PolicyMe Life Insurance Review 2026
PolicyMe life insurance at a glance
PolicyMe sells term life, permanent (Term 100) and guaranteed issue life insurance 100% online, plus standalone critical illness cover. Most applicants are approved in under 20 minutes with no medical exam, term rates sit among the cheapest in Canada, and every policy includes $10,000 of free coverage for each child. Cover is available in all provinces and territories, and policies are issued by Canadian Premier Life Insurance Company, now operating as Securian Canada. The gap is cash value: PolicyMe offers no whole or universal life.
A strong fit if you want straightforward cover quickly and cheaply, without an agent or a medical exam. The trade-off is depth: PolicyMe sells no whole or universal life, so no policy builds cash value, and there is little room to customise a contract.
- ✅Fully online: most applicants are approved in under 20 minutes with no medical exam
- ✅Term rates among the cheapest in Canada, with a 10% couples discount in year one
- ✅$10,000 of free life insurance for each child, included with every policy
- ✅Convertible to a longer term or to lifetime coverage with no new health questions
- ✅Available in every Canadian province and territory, and backed by Securian Canada
- ❌No whole or universal life, so no policy builds cash value
- ❌Little customization or riders compared with traditional insurers
- ❌Term life applications close at age 75, and guaranteed issue carries a two-year waiting period
Score- ✅Fully online: most applicants are approved in under 20 minutes with no medical exam
- ✅Term rates among the cheapest in Canada, with a 10% couples discount in year one
- ✅$10,000 of free life insurance for each child, included with every policy
- ✅Convertible to a longer term or to lifetime coverage with no new health questions
- ✅Available in every Canadian province and territory, and backed by Securian Canada
PolicyMe life insurance at a glance
- ✅Fully online: most applicants are approved in under 20 minutes with no medical exam
- ✅Term rates among the cheapest in Canada, with a 10% couples discount in year one
- ✅$10,000 of free life insurance for each child, included with every policy
- ✅Convertible to a longer term or to lifetime coverage with no new health questions
- ✅Available in every Canadian province and territory, and backed by Securian Canada
- ❌No whole or universal life, so no policy builds cash value
- ❌Little customization or riders compared with traditional insurers
- ❌Term life applications close at age 75, and guaranteed issue carries a two-year waiting period
Score- ✅Fully online: most applicants are approved in under 20 minutes with no medical exam
- ✅Term rates among the cheapest in Canada, with a 10% couples discount in year one
- ✅$10,000 of free life insurance for each child, included with every policy
- ✅Convertible to a longer term or to lifetime coverage with no new health questions
- ✅Available in every Canadian province and territory, and backed by Securian Canada
A strong fit if you want straightforward cover quickly and cheaply, without an agent or a medical exam. The trade-off is depth: PolicyMe sells no whole or universal life, so no policy builds cash value, and there is little room to customise a contract.
A strong fit if you want straightforward cover quickly and cheaply, without an agent or a medical exam. The trade-off is depth: PolicyMe sells no whole or universal life, so no policy builds cash value, and there is little room to customise a contract.
Our PolicyMe review: easy-to-buy, instant online life insurance
PolicyMe life insurance: 5 key points
- PolicyMe offers 100% online term life, permanent (Term 100) and guaranteed issue life insurance, plus standalone critical illness policies.
- Get covered in 20 minutes without traditional insurers’ paperwork and medical exams.
- Budget-friendly term life insurance, appealing to those seeking affordable coverage.
- Get $10,000 of complimentary life insurance for each child of the policyholder.
- Available in every Canadian province and territory, and backed by Securian Canada, an A-rated insurer.
PolicyMe sells life and critical illness policies 100% online that you can buy in 20 minutes or less. It streamlines a buying process that traditional insurers bog down with excess paperwork, long waiting times and mandatory medical exams. It has already provided more than $10 billion in coverage, backed by Canadian Premier Life Insurance Company, which now operates as Securian Canada.
Our team found a lot to like about PolicyMe life insurance. We were able to get through the questionnaire in around 10 minutes, a positive experience shared by many customer PolicyMe reviews.
Getting instant online quotes is a big selling point in an industry that often requires speaking with an agent who upsells products. With PolicyMe, most applicants will not even need to complete a medical exam.
