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:
Getting multiple quotes, following up, comparing rates—it’s a lot of hassle and a lot of work. Who wants that?
Unfortunately, many of us have been subjected to pushy sales tactics when buying insurance. Why would we willingly choose to engage in that?
Unless you know what to ask for, it can be hard to understand what you need and what you’re paying for.
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:
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.
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 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.
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.
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.)
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.
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?)
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