PolicyMe

You've got questions, we've got answers

What is life insurance?

In its simplest form, life insurance is a security blanket for your loved ones. It is there to protect anyone who depends on you financially in the worst-case scenario.

Who needs life insurance?

Life insurance is essential if you have a partner, children or ageing parents who depend on you for financial support. It is important to note that not everyone needs life insurance, especially people who are single with no dependents.

What’s the difference between term and permanent life insurance policies?

The type of policy you have will have a significant impact on your premiums. Term life insurance is the most affordable form of life insurance. This is because it pays your death benefit only if you die during the fixed term of the policy, which is usually set at 10, 20, or 30 years. Permanent life insurance, on the other hand, is more expensive because it guarantees the payment of your benefit no matter when you die.

Term life insurance is the best option for most families, as generally you will only need to be covered for a limited time period. For example, if you have young children or a mortgage, you would want coverage until your children are independent adults or until your mortgage is paid off.

Can I still get covered during COVID-19?

Yes. For most people, there have been no changes to the life insurance application process in Canada. However, travelling to destinations on the Government of Canada’s COVID-19 warning list can impact the life insurance application process. At this time, recent travel to any COVID-19 'hot spots' or any travel planned in the near future could cause your insurance company to postpone your approval until some time has passed after you arrive back in Canada. You can read our detailed COVID response here.

What happens after my term ends?

At the end of your term, coverage will end and your payments are complete. Term life insurance is not a savings plan, which is why it is approximately 10 times cheaper than a permanent policy. After it expires, you might not need life insurance anymore (especially if you answered our questions to get a recommendation and selected that policy length). If it turns out that you still need life insurance at that point, you can get an entirely new policy or you can renew this one at a higher rate.

I have group life insurance through my work. Do I still need to buy an additional insurance policy?

‍First off, that’s great!

In most cases, group life insurance gives you coverage that's 1x to 2x your annual salary. This coverage is included in your benefits plan and you don't have to pay extra for the insurance coverage. As you may have guessed, this is likely not enough insurance for most. Some plans offer the option to purchase more insurance through this same provider, but there are some risks with this option. These drawbacks include a lack of portability if you change jobs, increasing price by age brackets, additional medical evidence required at a later stage and no benefit of price comparison.
‍
The important thing now is to check whether this coverage is enough by getting a personalized life insurance recommendation.

What exactly is the process to apply?

After checking your rates and reviewing PolicyMe’s recommendations, you can apply for your policy directly through our website. As part of your online application, you’ll need to answer a few questions about your personal and financial situation. Then, the underwriting process will begin to determine your final policy rate.

In most cases, this would include a 20-minute phone call with a nurse to go over your medical history. Only 10% of applicants need an in-person nurse visit to their home. Once you get a decision from the insurance company, you can accept or reject their offer. If you choose to accept it, you will then sign-off on your policy documents and provide your payment information.

How long does the application process take?

It varies based on the policy you've applied for, the insurer, and your personal situation. Some applicants are approved within a few days and for others, it can take 2-3 weeks.

If your underwriter needs more information on any of your specific health conditions, the process can take more time. Generally, we see the application process completed within 2-3 weeks.

Can I get coverage, even if I've had health problems?

Yes, of course. We work with a lot of customers who have a range of health conditions.

It is possible to be denied coverage due to health issues. We also work with alternative companies that deal specifically with harder to insure individuals. No matter what situation you are in, we will help you find the coverage that's right for you.

Can I get coverage for my spouse?

Yes, you can add coverage for your spouse when reviewing your quotes. Joint policies operate like having two separate policies for the same coverage amount and policy term. That means that a death benefit will be paid out to your beneficiaries if you pass away during your policy term, and a separate death benefit will be paid out to your spouse’s beneficiaries if they pass away during their policy term. Some insurers also offer discounts when you apply with your spouse!

Can I get coverage for my children?

You have options to cover your children with a term insurance policy by adding child protection riders. These are the most common ways of adding future insurability protection for children and would provide a small death benefit in case a child dies.

Coverage varies by carrier, but common coverage amounts are between $5,000 and $25,000. If you’re interested in adding a child protection rider, please email an advisor at advisor@policyme.com or include a note with your application.

Why do I need a health telephone interview?

