PolicyMe is a digital life insurance advisor that aims to make purchasing life insurance easy. It is currently Canada’s #1 place to find life insurance quotes and has a rating of 4.91/5.

This online platform is currently available to residents of Ontario, British Columbia, Alberta, Manitoba, New Brunswick and Nova Scotia.

Using this online platform you can get advice, compare policies, and buy insurance. There’s no need for face-to-face meetings, no up-selling or pressure, just honest and bias-free options to help you choose the best life insurance for your needs.


Life insurance is one of those key things in life that people tend to hold back on.


Well, there are two main reasons:

  • First, thinking about death is pretty horrid and probably not something you want to think about. 

  • Second, you have your dependents, who look up-to you for the regular income flow. Life insurance is not that expensive, mind you, its vey much affordable and you should probably think of getting on soon, think about your loved ones if god forbid something happens to you. 

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What Is A PolicyMe Life Insurance And Why Do I Need It?

It is important to note that not everyone needs a life insurance.

Generally speaking, as soon as you have a family and dependents, you should get a life insurance policy since it’ll help and protect your family and loved ones from the disasters.

With that said, some people also do get the life insurance policy that will cover any immediate costs if they were to pass suddenly.

If you have life insurance, you’ll pay a monthly or annual fee (which is known as a policy premium) for an agreed upon duration of time.


Should you pass away during this contracted period, your beneficiaries (your family) will receive a lump sum payment. The amount your family will receive is tax free. 

Your beneficiaries can use the life insurance money as they wish, however, life insurance can come in very handy in situations where you have liabilities that still need to be paid off (for example, a large mortgage).

Or, if you have dependents that rely on your financial support in their day-to-day life (your spouse and children).

By having a life insurance, you are protecting and ensuring that your immediate family members will not be burdened by your debts or the sudden loss of income.

Think about it for a second, if your family depends on your income and you were to pass suddenly, that could be a huge issue.

You could simply purchase a life insurance policy that would replace that income so your family isn’t left struggling financially.

When it comes to purchasing life insurance you have two choices to make:

  • Term Life Insurance 

  • Permanent Life Insurance

Here’s more details for you.

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PolicyMe’s Term Life Insurance Policy 

Term life insurance pays out a benefit to your beneficiaries only if you die within a specified timeframe, usually 10, 20, or 30 years. This is the best option if you want to protection for the years that matter most (when you still have a mortgage & children in the house).

Should you buy term or whole life insurance?  Term life insurance is designed to support your dependents if you die prematurely. In other words, if you die within the term specified on your policy (usually 10, 20, or 30 years), your insurance company will pay your beneficiaries a certain amount of money, which is known as your death benefit. (“Benefit” is an unfortunate choice of words—we know.)

On the other hand, if you don’t die before the term expires, your beneficiaries won’t receive any money. You also won’t get any of your premiums, the money you paid toward your policy, back. So yes, if you want your insurance company to pay out, you have to die during the term of your policy. Sounds a bit bleak, right?

Unlike term insurance, permanent life insurance is, well, exactly what it sounds like: it’s permanent. (Just like the marker your son used to draw all over your freshly painted kitchen wall.) This means your beneficiaries will receive your death benefit no matter when you die.


Term Vs. Permanent Life Insurance 

Deciding between term and permanent life insurance may seem like a no-brainer. If term insurance covers you for only a fixed period of time whereas permanent insurance covers you for life, it seems obvious that you should choose permanent insurance.

Why? The purpose of insurance is to protect dependents who rely on you financially—your kids, spouse, and any other dependent friend or family member. These people are counting on your future income (at least part if it) to cover their future expenses. If you die, they’d have to find another source of money. They would need to make up for the fact that you would no longer be earning an income that would be used, in part, to support them. But once you retire, you no longer have a future income. And because there’s no loss of future income to protect dependents from at this point, you don’t need life insurance.

It’s also important to remember that your family’s financial needs change over time. As you get older, your family’s future expenses go down. For example, your mortgage gets paid off (finally!) and your kids become independent. (Yes, that kid who just drew all over your wall will have a real job one day). As these needs decline, your life insurance needs begin to decrease too. This usually happens around retirement. But if you’re ahead of the game in saving for retirement, it may happen even earlier. You know what they say: the early bird catches the worm.


What Is PolicyMe? How Does It Work? 

PolicyMe’s Premiums are calculated individually for each person insured and are based on several different factors, including your age, gender, and smoking status.

