PolicyMe: How to Save Money on Life Insurance

Life insurance can be one of those things people don’t think about until something tragic happens. And then, it’s too late. But if you get a policy straight away, it may support your family financially in the worst-case scenario. Life insurance protects your loved ones in case the worst happens. It can be reassuring to know that, in the event of an emergency, your family wouldn’t experience excessive financial stress. In today’s post, I’ll talk about PolicyMe, Canada’s leading life insurance company that allows you to apply 100% online and save money on life insurance.

About PolicyMe

In the four years that PolicyMe has been in business, a life insurance calculator has benefited more than 50,000 Canadians. Canadians can now purchase term life insurance online from PolicyMe in only a few minutes and at the most affordable price. A fully underwritten term life policy that is quick, simple, and reasonable is the result of PolicyMe’s simplicity of all the unnecessary bells and whistles in the traditional life insurance procedure. The term life insurance from PolicyMe is also the most affordable in Canada. It takes about 15 minutes to complete the application for the term life insurance offered by PolicyMe. Most applicants who use PolicyMe get a decision right away to their application. Most also don’t require a medical exam. One of Canada’s most reputable life insurance providers, Canadian Premier Life Insurance, is the company that issues policies for PolicyMe. 

What is Life Insurance

An agreement for life insurance is made between the policy owner and the life insurance company. The policy owner (you) consents to pay the insurer a monthly premium. In exchange, the life insurance company guarantees that if you pass away within the policy term, a tax-free payment known as a death benefit would be made to your beneficiaries. If you pass away suddenly, life insurance will help your loved ones with your funeral costs and other final expenses. Additionally, it will allow them to keep living as they do without worrying about debt or loans. 

What types of life insurance products exist

In Canada, there are many different types of life insurance available, but I’ll focus on the most common ones: 

Term Life Insurance

Term insurance only provides a payout to your beneficiaries if you pass away within a predefined time frame, making it the most affordable and simplest type of life insurance. Depending on the length of your term, the period is typically 10, 20, or 30 years. For 95% of young families in Canada, term insurance is the best choice because their need is higher when the kids are still young. You need a lot more coverage while people depend on your income for their survival and well-being than you may later in life. You probably won’t need as much insurance as you do as your kids get older and more independent. 

Permanent Life Insurance

Permanent life insurance, often known as lifetime or lifelong coverage, is a type of life insurance that is guaranteed to cover you for the rest of your life and will always make payments under a permanent coverage whether you pass away while you’re young, old, or anywhere in between. As long as you have paid your premiums, your beneficiary will get your death benefit independently of when you pass away. Some plans gain cash value over time, which means that if you cancel the policy, you can receive a small portion of the payments you’ve made throughout the length of the policy. Some policies have set rates, while others let you change the death benefit and rates. 

Permanent life insurance might sound a bit complex, but let me break it down simply. While it does cost more each month compared to term life insurance, starting young can make it more affordable. For example, you could choose a plan that you pay for over 15 years. Once those payments are complete, you’re covered for life, just like it says—permanent.

This can be a valuable financial tool. So, while it might be pricier up front, it provides long-term security and benefits that term insurance doesn’t offer. Curious about the best life insurance for your needs? Check out this post ”Term Versus Permanent Life Insurance: What’s Better for You?” for all the info you need! 

Life Insurance for Children

The same rules that apply to life insurance for adults also apply to children. When you get a life insurance policy, the beneficiaries receive a death benefit in the form of a cash payment in the event that you pass away. You can usually get life insurance coverage for a child as early as 15 days old. That’s what I did for my daughter when she was 20 days old. Additionally, the policy’s ability to accumulate cash value increases with the age of the insured. Also, purchasing a life insurance when your child is younger can lower their prices and avoid them from later in life having to pay more for the same coverage level. One standout feature at PolicyMe is their Child Coverage. As a parent, you can take advantage of this benefit at no extra cost. While you have an active policy, each of your children is covered with $10,000 in life insurance, giving you peace of mind knowing that they are protected too. It’s an easy way to add an extra layer of security for your family’s future without any additional expense.

Joint Life Insurance

PolicyMe has an exciting feature known as Joint Life Insurance. You can save 10% off the first year on term life insurance when you apply as a couple. This life insurance protects 2 people and pays out if one of them passes away. The coverage length and amount under this type of policy are the same for you and your partner. The surviving partner will get the death benefit if they are named as a beneficiary, but they will no longer be covered after their partner’s passing because this kind of joint insurance often includes a first-to-die policy. This might be a concern because getting a new insurance as you age would be more expensive. Your probability of having health problems increases the risk to the life insurance company, which results in higher prices for you. 

