PolicyMe brought online term life insurance to Canada in a way that works: fast, with published prices and less back-and-forth than the traditional broker process. It is not the right fit for everyone. This review is part of the life insurance provider reviews; for a direct comparison with the broker model, see PolicyMe vs PolicyAdvisor.
PolicyMe at a glance
| Feature | Detail |
|---|---|
| What it is | Licensed life insurance agency selling its own branded policies |
| Core product | Term life insurance (plus the other products listed below) |
| Underwriter | Canadian Premier Life Insurance Company (Securian Canada) |
| Term life coverage | $50,000 to $5,000,000 ($100,000 minimum under age 51) |
| Terms available | 10, 15, 20, 25 or 30 years |
| Issue ages (term life) | 18 to 75 |
| Medical exam | Not needed for most applicants; some complex cases need a nurse visit |
| Application | Online, instant decision for most applicants |
| Province availability | Licensed in every province and territory |
| Policyholder protection | Assuris (the insurer is a member company) |
| Included | $10,000 of coverage per child (6 months to 18 years) |
| Free look | 30 days from the effective date, full refund |
How PolicyMe compares to a broker: price
PolicyMe publishes average term premiums on its site, not a quote for its own policy; for example, for $500,000 of 20-year term for a 30-year-old non-smoker it lists an average of about $20.68 a month for a woman and $29.67 for a man (as of December 2025; confirm current rates, which change and depend on your health class). A broker quotes other insurers for the same profile, and the lowest price depends on your age, health and the insurers compared, so the practical test is to get both quotes on the same day. How term prices compare across insurers is covered in best term life insurance.
Both models are paid the same way: PolicyMe is paid commissions by its insurer, and brokers are paid commissions by the insurers they place business with. PolicyMe’s licensed agents are salaried.
The application process
Step 1: Enter a few basic details to get a quote.
Step 2: Complete the online application, including the health questions (about 10 minutes, according to PolicyMe).
Step 3: Receive a decision: most applicants get an instant decision, and complex cases go to further review.
Step 4: If approved, review and sign your policy documents online.
For cases that need further review, some applicants are asked for medical requirements such as a nurse visit.
What the term policy includes
| Feature | Details |
|---|---|
| Child coverage | $10,000 per child aged 6 months to 18 years, included in every policy |
| Renewal | Renews yearly after the term ends, until age 85 |
| Conversion to a longer term | Within the first 5 years, without new health screening |
| Conversion to lifetime coverage | Up to the policy anniversary nearest your 69th birthday, without new health screening |
| Critical illness | Sold as a separate policy that can be bought alone, with term life, or added later |
| Partner discount | 10% off the first year’s premiums when you add your partner (each person gets their own policy) |
What PolicyMe’s term policy does not include:
- Cash value
- Joint coverage on one policy (applications are for single lives)
- Fully underwritten permanent insurance
Underwriting: who gets approved and who doesn’t
PolicyMe’s online underwriting gives most applicants an instant decision. Applicants with a notable health history, such as diabetes, a past cancer or heart condition, a high BMI or recent mental health treatment, may be asked for more information, offered a higher (rated) premium, or declined, and smokers pay smoker rates. Each insurer has its own underwriting guidelines, so a case declined or rated by one insurer may be treated differently by another.
If PolicyMe declines an application, a broker can shop the case to other insurers, and applicants declined everywhere usually turn to guaranteed issue products (PolicyMe’s own, or no-medical specialists such as Canada Protection Plan).
Verdict
PolicyMe suits healthy Canadians who need term life insurance and want a fast, transparent path to coverage. The prices are published, the application is quick, and most applicants get a decision immediately.
PolicyMe fits if: You are in standard health, want term coverage within its limits, and are comfortable handling the purchase yourself.
A broker fits better if: You have health complications, want fully underwritten permanent insurance (see term vs whole vs universal life), need coverage above $5,000,000, or want a financial advisor to guide the broader decision. The PolicyAdvisor review covers one online broker.
PolicyMe’s underwriter and product lineup
Unlike a broker, PolicyMe does not compare quotes across multiple insurance companies. It designs and distributes its own branded policies, all underwritten by a single insurer, Canadian Premier Life Insurance Company (operating as Securian Canada). Its product lineup:
| Product | Details |
|---|---|
| Term life insurance | $50,000 to $5,000,000; 10, 15, 20, 25 or 30 years; ages 18 to 75 |
| Critical illness insurance | Standalone policy (or with term life); 44 conditions (27 severe, 17 early-stage); $10,000 to $1,000,000; 30-day survival period |
| Guaranteed issue life insurance | Permanent policy, no medical exam or health questions; $5,000 to $100,000 (ages 18 to 70) or up to $50,000 (71+); 2-year waiting period for non-accidental death, during which premiums are generally returned |
| Health and dental insurance | Individual health and dental plans |
| Home and auto insurance | Ontario only, as a brokerage |
Focus on term life: PolicyMe’s core strength remains term life insurance: fast, fully digital and with published prices. Its guaranteed issue product fills a narrow niche (small coverage for those who can’t qualify medically) but is not a substitute for fully underwritten permanent insurance. PolicyMe does not sell disability insurance; for that, or for complex permanent coverage, a broker that compares multiple insurers offers broader options.
Frequently asked questions
Does PolicyMe offer joint life insurance for couples? No joint policy: PolicyMe’s term life is issued on single lives. Couples each get their own policy, and PolicyMe offers 10% off the first year’s premiums when you add your partner. Two separate policies also let each partner choose a different amount and keep coverage independent after a separation.
Is PolicyMe good for smokers or people with health conditions? Smokers are accepted at smoker rates, which are higher than non-smoker rates. Applicants with health conditions may receive rated premiums, be asked for additional medical evidence or be declined. Because PolicyMe offers only its own insurer’s underwriting, applicants with significant health history often get more options through a broker.
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.
- PolicyMe: PolicyMe Term Life Insurance Product Summary | PolicyMe
- PolicyMe: Term Life Insurance – PolicyMe Product Details
- PolicyMe: Term Life Insurance in Canada: Simple & Affordable | PolicyMe
- PolicyMe: Critical Illness Insurance: Get Covered, Stay Protected | PolicyMe
- PolicyMe: Guaranteed Issue Life Insurance: No Medical Exam | PolicyMe