Personal Finance

PolicyMe Review: Canada’s Best Way to Buy Life Insurance

PolicyMe review: the best way to buy life insurance in Canada

Disclosure: This PolicyMe review is not sponsored—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).

Life insurance: the old, hard way

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.

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!) 

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.” In short: they’re a gamechanger!

I tested out the new, improved PolicyMe process, and am pleased to report that they deliver 100% on their mission. Here’s what I found to be notably different from my past life insurance experiences:

It’s fast

PolicyMe gives you a quote and decision on your application immediately. In comparison, most insurance companies take weeks to do this. In mere minutes, I clicked through PolicyMe’s questionnaire, entered my info, and received an instant quote. Really—it was that fast.

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 so easy to tinker with options, go backwards and forwards through the questions, and get a revised quote.

It’s enjoyable

It was a genuine pleasure using the PolicyMe website. (Honestly!) The interface is clear, clutter-free, and well-designed. I actually found their interface to be fun and entertaining to use. The UI is modern and very well-designed—all the buttons, sliders, and transitions are beautiful and oh-so satisfying to click through.

It’s convenient

Unbelievably, PolicyMe can offer some of the lowest prices in Canada—without a medical exam!* That’s just amazing. No more blood test, peeing in a cup, or half day spent with a nurse at your house! That’s the ultimate in convenience.

*Most people will not need a medical exam.

It’s pressure-free

Unlike other websites I’ve tried, you’ll get your quote immediately right on PolicyMe’s website. You won’t have to deal with sneaky tactics or 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).

Did you know?

PolicyMe sells their own policies

Instead of being a broker for other insurance companies, PolicyMe can sell directly to customers. This not only streamlines the process, but it also means faster service and lower prices for you!

PolicyMe’s term life policies* are fully-underwritten, fast, easy and affordable. Additionally, all applicants receive a decision instantly and most don’t require a medical exam. Best of all, selling their own policies means PolicyMe can offer even lower rates!

*PolicyMe’s policies are issued by Canadian Premier Life Insurance Company, one of Canada’s most reputable life insurance companies.

PolicyMe offers a couple’s discount

PolicyMe offers a joint application which allows couples to apply together and save 10% off the first year of their term life insurance policies! 

How the discount works

Each partner completes their life insurance application online (about 20 minutes per application). Once approved, each partner can activate their respective policy, saving them both 10% for the first year!

How the coverage works

  • If either partner passes away during the term, the coverage amount is paid out to their beneficiary.
  • If both partners pass away during your term, both coverage amounts are paid out to their respective beneficiaries and the policies are no longer active.

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.

*Note: PolicyMe’s latest improvements are still new, so this may no longer be the case. I’ll update my post once I receive their newest 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. 

That’s it

Honestly, their emails were the only fault I could find with PolicyMe. Their process is so clean and simple, it’s hard to find much that’s wrong with this company!

My final thoughts on PolicyMe

Despite my minor misgivings about their emails, I love the PolicyMe process and wish they existed when we purchased our life insurance. 

In my test run of their new, improved quoting process, I found it to be a pleasant, pain-free experience. 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.


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.

My other life insurance posts

Not sure if you’re ready for life insurance? I wrote two other posts that might be helpful:

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

Support this blog

If you liked this article and want more content like this, please support this blog by sharing it! Not only does it help spread the FIRE, but it lets me know what content you find most useful. (Which encourages me to write more of it!) 

You can also support this blog by visiting my recommendations page and purchasing through the links. Note that not every link is an affiliate link—some are just favourite products and services that I want to share. 🙂

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.

  • Reply
    Mr. Dreamer @
    March 11, 2021 at 9:20 am

    As always, very informative. However, I don’t think I am “yet” too scared to purchase a life insurance specially as we don’t have a mortgage.

    • Reply
      March 17, 2021 at 5:30 pm

      Hi Mr. Dreamer—sorry for my late reply to this comment. I was working hard on getting that currency converter working on the interview series (thanks again for your suggestion)!

      I think you’re pretty well covered in your situation, with family help, low expenses, and no mortgage. It sounds like the right choice for your family!

  • Reply
    David @ Filled With Money
    March 13, 2021 at 8:45 pm

    Great that you got life insurance! I’ve been thinking more and more about getting it, even though I have the standard boilerplate life insurance form my company, there’s always more that I could do. I don’t have any dependents so that’s the good part. But so many posts from personal finance blogs that I trust is making me re-think my choices.

    • Reply
      March 17, 2021 at 5:33 pm

      Hi David—with no dependents, it very well could be that you only need minimal insurance, just to get the low rates when you’re young and healthy.

      When you need to increase coverage one day, hopefully you’ll be able to simply convert the policy and that it won’t require you to re-qualify.

      Thanks for reading and commenting!

  • Reply
    Bob Wen
    December 27, 2022 at 7:23 am

    Thanks to your review, Chrissy, PolicyMe got our business, and we’re happy too.

    Last year we took another look at our financial plan, (now in retirement), and it was clear that we no longer actually needed any life insurance coverage; kids moved out, no debts, and a fairly sizeable portfolio. However, rather than rip the insurance comfort blanket off entirely, we cancelled our old policies and took out smaller, longer-term polices (to age 85) with PolicyMe. It was your review that brought PolicyMe to our attention – our experience of working with them was excellent.

    The coverage we have now is to help the survivor though the immediate aftermath of the loss, without having to scramble to unwind any investments at what could be a terrible time in the markets. For both of us the cost is under $1,000 a year, which is less of a cost than having $100,000 sitting in cash.

    FYI: I made a point of letting PolicyMe know how we heard of them in my review of their service.

    • Reply
      Bob Wen
      December 27, 2022 at 7:28 am

      Oops, I said we made this move last year, when it was just this year. It only feels like it was last year!

      • Chrissy
        December 27, 2022 at 7:44 pm

        Hi Bob—what a clever use for life insurance! I’d never considered taking out a small, long-term policy to cover expenses in case of a market drop. Now you’ve got me thinking!

        Thanks so much for sharing your experience and for letting PolicyMe know that you found them through me. I have been nothing but impressed with their offering, and it’s nice to hear that you had a good experience with them too.

        If only all types of insurance were so easy and hassle-free to access!

  • Reply
    March 18, 2023 at 7:25 pm

    Any idea what happens if policyme go bankrupt? I would like to enroll in their term life at least until our mortgage mostly paid off in 10-15 years (so our term will be at least 15 years) but hesitant in case they go bankrupt then…

    • Reply
      March 18, 2023 at 9:33 pm

      Hi Lila—this is a great question! I found the answer on this page of PolicyMe’s website:

      “Is there a risk that PolicyMe goes bankrupt and can’t honor the claim? The short answer is no! Your claims are backed by Canadian Premier Life (a Securian Financial company), an organization with $60 billion in assets. The Canadian insurance industry is heavily regulated, and all insurance companies are required to maintain a minimum reserve balance to cover future obligations. If that’s not enough for you, all life insurance policies in Canada are protected by an organization called Assuris. Similar to Canadian Deposit Corporation (CDIC) on the banking side, Assuris guarantees that if a life insurance company were to fail, policyholders will receive most (if not all) of the promised insurance benefits.”

      I hope this answers your question!

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