Other Types of Insurance Offered by PolicyMe

Critical Illness Insurance

If you don’t have enough emergency savings to go through a severe illness, Critical Illness Insurance gives you and your family a financial safety net. If you have people in your life who depend on your income, you may want critical illness insurance. Severe illness frequently requires time off work or financial support for medical costs.

The most comprehensive insurance available in Canada, PolicyMe Critical Illness Insurance covers 44 critical illnesses, including more cardiovascular and cancer disorders than any other Canadian insurer.

For a complete list of 27 diseases that are fully covered by PolicyMe CII and those 17 that are partially covered early-stage conditions, please visit This link

Who Needs Critical Illness Insurance?

Certain groups of people might be especially interested in getting Critical Illness Insurance against unexpected expenses: Anyone without sufficient emergency savings to survive a critical illness, as well as those who have children, are employed but whose employer’s group insurance doesn’t really cover critical illnesses, and self-employed entrepreneurs

How to apply for Critical Illness Insurance

There are 2 ways that you can get Critical Illness Insurance with PolicyMe:

1. You can easily add Critical Illness Insurance after you’ve completed your 20-minute or less Term Life Insurance application.

2. In 20 minutes or less, apply only for Critical Illness Insurance, and find out right away if you’re approved.

• To determine your policy rate, complete your application. (*Additional steps only if needed) 
• Check and activate your policy in less than 10 minutes.

If you’re curious about whether Critical Illness Insurance is a smart choice, check out this blog post “Is Critical Illness Insurance worth it?” for all the details.

Dental Insurance

Let’s face it—dental costs can add up quickly. Whether it’s for regular check-ups, a filling, or an unexpected root canal, dental care can be expensive. That’s where dental insurance comes in! It’s designed to make sure you don’t have to break the bank just to keep your teeth in great shape.

What Is Dental Insurance, Anyway?

Think of dental insurance as a safety net for your teeth (and your wallet!). It’s a specific type of health coverage that helps pay for various dental services that your provincial health plan or work benefits might not cover. Things like cleanings, check-ups, fillings, and sometimes even braces. This way, you don’t have to worry as much about surprise dental bills.

Here’s a quick rundown of what you might get covered with a dental insurance plan:

• Preventive Care: Routine stuff like cleanings, check-ups, and X-rays. These are the basics that keep your smile bright and healthy.
• Basic Services: Need a filling or an extraction? PolicyMe’s got you covered for that, too.
• Major Services: More intensive treatments like crowns, bridges, and dentures are often included in more comprehensive plans.
• Orthodontics: If you or your kids need braces, some plans even offer coverage for that!

Dental insurance helps you keep your smile healthy, covering both routine check-ups and unexpected dental costs. But dental care is just one part of your overall health needs. To ensure you’re fully protected, it’s important to look at health insurance as well.

Health Insurance

Health insurance with PolicyMe is all about giving you peace of mind and protecting you from unexpected healthcare costs that your provincial health plan or work benefits might not cover. It’s designed to make sure you have access to the care you need without any surprise bills.

Here’s what you can expect with PolicyMe Health Insurance:

• Prescription Drugs: You’ll have coverage for your medications, so you don’t have to worry about the cost of the prescriptions you need to stay healthy.

• Dental Care: Keep your teeth and gums healthy with coverage for routine check-ups and any unexpected dental work.

• Mental Health Support: Your plan includes coverage for therapy and counseling, helping you take care of your mental well-being when you need it most.

• Professional Services: Feel your best with coverage for professional services like massage therapy and more.

• Vision Care: Take care of your eyes with coverage for regular eye exams and eyewear.

Plus, you’re also covered for things like accidental dental, home care and nursing, prosthetic appliances, hearing aids, and more.

When should a person get life insurance?

There is no specific age at which you must get life insurance. But it’s important to apply for life insurance as soon as you can in case you ever need it. For the term of the policy, your rates will typically be lower the younger you are when you apply. Generally speaking, you should buy life insurance as soon as you start to accumulate debt or when someone financially depends on you, such as a child, spouse, or older parent. By doing this, you may be confident that all of your financial obligations have been met and that your family and other loved ones have the resources they need to live a normal life. A better question could be, “Why would anyone even get life insurance?” You won’t get a single answer, but a number of factors that correspond to 3 major life events that are frequently mentioned are reasons for getting life insurance include:

• Marriage or long-term relationships: You want to provide financial security for your partner or spouse when you pass away.
• Adoption or giving birth: You now have a family and want to contribute to ensure the future of your kids.
• Buying a house: Long-term mortgage commitment and maintenance of the house increase the risks even more. If you pass away, you want to do everything you can to support your family.

