PolicyMe Review

Money With Mark tests personal finance apps to give Canadians a financial edge.

Iā€™m Mark, and I nerd out on personal finances šŸ¤“ I spend my free time using apps, and analyzing everything that affects our money. Why? Because there is a lack of unbiased content for Canadians. So Iā€™m here to help you make better financial decisions to live happy, healthy, and wealthy lives.

This is my PolicyMe review where Iā€™m going over the pros and cons after using PolicyMe to buy my very first life insurance.

Try PolicyMe Yourself
PolicyMe Review
  • Low overhead = low fees
  • Online private applications
  • No sales commissions / pressure
  • Friendly, honest customer support

The links on this site give me a small kickback if you choose to use the products I review.

Or click here to watch the full PolicyMe Review on YouTube.

PolicyMe Cons

Now before I go diving into this review it’s always important to ask yourself if you need life insurance, and when you need it for.

One of the biggest mistakes I see is people buying life insurance when they don’t need it. Or buying the wrong type of life insurance. PolicyMe is a digital life insurance company and these are the cons.

Do You Need Life Insurance? (Tool)

Support hrs

No 24/7 support, only limited to weekdays right now.

Online šŸ§‘ā€šŸ’»

While I personally enjoy all online companies, I know some people just prefer doing things in person.

Term Only

PolicyMe only deals with term insurance (for now). While this is the only type of insurance you need, if you’re looking for inheritance / tax optimization styled life insurance then you’ll need to look elsewhere.

PolicyMe Pros

When I’m choosing which insurance companies to review I make sure they live up to a few essential personal finance values:
No selling bullshit
Transparent and reliable
Low / no fees

And PolicyMe really lives up to these values we live by here at Money with Mark.

Try PolicyMe Yourself

No Bull šŸ‚

If you don’t need life insurance, they’ll tell you! That’s the type of honest fintech companies I like to see.

Low Fees šŸ”»

Because PolicyMe is a fintech company, they don’t spend huge dollars on fancy offices and sales people. That allows them to give industry leading rates.

Fast Approvals

I got approved within 30 minutes. The entire process was super easy and quick and I easily setup my wife’s and my life insurance.

Online Only

By forgoing sales people and insurance branches across the country PolicyMe saves a lot of money. That’s why they’re premiums were the lowest of the 5 companies I got quotes from.

Common PolicyMe Questions

Is PolicyMe legit?

Yes, PolicyMe is a legitimate Canadian company. At it’s origin in 2018 it was a broker for other insurance companies. But in 2020 they partnered with Canadian Premier and now offers term life insurance directly to Canadians online.

Tens of thousands of Canadians have used PolicyMe to get affordable term life insurance and has strong ratings online.

Who underwrites PolicyMe?

PolicyMe is a digital term life insurance company that is underwritten by The Canadian Premier Life Insurance Company for policy’s up to $5 Million dollars. Which is plenty for the vast majority of Canadians.

When do you NOT need life insurance?

If you have no one that depends on you… then you do not need life insurance. If you’re close to achieving FI or have enough assets to cover your debts and provide your dependents with enough to survive on. Then you also do not need life insurance.

For everyone else there is usually a case to be made to have some form of life insurance. Try the PolicyMe quiz to see if you should get life insurance or not.

PolicyMe Review Summary

Policy Me is a Canadian online life insurance company that’s built as a low fee, low overhead alternative to traditional life insurance. They only provide term life insurance – and that’s the best type of life insurance for most people. There is a case for using other types of life insurance for inheritance and tax optimization.

In my opinion you only need life insurance when there’s people who depend on you.
Even if you own a house or real estate you might not need life insurance – but you should definitely get a Will.

When I used the PolicyMe life insurance tool it recommended me a 20 year term at 350,000. And Policy Me breaks down exactly how they calculated that. This is a big breath of fresh air from traditional insurance companies where they usually start off trying to sell someone like myself a multi million dollar policies.

After I took my assessment I went ahead and completed my application. It took me about 20 minutes to complete and I did it for myself and my partner so if you’re just getting life insurance for you it’ll only take about 15 minutes.

Just a heads up the application gets pretty personal and medical in their questions – this is normal, and I particularly enjoy the easy and privacy of their online application instead of talking face to face with someone about your medical history.

Try PolicyMe Yourself
PolicyMe Review
  • Low overhead = low fees
  • Online private applications
  • No sales commissions / pressure
  • Friendly, honest customer support
2022 PolicyMe Review for Canadians šŸ‡ØšŸ‡¦ | Money With Mark

Is PolicyMe right for you? This is my 2022 PolicyMe review after researching life insurance plans available for Canadians.

Product Brand: PolicyMe

Product Currency: CAD

Product Price: $$

Product In-Stock: InStock

Editor's Rating:
4.7