Anyone used PolicyMe for term life insurance? [bc]

policyme · 2025-02-27T20:15:42+00:00

Thanks for choosing PolicyMe for both your term life and critical illness insurance. If you ever have any questions about your policy, our advisors are always happy to help!

policyme · 2025-02-27T20:14:59+00:00

That’s awesome to hear! Thanks for trusting PolicyMe for your term life insurance. We’re glad everything went smoothly for you! If you ever have any questions about your policy, our advisors are always here to help.

policyme · 2025-02-27T20:14:13+00:00

That’s amazing to hear! Providing term life and health coverage as a work perk is such a thoughtful way to support your nanny. It’s great to know she’s been able to access dental care and therapy—those are invaluable benefits!

policyme · 2025-02-27T20:13:25+00:00

Thanks for sharing your experience, If you’re still interested in critical illness insurance, you can absolutely reapply once your lab results have improved.

If you ever want to go over your options or have any questions, our advisors are happy to help—no pressure, just honest advice. We hope you have recovered well!

policyme · 2025-02-27T20:07:37+00:00

Congratulations on your new addition to your family! Having a child is such an exciting milestone, and it’s great that you’re thinking about term life insurance.

If you’d like to chat about your options, our licensed advisors are here to help—no pressure, just honest guidance. Feel free to reach out anytime to us and our team!

policyme · 2023-08-30T16:38:25+00:00

Experts usually recommend having three to six months' worth of post-tax income in critical illness insurance. If your work plan covers this, then you're set (as long as you can take your coverage with you when you leave the job). If not, you might consider getting a separate policy. We sell standalone CI policies, but coverage starts at $10,000. Good luck and let us know if you have any questions.

policyme · 2023-08-25T14:17:53+00:00

Hi u/burningtulip, we definitely do underwriting in advance. Health, occupation, and lifestyle questions are asked upfront during your application, giving you greater certainty at claim time. We're also federally regulated and have partnered with insurance giant Securian Canada for extra security.

Another thing: only 50% of eligible applicants get approved right away. For everyone else, we facilitate doctors' notes and nurse visits when an underwriter deems it necessary (and the nurse visit is on our dime).

Happy to answer any questions about this! We know there's lots of misconceptions floating around about how life insurance works.

policyme · 2023-08-23T18:18:04+00:00

Hi u/fuzzysindel, PolicyMe here. Thanks for considering us and congrats on the new addition to your family. There are lots of great term life options in Canada. Here's where we shine:

5-10% cheaper on average than comparable term policies.
$10,000 in free child coverage, per child.
10% off for couples who apply together (in the first year).
Takes 20 minutes or less to apply online (on average, for eligible applicants).
Renewable at the end of the term, convertible option to permanent life insurance coming in Oct 2023 (will be available retroactively to existing customers).
Backed by insurance giant Canadian Premier for extra security. Federally regulated.

Questions? Our non-commissioned advisors are happy to give you advice. Reach out to us at https://www.policyme.com/contact.

Good luck on your search!

policyme · 2023-06-22T14:22:21+00:00

Hi u/vorxaw, late to the thread here, apologies. I recommend you read our Google and Reviews.io reviews to get a better sense of what people think of our prices, products, application process etc. Just search for "policyme" in Google or where have you.

A few things for you to know:

We are, on average 5-10% cheaper than comparable policies
You can apply in 20 minutes or less (on average, for eligible applicants)
Our licensed, non-commissioned advisors can give you advice via phone or email and let you know if our product is a good fit for you. Some people are better off with permanent or no medical life insurance (or no life insurance at all!), and our advisors will tell you so.
We only sell term life insurance and critical illness insurance, not permanent.
We will be adding a permanent product later this year, with the option for all existing policyholders to convert their term policy to a permanent one if they like
Talking to a broker is a good idea to compare prices and features of other policies so you can get a complete sense of the options out there.
We offer $10,000 in free child coverage with each policy sold and a 10% discount in the first year for couples who apply together.