 If you have enough life insurance, you can be more confident that your family will be able to:

• Pay for the funeral and related costs
• Replace all or a part of your income
• Pay off the mortgage
• Have a backup to secure their safety
• Make estate tax payments

If you’re unsure about how much Life Insurance you need, check out this post “How much Life Insurance do I need?” for valuable information!

How PolicyMe Differs from Other Insurance Providers?

PolicyMe uses a free life insurance calculator to determine which policies best suit your needs by answering questions about yourself, your lifestyle, and your preferences. PolicyMe provides better pricing than traditional insurance companies. Instead of giving the best level of coverage for you, traditional agents frequently recommend insurance that would provide them with the highest commission.

PolicyMe Key Features

Lowest rates in CanadaCompared to other Canadian insurers, PolicyMe can be 10%–20% less expensive on average. Simple to useThe whole procedure is done online. You only need to complete a 15-minute, simple life insurance application, then you’re done. QuickInstead of waiting weeks with most other companies, find out right away if you’re eligible for coverage. Plus, the majority of individuals don’t need a medical exam.

Personalized adviceIt has an online calculator, questionnaire, and certified advisors to help you determine your coverage needs. Also, there’s a group of qualified advisors willing to answer inquiries or help you work through a challenging situation. 100% DigitalThe only insurer in Canada that offers a fully online application process and instant approval. AffordabilityGet a range of quotes and prices that will suit with your life situation as well as a fixed monthly cost. Innovative technologyThe algorithm they use to determine your coverage amount and term length analyses your monthly expenses and uses other details to determine these numbers and to recommend the best product for you. Guarantee of satisfactionPolicyMe will fully refund your payment if you’re unhappy with your policy within the first 30 days. Zero hidden feesPurchasing insurance directly through PolicyMe is cost-free. PolicyMe Advantages

• Canada’s most affordable prices
• Instant approval
• 100% online submission
• Usually no medical exam is necessary
• Satisfaction guarantee
• Have access to qualified advisors
• Also offer group life insurance for businesses
• Now available Nationwide!

 Disadvantages

• Instant approvals may not be available to those with complicated situations or pre-existing medical conditions.
• Only limited to life insurance and critical illness insurance. 

 Great news! Since July 25, 2023, PolicyMe is now available in Quebec, New Brunswick,  Newfoundland and Labrador, which means PolicyMe is now available Nationwide.  Previously, I couldn’t get life insurance with PolicyMe because they weren’t available in Quebec. But now that they offer their services in Quebec, I can seriously consider getting life insurance with PolicyMe. I must say, I’ve heard positive reviews about PolicyMe, and I believe they offer competitive rates, which could help you save money on life insurance. In fact, in comparison to my current insurance provider, I found PolicyMe’s rates to be much more affordable. So if you’re considering life insurance options, I highly recommend giving PolicyMe a try and see how much you can potentially save!

Is PolicyMe a Secure and legit Insurance Provider?

The legitimate business PolicyMe has been in business since 2018 and initially operated as a broker for other insurance companies. The fact that it collaborates with leading insurance companies adds credibility to the company. By partnering with Canadian Premier, a fully-owned subsidiary of Securian Financial that is subject to government regulation, PolicyMe began offering term life insurance to its customers in December 2020. PolicyMe also has a 4.8/5 rating on Google based on Canadian reviews and at the moment there are no legal complaints. 

How to Apply for PolicyMe

You can apply through PolicyMe’s website and find out if you’re approved almost immediately. It’s one of the easiest and fastest ways to get life insurance. Step 1

• Visit the official PolicyMe website.
• Select the Get Started button.
• Enter your birthday, sex, and smoking status.

Step 2

• Enter your chosen coverage amount and term length.
• Answer a few questions: Address, financial situation, personal circumstances, your family history, medical history, and other significant information.

Step 3 You’ll receive your decision immediately.

• Once PolicyMe has evaluated your information, it will immediately tell you whether your application is approved
• Or if more information is required.

Life insurance is one of the most crucial actions you can do to protect your family’s finances both now and in the future. Getting life insurance can be simple and reasonable, giving you and others who depend on you peace of mind. If you want to save money and do the entire process online, PolicyMe is a great life insurance provider. Hours of research are saved, and PolicyMe offers competitive quotes that may be 10% to 20% less expensive than those from other Canadian insurance providers, providing you peace of mind. Canadians can now protect their families for the same high-quality coverage at an affordable cost without breaking the bank.