Your ‘initial quote’ is calculated based on 3 factors: your age, gender, and smoking status.

However, during the underwriting process, your insurance will look at a few other factors: including your health history, your lifestyle and your financial picture.

All of these factors will go into your final premiums. As a result, your premium may go up, down or stay the same.

Video – Andrew Ostro, Co-Founder and CEO, PolicyMe

How Does Manulife’s Express Process Work?

In place of the medical exam, Manulife will have a health care professional call you to go through your medical history on the phone (much better than having a nurse take your blood, right?)

Manulife’s product (like the other options you see on our platform) are “fully underwritten.” This means that Manulife does their due diligence up front (prior to approval). The only way they could possibly deny a claim is if you commit fraud on your application. So there’s absolutely no downside to the express process. 


Term Insurance Vs. Life Insurance 

Life insurance isn’t about having coverage during the years when you’re most likely to die.

It’s about having coverage during the years when your family would need financial help if you were to die.

As you get close to retirement, your need for life insurance decreases. This is because you’re getting to a point where you’ll have enough money saved up to stop working and cover your future expenses. And even if you’re not quite there in terms of savings, you still might not have an insurance need because if you were to die, there would be one less person spending money during retirement.

That’s why the term life insurance is the preferred choice. Having life insurance protection for longer than you actually need it for may not seem like such a bad thing. But why pay for something you don’t need? Especially when it is 6-8x the cost. Term life insurance lets you pay for coverage only during the years when it really matters (when your mortgage is at its highest and you have young kids).

I Got A Quote That’s Higher Than My Old Insurer?

First off, every broker in the market – including PolicyMe – has to offer you the same price (meaning a $500,000 policy from Manulife is going to cost you the same regardless of broker).

If you bought the policy a while back, it’s likely that you were able to lock in a lower rate because you were younger (and, as you know, life insurance prices rise as you age!). Insurance companies also increase or decrease their prices from time to time, which could also explain the higher rate.

At PolicyMe, they do look to find the most cost-effective way to fulfil your life insurance needs, ensuring you don’t pay for anything extra. However, this doesn’t mean we’ll always be able to beat the price of your current policy!

How Do I Know When My PolicyMe Application Is Approved?

Once your PolicyMe application is approved, the policy will be finalized and delivered to you.

You’ll have 10 days to sign a delivery receipt and authorize the payment method to activate the policy. When the insurer receives your signed copy of the policy and the payment approval, your policy will be in effect.


PolicyMe’s FAQ’s (Frequently Asked Questions)

1. Why use an online life insurance advisor? 

An online life insurance advisor like PolicyMe gives you a platform to compare the lowest insurance quotes from reliable insurers without the hassle. The service is at no cost to you and you have no obligation to apply. Also, you can get unbiased advice and everything is done online, which is convenient.

2. How much does life insurance cost in Canada? 

Your life insurance premium depends on multiple factors including your age, health status, type of life insurance (term vs. permanent), whether or not you smoke, coverage amount and more.

3. Which is better? Term or Permanent (whole life) insurance? 

It depends on your specific circumstances. However, most individuals can be suitably covered using term life insurance.

4. Which life insurance company quotes are available on PolicyMe? 

Some of the life insurers they work with include Canada Protection Plan, RBC Insurance, Manulife, Canada Life and BMO Insurance.

5. How does PolicyMe get paid? 

If you choose to go with one of the quotes provided on the platform, the insurer pays them a commission that does not impact your premiums.

6. Do I really need life insurance? 

It depends. You can use PolicyMe’s proprietary life insurance algorithm to find out whether or not you need life insurance.


Having an active life insurance policy is really important for all of us. That’s when PolicyMe comes in. You can get instant quotes in a matter of minutes and compare the ones you like. 

The best part of PolicyMe is, you can choose the policy you like based on the annual premium and customize it based on your personal needs. 

Also do remember that, if you have budgeting issues with regards to the annual premium, you can always choose the Term Life Insurance policy. 90% of the Canadians have term insurance anyways. 

Please let me know your thoughts and comments below. 

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PolicyMe Review 2019


Value For Money







  • Shopping for life insurance using PolicyMe is pretty easy
  • The service is at no cost to you and you have no obligation to apply
  • None of the advisors are commission based, they all earn a salary, so they are focused on unbiased advice vs. up-sell insurance


  • Some term policies can be renewed, but this is something you will need to look into before buying
  • Waiting time to talk to one of the PolicyMe advisors

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