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PolicyMe is an online company that was founded in 2018. It offers Canadians term life insurance through Canadian Premier Life Insurance Company; a well-respected life insurance company in Canada. It comes with terms between 10 and 30 years and coverages ranging from $100,000 to $5,000,000. With PolicyMe’s 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, PolicyMe is currently available to Canadians in all provinces excluding Quebec, New Brunswick, and Newfoundland.
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Unlike many other life insurance companies, PolicyMe has a simple and straightforward application process that you can complete in 4 simple steps.
PolicyMe is an online life insurance company that offers 10, 15, 20, 25 and 30-year term life insurance policies. Depending on your needs, you can choose a policy with coverage amounts between $100,000 to $5,000,000. Whichever policy you choose, your loved ones will receive a tax-free lump sum payment if you pass during the covered term.
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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.
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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.
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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.
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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.
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Find out if you need travel insurance when travelling in Canada.
Want to switch life insurance providers? Learn how to cancel your life insurance policy.
Cost | Free |
Accessibility | Application can be completed 100% online |
Coverage Amount | $100,000 to $5,000,000 |
Term Length | 10, 15, 20, 25 or 30 years |
Age Eligibility | 18 – 75 |
Provinces Offered | Canada expect QC, NB, NF |
Type of Insurance Policies | Term Life Insurance |
Perks | No medical check required* |
Check out our list of the best life insurers in Canada.
Depending on your needs and preferences, either PolicyMe or a human advisor can be a better choice.
You should use PolicyMe if:
You should use a human advisor if:
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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