PolicyAdvisor does what a traditional insurance broker does, mostly online. The result is faster than an in-person broker and offers more choice than a single-insurer online seller. This review is part of the insurer and broker reviews.
PolicyAdvisor at a glance
| Feature | Detail |
|---|---|
| Type | Online insurance brokerage |
| Insurers compared | 30+ (Manulife, Sun Life, Canada Life, iA, Desjardins, Assumption Life, RBC Insurance, Empire Life, Beneva, BMO Insurance and more) |
| Products offered | Term life, whole life, mortgage protection, critical illness, disability, children’s life, travel and super visa, personal health, group benefits |
| Advisor access | Yes: licensed advisors by phone or online (salary-based, per PolicyAdvisor) |
| Application process | Online quote, then an application with advisor help |
| Coverage limits | Set by each insurer |
| How it is paid | Commission from the insurer; no fees to you |
| Where it is licensed | Ontario, British Columbia, Alberta and Manitoba |
| Launched | 2019 |
Insurers available through PolicyAdvisor
PolicyAdvisor names these insurers among the 30+ it compares: Manulife, Sun Life, Canada Life, iA Financial Group, Desjardins, Assumption Life, RBC Insurance, Empire Life, Beneva and BMO Insurance. Which of each insurer’s products you can buy through it varies, so check the quote results for your profile.
PolicyAdvisor vs PolicyMe in brief
The main alternative model is PolicyMe, an online agency that sells one insurer’s branded policies. For a healthy applicant who only wants term life, PolicyMe’s instant decision is usually faster. PolicyAdvisor’s advantages are breadth: whole life, disability coverage, a choice of insurers for critical illness, and the ability to shop a health history across many insurers’ underwriting. PolicyMe vs PolicyAdvisor compares them buyer type by buyer type.
Application process
- Enter your details and see quotes from several insurers
- Talk to a licensed PolicyAdvisor advisor by phone or online, if you want guidance on the amount and type of coverage
- Choose an insurer and complete the application, with the advisor submitting it when you are ready
- The insurer underwrites the application and issues the policy; how long that takes depends on the insurer, the amount and any medical requirements
Guidance matters most for complex cases, high coverage amounts, or anything beyond basic term life.
Verdict
PolicyAdvisor suits buyers whose needs go beyond a simple term life policy: health conditions, permanent insurance, disability coverage or critical illness. The multi-insurer comparison surfaces options that no single insurer can match, and for applicants who would be rated at one insurer, another insurer’s underwriting may price them better. Its main limit is geography: it is licensed in four provinces, so buyers elsewhere need a broker licensed in their province. Applicants declined across the board can also compare no-medical specialists such as Canada Protection Plan.
How PolicyAdvisor makes money
PolicyAdvisor is paid a commission by the insurance company when a policy is placed, the usual compensation model for insurance brokers in Canada, and charges no fees of its own. The commission is paid by the insurer, and the premium is the insurer’s own rate. Because PolicyAdvisor works with multiple insurers and its advisors are salaried, the aim is to find competitive coverage rather than push a single insurer’s product.
Frequently asked questions
Is PolicyAdvisor legitimate and licensed? Yes: PolicyAdvisor is a licensed insurance brokerage, registered with insurance regulators in Ontario (FSRA), British Columbia, Alberta and Manitoba. It officially launched in 2019.
Can I get disability insurance through PolicyAdvisor? Yes. PolicyAdvisor offers disability insurance, critical illness insurance and group benefits in addition to life insurance, so several insurance needs can be handled in one place.
What happens if I need to make changes to my policy after purchasing through PolicyAdvisor? Policy changes (coverage adjustments, beneficiary updates, payment changes) are handled with the insurer after the policy is in force. The broker placed the policy, but the ongoing policy relationship is with the insurance company that issued it.
Related pages
Sources
The figures and rules on this page come from these sources, last checked against them on September 25, 2026. How we check facts.
- policyadvisor.com: Simple, Quick, Online Insurance in Canada - PolicyAdvisor
- policyadvisor.com: About Us, Our Mission, and Our Pledge - PolicyAdvisor