Are you searching for a PolicyMe review? On this post, I’m going to share what life insurance is, why it’s possible you’ll need it, and the way it’s now easier than ever to buy life insurance.
Life insurance is one in all those things in life that individuals are inclined to hold off on. Why? Well, there are two major reasons. Firstly, eager about your death is pretty morbid and doubtless not something you wish to spend your time specializing in. Secondly, finding the correct life insurance policy in your needs isn’t easy and, traditionally, is an extended and drawn-out process. Nonetheless, due to PolicyMe, that’s not necessarily the case.
What’s life insurance and do I actually need it?
It will be important to notice that not everyone needs life insurance. Generally speaking, as soon as you’ve gotten any dependents, then you need to get a policy since life insurance is a financial tool that will help and protect your loved ones and family members. That said, some people get life insurance policies that can cover any costs in the event that they were to pass suddenly.
If you’ve gotten life insurance, you can pay a monthly or annual fee (generally known as a premium) for an agreed-upon duration of time. Must you die during this contracted period, your beneficiaries (your loved ones) will receive a lump-sum payment that’s tax-free.
Your beneficiaries can use the life insurance money as they want, nevertheless, life insurance can are available very handy in situations where you’ve gotten liabilities that also must be paid off (for instance, a big mortgage). Or, if you’ve gotten dependents that depend on your financial support of their day-to-day life (e.g. your kids). By having life insurance, you might be protecting those that you simply leave behind and ensuring that won’t be burdened by your debts or the sudden lack of income.
Give it some thought, if your loved ones is determined by your income and also you were to pass suddenly, that may very well be an enormous issue. You possibly can simply purchase a life insurance policy that may replace that income so your loved ones isn’t left struggling financially.
Term life insurance vs everlasting life insurance
In the case of purchasing life insurance you’ve gotten two options: term life insurance or everlasting life insurance. Here’s what it’s essential learn about each.
Term Life Insurance
For those who decide to buy term life insurance, you’ll only be covered for an agreed upon period of time. This may occasionally be a set period, say, for 20 years. Or, until a certain age, for instance, you might be covered until the age of 65. For those who pass away in the course of the term agreed upon in your contract, then your beneficiaries will receive your life insurance. Nonetheless, for those who pass away at a time outside of your contact, there can be no payout- even for those who paid into it for those 20 years.
Some term policies could be renewed, but that is something you will have to look into before buying. I personally have term life insurance and recommend it to most individuals.
Everlasting Life Insurance
Everlasting life insurance is, as you likely guessed, coverage until death. The premiums are fixed and since it’s a life-long policy, costlier than what you’ll pay with term life insurance. Nonetheless, so long as you make your whole payments, your beneficiaries will receive their lump sum on the time of your death, whether that be on the age of 45 or the age of 100.
Unlike term life insurance policies, premium life insurance policies permit you to construct up a money value and a few policies will let you’re taking a loan out on that money value. Nonetheless, for those who do that keep in mind that for those who don’t pay it back, it’s going to reduce the quantity your beneficiaries receive.
It will be important to notice that each kinds of life insurance are only valid as long as you make your regular agreed-upon payments.
What’s PolicyMe?
Now that you already know what life insurance is and why it’s possible you’ll need it, let’s move on to how one can select and buy it.
As I discussed earlier, life insurance generally is a pain to get. It takes, on average, 10 weeks to get insured. Those seeking to purchase life insurance are also expected to know exactly what they need/need or, are made to sit down down with a broker to debate their options. While the concept of sitting down with a broker could also be attractive, a few of these brokers may aim to up-sell their products. Plus, who has time to only meet up with an insurance broker?
Thankfully, there’s now an alternative choice to enable you to discover a better-priced policy to suit your needs.
PolicyMe is a digital life insurance advisor that goals to make buying life insurance easy. This platform allows users to get advice and buy insurance policies online. There’s no need for face-to-face meetings, no up-selling or pressure, just honest and bias-free options to enable you to select the perfect life insurance in your needs.
Behind this online platform is a team of licensed advisors able to help with any questions you’ll have. Nonetheless, it’s essential to notice that despite having these advisors available, you aren’t paying any additional fees by selecting to buy your life insurance through PolicyMe. Shopping through PolicyMe can actually enable you to lower your expenses in your life insurance plan as they’ve among the lowest prices in Canada.
PolicyMe is licensed to operate in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Prince Edward Island, Nova Scotia, Yukon Territories, Northwest Territories & Nunavut.
Using PolicyMe to Shop for Life Insurance
Purchasing for life insurance using PolicyMe is straightforward. Step one is to fill out the net questionnaire. It should take about five minutes and, based in your answers, the PolicyMe algorithm with cypher through your information and give you customized recommendations that suit your needs.
Once you discover a policy that you simply’re blissful with, you’ll be able to either move ahead to file your application or, if you’ve gotten any questions, you’ll be able to speak to one in all the PolicyMe advisors. Not one of the advisors are commission based, all of them earn a salary, in order that they are focused on unbiased advice vs. overselling insurance. As a 3rd party administrator, PolicyMe offers policies issued by Canadian Premier Life Insurance Company
Again, I believe it’s essential to reiterate that PolicyMe is non-biased and won’t push or pressure you. One among their standout features is their honesty. In reality, for those who don’t have dependents, PolicyMe may be very upfront in telling you that you simply don’t even need life insurance.
While there are individuals to discuss with for those who need assistance or clarification, if you wish to undergo this whole process on your personal, that’s positive too. There aren’t any requests for phone numbers to follow up, so you’ll be able to do your research without having to fret about being harassed.
Suggestions for Getting the Best Rate for Life Insurance
Unsurprisingly, life insurance isn’t exactly low cost. Nonetheless, there are a couple of suggestions and tricks to assist be certain that you get a greater rate in your premium.
Shop Around
Take the time to perform some research and shop around for the perfect rates. There are many life insurance providers, but they aren’t all the identical. Using PolicyMe in your research is a quick, easy, and effective option to ensure that you get the perfect rates in your needs in terms of buying life insurance.
Select term life insurance
Term life insurance is significantly cheaper than everlasting life insurance. For those who wish to lower your expenses, your best bet is to decide on term insurance that you could renew if it’s essential.
Get a medical exam
Proving that you simply are healthy can prevent a good chunk in your premium. For those who don’t have any health problems, then decide to get a medical exam so you’ve gotten proof of your health conditions. This may take an honest sized chunk off your premiums.
Be smart when selecting your insurance amount
All of us wish to ensure that our family members are taken care of after we pass, but remember the upper the insurance policy, the more you will have to pay in your premium. The hot button is to ensure that you’ve gotten enough to cover your debts and the lack of income when deciding on an insurance amount.
Final thoughts
Life insurance is a crucial financial tool and while not everyone will need it, it might be something you wish to look into. It will not be probably the most nice thing to take into consideration, but, PolicyMe makes it easy to seek out a life insurance policy in your needs quickly and with none hassles meaning you’ll be able to rest easy knowing your loved ones can be taken care even if you find yourself not here to do it yourself.
