PolicyMe Life Insurance Review: Flexible, Future-Ready Term Life for Canadians

PolicyMe life insurance review (2026 update) 

PolicyMe is a digital insurance provider offering term and permanent life insurance policies. Although it started life as an insurance broker and comparison platform in 2018, PolicyMe switched to selling its own life insurance products, issued by Securian Canada. 

PolicyMe is not an insurance broker or a comparison website. We sell life insurance directly to Canadian families, keeping costs low by reducing the operating expenses traditional insurers spend on captive agents and underwriting teams. 

PolicyMe life insurance: Our verdict

PolicyMe is consistently rated among the most customer-friendly life insurance companies for both price and service, PolicyMe offers a life insurance product that’s both simple and comprehensive, tailored to the needs of Canadian families. Affordable rates and straightforward term coverage with special perks for parents and couples make PolicyMe a competitive option for families in need of life insurance. 

How PolicyMe life insurance is different: We believe in simple, yet comprehensive life insurance. Other providers spend too much on traditional, paper-based underwriting and stack expensive riders on top of standard life insurance, which makes coverage complicated—and costly. We believe your family’s financial security should come in one affordable, hassle-free package. 

The perks we believe in

There are a few policy add-ons that we believe are so valuable for Canadian families, we’ve built them into every policy we sell rather than leaving them as optional perks. Each PolicyMe life insurance policy comes with $10,000 of child coverage and a 10% premium discount in your first year for couples who apply together. We won’t charge any extra to add these benefits to your policy.

In short: PolicyMe offers a few advantages you won’t get from other providers in the Canadian life insurance industry: trimmed-down operating costs, an anti-upselling approach to insurance sales, and human support on your schedule.

PolicyMe life insurance: Pros & cons

Like all insurance providers, PolicyMe has both strengths and weaknesses.

PolicyMe life insurance pros

PolicyMe life insurance cons

PolicyMe life insurance cost and value

PolicyMe’s term life insurance is one of the most competitively priced products on the Canadian market, thanks to the underwriting and distribution costs we’ve trimmed through our  direct-to-consumer application process. 

The table below compares PolicyMe’s competitive pricing across different age groups for non-smokers with a 20-year term insurance policy worth $500,000. 

^{* Table displays the approximate average monthly cost of a 20-year term life insurance policy with $500,000 in coverage.}

PolicyMe life insurance reviews and customer service

Our insurer rating methodology earned PolicyMe a “Great Customer Service” badge, based primarily on Google user reviews and Better Business Bureau (BBB) ratings. 

We analyzed 212 PolicyMe reviews on Google for a better understanding of what makes customers love PolicyMe. 

The verdict: While a few customers reported difficulty reaching an advisor or confusion about their policy details, most reviewers spoke highly of PolicyMe’s customer service, speedy application processing, and affordable pricing. Multiple users particularly noted feeling grateful for the time advisors took to make sure that they understood their coverage and got the best deal for their family. 

Want a closer look at PolicyMe’s customer experience? Here are real customer reviews:

PolicyMe life insurance products at a glance

PolicyMe offers two life insurance options: term and permanent life insurance. The vast majority of our policies are term life insurance policies, with term lengths available for 10, 15, 20, 25, 30, and 100 years. 

Term life insurance 

Term life insurance is PolicyMe’s bread and butter. Coverage options break down as seen below: 

• Terms: 10, 15, 20, 25, or 30 years
• Coverage: $100,000 to $5 million 
• Renewability: Renewable annually until you turn 85
• Convertibility: Option to convert to a permanent term-to-100 (T100) policy any time up to and including your 69th birthday
• Family coverage: $10,000 of free child coverage per dependent aged 6 months to 18 years and 10% couples discount for the first year

Term to 100 (T100) permanent life insurance 

Our focus at PolicyMe is on practical term life policies that meet the needs of most Canadian families. But some families need a more permanent product, so we give customers the option to convert to a term-to-100 permanent life insurance policy for lifelong coverage. 

• Term: Coverage that lasts to your 100th birthday

Premiums: Fixed premiums payable until age 100

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Why doesn’t PolicyMe sell whole life insurance?

We don’t sell whole or universal life insurance, because we simply don’t think they’re a good investment for most Canadians. While these products have their place in financial planning, primarily for high-net-worth individuals with complex investment needs, we’re focused on a different set of needs: financial protection for Canadian families raising kids, buying homes, and building careers.

The best tool to protect those goals is term life insurance, so that’s where we put our energy.

How PolicyMe compares to other providers

Take a look at the table below to compare PolicyMe with some of Canada’s leading life insurance providers.

^{* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 20-year term life insurance policy with $600,000 in coverage.}

^{** Compared to the average monthly costs for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

PolicyMe according to Reddit

Reddit is a great source of information about life insurance providers from actual customers and industry professionals. The catch: When you research life insurance on Reddit, you’re relying on anonymous posters’ knowledge and experience — which may or may not be relevant to your situation. 

