PolicyMe Review 2024

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Written By
G. Dautovic
January 28, 2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you are looking for a life insurance policy, PolicyMe is a Canadian solution that you should definitely check out. It offers a variety of policies, and the online application process is straightforward. 

To save you from reading endless PolicyMe reviews, we will cover its features, what it has to offer, how it compares to other life insurance providers, and the advantages and drawbacks of using its service.

$100,000 to $5,000,000

Offers 30-day money-back

Learn More

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

$100,000 to $5,000,000
Term Life Insurance
10, 15, 20, 25 and 30-year terms
Two weeks (or longer)
pros thumb up Strengths
  • Affordable and competitive rates
  • Many applicants don't require a medical
  • Complete online application in approximately 15 minutes
  • High coverage
  • Offers 30-day money-back
  • Locked-in rates
  • Couples who apply together receive 10% off their term life insurance rates in the first year
  • $10,000 in free life insurance coverage for each child
pros thumb up Weaknesses
  • Only provides term life insurance, but launching Critical Illness Insurance soon

What Is PolicyMe?

Founded in 2018, PolicyMe is an online life insurance solution. It offers term life insurance to Canadians through the well-known Canadian Premier Life Insurance Company, with coverage ranging from $100,000 to $5,000,000.

PolicyMe's user-friendly interface makes it easy for people to obtain affordable insurance by filling out an online application that takes just 15 to 20 minutes to complete. The insurance provider has been accredited since 2021 and boasts an A+ rating from the Better Business Bureau (BBB).

In addition to its auto quote generation system, PolicyMe Canada provides life insurance advice through its team of non-commissioned licensed advisors. PolicyMe, unlike most online brokers, does not require you to schedule a phone call or meeting before providing you with a life insurance quote. Instead, you can get a no-obligation quote online instantly.

Typically, you’ll receive approval on your life insurance the same day you apply and won’t have to take a medical exam. PolicyMe also provides a 30-day money-back if you are dissatisfied with the service for any reason, which allows you to test your policy before committing to a payment plan.

PolicyMe Term Life Insurance

PolicyMe term life insurance policies are available in terms of 10, 15, 20, 25, and 30 years, with coverage amounts ranging from $100,000 to $5,000,000. Its term life insurance is available solely to Canadians between the ages of 18 and 75. If you pass away during the policy's term, your loved ones will get a tax-free lump payment.

Locked-in premiums are included in PolicyMe's life insurance policies, meaning that your monthly rates will never go up, regardless of your health. You can also cancel at any moment without penalty. All costs related to the underwriting process are covered, as are all causes of death except suicide in the first two years.

PolicyMe Insurance only suggests the appropriate amount of coverage each customer requires. As its experts are not compensated on a commission basis, they will never pressure you into making a purchase. If you do not require any coverage, they will also inform you of this. 

PolicyMe Family-First Features and Discount

PolicyMe has a convenient feature where you can get a 10% discount on the first year of your term life insurance if you apply together as a couple through the PolicyMe Joint Application. It also includes $10,000 in complimentary life insurance coverage for each child.

The coverage amount is paid out to the chosen beneficiaries if either partner passes away during the term.

How Does PolicyMe Work?

You can apply for PolicyMe Life Insurance by following these easy steps in the application process. To begin, go to the website and click on the blue Get Started button at the top of the page. Using PolicyMe's recommendation tool will help you choose the best insurance term for your needs.

Simply provide details about your family, lifestyle, income, savings, and financial commitments. If you input your gender, age, and smoking status, you will be given an instant quote based on your desired coverage amount and term length.

PolicyMe’s life insurance professionals are available via email and phone to answer any questions you may have once you receive a quote. To fill out the application, you'll need to answer questions about your lifestyle, financial situation, and medical history in a 15- to 20-minute process.

Once you've submitted your application on the PolicyMe website, you'll be notified right away if your request has been approved or denied. A medical exam or other documentation may be necessary for those with a health condition, so keep that in mind while applying.

Finally, if you're satisfied with your coverage, you can seal the deal by submitting the full application. The documentation will include information such as your payment and beneficiary details, as well as verification of your identity.

