing the best service possible. From claims handling and customer support to offering advice on insurance products, they’re there for you every step of the way.
Cost Value
PolicyMe offers a 10%-20% cheaper rate than other insurance providers, making it a great choice for those on a budget. Furthermore, the company offers discounts and rewards points when you sign up for a policy or refer friends.
Here’s a sample price comparison of PolicyMe and other insurance providers:
As compared to Manulife, an average of $1.50 per month will be saved with PolicyMe. That’s already a savings of $18 a year on the same policy.
Customer Service
PolicyMe Insurance’s customer service is top-notch. They have a dedicated team of experts that are available to answer any questions you might have. From email and phone to live chat, you can always reach out and get help in the shortest amount of time possible.
Ease of Use
For as fast as 15 minutes, you can compare and purchase a policy online. The website is straightforward and easy to navigate, which makes the process of buying an insurance policy much simpler than it would be with other companies.
Included Features
- Lowest Price Guarantee
- Friendly customer service
- Flexible payment options
- 24/7 access to policy information
- Easy online sign-up process
- Comprehensive coverage and discounts
Overall
PolicyMe Insurance is an excellent choice for those looking for a reliable and affordable insurance provider. It offers great value with low-cost plans and comprehensive coverage, as well as a user-friendly online platform that makes the process of finding and signing up for a policy simple and straightforward.
2 Top PolicyMe Alternatives
| Canada Life | Manulife Insurance | PolicyMe | |
| Award | Best For Term Flexibility | Best Permanent Life Insurance | Best Term Insurance |
| Feature Includes | Variety term and life plans Additional rider option Flexible renewal | One of the most experienced providers Offers universal life insurance Offers health and wellness plans | Lowest price in canada 100% digital Excellent customer support |
| Ranking | 4.0 | 4.5 | 4.8 |
| Detail | Read Review | Read Review | Read Review |
| Link |
Canada Life
Canada Life is a leading insurer and wealth management company in Canada, with a heritage that dates back over 140 years. Founded in 1847 as The Canadian Life Assurance Company, the firm has grown to become one of the largest insurers and investment providers in the country. With a wide range of products including life insurance, critical illness coverage, health plans, retirement savings plans, and more, Canada Life provides customers with comprehensive protection for their families and financial future.
Manulife Insurance
Manulife Insurance is another top-rated Canadian insurer with a long history and solid reputation. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown to become one of the world’s leading financial services providers. With a focus on providing customers with access to high-quality life insurance products, health plans, retirement savings plans, and more, Manulife is dedicated to helping people secure their future and protect what matters most.
Read more: Top 5 Best Life Insurance In Canada For 2024
Conclusion
When it comes to term life insurance, Canadians have the unique opportunity to choose PolicyMe Insurance. As mentioned earlier, they have the lowest rates in the industry, as well as a wide range of coverage options to fit your individual needs.
PolicyMe is also one of the only insurers to offer an online underwriting assessment process for those applying for term life insurance. This greatly reduces the time it takes to get approved and obtain coverage. Additionally, their customer service team is highly knowledgeable and always available to answer any questions you may have. We hope that this PolicyMe review can you make the right decision when choosing your life insurance coverage.
Frequently Asked Questions (FAQs)
Term life insurance coverage is a type of life insurance policy that provides coverage for a set period of time, usually ranging from 10 to 30 years. If the insured person dies during the term, their beneficiaries will receive a death benefit in the form of a lump sum payment.
PolicyMe Insurance is an online premier life insurance company that makes it easy for Canadians to compare and purchase life insurance policies quickly and easily. Through its online questionnaire and comparison tool, customers can find the best policy for them at an affordable rate without having to speak with an agent or broker.
PolicyMe simplifies the process of shopping for life insurance by providing an online questionnaire and comparison tool that allows customers to compare policies and find the best option for them easily. They also have dedicated customer service representatives available to answer questions or provide advice if needed.
No, PolicyMe does not require an in-person medical exam. Instead, customers answer a few questions about their health and lifestyle to get an accurate and instant life insurance quote for coverage.
The type of insurance you should get depends on your individual needs, circumstances, and if you already have an existing life insurance coverage. PolicyMe offers a range of policies, so it’s important to do some research and compare different options before deciding which one is best for you.
With PolicyMe, you have the option to convert your term life insurance coverage to a longer-term policy (15, 20, 25, or 30 years) within the first five years of your policy being active. Once the five-year period has passed or when your term life insurance coverage is set to expire, you will need to reapply for coverage. It is likely that you will be charged higher premiums if you renew your policy, as the risk of death increases with age and the insurance company may be more likely to have to pay out a death benefit during the renewed policy term.
PolicyMe offers a variety of term life insurance policies, including 10-year, 15-year, 20-year, 25-year, and 30-year terms. They also offer whole life insurance policies with more comprehensive coverage options.
They also have a new Critical Illness Insurance, wherein PolicyMe covers the costs of medical treatments related to certain illnesses. The average cost is around $37.67/mo for this type of insurance that provides a lump-sum cash payment if you are diagnosed with a critical illness, such as a heart attack, stroke, or cancer, during the time that you are covered under the policy. In some cases, the insurance may also cover early detection of certain conditions, such as certain forms of breast cancer, to allow you to focus on your recovery.
Unlike life insurance, which pays out to a designated beneficiary upon the policyholder’s death, critical illness insurance pays out directly to the policyholder if they become critically ill. The cash benefit can be used to help replace lost income while taking time off work or to cover medical expenses not covered by other insurance.
Yes, PolicyMe has dedicated customer service representatives available to answer any questions or provide advice when needed. They can also help customers with policy changes, cancellations, and more.
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+ 3 sources
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- Life Insurance Made Easy | PolicyMe. www.policyme.com. Accessed December 27, 2022. https://www.policyme.com/
- Insurance | Manulife. @manulife. Published 2019. Accessed December 27, 2022. https://www.manulife.ca/personal/insurance.html
- Insurance, Investments, & Retirement | Canada Life. Canada Life. Published December 31, 2017. Accessed December 27, 2022. https://www.canadalife.com/