Frequently asked questions
What is PolicyAdvisor and how does it work?
PolicyAdvisor is an innovative online life insurance brokerage platform offering Canadians the best rates for term life insurance, critical illness insurance, disability insurance, and mortgage protection policies. We are changing the old-fashioned way of buying insurance.
Our online life insurance solution offers you simpler, easier access to insurance policies offered by 25 of Canada’s best life insurance companies. By entering basic information into PolicyAdvisor’s easy-to-use online tools, you can determine the amount of coverage you need and start shopping for life insurance in minutes, without the need to pay for such advice.
We help our customers save time and money by comparing insurance plans, obtaining quotes and applying for insurance wherever they have access to their phone, tablet, or computer.
How is PolicyAdvisor different from other life insurance agents?
PolicyAdvisor differs from traditional life insurance agents in many ways. We work with 25 of Canada’s largest life insurance companies and thus provide a much wider choice of policy options than traditional agents, helping more Canadians get personalized life insurance coverage at great prices.
PolicyAdvisor is completely independent and not affiliated with any one insurance company. Our licensed brokers ensure insurance shoppers are offered the best possible products based on their needs and recommend plans from across the best Canadian life insurance companies.Our advisors are here to help, not upsell: that’s why, unlike traditional life insurance agents, our advisors aren’t paid on commission.
Lastly, we are fully online. Without the need for a face-to-face meeting at a brick-and-mortar office, we can offer you the best rates and insurance plans online, faster and easier than traditional advisors.
How is PolicyAdvisor better than other online life insurance brokers?
Most Canadian online insurance comparison sites are lead generators; they take your information and pass it along to another insurance broker or other third parties for a small profit.
PolicyAdvisor is the opposite. We don’t sell your contact information. Our in-house, licensed insurance experts work with you to find the best insurance policy for the coverage you need and are the broker of record for the lifetime of that policy.
We pride ourselves on keeping the best interest of the customer in mind; we provide various insurance options and create custom quotations and illustrations to show you how much money you save over the lifetime of your policy. Don’t just take our word for it, see what our customers have to say about us.
What types of insurance does PolicyAdvisor offer?
PolicyAdvisor currently offers several types of life insurance, like term life insurance, whole life insurance, permanent life insurance, children’s life insurance, and no-medical life insurance as well as critical illness insurance, disability insurance, and mortgage protection insurance policies.
Our primary focus is term life insurance coverage. However, if you need advice on permanent life insurance, universal life insurance, whole life insurance coverage, or any other insurance policies, our licensed advisors can help you find the amount of coverage you need and the policy that’s right for you.
Who does PolicyAdvisor work with?
PolicyAdvisor works with 25 of Canada's best life insurance providers such as Assumption Life, BMO Insurance, Canada Life, Canada Protection Plan, Desjardins, La Capitale, Empire Life, Equitable Life, Foresters, Humania, iA Group, ivari, Manulife, RBC, SSQ, Sun Life, Wawanesa, and many more.
This allows us to present a comprehensive list of options to Canadians with insurance needs as these companies provide several types of life insurance, such as term life insurance, whole life insurance, permanent life insurance, universal life insurance, as well as critical illness, disability, and other forms of coverage.
Why should I apply for insurance through PolicyAdvisor?
If you like saving time and money while shopping for insurance from the comfort of your own home or wherever you may be, PolicyAdvisor is Canada’s best option to meet your insurance needs. With access to 25 of the country’s largest insurers, an easy online process, and the flexibility to shop for quotes on your computer, tablet, or mobile phone in minutes, PolicyAdvisor is the right choice for modern connected Canadians seeking financial protection and insurance products.
Wouldn't it be cheaper to buy coverage directly from an insurance provider or my bank?
Buying insurance directly from an insurance provider or bank won't be cheaper. And it certainly would cost you more time. We offer the same exact prices as the insurance companies and their in-house agents. Because we can show you several quotes from multiple sources in one shot, we can save you money by giving you more options to choose from. And our fully digital approach will give you more time to live your life, rather than searching for life insurance coverage options.
Is PolicyAdvisor licensed?
Yes! We are currently licensed to offer insurance brokerage services in Ontario, British Columbia, Alberta and Manitoba. We are regulated by the Financial Services Regulatory Authority of Ontario (FSRA), Insurance Council of British Columbia, the Alberta Insurance Council (AIC) and Insurance Council of Manitoba (ICM).
How does PolicyAdvisor choose the best insurance companies to work with?
We work closely with our partners and painstakingly research all of their insurance product offerings to present the best insurance policies and quotes for our customers. When we choose partners, we look at their financial strength, their product portfolios, their underwriting capacity, and their degree of digitization and modernization to ensure only the best insurance companies are presented on PolicyAdvisor.
Is PolicyAdvisor independent?
PolicyAdvisor is privately owned, fully independent, and without bias. We’re not affiliated with any particular insurance company. That means we can offer you the best, honest advice – no strings attached.
Is PolicyAdvisor a life insurance broker?
Yes. PolicyAdvisor itself is an insurance brokerage; our expert advisors are your broker of record for your coverage needs.
Do I pay fees to use PolicyAdvisor?
Nope! There are no separate fees when you use PolicyAdvisor or purchase a policy through our site.
How does PolicyAdvisor make money?
We don’t charge our customers any fees. Instead, we are paid by insurance companies when you purchase insurance products through our marketplace. That’s why all our research, articles, and insurance tools are available for free to our current and prospective customers.
How does PolicyAdvisor generate a customized life insurance quote?
We ask you a few basic questions, and then let our algorithms do all the work. They scan through hundreds of products from Canada’s largest insurers to identify the right products for you. Once you get the results, you can adjust them as many times as you like to narrow down the best choice for your needs. Get a quote right now and see how easy it is.
Is PolicyAdvisor legit?
While our tools and explainers might seem too good to be true, PolicyAdvisor is indeed a real, legitimate company and insurance brokerage in Canada. We launched in April of 2019 and have since been featured in Canadian publications like the Globe and Mail, Toronto Star, Toronto Sun, National Post, MoneySense, MoneyWise, BetaKit, and several other trade publications reporting on the world of insurance. We’ve quoted billions in insurance coverage since our launch and help nearly 30,000 Canadians make more informed insurance decisions every month.
Who can I speak to if I have questions?
PolicyAdvisor’s in-house brokers are experienced, licensed insurance advisors readily available via web chat, phone, or email. You can also schedule a call with them whenever is convenient for you.
Do I need life insurance if I have mortgage insurance?
Comparing mortgage insurance versus life insurance is one of the most common questions we receive as life insurance brokers. Protecting your mortgage through a term life insurance policy is often the best choice for Canadians for many reasons. It is generally more cost-effective, offers greater flexibility in how the death benefit is used, and is portable as your financial and housing needs change.
Learn more about mortgage insurance
Do I need life insurance if I already have coverage through work?
There are several reasons why group coverage life insurance through your workplace benefits may be lacking. The life insurance death benefit may not cover your needs adequately, the coverage isn’t portable, and you have no control over the life insurance policy details.
An individually-owned life insurance policy is much more flexible and offers protection in ways group life insurance coverage lacks.
Learn more about why you may need private supplemental term life coverage here.
Does PolicyAdvisor offer travel insurance?
Yes! PolicyAdvisor has partnered with some of the best travel insurance companies in Canada. Our experts can help you find super visa insurance, insurance for visitors to Canada, or any of your other travel insurance needs.
Plus, stay tuned for more exciting offerings in the travel insurance space from PolicyAdvisor.
