Life Insurance Through PolicyAdvisor

How does PolicyAdvisor work?

PolicyAdvisor operates a data-driven platform that uses your personal information to find the best life insurance policy for your needs. It provides quotes from many reputable lenders and lets you choose which one is the best fit for your unique set of needs, lifestyle and budget.

All you need to do to get started is fill out a quick application. You’ll then be matched with a handpicked list of providers based on your personal data. From there, you can assess which policy has all of the features you’re looking for at the best price.

There are several different types of coverage you can request including term and whole life insurance products. Once you decide on a product and a provider, you just have to inform PolicyAdvisor of your choice and its team of agents will handle the application process for you.

Who does PolicyAdvisor work with?

PolicyAdvisor is a bit of a free bird when it comes to its insurance providers because it works with them and not for them. This means that agents can provide you with unbiased advice about which policy option is really the best fit for you. When you apply, you’ll get quotes from some of Canada’s leading insurance companies. These include the following PolicyAdvisor partners:

What types of life insurance does PolicyAdvisor offer?

PolicyAdvisor doesn’t actually provide life insurance to consumers. Instead, it helps to connect them to the best policy using the power of data. There are several forms of coverage that you can request quotes for:

• Term life insurance. This option provides life insurance coverage for a fixed amount of years or up to a certain age.
• Whole life insurance. This option protects policyholders as long as they pay their premiums, even as they enter old age.
• Critical illness. This option gives you a lump-sum cash payment if you’re diagnosed with an illness that’s listed in your insurance policy.
• Mortgage protection. This option helps to pay off your mortgage if you pass away and may even cover mortgage payments if you become disabled.
• Disability insurance. This option replaces a portion of your income if you’re unable to perform work and earn money due to a disability.
• No medical insurance. This option is a good choice for those who have an underlying medical condition, dislike needles or exams, have been previously denied life insurance, have an occupation or hobbies considered hazardous or have weight or addiction issues. If you need coverage quickly, it may also be a good option.
• Children’s insurance. This option provides a covered child with lifelong insurance coverage and helps them to build savings as the policy cash value accumulates.

Are there any special add-ons available?

If you’re looking to add coverage to your plan, you may be able to do so with additional riders. Some of the following may be included in certain plans depending on which provider you go with:

• Accidental death. This gives you extra death benefits if you die in an accident.
• Waiver of premium. This waives your future premiums if you become unable to work as a result of a disability or illness.
• Family income benefit. This gives your family a regular income to cover monthly expenses if you die before your policy expires.
• Guaranteed insurability. This allows you to top up your insurance without requiring you to be examined by a physician again.
• Long-term care. This covers expenses if you or your insured family members have to stay in a nursing home or receive home care in old age.
• Child term. This provides a benefit if your child dies before a certain age.
• Term conversion. This allows you to convert your existing term policy to a whole life policy when your term is up.

Benefits and drawbacks of PolicyAdvisor

• Benefits

  • Easy application. You can easily apply for multiple quotes at one time with PolicyAdvisor‘s online application.
  • Big savings. You may be able to save hundreds of dollars on your life insurance policy when you compare providers using this innovative online resource.
  • More choice. There are a number of options to choose from, so you’ll be able to get the best terms and rates for your life insurance policy.
  • Different coverage options. You can get quotes for various forms of insurance depending on your specific set of needs.
  • Optional add-ons. Certain providers may give you the option to pay for extras like accidental death insurance, family income benefit and long-term care coverage.
  • Helpful resources. PolicyAdvisor offers helpful resources to let you explore topical issues related to your life insurance policy.
  • Expert guidance. You can speak with a PolicyAdvisor expert at any time to discuss your policy or to get help with securing your coverage.

• Drawbacks

  • Only available in select provinces. This service is currently only available if you’re living in Alberta, British Columbia, Manitoba and Ontario, though PolicyAdvisor plans to expand to other provinces soon.
  • No online pricing. You won’t be able to access any pricing online unless you fill out a request for a quote.
  • No in-person service. There are no brick-and-mortar locations where you can visit PolicyAdvisor in-person to discuss your policy.
  • Computer-based. You’ll have to be a little tech-savvy to navigate the online application and document upload process.
  • Need to pay for extras. You’ll be required to pay more for additional coverage that you add to your policy.

How to apply for life insurance quotes with PolicyAdvisor

If you’re interested in comparing life insurance quotes through PolicyAdvisor, you’ll need to follow a couple of simple steps to apply.

1. Click the green “Go to site” button above to be securely redirected to the online application.
2. Use the online application to provide personal information like your name and email address.
3. Review and submit your application.
4. Get verified and negotiate the terms of your life insurance when you select a policy.

Bottom line

PolicyAdvisor gives you multiple quotes for life insurance from some of Canada’s most reputable providers with one click of your mouse. It offers honest advice about which policy might be the best fit for you, and advisers don’t work on commission so you know that they are more likely to work in your best interest. Find out how you can sign up and start your application today to begin comparing lenders.

Frequently asked questions about PolicyAdvisor

• Am I guaranteed to be approved if I apply for life insurance through PolicyAdvisor?

  Not necessarily. PolicyAdvisor works with lenders to find the best life insurance for your budget. But your ability to qualify will depend on a number of factors including your general health and how old you are.

• What's the difference between term and whole life insurance?

  Term life insurance covers you for a specific period of time (usually between 10 and 35 years). Whole life insurance, while typically more expensive, covers you for your entire life as long as you continue to pay your premiums.

• Are PolicyAdvisor advisers commissioned?

  No. Advisers aren’t commissioned, so they can work in your best interests when offering you life insurance policy options.

• How much does life insurance through PolicyAdvisor cost?

  That will depend on which provider you go with and what type of coverage you want. There are no set prices for insurance because your premiums will depend on personal factors that are unique to you. These include your age, health history, smoking habits, occupation and hobbies.

• Can I cancel my life insurance through PolicyAdvisor?

  You can cancel your life insurance policy without having to pay any penalties or cancellation fees. However, you won’t get a refund on any premiums you’ve already paid because they would have been used to provide your coverage during the previous years.

• Who can I contact if I have questions about my life insurance?

  You can contact the customer service team at PolicyAdvisor via phone at 1-888-601-9980 or by sending them an email.