Its term life insurance comes in 5 term lengths and covers the needs of most life insurance buyers. Buyers who want lifelong protection can also opt for its Term 100 permanent policy, and applicants who have been declined elsewhere have a guaranteed issue option. What PolicyMe does not sell is whole or universal life, so none of its policies build cash value.
Term policies are convertible without any new health questions: to a longer term within the first five years, and to lifetime coverage at any point up to the policy anniversary nearest your 69th birthday. And unlike when this page was first written, PolicyMe life insurance is now available across all Canadian provinces and territories.
Expert advice
PolicyMe is best for Canadians seeking affordable, no-fuss term life insurance with a quick and fully online application process. It is ideal for young families, couples, and first-time buyers who need straightforward coverage without complex features or upselling. If simplicity and cost-effectiveness are your priorities, PolicyMe is a great fit.
It now covers those who need lifelong protection too, through its Term 100 policy. It remains a poor fit, however, for anyone after cash value options (there is no whole or universal life on the shelf) or extensive customization in their coverage.
But before you decide upon PolicyMe, we recommend that you consider insurance from other providers. All you need to do is use our comparator below to compare coverage, pros, and cons of Canada’s best life insurance and also get free personalized quotes in seconds.
What types of life insurance does PolicyMe offer?
PolicyMe offers term life, permanent (Term 100) and guaranteed issue life insurance, alongside standalone critical illness cover. The online application is fast across the range and pricing is competitive. Here are the details on each.
PolicyMe term life insurance
PolicyMe offers term life insurance with 10, 15, 20, 25 and 30-year terms. Here are the features our team likes about the coverage:
- You can apply between ages 18 and 75, and policies renew yearly up to age 85.
- Couples are eligible for a 10% discount on joint policies in year one.
- Free $10,000 coverage for each child of a policyholder, from 6 months to 18 years old.
- Purchase a policy in 20 minutes or less.
- The rates are locked in for the full term of the policy.
- A 30-day cancellation window with a full refund, and a 30-day grace period on missed payments.
| PolicyMe | Coverage |
|---|---|
| Term length | 10 / 15 / 20 / 25 / 30 years |
| Amount | $100,000 to $5 million |
| Application age | 18 to 75 |
| Renewable until | Age 85 |
Can you change a PolicyMe term policy later?
Yes, and this is one of the more useful features of the product. PolicyMe term policies are convertible, which means you can upgrade without answering new health questions or taking another medical exam, which is useful if your health has changed since you applied.
There are two separate conversion windows:
| You want to | When you can do it |
|---|---|
| Move to a longer term (e.g. turn a 10-year policy into a 20-year one) | At any point before the fifth anniversary of your policy’s effective date |
| Move to lifetime coverage (Term 100) | At any time, up to and including the policy anniversary nearest your 69th birthday |
Your coverage amount stays the same, because you are already approved for that level of protection. What changes is your premium, which is recalculated based on your age at the time of conversion.
Separately, PolicyMe term policies renew automatically each year after the term ends, up to age 85, with no new medical underwriting. Renewal premiums rise with your age, so converting or shopping for a new policy is usually cheaper if your health allows it.
PolicyMe permanent life insurance (Term 100)
PolicyMe does offer permanent coverage, through a Term 100 (T100) policy. This is the simplest form of permanent life insurance: coverage that lasts your whole life, with no savings or investment component attached.
You pay premiums until your 100th birthday. At that point the policy becomes paid up: coverage stays in force for the rest of your life without another cent in premiums. Premiums are level throughout, and you can pay monthly or annually.
| PolicyMe Term 100 | Coverage |
|---|---|
| Term length | Lifetime |
| Amount | $10,000 to $5 million |
| Premiums | Level, payable until age 100 |
| Cash value | None |
Term 100 suits people who genuinely need lifelong coverage (a lifelong dependant, final expenses, or an estate that will owe taxes) but who do not want the cost and complexity of whole or universal life. It is meaningfully more expensive than term life, so it is not the default choice for a young family with a mortgage.
It is worth being clear about what a Term 100 is not. It has no cash value and nothing to borrow against. If you specifically want a policy that accumulates savings you can draw on, PolicyMe does not sell one, and you will need to look at whole life or universal life elsewhere.
