PolicyMe Review – Life Insurance Made Easy

• 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. 

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.

Conclusion

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.