Personal Finance

PolicyMe Review: Life Insurance Made Easy

Disclosure: This review is not sponsored by PolicyMe—all views expressed here are honest and my own. Some of the links in this review are affiliate links. That means I may receive a commission if you make a purchase after clicking through my links (at no extra cost to you).

The motivation we all needed?

While COVID-19 is an unpleasant reality right now, there’s been one surprising positive—life insurance sales are up! I know, it’s an odd thing to cheer about. But here’s why I think it’s a good thing: it means many of us are finally taking action to protect our loved ones.

A reminder to plan and prepare

We’ve all heard the horror stories of those who die without life insurance. For those left behind, the financial consequences can be devastating. Don’t let that be your story. Use this pandemic as a reminder to plan ahead and get prepared.

Easier said than done

Now, I know it’s easier said than done. If you’re like most people, purchasing life insurance isn’t high on your list of to-dos. While we all know we need it, many of us never find the time to deal with it. Why is that?

Personally, I think it’s due to more than simple procrastination. There are a host of other valid reasons—and most are the result of life insurance that’s sold the old, hard way.

Related: I previously discussed the importance of estate planning in my review of The Family In Case of Emergency Binder. (Can you tell I’m passionate about motivating you to do your estate planning? 😬)

Life insurance: the old, hard way

I’ve purchased life insurance several times in my life, and I often found the experience to be less-than-satisfactory. Here are some of the things I really disliked:

It’s time-consuming

Getting multiple quotes, following up, comparing rates—it’s a lot of hassle and a lot of work. Who wants that?

It’s salesy

Unfortunately, many of us have been subjected to pushy sales tactics when buying insurance. Why would we willingly choose to engage in that?

It’s confusing

Unless you know what to ask for, it can be hard to understand what you need and what you’re paying for.

It’s boring

Does anyone look forward to hours of research and reading the legalese in insurance policies? I don’t have time for that, and I bet you don’t either.

It’s no wonder, even with the best of intentions, why we drag our feet. Getting life insurance just seems like a whole lot of boring, unpleasant work. 

But what if I told you there’s a better way? (And, dare I say it—it’s even enjoyable!) 

PolicyMe - Life Insurance That Is Actually Simple

Life insurance with PolicyMe: the new, better way

PolicyMe is a Toronto-based startup with a mission to “make buying life insurance more transparent, customized and most importantly, convenient.” 

I recently tried PolicyMe, and I’m pleased to report that they delivered on every count! Here’s what I found to be notably different from my past life insurance purchasing experiences:

It’s fast

In less than ten minutes, I was able to enter my info, get a selection of quotes, and have the best quote emailed to me.

It’s easy

The interface is simple, mobile-friendly, and very easy to use. PolicyMe guides you through the quoting process, one step at a time.

It’s enjoyable

It was a genuine pleasure using the PolicyMe website. The interface is clear, clutter-free, and well-designed.

It’s pressure-free

Unlike other websites I’ve tried, you’ll get your quotes by email with no high-pressure follow-up phone calls. (They do send follow-up emails, but they’re friendly and pressure-free.)

It’s transparent

From beginning to end, PolicyMe makes the quoting process totally transparent. You can see why they ask the questions they ask, how it affects your rates, and what you’ll be covered for.

It’s more than just a quote

If you have a unique situation or would like more advice, PolicyMe advisors are ready to take your call (or email).

Coverage for COVID-19

Some travel insurance policies now exclude COVID-19-related claims. But this isn’t the case with life insurance. PolicyMe clarifies this on their blog:

“Once your life insurance policy is in place, it will pay out for all types of death, including anything related to complications from COVID-19 or any other disease.

The only exceptions are suicide in the first two years or if your policy includes a clause excluding a specific cause of death (like skydiving if you are a pro skydiver).”

What this means is there’s no need to worry about life insurance coverage—you’ll be taken care of, even if it’s COVID-19.

What I didn’t love

In all my reviews, I aim to be as transparent as possible. That means I’ll tell you if there was something I didn’t like about a service or product. In this case, I have one minor gripe about PolicyMe: their emails.

Who’s emailing me?

A couple of the emails I received from PolicyMe contained little or no branding. The PolicyMe name was buried in the body of the email, or in the tiny signature at the bottom. Perhaps this is a proven marketing strategy, but it made the emails seem spammy.

Additionally, only the first and last name of a staff member was in the ‘from’ field. When I see an email from a name I don’t recognize, this also looks like spam to me. 

My final thoughts on PolicyMe

Despite my minor misgivings about their emails, I really like PolicyMe and wish they existed when I needed to buy life insurance. It was a pleasant, pain-free experience and I would wholeheartedly recommend them for your life insurance needs.

Note: I’ve heard that PolicyMe recommends to some people that they shouldn’t buy life insurance. (For example, someone who’s single with no dependents.) I really appreciate this transparency, and think it’s how all businesses should operate.

Get your family protected now

While it’s unlikely that COVID-19 will take our lives, why not take the cue of others who are using this as a reminder to get prepared? Start your quote at PolicyMe and get the ball rolling in less than ten minutes.

Let me know in the comments below if you have any questions I didn’t answer. Or, you can also visit this FAQ page at PolicyMe.

PolicyMe - Free Online Life Insurance Checkup

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As always, however you show your support for this blog—THANK YOU!

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  • Reply
    Bob Wen
    April 21, 2020 at 7:15 pm

    Over the years I’ve spent a lot of money on life insurance on my own life, and to date it’s been a total waste of money!

    I guess it’s just the cost of doing living.

    • Reply
      April 21, 2020 at 10:42 pm

      LOL, Bob—I think it’s wonderful news if you ‘wasted’ your money on life insurance… it means you’re living a long, healthy life!

      In this case, I hope all of us find that we wasted our money. 😉

      • Bob Wen
        April 22, 2020 at 5:33 am

        Thanks Chrissy. I’ll be sharing this blog post with two of our children who each have life insurance that they took out when they arranged their mortgages with the bank. Which as I understand it, can be quite expensive.

      • Chrissy
        April 23, 2020 at 7:14 pm

        Hi Bob—you’re wise to question mortgage insurance. I don’t like it because the premiums stay the same while the coverage shrinks.

        I also don’t like that it only covers mortgage payments. That won’t help as much as a larger cash payout that will help with other expenses.

        Whether your kids use PolicyMe or not, I think it would be wise for them to consider switching to term life insurance. 👍

  • Reply
    Daniel Johnson
    May 25, 2020 at 8:45 am

    Great info! Thanks for sharing! Is there a similar option for business insurance?

    • Reply
      May 25, 2020 at 8:18 pm

      Hi Daniel, from what I can tell, PolicyMe only offers quotes for life insurance.

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