PolicyMe guaranteed issue life insurance
PolicyMe also offers a guaranteed issue policy for Canadians who struggle to qualify for standard coverage because of their health history. There are no health questions, no medical exam and no lab tests. Eligibility rules still apply, but approval does not depend on your medical file.
| PolicyMe guaranteed issue | Coverage |
|---|---|
| Amount (age 70 and under) | $5,000 to $100,000 |
| Amount (age 71+) | $5,000 to $50,000 |
| Term length | Lifetime |
| Premiums | Level, stop at age 100 |
| Medical questions | None |
As with every guaranteed issue product on the Canadian market, you trade underwriting for a waiting period: an industry-standard two-year wait applies on non-accidental death. The coverage amounts are also modest by design: this is a policy for funeral costs, leftover bills and small debts, not for replacing an income. If you are in reasonable health, a standard term policy will almost always give you far more coverage for the money.
What does PolicyMe term life insurance cover?
Life insurance provides a one-time, tax-free payment to your beneficiaries. That means a PolicyMe life insurance benefit can go towards almost anything. The amount of this death benefit just depends on the amount of coverage the policyholder purchased.
Beneficiaries can use this money towards anything from living expenses, to paying off co-signed debt, to the funeral or something else entirely. It is common to use the benefit to cover:
- Lost income
- Paying off a mortgage
- Childcare expenses
- Tuition and secondary education
- Final expenses
- Supporting dependants
Two standard exclusions are worth knowing. No death benefit is paid if death occurs by suicide within 2 years of the policy effective date, with premiums refunded. And if you misrepresent or fail to disclose a material fact on your application, the insurer can contest the policy and deny a claim.
PolicyMe critical illness insurance
PolicyMe offers comprehensive critical illness coverage as a standalone policy. It is also available online and can be purchased quickly.
| PolicyMe critical illness insurance | Coverage |
|---|---|
| Conditions covered | 44 |
| Amounts | $10,000 to $250,000 |
| Term length | 10 / 15 / 20 / 25 / 30 years |
| Level premiums | Yes |
| Joint policy | Yes |
| Online approval | Yes |
Here is the list of the fully covered severe conditions:
| Illness type | Fully covered conditions |
|---|---|
| Cancer | Cancer of specified severity |
| Heart conditions | Aortic surgery, cardiomyopathy, coronary artery bypass surgery, heart attack, heart valve replacement or repair |
| Neurological conditions | Stroke, acquired brain injury, bacterial meningitis, benign brain tumour, coma, dementia including Alzheimer’s disease, motor neuron disease (incl. ALS), Parkinson’s disease and specified atypical Parkinsonian disorders, paralysis |
| Autoimmune conditions | Aplastic anemia, multiple sclerosis, occupational HIV infection |
| Sensory and mobility conditions | Blindness, deafness, loss of limbs, loss of speech, loss of independent existence, severe burns |
| Transplants and organ-related conditions | Kidney failure, major organ transplant, major organ failure on a waiting list |
PolicyMe critical illness also includes 17 early-stage conditions in its policy.
| Illness type | Partially covered conditions |
|---|---|
| Cardiovascular conditions and procedures | Aortic aneurysm, coronary angioplasty, endovascular aortic surgery, implantation of a permanent cardiac pacemaker, implantation of a permanent implantable cardioverter-defibrillator (ICD) |
| Early-stage blood cancers | Chronic lymphocytic leukemia – stage 0 |
| Early-stage breast cancer | Ductal carcinoma in situ of the breast or lobular carcinoma in situ of the breast |
| Early-stage intestinal cancer | Gastrointestinal stromal tumours (GIST) |
| Early-stage prostate cancer | Prostate cancer – stage T1a or T1b |
| Early-stage skin cancers | Malignant melanoma – stage 1, dermatofibrosarcoma, primary cutaneous lymphoma |
| Early-stage thyroid cancer | Papillary thyroid cancer or follicular thyroid cancer – stage 1 |
| Other forms of cancer | Neuroendocrine tumours (including carcinoid tumours), carcinoma in-situ (non-invasive cancer) |
| Mastectomies | Carcinoma in-situ (CIS) of the breast treated with total mastectomy |
| Prostatectomies | Prostate cancer treated with radical prostatectomy |
PolicyMe also sells health and dental insurance, which sits outside the scope of this life insurance review. If you are shopping for supplemental health coverage rather than life cover, that is a separate product line worth looking at on its own terms.
