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PolicyMe is an online insurance solution that was founded in 2018. It offers Canadians critical illness insurance and term life insurance through Canadian Premier Life Insurance Company; a well-respected life insurance company in Canada. Their goal is to provide Canadians with affordable insurance policies that are easy to access. With their innovative interface, users will be able to access affordable policies by simply completing a 15-minute online application. If you’re looking for a term life insurance policy or a critical illness insurance policy, PolicyMe is currently available to Canadians in all provinces excluding Quebec, New Brunswick, and Newfoundland and Labrador.
PolicyMe currently offers Canadians two types of insurance policies: term life insurance and critical illness insurance:
Term life insurance offers coverage in the event of death for families. Unlike whole life insurance, term life insurance is only valid over a specified period. While terms are much shorter than whole life insurance, it offers much more affordable rates.
Critical illness insurance provides coverage for those who are diagnosed with a certain condition to help cover income loss or changes in expenses. PolicyMe critical illness Insurance offers coverage for 44 critical illnesses, which is the broadest coverage of any other Canadian insurer. Of the 44 illnesses, 27 have full coverage and 17 have partial coverage.
If you’d like to make a claim, simply call a customer service member of PolicyMe, and they’ll guide you through the claim process. You can also submit a claim form on their website.
Term Life Insurance | Critical Illness Insurance | |
Cost | Varies | Varies |
Accessibility | Application can be completed 100% online | Application can be completed 100% online |
Coverage Amount | $100,000 to $5,000,000 | $10,000 to $1,000,000 |
Term Length | 10, 15, 20, 25 or 30 years | 10 to 30 years |
Age Eligibility | 18 – 75 | 18 – 75 |
Provinces Offered | All of Canada expect QC, NB, NF | All of Canada expect QC, NB, NF |
Type of Insurance Policies | Term Life Insurance | Critical Illness Insurance |
Perks | – Couples save 10% in the first year – $10,000 in free Child Coverage |
Unlike many other life insurance companies, PolicyMe has a simple and straightforward application process that you can complete in 4 simple steps.
If you’re unsure of how much coverage you need, PolicyMe can make a personal recommendation based on your unique financial situation. Simply provide information on your family, your lifestyle, your financial commitments, your savings, and your income. You can then get an instant quote based on your preferred coverage amount and term length if you provide your age, gender, and smoking status.
Once you get a quote, you can either continue with the application or you can email or call their life insurance experts to ask any questions you may have. The application will take a total of about 15 minutes and involves providing in-depth information on your personal lifestyle, finances, and medical history.
You can add critical illness insurance as an added coverage when you apply for term life insurance with PolicyMe.
Yes, if you only want to apply for critical illness insurance, you can do so by applying online with PolicyMe. The application process will take around 20 minutes or less, and you’ll find
out if you’re approved instantly. You’ll simply need to answer a few questions about your lifestyle and health.
Once approved, you simply need to sign the contract and enter your payment information. After that, you’ll be covered.
Once you complete your application, you’ll get an instant decision regarding your approval. However, it’s important to note that those with a health condition may be required to complete a medical exam or provide additional documents in order to be approved.
If you’re happy with your policy, you can lock in the agreement by providing the finishing details.
Life insurance is an insurance policy that pays out money upon the death of the policyholder. It is a financial tool that can help you secure the financial well-being of those that depend on you financially in the event of an unexpected death.
When entering into a contract with the insurer, you will be required to pay a fee known as an insurance premium (payable monthly or annually) for the duration of the contract – if the insured person dies during the contract duration then the appointed beneficiaries will receive a tax-free lump-sum amount.
Term life insurance provides protection for a certain period of time (e.g. 10, 15, 20 years). Depending on your needs, you can choose a short or long-term. Moreover, if you later decide you need additional years of coverage you can simply renew your policy when the specified time period is coming to an end.
Another point to consider is the importance of buying an appropriate amount of insurance. As your monthly or annual premiums will be higher for higher coverage policies, you should factor in all aspects of your household budget to decide what coverage amount is right for you.
Check out these insurance mistakes to avoid.
Want to switch life insurance providers? Learn how to cancel your life insurance policy.
Depending on your needs and preferences, either PolicyMe or a human advisor can be a better choice.
Having a life insurance policy in place allows you to protect your family and loved ones as the insurance provider will give them a lump-sum payment that is tax-free at the time of death. Using PolicyMe, you can instantly get a quote based on your coverage needs and budget. As with any financial commitment, make sure you do your due diligence as to what the costs are and any details that your beneficiaries may need to be aware of.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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