All insurers require some form of medical review before they can approve you for your policy (as part of their underwriting process). For most insurers, this comes in the form of a quick phone call or a short in-home visit to collect vitals (for example, blood pressure readings, weight and height measurements, and a blood sample).

Is the quote I apply with my final rate?

You can quickly get quotes on our site by answering a few basic questions about yourself to get an idea of how much your monthly premiums would be if approved at standard rates.

However, when you submit your application, it’s sent to an underwriter whose job it is to review your information and to calculate the cost of insuring you. Your underwriter will review your health, financial wellness, and lifestyle data and make a decision on your case (and 90% of our applicants are approved!).

Can I change my coverage or term after I've signed my policy?

Of course! Let’s get you approved and then you can adjust your coverage & term length before your policy goes into effect. The coverage options that you applied with are not locked in. You can change your coverage amount or term length up until the policy is active. Upon approval, you can go over various coverage options with a life insurance advisor to choose a policy that best fits you and your loved ones.

What exactly does PolicyMe do?

PolicyMe makes it easy for Canadians to get personalized advice, compare quotes, and apply for life insurance online.

1) Life insurance calculator: Our data-backed algorithm assesses your family and financial situation to calculate the right amount of coverage you need, ensuring you’ll never overpay for life insurance.

2) Quote comparison: We shop around for quotes from Canada’s top life insurance companies, finding you the best rates with the click of a button.

3) Personalized advice from non-commissioned advisors: You can rest assured that you will get the best advice from our licensed advisors.

4) Digital application portal: No paperwork. No hassle.

5) Ongoing support from your dedicated support team: We’re with you every step of the way, whether you’re still doing research or you’ve been approved for life insurance.

Shouldn't I buy directly from a life insurance company?

The rates are the same whether you apply directly through a life insurance company or not. When you buy through PolicyMe, you have the added bonus of getting personalized advice from our non-commissioned life insurance advisors. We’re here to serve you and we will fight on your behalf to get you the best rate.

Are PolicyMe insurance advisors commissioned?

No, and we think that's a good thing! Our life insurance advisors are non-commissioned, so you can rest assured that you are getting the best recommendations for you and your family, which will set you up for long term success.

Do you offer other critical illness & disability insurance?

We believe that it’s better to focus on getting approved for life insurance first, and then adding critical illness and disability insurance afterwards.

However, if you’re interested in adding critical illness insurance or disability insurance, please include a note along with your application or email an advisor at advisor@policyme.com. We would be happy to provide you with some quotes.

How does PolicyMe make money?

As a licensed brokerage, we get paid commissions on every policy we sell. These commissions are paid to us directly by the insurance companies, so there are no charges to you beyond the premiums you pay if you purchase a policy.

Serving 48,922 Canadians & counting

“This actually made shopping for insurance transparent and simple, and I wasn't inundated with long, confusing forms in font size 2 or pushy salespeople. Would shop for all my insurance this way if it were available in all insurance products!”

Donald

54, married father of two

“I was very impressed with the usability of the website to find an appropriate policy and the response time of the agent who helped me with my questions. It was overall a very smooth and easy experience and I would definitely recommend this service to someone who needs life insurance.”

Stephanie

48, mother of three

“Thank you to Andrew for having so much patience to explain and guide us to the most appropriate life insurance for us. The process was easy and we appreciate everything he did to get us excellent life insurance coverage. Thanks PolicyMe!!”

Jocelyn

32, wife

“I never thought that getting a life insurance would be this convenient, thanks to policy me. I also admire that the policy is so easy to read and our advisor replies to queries so fast. Me and my hubby also got each $15 gift card for free and a term-65 life insurance for $23 a month from Manulife.”

Maryen

44, wife and mother of three

Smiling couple sit on their front porch.

Apply for life insurance in minutes

Get advice. Compare quotes instantly. Buy 100% online.

Get life insurance in 5 easy steps

Get personalized advice

Compare rates & insurers

Submit your no-obligation application

Get an underwriting decision

Get approved & provide payment details

Get an instant quote

Life insurance is more affordable than you think

Your monthly rate

starting from

$20.75

Why Canadians love PolicyMe

Instant quote comparison

Apply 100% online

Save time & money

Customized recommendation

Fully cancellable

Rates get locked in

We work with insurers you know and trust

Unparalleled customer support through the application process and beyond

You've got questions, we've got answers