PolicyMe Review – Life Insurance Made Easy

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

Why So? 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, it’s very much affordable and you should probably think of getting on soon, think about your loved ones if god forbid something happens to you. 


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

By having 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.

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

  • Term Life Insurance 

  • Permanent Life Insurance

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.

How Does Manulife’s Express Process Work?

In place of the medical exam, Manulife will have a healthcare 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 its due diligence upfront (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. 


PolicyMe 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 a 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 fulfill 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.


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
  • Does not work in the commission model! So no up sells


  • 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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