Where is PolicyMe available in Canada?
PolicyMe life insurance is available across all Canadian provinces and territories: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, the Northwest Territories and Nunavut.
This is a change worth flagging, because it was not always the case. PolicyMe launched in a handful of provinces and expanded over time, including into Quebec, where it is licensed in insurance of persons. If you read an older review saying PolicyMe skips Quebec or the Atlantic provinces, that information is out of date.
One limitation does remain, but it does not concern life insurance: PolicyMe home and auto coverage is currently available in Ontario only.
How do you get a PolicyMe quote?
The PolicyMe quote process could not be easier. There is no need to call an agent or request a call back to buy term life insurance. Just navigate to PolicyMe or click Get Started at the top right of the PolicyMe website to get started.
You will be asked to answer a few dozen questions about who needs coverage, your financial needs, your medical history and your lifestyle. It is intuitive and can be completed in fewer than 20 minutes. Most buyers will not require a medical exam and can purchase coverage upon completing the questionnaire.
If your situation is more complex, PolicyMe also lets you apply with a licensed advisor who walks you through a needs assessment before you commit, a phone route rather than a call centre.
For critical illness insurance, it is even faster to buy. Navigate to PolicyMe. It will ask about your date of birth, gender and tobacco use. From there fill out how much coverage you would like and check your eligibility.
Life insurance is a critical investment so it is important to weigh multiple options. For that, you could simply use our comparator to compare plans and get personalized quotes from the best Canadian life insurance providers, all in a few seconds.
How much does PolicyMe life insurance cost?
PolicyMe term life insurance is competitively priced compared to traditional life insurance providers in Canada. A non-smoking couple made up of a 38-year-old man and 37-year-old woman seeking 20-year term life insurance for $500,000 could expect to pay $39.36 and $27.55 per month respectively. They would be eligible for a discount in their first year ($35.42 and $24.79 per month).
That is a big saving against a quote we retrieved from one of Canada’s top 5 financial institutions. For a similar $500,000 20-year term policy it quoted $51.54 for a man and $39.00 for a woman.
Here are PolicyMe costs for $250,000 of term coverage for 40-year-olds across different term lengths:
| Term | Male 40 | Female 40 | Male 40 (smoker) | Female 40 (smoker) |
|---|---|---|---|---|
| 10 years | $13.76 | $10.03 | $29.27 | $20.64 |
| 15 years | $18.31 | $13.75 | $41.32 | $29.19 |
| 20 years | $20.93 | $15.03 | $54.39 | $36.34 |
| 25 years | $29.80 | $20.86 | $62.82 | $42.27 |
| 30 years | $37.59 | $26.23 | $86.08 | $55.60 |
And here are PolicyMe costs for $25,000 and $100,000 of critical illness coverage for 40-year-olds across different term lengths:
| Term | Male 40 ($25K) | Female 40 ($25K) | Male 40 ($100K) | Female 40 ($100K) |
|---|---|---|---|---|
| 10 years | $16.81 | $18.61 | $43.83 | $46.26 |
| 15 years | $18.45 | $19.30 | $51.21 | $54.82 |
| 20 years | $20.70 | $20.32 | $62.55 | $61.47 |
| 25 years | $23.90 | $23.65 | $73.30 | $70.15 |
| 30 years | $28.36 | $26.11 | $87.93 | $79.92 |
Permanent coverage costs considerably more, as it does with every insurer. As a reference point, the PolicyMe comparison of the Canadian market prices its Term 100 policy at around $52 per month for a 60-year-old female non-smoker taking $25,000 of no-medical permanent coverage, in line with the best T100 products on the market, and roughly the level you should expect from lifelong cover.
Is PolicyMe safe?
Yes, PolicyMe is safe. It is true that PolicyMe is a very young company when compared to traditional life insurance providers in Canada. Despite that, PolicyMe is a legitimate and reputable insurance option. Being new is arguably a virtue here: it has been built from the ground up as an online provider with efficient processes that let it offer equivalent coverage for less.
Financially, policyholders are in good hands. PolicyMe policies are issued by Canadian Premier Life Insurance Company, which now operates as Securian Canada and is owned by Securian Financial Group. It was founded in 1955 and holds an A financial rating from AM Best.
