How PolicyMe Saves You Money

We believe in transparency. It is at the heart at what we do.

And we don’t just say things like “our customers can save up to 50% on their life insurance policy” without have real evidence to back it up.. So, we studied 50,000 real life customer profiles and measured the value of our offering. Here are the results.

75% of customer profiles saved at least 35% on their life insurance price; 25% from using our sophisticated and precise advice engine, and an additional 10% from comparing quotes.
40% of customer profiles saved at least 60% on their life insurance price; 50% from using our sophisticated and precise advice engine, and an additional 10% from comparing quotes.

How do we do it? By making use of two savings levers to reduce your cost and put money back into your pocket.

Savings lever #1: Precise and honest advice

Life insurance is one of the most important things you can buy. It provides a security blanket for your loved ones, protecting them against the financial burden that would arise if anything were to happen to you. But unlike some of the other purchases that you make, the decision is not as simple as ‘should I buy life insurance’ or ‘should I not buy life insurance’.

Figuring out ‘how much you need’ and ‘how long you need it for’ can have a big impact on the price of your life insurance policy. Unfortunately, the life insurance industry has adopted a rather unsophisticated approach to answer these questions. They call it the “10 times income rule”, and it simply multiplies your income by 10 and adds on your mortgage Seem basic and archaic? We couldn’t agree more!

The purpose of life insurance protection is not to replace all the future income that would be lost if you were to pass. It is to make sure your family has enough money to cover their day-to-day expenses and pay off their debts. But calculating that number is no easy task, and the “10 times income rule” fails to live up to the challenge, ignoring key factors like your household make-up, your partner’s income, your savings, your spending patterns and your existing life insurance policies already in place.

So we decided to tap into 21st century technology and build a sophisticated life insurance checkup to do just that. We take a detailed look at your family’s needs and use advanced statistical techniques, built on a foundation of honesty, to create an accurate picture of your life insurance needs.

Why should you care about getting a precise recommendation?

In the 50,000 customer profiles we studied, the average recommendation was 40% lower coverage than the “10 times income rule.” Less coverage means less money for us and your insurance company, and more importantly, a lower monthly price for you.

For a healthy 30 year old, $500,000 of coverage in a 20 year policy can cost about $35/month. Whereas $250,000 of coverage will cost you about $20/month. That’s $3600 of savings over the duration of your policy!

Life insurance needs are not one-size-fits-all.

Get a life insurance checkup today.

Savings lever #2: Price shopping to get the best quote

Turns out the savings don’t end with the advice.

The monthly cost of life insurance can vary widely among companies, even for the exact same coverage. It can be easy to fall into the trap of thinking that a cheaper price means that you’re looking at a cheaper product. But when it comes to term life insurance, a cheaper price just means that for your specific characteristics, one insurance company is pricing the policy more aggressively than another to “win the sale.” The good news is that this works in your favour! Just like you shop around for the best prices on flights and hotel accommodations, take advantage of competitive pricing for life insurance policies to get the best deal.

After getting your recommendation, we scan the market and show you quotes from top life insurance companies in Canada, so that you know you are getting a great price.

How much can price shopping save you?

In the 50,000 customer profiles we studied, the typical difference between the cheapest and average price (for the exact same policy!) was over 10%.

The conclusion

Can PolicyMe save you up to 50% on your life insurance? Yes!  You’ll never overpay when you get advice & compare prices with PolicyMe.

Get your real, personalized life insurance rate today.