PolicyAdvisor.com Review

After selecting the insurance type you want and entering some basic identifying and classification information, (man or woman, single, married or common law, dependents or none, smoker or non-smoker, etc.) you can either enter the amount of insurance you need or get PolicyAdvisor.com to calculate the amount based on variables you enter such as annual income, number of dependents, amount of debt, estimated funeral expenses, percentage of income you want to pass on to your dependents and any investments or other insurance policies you may have.

You will then be asked to customize your quote through questions that assess risk. For life insurance that’s height and weight, tobacco use, blood pressure, whether you drive or not, whether you have high cholesterol, and whether you abuse drugs or alcohol.

Once that’s all been assessed, you’ll be asked to sign-up for a free account to see quotes based on the information you provided for the type of insurance you selected from Canada’s top 20 best life insurance companies, including Manulife, BMO Insurance, RBC Insurance, Empire Life and more, all on the same page.

For example, I was assessed to need $540,000 in term life insurance and I was shown a policy from Equitable life at $67.59 per month, Desjardins at $70.67 per month, and Canada Life at $71.44 per month.

On each quote, I’m told these amounts are how much I will be paying per month if I pay annually.

Each quote also gives you information on the insurer providing it and what type of term policy it is, whether it’s renewable and whether you can convert it to a whole life insurance policy.

Once you select a quote from those presented, you’re asked your address, whether you have a spouse or significant other, your occupation, your annual income, and when you’d like to book a call from an insurance agent from a policy advisor who can help you with your application to the insurance company.

These quotes are valid in the provinces PolicyAdvisor.com agents are licensed to do business in, which are Alberta, Manitoba, and Ontario. 

PolicyAdvisor.com: Features

There actually are no fees you need to provide to PolicyAdvisor.com for its services. Signing up for an account as a mechanism to reveal the generated quotes from Canada’s top insurers is free. You don’t actually have to pay PolicyAdvisor.com directly for anything.

If you apply for and are approved for an insurance policy through their aggregated quotes, you will then pay the monthly or annual premium to the insurance company whose quote you selected. Meanwhile, PolicyAdvisor.com gets a referral fee from that insurance company for your business.

It’s a pretty sweet deal, especially since they provide several services in addition to their comparison-shopping function for insurance quotes.

These include the Insurance Calculator, to find out how much insurance you need based on your financial circumstances, Insurance Checkup, which gives you an unbiased insurance needs assessment, and PolicyAdvisor Magazine, which is a collection of articles on insurance that provides advice and answers to common questions.

Plus, if you’re looking for that personal touch, you can schedule a call at any time from a PolicyAdvisor.com agent who can give you advice on what type of insurance you may need, answer your questions, or speed up the sale of a policy without going through all those online questions.