Those policies are also protected by Assuris, a Canadian nonprofit that protects life insurance policyholders. In the rare event that a life insurance company becomes insolvent, Assuris steps in to guarantee a payout of 85% of the value of a policy.
On the claims side, the insurer commits to a decision within 7 business days of receiving all required documents, with a dedicated claims specialist assigned to the beneficiary.
How to contact PolicyMe insurance?
PolicyMe allows you to get a life insurance policy entirely online, without the need to speak to an agent. However, if you do need assistance, here is how you can reach them:
| PolicyMe insurance contact | Details |
|---|---|
| Phone number | +1 (866) 999-7457 |
| Business hours | 9 AM to 5 PM ET, Monday to Friday |
| General enquiries | info@policyme.com |
| Existing customers | advisor@policyme.com |
| Claims | servicing@policyme.com |
FAQ
Is PolicyMe legit?
Yes, PolicyMe is a legitimate and trusted life insurance provider in Canada. While it is a relatively new company, founded in 2018, PolicyMe policies are issued by Canadian Premier Life Insurance Company, now operating as Securian Canada, a well-established insurer with an A rating from AM Best for financial strength. Policies issued through PolicyMe are also protected by Assuris, a non-profit organization that guarantees up to 85% of your coverage in case of an insurer insolvency. Its streamlined, 100% online process and positive customer reviews further demonstrate its credibility.
How can you get a PolicyMe insurance quote?
Visit the PolicyMe website and complete a short questionnaire about your health, lifestyle, and coverage needs. Quotes are generated instantly, and most policies can be approved and purchased online in under 20 minutes. You can also apply with a licensed advisor if your situation is more complex.
What types of insurance does PolicyMe offer?
PolicyMe offers term life insurance, permanent life insurance (a Term 100 policy), guaranteed issue life insurance, and standalone critical illness insurance. It also sells health and dental insurance. All are 100% online, competitively priced, and available quickly without the need for a medical exam in most cases. PolicyMe does not offer whole or universal life insurance, so none of its policies build cash value.
Is PolicyMe available across Canada?
Yes. PolicyMe life insurance is available in every Canadian province and territory, Quebec included. Only its home and auto product is restricted, and is currently available in Ontario only.
Can you convert a PolicyMe term life policy?
Yes, and without new health questions or a medical exam. You can convert to a longer term within the first five years of your policy, and to lifetime coverage at any time up to the policy anniversary nearest your 69th birthday. Your coverage amount stays the same; your premium is recalculated based on your age at conversion.
Is PolicyMe legit?
Yes, PolicyMe is a legitimate and trusted life insurance provider in Canada. While it is a relatively new company, founded in 2018, PolicyMe policies are issued by Canadian Premier Life Insurance Company, now operating as Securian Canada, a well-established insurer with an A rating from AM Best for financial strength. Policies issued through PolicyMe are also protected by Assuris, a non-profit organization that guarantees up to 85% of your coverage in case of an insurer insolvency. Its streamlined, 100% online process and positive customer reviews further demonstrate its credibility.
How can you get a PolicyMe insurance quote?
Visit the PolicyMe website and complete a short questionnaire about your health, lifestyle, and coverage needs. Quotes are generated instantly, and most policies can be approved and purchased online in under 20 minutes. You can also apply with a licensed advisor if your situation is more complex.
What types of insurance does PolicyMe offer?
PolicyMe offers term life insurance, permanent life insurance (a Term 100 policy), guaranteed issue life insurance, and standalone critical illness insurance. It also sells health and dental insurance. All are 100% online, competitively priced, and available quickly without the need for a medical exam in most cases. PolicyMe does not offer whole or universal life insurance, so none of its policies build cash value.
Is PolicyMe available across Canada?
Yes. PolicyMe life insurance is available in every Canadian province and territory, Quebec included. Only its home and auto product is restricted, and is currently available in Ontario only.
Can you convert a PolicyMe term life policy?
Yes, and without new health questions or a medical exam. You can convert to a longer term within the first five years of your policy, and to lifetime coverage at any time up to the policy anniversary nearest your 69th birthday. Your coverage amount stays the same; your premium is recalculated based on your age at conversion.