How Does PolicyMe Compare to Other Online Life Insurance Companies?

PolicyMe Logo
Life Insurance Type:

Term-based life insurance

Life Insurance Term Length:

10 to 30 years

Sun Life Logo
Sun Life
Life Insurance Type:

Term-based and permanent life insurance

Life Insurance Term Length

10 to 30 years

Manulife Logo
Life Insurance Type:

Term-based and permanent life insurance

Life Insurance Term Length

10 to 20 years

PolicyMe Pricing

As a result of selling an insurance product directly and digitally to customers, PolicyMe claims to be able to save you an average of 10%-20% compared to traditional insurance firms.

While there is no one-size-fits-all pricing, you can use the PolicyMe life insurance calculator for a preview of what your insurance might cost based on your gender, age, and coverage recommendation.

Is PolicyMe Legit and Safe?

PolicyMe is a legitimate and trustworthy Canadian company that is authorized to sell life insurance nationwide. The company's life insurance policies are issued by Canadian Premier Life Insurance Company, which has been in business for over 60 years and has served over 2 million Canadians, and are reinsured by a top-notch reinsurance company.

As a member of Assuris, a non-profit organization that insures Canadian life insurance companies, PolicyMe is completely safe for customers. Specifically, in the event the company fails, your policy is covered up to 85% of your insurance benefits, or 100% if the policy is valued at less than $200,000 in coverage.

PolicyMe Support

PolicyMe has a team of insurance experts available to answer your questions and help you find the right policy. You can get in touch with its life insurance advisors by email at any time, as well as by phone from 9 a.m. to 5 p.m. ET every day.

In addition to a comprehensive FAQ section, PolicyMe's website features a learning centre with various articles that address common concerns and inquiries from potential and existing customers.

PolicyMe Pros and Cons

To summarize, here are some advantages and disadvantages to consider before purchasing a PolicyMe policy.


One major advantage of PolicyMe is its quick and simple application process. PolicyMe's online application procedure may be completed in a matter of minutes, while traditional insurers' application process can take weeks due to complicated paperwork and lengthy medical exams.

Another pro of PolicyMe is that it has competitive rates, in addition to a joint application discount and free child insurance coverage. It uses automated algorithms to calculate premiums, so you can be sure you're getting a fair price. Plus, the prices are transparent, and there are no hidden fees - you'll know exactly how much your policy will cost before you buy it.

Moreover, individuals who are dissatisfied with their coverage have a 30-day period to get their money back. Aside from that, there is no penalty for cancelling your coverage at any time. You can contact PolicyMe advisors and knowledgeable customer support via phone or email for assistance with your cancellation.


PolicyMe only provides term life insurance. If you believe that whole life insurance is a better fit for your needs, you should look into other options, such as Sun Life insurance.

There are no in-person meetings available, so you'll have to use Zoom, email or the phone instead. In case your situation is complex, or you have a pre-existing medical condition, you may not be eligible for immediate approval. However, keep in mind that PolicyMe will still expedite your application.

Bottom Line

When it comes to choosing life insurance, there are a lot of options available. Overall, PolicyMe features are a great choice for life insurance if you're looking for something quick and simple. It’s a legitimate and reliable company with great customer service and competitive rates.

Instead of waiting two to three weeks to find out if you've been approved for coverage with most other insurance carriers, using PolicyMe is a no-hassle option that can save you money if you’re eligible.


Is PolicyMe a good life insurance?


PolicyMe life insurance quotes are among the best in Canada, according to our observations and numerous PolicyMe reviews. Compared to other insurers, PolicyMe premiums might be 10–20% lower owing to its simplified and cost-efficient method.

Is PolicyMe a Canadian company?


PolicyMe was founded in Toronto in 2018 as a digital life insurance advisor that allowed consumers to compare life insurance quotes from a number of respected Canadian insurance companies. They’ve since launched their own life insurance products for Canadians.

Is PolicyMe legitimate?


It's safe to say that PolicyMe is legitimate, as it has teamed up with Securian Financial's federally licensed and wholly-owned subsidiary, Canadian Premier, to provide term life insurance to its customers.