Life insurance is an important part of your overall financial planning strategy. Whether you are trying to protect your family and provide for their daily needs or you want to make it easy for them to pay off your mortgage in the event of your premature death, the right life insurance policy can come in handy.
The cost of life insurance and the wide variations in premiums among the various insurance companies can be a deterrent when you are thinking about buying life insurance.
How can you be sure you are getting a good deal? How much life insurance coverage is adequate? What kind of life insurance best suits your needs?
It’s these kinds of questions and more that PolicyMe can help you answer.
As Canada’s premier digital life insurance advisor, PolicyMe simplifies the process and makes it possible to compare the best life insurance quotes from the best life insurance companies in Canada.
Who is PolicyMe?
PolicyMe is an online portal that helps Canadians compare life insurance quotes and policies from some of the major players in the industry and save money in the process. The company was founded in 2018 and is currently available in Ontario, British Columbia, Alberta, Manitoba, Prince Edward Island and New Brunswick.
Similar to shopping for the best mortgage rates online and using rates comparison sites instead of just accepting the poor rate offered by your bank, PolicyMe’s innovative interface asks you the right questions and makes unbiased recommendations based on your needs.
You get a chance to review quotes from different life insurance companies without having to visit them individually or go through the hassle of speaking with them directly beforehand.
As per PolicyMe, users of their platform can save up to 50% in premium costs by simply shopping for the best quote.
How To Shop For Life Insurance in Canada Using PolicyMe
PolicyMe has a questionnaire you fill out on their website. Based on your answers, their in-house algorithm makes precise and customized recommendations you can follow to get the lowest life insurance package tailored to your needs.
To get started:
- Visit PolicyMe here.
- Click on “Get Started” to start your free life insurance check-up.
- Complete the short questionnaire (only takes a few minutes).
When you are done with the steps above, you get a page that shows your recommended coverage amount and policy length.
Click on the prices to get a series of quotes from insurance companies based on your profile.
If you are satisfied with the results, you can proceed directly with an application or request to speak with one of their advisors if you want further advice.
You can also use the widget below to see what life insurance would cost you.
Some of the offers I found on the platform offered an “Express Process.”
What this means is that you are not required to undergo a physical medical exam or to provide blood and urine samples. Also, your application may be processed and finalized within 2-3 days of submission.
PolicyMe has a handy life insurance quote calculator that you can easily use to find out what’s being offered by the top life insurers in Canada.
It took me less than 30 seconds to get four quotes using their calculator.
What is Life Insurance?
In simple terms, life insurance is a type of insurance that pays out money following the death of the policyholder (i.e. the insured person). A life insurance policy is a key personal finance tool you can use to secure the financial well-being of those who are dependent on you financially if you die unexpectedly.
You enter a contract with an insurance company and are required to pay a monthly or annual fee, also known as a premium, for the duration of your contract. If you die during the contract duration, your family (beneficiaries) receive a lump-sum amount that is tax-free. They can use the monies as they wish.
There are two main types of life insurance:
- Term life insurance
- Permanent life insurance
A. Term Life Insurance
A term life insurance policy is designed to provide protection over a specific number of years e.g. 5, 10, 15, or 20 years. This type of life insurance is more commonly used than its alternative, permanent life insurance.
B. Permanent Life Insurance
This insurance policy covers you for life and pays out at the time of death. The premiums are fixed, more expensive, and must be paid until the time of death. The various kinds of permanent life insurance are Whole Life Insurance, Universal Life Insurance and Term to 100.
How To Save Money on Life Insurance in Canada
While we can all agree on the importance of life insurance, it’s an additional cost that many are unwilling to take on. To save on your life insurance premiums, do the following:
1. Shop around for the lowest cost: A lower premium does not necessarily mean lesser coverage. Similar to how you shop for the best deals on your everyday shopping online, you should compare what different life insurers are willing to charge you for similar coverage. PolicyMe is a one-stop-shop to find the lowest life insurance quotes in Canada.
2. Avoid over and under-insurance: Buy an appropriate amount of insurance. For example, if you are looking to insure so that your $500,000 mortgage can be paid off in full if you die, a $1 million life insurance policy may not be necessary. The higher the payout, the higher your monthly premium.
That being said, you should also avoid under-insuring. Factor in your debts, total household income, workplace benefits and insurance (if applicable) when deciding on how much coverage is adequate.
3. Get a medical exam: If you are healthy, choose to take a medical exam. My wife and I saved over $70/month on our premiums by taking a medical exam that gave us a clean bill of health. A medically underwritten life insurance policy can save you a lot of money in the long term.
4. Choose term life insurance: Term life insurance protects you for a specified number of years and is significantly cheaper than a comparable permanent life insurance policy.
Frequently Asked Questions
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.
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.
It depends on your specific circumstances. However, most individuals can be suitably covered using term life insurance.
Some of the life insurers they work with include Canada Protection Plan, RBC Insurance, Manulife, Canada Life and BMO Insurance.
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.
It depends. You can use PolicyMe’s proprietary life insurance algorithm to find out whether or not you need life insurance.
My review of PolicyMe is positive. I love shopping for the best rates and saving money…whether it be for groceries, mortgage rates, or basically anything that involves cash leaving my pocket for that matter.
The service provided by PolicyMe makes it easier to find the lowest life insurance premium for your specific needs. And, even better, their service is free to you.
While on the subject of life insurance quotes, you can also take a look at my PolicyAdvisor review.
PolicyMe Review: Save Up To 50% on Life Insurance Premiums
PolicyMe helps Canadians to easily compare the lowest life insurance quotes available in Canada and save up to 50% on premiums. This PolicyMe review covers all you need to know.