PolicyMe Review

If you're looking to secure your family's financial future, PolicyMe may provide the solution you're searching for. In this review, we'll discuss who PolicyMe is, its insurance offerings, what makes it different from traditional insurance providers, its simplified application and quick insurance activation process, its pros and cons, and if it's worth it.?

Overview of PolicyMe

PolicyMe is an online life insurance company in Canada that offers affordable, uncomplicated life and critical illness insurance. Founded in 2018, the company aims to streamline the traditional insurance process, from getting a quote to activating the insurance.?

Recognized by Bay Street Bull as one of Canada's most impactful companies in 2021, PolicyMe has sold over $5 billion in coverage to individuals. Through its technology, PolicyMe helps customers easily get a quote and apply for life insurance online. They can quickly get a fully underwritten life insurance policy in 20 minutes or less and at lower costs.?

Canadian Premier, a subsidiary of Securian Financial, issues PolicyMe insurance policies. It is licensed to operate in Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Quebec (Insurance of Persons), Saskatchewan, and Yukon Territories.

Types of PolicyMe Insurance

PolicyMe offers two types of insurance: Term Life insurance and Critical Illness insurance. Whatever insurance type you need, you can obtain them online with coverage and term advice customized to fit your unique needs.?

Term Life Insurance

Term life insurance from PolicyMe offers coverage amounts from $100,000 to $5 million for people between the ages of 18 and 75, with term lengths of 10, 15, 20, 25 or 30 years. Rates are locked in for the full term, and you can cancel anytime without penalties. You can also set the renewals automatically so your protection continues.?

You have the option to renew your policy annually until you turn 85. When you choose this option, there's no additional testing or questions required. Furthermore, you can get a 10% couple's discount during the first year and free $10,000 in child coverage.?

Critical Illness Insurance

The critical illness insurance policy from PolicyMe provides protection against critical illnesses at an affordable rate. It's a standalone policy that covers 44 conditions, the most in Canada. Sun Life comes in second, with 34 covered conditions. You can apply for Critical Illness insurance independently or as part of your life insurance application.?

The coverage serves as a living benefit for policyholders with critical illnesses like stroke, heart attack or cancer. Early-stage conditions, such as early-stage cancers detected early or cardiac illnesses, are also covered. You can use the cash to pay for out-of-pocket medical expenses or to replace your income if you need to take time off work.

How to Get Life Insurance at PolicyMe

To get a Term Life or Critical Illness insurance at PolicyMe, follow this simple procedure:

1. Go to the PolicyMe website and fill out the online application form for Term Life or Critical Illness Insurance.
2. Answer some questions and set your coverage amount and length.
3. Submit your online application.
4. Receive a no-obligation quote in seconds.
5. Apply for a policy in 20 minutes and find out if your application is instantly approved.
6. Activate your policy within 90 days from approval.

Pros and Cons of PolicyMe

Pros:

• Simple, affordable, and fast application process
• More affordable than most other traditional insurance providers
• Critical Illness insurance covers 44 conditions
• $10,000 in free life insurance for each child (6 months to 18 years)
• No required completion of medical exam
• Can apply and secure a policy in minutes
• Rates are locked in for the full term
• Cancellation at any time without penalty
• 30-day money-back guarantee
• 30 days grace period for missed payments

Cons:

• Limited offerings
• No whole or universal life coverage options

Is PolicyMe Worth It?

PolicyMe is an easy-to-use platform with insurance options that are unique from traditional insurance policy providers by offering instant competitive quotes, a policy within 20 minutes or less, and affordable premiums. Its simplified, web-based approach to life insurance and critical illness insurance can be worth it if you prefer streamlined, hassle-free coverage.

The insurer's highly competitive prices are due to their ability to scale back the distribution and underwriting processes. Plus, the company operates online only, which lets them cut back on operating costs, the savings of which they pass on to their clients. Furthermore, it's backed by Canadian Premier, founded in 1955. Both are protected by the Canadian non-profit Assuris, which protects insurance policyholders if their insurance company becomes insolvent.

To determine if PolicyMe is the perfect choice for you, ensure it aligns with your unique needs and financial goals. Take into account the rates offered, its online application process, and their customer service. Review the policy terms and coverage options and compare the insurer's offerings with other insurance providers.?

Visit PolicyMe

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