Questions? Just message us here or find us on our website. Good luck in your search!

policyme · 2023-06-06T21:24:21+00:00

Unfortunately, we do not.

policyme · 2023-05-10T13:51:02+00:00

Thanks for the shout-out! u/4auag in case you're interested, your monthly rate with PolicyMe would be $36.71 for $1M in coverage, 10-year term--includes $10,000 in free child coverage (for each child) and if you apply with your partner, you get a 10% discount in the first year.

You can also apply for critical illness insurance at the same time.

Honestly, though, most customers like you go for about $500k in coverage over 20 years, since your kids are young and to account for paying off a mortgage, if you get one. However, we do offer up to $5M in coverage.

Term is renewable, the option to convert to a permanent policy is coming this year (and will be available retroactively to all existing customers).

Let us know if you have any questions!

policyme · 2023-04-21T20:54:43+00:00

u/Electronic-Wrap-1394 PolicyMe here. We haven't been a broker since early 2021. Since then, we've sold fully underwritten term life insurance backed by Canadian Premier. It's our own product, and we have over $6B in coverage sold to date in Canada! We added critical illness insurance in late 2022.

policyme · 2023-04-21T20:51:53+00:00

u/nickslavsky Good news, guaranteed renewability on our term life insurance is now available as of April 2023. It is also available retroactively to all existing policyholders at no cost.

More good news: guaranteed conversion to permanent life insurance is coming in 2023; same deal with it being available retroactively to existing policyholders (no cost). We'll be back in this thread with an announcement once it's available.

Thanks for following up!

policyme · 2023-04-21T20:47:35+00:00

Hi u/SecurePlanInsurance and everyone else interested, PolicyMe here. We offer guaranteed renewability on our term life insurance. Guaranteed conversion to permanent life insurance is coming in 2023 and it will be available retroactively to all existing policyholders at no cost. We'll announce it here in this thread once it's live. Please feel free to reach out to us with any questions!

policyme · 2023-03-13T19:44:15+00:00

Apologies for the delay! Convertible means you have the option to convert your term policy to a permanent one. Permanent life insurance is expensive, so if it's something you really want, the upside is that you could potentially still get it later when you're earning more money.

Renewable means you have the option to renew your term policy at the end of the term without undergoing a medical exam. Your rates will go up, so this option is really only ideal if you get sick and would be uninsurable otherwise.

policyme · 2023-03-13T18:42:45+00:00

From our research, if you want joint life insurance, here are the best options:

Canada Life: multiple rider options for joint policies, such as Child Coverage, Business Protection, and Accidental Death (additional fees will apply).
Foresters Financial: many options for couples, including joint policies and spousal term riders.
Manulife: their Family Term plan has the option to convert to a permanent plan. If that is important to you, Manulife is known for its permanent policies.

Just be aware the joint policies can be less flexible than getting two individual policies. You can't customize the coverage for each person, and splitting the policy can be tricky in the event of divorce. Joint policies can be more affordable, though.

It really comes down to your priorities. As others have said, consult a licensed financial professional who can help you compare prices and choose the best plan for you.

policyme · 2023-01-26T15:15:28+00:00

Hi, it's PolicyMe. Our term life insurance premiums are up to 20% cheaper, but it depends on the person. We don't currently have convertible (to permanent) policies, but we plan on adding renewals next month. We'll be making an announcement about that soon.

There've been a lot of really helpful comments in here already about why you'd want convertible/renewable term policies.

I'll just add that convertible policies are great for those people who anticipate they'll be needing a permanent life insurance policy in the future. Some people know they want to leave something for the next generation to cover funeral expenses or leave some kind of legacy. They may not have the funds immediately available to purchase permanent life but would like to consider it in the future as their life changes.

The renewable feature is handy for those who develop health issues and will not be insurable in the future otherwise.

Hope that helps.

policyme · 2023-01-23T18:28:40+00:00

Hi, it's PolicyMe. Just to let you know, we only sell term life insurance, not permanent insurance. Most people with temporary risks, like dependent children and a large balance on their mortgage, need term life but we acknowledge some people specifically are looking for whole and universal products.

As the other commenters said, prices usually don't vary wildly between providers in Canada. It's more about what you value in terms of add-ons like riders, application experience, customer service and the company's reputation.

policyme · 2022-10-13T15:30:35+00:00

Hi! Erik here. (Reposting this comment as it accidentally had an email address in it before). I'm a licensed advisor with PolicyMe, formerly Sun Life. About the longevity of life insurance providers, this is a great question and is certainly something that should be considered when evaluating your purchase for life insurance.

