PolicyMe Review: Term Life Insurance Coverage in Minutes

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In this PolicyMe review I share everything you need to know about this online term life insurance tool! PolicyMe will help assess how much coverage you require and then set you up with a policy that fits your needs.

Life insurance is typically perceived as a complex financial product, but PolicyMe makes it easy to get the coverage you need. 

PolicyMe Review

A 100% Honest PolicyMe Review

This is a 100% honest PolicyMe Review because I used it myself! Thanks to PolicyMe, I took out an affordable 20-year term insurance policy that will support my baby in the event of my death. 

I only recommend products on Money After Graduation that I use myself, and PolicyMe is no different. Insurance has always been the part of personal finance I personally loathe. It’s tedious and overwhelming, and I know you probably think the same! PolicyMe made the experience painless

Want more reviews like this? Check out our Reviews section here!

What is life insurance?

Life insurance is a financial product that provides compensation to dependents or other family members in the event of your death.

However, many people don’t sign up for adequate life insurance coverage, or even forego getting any at all because they think they do need it or find it too complicated to sign up for. It’s true that getting good life insurance coverage is not as easy as opening a high-interest savings account, but thanks to tools like PolicyMe, it nearly is!

How do I know if I need life insurance?

If you’re a living, working person with income and bills, you probably need life insurance! However, how much you need depends on your income, debts, and dependents. 

Proper life insurance coverage is an integral part of your financial plan. If you have a spouse or dependents who would be severely impacted by the loss of your working income, you need enough life insurance to ensure that they would be okay no matter what happens. Likewise, life insurance can cover any debts that you might have, like credit cards or a mortgage, as well as pay for things like funeral expenses.

PolicyMe Review

A good life insurance policy supports your family financially in the most stressful of times. It’s a kindness you do for the people you care about. 

Which life insurance company is best in Canada

You have a surprising amount of choice when it comes to shopping for life insurance in Canada. The sheer number of providers can make it overwhelming to shop for a policy, and is probably one of the reasons many people don’t have any coverage at all!

Sometimes you can get life insurance coverage from your bank, but often you have to go through an insurance broker. With PolicyMe, you skip the hassle and receive quotes from multiple life insurance providers so you can readily compare options:

PolicyMe Term Life Insurance

PolicyMe compares life insurance quotes from the top life insurers in Canada. You’ll save hundreds of dollars per year on your policy as insurers compete for your business.

Types of Life Insurance

When it comes to choosing life insurance, you’ll have two main choices: term life insurance or whole life insurance. PolicyMe provides term life insurance coverage, which is the one you need!

Term Life Insurance 

Term life insurance provides coverage over a certain term for a fixed monthly payment. A beneficiary you designate will be paid out the value of your policy in the event of your death. You are covered for a term, typically 1 to 30 years, and when the term ends, your coverage expires and you have to renew or start a new term plan. The price of your monthly premium is constant for the term, but typically increases with your age when you renew.

Term life insurance is easy to set up, affordable and protects you. It’s the ideal choice for most people, and likely the best fit for you.

PolicyMe Review

Whole Life Insurance

Whole life insurance, sometimes called cash-value life insurance or permanent insurance, is a blended savings vehicle and insurance plan. Like term life insurance, your beneficiary will be paid out the value of the plan in the event of your death. However, there’s an added investment aspect.
The whole life insurance policyholder pays into the plan each month. In addition to being covered for life insurance, a portion of the premiums accumulates as a cash asset. This cash grows tax-free within the policy, and the policyholder can borrow against it to meet other financial obligations, such as clearing debts or making other investments.
Whole life insurance is expensive and inflexible. Monthly premiums are hundreds of dollars per month, and you can not opt-out of them without major consequences. Missing a monthly payment could mean losing coverage of your policy altogether. For these reasons, whole life insurance is usually a less desirable choice than term life insurance. 
Want a more detailed breakdown? Check out our post: Cash-Value Life Insurance is for Suckers, Buy Term Instead

PolicyMe Review: getting life insurance coverage in minutes

If you have no idea what you need for life insurance, don’t fret. PolicyMe’s first step is a short quiz asking you about your income, age, health, savings, and debts. This is necessary to determine the value of a policy you’d need to pay off your debts and provide for any of your dependents left behind.

If you have a high income with high debt and low savings, you’ll need a larger life insurance policy than if you have no debt and tons of savings. Likewise, having a spouse and children means you’ll need a larger life insurance policy than if just you supporting yourself. PolicyMe takes all of these factors into account.

The quiz takes only a few minutes! Once you’ve answered the questions on PolicyMe, you’ll be presented with a suggested amount of coverage and a selection of providers with their monthly prices.

policyme review

If you want more coverage or to change the term, you can easily make a selection right there. 

Once you’ve selected a life insurance policy, you’ll be asked to schedule a phone call. This is to review your information and medical history. You’ll then complete your sign up and be covered!

Final thoughts on PolicyMe term life insurance coverage

PolicyMe helped me get the term life insurance I needed at an affordable rate. I love knowing my baby’s care, college education, and more will be taken care of even in the event of my death. 

PolicyMe Review

It’s definitely grim to make financial plans for the event of your own demise, but it’s the responsible thing to do. I’m happy to know my family won’t be financially burdened no matter what happens!

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About Author

Student debt killer, super saver, and stock market addict. BSc. in Chemistry from the University of Alberta, MBA in Finance from the University of Calgary. CEO x 2 and MOM x 1. Currently residing in Calgary, Alberta, Canada, but hooked on travelling.

1 Comment

  1. Thanks for making this post. I had a kid recently (aka a few years ago) and I keep meaning to look into life insurance but it does seem overwhelming. I’m going to check this site out. Thank you.

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