PolicyMe is a Canadian digital insurance solution built to make financial protection for families simple and affordable. They make it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less.
What is PolicyMe?
Using technology, PolicyMe has streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs. PolicyMe’s policies are issued by Canadian Premier Life Insurance Company, one of Canada’s most reputable life insurance companies.
Is PolicyMe Legit?
PolicyMe stands as a user-friendly platform offering compelling quotes for life insurance policies. Whether you are in search of a life or critical illness insurance policy, taking just 15 minutes to explore what they have to offer can be well worthwhile.
Who Owns PolicyMe?
Established in 2018 by Andrew Ostro (CEO), Laura McKay (COO), and Jeff McKay (CTO), PolicyMe originated from their direct encounters with the inefficiencies prevalent in conventional life insurance valuation processes. Their insights were gained through firsthand experience while working as professionals in the insurance and technology sectors.
What Makes PolicyMe Different than Competitors?
- High-value, Low-Cost Products: Using technology, PolicyMe has been able to remove inefficiencies from the traditional insurance process and transfer those saving back to consumers in the form of high-value products at the most affordable rates. Specifically, PolicyMe is able to offer:
- The most competitive rates in Canada for term life insurance with rates roughly 10-20% cheaper than other insurers in Canada.
- More critical illness insurance conditions covered than any other Canadian insurer, on par if not lower than market rates.
- Simple, Quick Application & Instant Decision: Applying for life insurance and/or critical illness insurance can now be done in an easy-to-understand application. Find out if you’re approved instantly, instead of waiting weeks with most other companies. Additionally, most don’t require a medical exam either.
- Accessible, Honest Advice: Whether you prefer to speak to a non-commissioned advisor or self-serve via their life insurance calculator, applicants can get timely advice to find the best coverage for your needs.
Term Life Insurance Product Details
- Coverage Amount: $100,000 to $5,000,000
- Term Length: 10, 15, 20, 25, 30 Year
- Age: 18 -75
- PolicyMe’s Couples Coverage: Gives couples the opportunity to apply together online to save 10% off the first year of your term life insurance policies
- If either of you passes away during your term, your coverage amount is paid out to your beneficiary.
- If both of you pass away during your term, both coverage amounts are paid out to your respective beneficiaries and the policies are no longer active.
- PolicyMe Child Coverage: When you purchase life insurance with PolicyMe, they protect you and your kids. PolicyMe is the only Canadian life insurance provider to offer $10,000 of FREE life insurance for all your kids when you purchase coverage.
- This means that if a PolicyMe policyholder’s child passes away, the parent(s) will receive $10,000 in a tax-free, lumpsum payment to assist with any associated financial burdens. Think of it as a mini-life insurance policy for the child where the parents are the beneficiary.
Critical Illness Insurance Product Details
Critical illness insurance provides a payout to you (the policyholder) if you get diagnosed with any of the covered conditions listed in your critical illness insurance policy but do not pass away. It is meant to cover you and your family for any medical, change-of-lifestyle expenses or lost income if you become ill. Critical illness insurance provides coverage for medical emergencies like heart attacks, strokes, or cancer. In the current insurance industry, critical illness products cover a variety of critical illnesses, depending on the scope of the coverage in those plans. Because these emergencies or illnesses often incur greater-than-average medical costs, these policies pay out cash to help cover those overruns when traditional health insurance may fall short. PolicyMe Critical Illness Insurance covers 44 critical illnesses (10-15 more than the average Canadian insurer).
- A simple, quick application.
- You can apply for critical illness insurance as part of your life insurance application or as a standalone product (both ways in 20 minutes or less).
- Fast financial relief for you and your family.
- There’s no 30-day waiting period after diagnosis to submit a claim for 25 of 44 conditions, including all covered cancers.
Who Should Get Critical Illness Insurance?
● Anyone who doesn’t have emergency savings to withstand a critical illness
● Those with children
● Employed individuals but company group insurance does not cover critical illnesses
● Freelancers
