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PolicyMe and Cover Direct provide online term life insurance that thousands of Canadians use to protect their loved ones.
Both PolicyMe and Cover Direct offer online quotes, low monthly prices,
The main difference between PolicyMe and Cover Direct is that Cover Direct’s prices go up yearly, while PolicyMe’s prices stay the same for the duration of your term, whether 10, 15, 20, 25 or 30 years. And PolicyMe offers family-friendly perks like $10,000 in free Child Coverage plus a 10% discount for couples in the first year.
Now let’s look at a side-by-side comparison of PolicyMe vs. Cover Direct to figure out which is best for you and your family.
PolicyMe life insurance is a digital life insurance solution that offers affordable term life insurance coverage to individuals seeking to protect their loved ones financially in case of unexpected events. PolicyMe only sells its own life insurance, not other companies’ life insurance.
PolicyMe works by providing an online platform where users can easily get a quote, customize coverage options, and apply for term life insurance policies in a streamlined manner, eliminating the need for complicated paperwork and long waiting periods.
PolicyMe has garnered positive reviews for its user-friendly interface, transparent pricing, and efficient application process, making it a reliable choice for many seeking hassle-free life insurance coverage. We’ve partnered with Securian Canada, a federally regulated insurer that’s a wholly-owned subsidiary of Securian Financial, a Fortune 500 company. So you can have peace of mind that your claim will be paid out.
PolicyMe has a 5-star Google review average rating and a 4.8-star Reviews.io average rating. We have an A+ Better Business Bureau rating and we’re BBB accredited.
PolicyMe is more convenient, affordable and easy to apply for than term life insurance from other companies in Canada. That said, if you’re looking for whole or universal life insurance or you want no medical life insurance becaause you have a pre-existing condition, you may want to go with another provider. It’s best to reach out to our team of non-commissioned advisors to get an opinion: we’ll give you honest advice and we’ll even tell you if you don’t need life insurance at all! Reach us at 1 (866) 999-7457 from 9 a.m. to 5 p.m. EST Monday to Friday.
PolicyMe term life insurance costs up to 20 per cent less than similar policies in Canada; the average in savings is five to 10 per cent. The cost of PolicyMe life insurance varies depending on factors like age, health, coverage amount, and term length. Users can get personalized quotes by providing relevant information online.
PolicyMe offers a range of coverage options, allowing customers to tailor their term life insurance policies to suit their specific needs and financial circumstances. Get coverage between $100,000 to $5M (this is the payout your beneficiary receives if you pass away prematurely). And get covered for any time period between 10 to 30 years.
Canadians can easily obtain a quote from PolicyMe online by answering four questions: your family set up (single, have a partner or have kids) and your age, smoking status and gender at birth. This helps us determine an initial price, though this price may change after you apply and we learn more about your health, lifestyle and occupation.
Get a quote online in seconds, then apply online in 20 minutes or less (on average, for eligible applicants). Get an instant decision online of whether you’re approved or we need a little more information. We may need a doctor’s note or to send a nurse to your home for a health exam (we set this up and pay for it). But 70 per cent of eligible applicants won’t need to do this. Once you’re approved, you select your beneficiaries online, sign your policy online and set up your payment info. Then your policy is considered active.
PolicyMe only operates in Canada currently. Its term and critical illness insurance is available in all Canadian provinces and territories except Newfoundland.