Here’s what Redditors have to say about PolicyMe in 2025: 

• It’s great for people looking for simplicity: Quick and straightforward is PolicyMe’s guiding ethos. It’s not ideal for those in search of complex estate planning options or policies loaded with custom add-ons. 
• It’s best for healthy applicants: Life insurance premiums are based in part on your overall health, and PolicyMe’s simplified underwriting gives the best deals to applicants in good health. If that’s not you, Redditors suggest looking into other options or working with a broker. 
• It’s actually affordable: Redditors who’d purchased a policy with PolicyMe reported paying comfortably low rates for the amount of coverage they needed. 

It’s ideal for families with kids: Multiple Redditors cited PolicyMe’s free $10K term life insurance for kids as a reason for buying life insurance here rather than through another insurer.

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“I actually got life insurance in Ontario with Policyme about a year ago because they had 10k free coverage for kids. I confirmed with one of their advisors that it was convertible before I bought it, and haven't had any issues.” – Reddit user, Aug 2025

“PolicyMe is the easiest and cheapest if you’re healthy and just want something simple. Manulife and Sun Life are great but usually cost more. Canada Life is another good option.

Just compare quotes because prices change based on age and health. Don’t overcomplicate it term life is just about getting the best price from a reliable company.” –Reddit user, March 2025

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“I'm in a similar boat - married and just had a baby. I got term life insurance because I was told whole life insurance only makes sense for the top 1% of earners, and that's unfortunately not me.

I'm a 30 year old, female, and I pay less than $25/month for $500,000 in coverage. I got life insurance from PolicyMe, not sure if that helps. If I were you, I'd maybe shop around to see who has the best pricing. When I was looking there were 2-3 with similar prices, and I only ended up going with Policyme because they had free child coverage.” –Reddit user, Aug 2025

See how affordable term life insurance can be with PolicyMe

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The bottom line: Who should consider PolicyMe?

You should consider buying life insurance from PolicyMe if:

• You have kids: PolicyMe’s affordable rates and built-in child coverage at no added cost make it an ideal option for parents in search of secure financial protection for their children. 
• You want straightforward coverage: PolicyMe doesn’t have cash value policies, riders, or a complicated application process. We focus on no-frills term life insurance that offers a simple, direct death benefit for your loved ones. 
• You’re self-employed or retired: In addition to affordable life insurance, PolicyMe offers health and dental insurance and critical illness insurance—two key benefits often included in group employer benefits. 
• You want quick coverage with no appointments: PolicyMe’s life insurance application is fully digital. You don’t need to schedule an appointment or speak with a human advisor (although you can if you choose to!), and most customers only need to fill out a questionnaire with no need for a medical exam. 
• You’re young and healthy: Non-smoking Canadians under age 35 in good health have the greatest potential to save on life insurance by locking in a low rate early with PolicyMe. 

FAQs: PolicyMe life insurance

What is PolicyMe insurance?

PolicyMe is a fully digital direct-to-consumer insurance provider, offering three types of insurance to Canadians: term life insurance, critical illness insurance, and health and dental insurance. All of PolicyMe’s insurance policies are backed by Canadian Premier Life Insurance Company (operating as Securian Canada), a subsidiary of Securian Financial, but PolicyMe designs and distributes its own policies.

Who owns PolicyMe?

PolicyMe was founded by Laura McKay, Andrew Ostro, and Jeff McKay. PolicyMe partners with Securian Canada, a subsidiary of Fortune 500 company Securian Financial.

Is PolicyMe term life insurance worth it?

PolicyMe’s term life insurance is consistently among the most affordably-priced term life insurance products in Canada. If you’re looking for a simple life insurance plan offering a generous payout to your beneficiaries without any unnecessary exams or paperwork, PolicyMe’s term life insurance may be a good fit.

Is PolicyMe a Canadian company?

Yes, PolicyMe is a Canadian company. We’re based in Toronto but sell life insurance across the country.

How long does PolicyMe take to pay out?

PolicyMe pays out claims in as little as two weeks. The exact time it takes to pay out depends on the circumstances of your claim and how quickly each step of the process happens. Beneficiaries of a PolicyMe life insurance policy can submit a claim online with basic information about the policy in question. PolicyMe will then transfer the claim to Securian Canada, where an adjudicator will be assigned to process it, typically in a time frame of about two weeks.

What does PolicyMe actually do?

PolicyMe sells term life, critical illness, and health and dental insurance. As a life insurance administrator—not a broker or a comparison marketplace—PolicyMe designs and sells life insurance. We also help our policyholders manage their insurance plans, file claims, and keep up with other administrative tasks.

What types of insurance does PolicyMe offer?

PolicyMe offers three types of insurance: term life insurance, critical illness insurance, and health and dental insurance.

Is PolicyMe an insurance broker?

No, PolicyMe isn’t a life insurance broker. When the company was first founded, it briefly operated as an insurance broker, but switched to providing its own life insurance policies in 2021. Today, PolicyMe sells fully underwritten life insurance products backed by Securian Canada, along with multiple other insurance products including critical illness and health and dental insurance.

Jasmine Kanter

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Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.

Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.