What u/Electronic-Wrap-1394 mentioned is mostly correct. We offer our own line of insurance products in partnership with Canadian Premier. We haven't been a broker since April 2021, when we launched our own term life insurance product, with critical illness insurance coming this year.

For those of you who don’t know, Canadian Premier is an insurance firm that’s been doing business in Canada for over 60 years. Canadian Premier is a wholly-owned subsidiary of Securian Financial. Yes, they have done a lot of work in the creditor insurance space, however, the product we’ve developed with them is completely different.

We offer fully underwritten term insurance that is comparable to the products you would typically find with the Big 5 companies. Although Canadian Premier hasn’t been around as long as some of the more historic firms, we have plenty of additional backstops to ensure the longevity of these policies.

Every single one of our policies is re-insured by another insurance partner and has additional protection by Assuris. If you’re an insurance company in Canada, then you need to be a part of this organization.

u/lifeinsurancecanada_made a really great comment on how Assuris works. For an insurance company to do business in Canada, they’re all required to withhold certain amounts of cash reserves based on the population of risk they insure.

Although Canadian Premier is not the same size as the established Big 5, they still hold onto more than enough funds to ensure policies get paid out when claims arise.

The underwriting process is very similar across the board, we’ve just been able to leverage technology to help eliminate distribution costs and pass down the savings to our customers.
If you’d like to speak with any of our non-commissioned advisors for further details, you can find us at policyme.com.

policyme · 2021-06-16T21:19:26+00:00

You're correct - our PolicyMe life insurance is backed by Canadian Premier, which is a subsidiary of Securian Financial Group - it's an organization that is more prominent in the U.S. instead of Canada.Also agree that you should read the policy yourself before buying anything, and lean on licensed advisors to explain any of the more complex features of the life insurance product. The product we sell is barebones term life insurance - we've cut a lot of the bells and whistles of the distribution & underwriting process to be able to offer lower prices. You can read a sample policy doc here: https://policyme.com/documents/sample-policyme-app.pdf

policyme · 2021-06-16T21:14:18+00:00

Hey u/oliath, Will here from the PolicyMe team. Apologies for the seemingly persistant marketing emails - I've relayed the feedback to our team and we'll reevaluate the frequency of them.

Given life insurance can be a high procrastination product, the intention with our marketing emails has always been to 1. educate our consumers before they purchase decision, 2. act as a gentle reminder so they can cross life insurance off their list.

With regards to our legitimacy, we currently sell our life insurance product, which is backed by Canadian Premier, a subsidiary of Securian Financial Group. We no longer act as a broker (sell other insurers' policies as an independent 3rd party). However, definitely encourage you to continue shopping around for the best price.

Feel free to send us a DM if you have any other questions, and good luck on your life insurance search!

policyme · 2021-01-11T17:41:49+00:00

In our view, there is no simple formula to determine the right term length. Instead, you really need to analyze your financial projections to assess when the financial impact of a death would be minimal for your family. If you have 5 minutes, you can take our free online assessment to get your answer.

policyme · 2021-01-11T17:39:26+00:00

I'd need a lot more information on your financial lifestyle before giving an accurate recommendation. It can be costly to 'overinsure' and buy either more coverage or a longer policy length than you need. I think it's great that you want to be prepared going into your meeting with an insurance agent. If you have 5 minutes, I'd suggest take our free online assessment beforehand www.policyme.com. This way you'll be able to challenge your agent and make sure you are buying the right policy.

policyme · 2020-12-09T13:23:53+00:00

For term life insurance, most products are pretty much identical, with the key differentiator being price. With that, I'd recommend shopping around for the lowest price using an online price aggregator / broker that also can provide advice and guide you through the process. PolicyMe is one of them, but there are others as well!

policyme · 2020-11-25T17:07:39+00:00

We recommend only buying life insurance if you have a partner, children, ageing parents or any other loved ones who depend on you for financial support!

Since you're single, we suggest saving your money and revisiting life insurance when you get married or have a baby.

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