Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for no medical
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for universal life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for decreasing term coverage
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for the self-employed
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for cancer survivors
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for credit union members
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for participating life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for seniors and no medical life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for short-term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for smokers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for wealth transfer to children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner up for life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life/disability insurance for the hard-to-insure
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for business owners life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for permanent life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for parents & homeowners
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for best term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for existing customers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance with cash value
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for simplified & guaranteed issue life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Second runner-up for best term life
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for smokers life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
September 21, 2023
•
7 minutes
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PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.
Cover Direct offers straightforward, affordable coverage, but there's lots of fine print!
Their main product is yearly renewable life insurance which starts out cheap, but the monthly insurance cost goes up every year. Yearly renewable policies are only a good idea for those needing life insurance for a short time, like one year.
They now offer term life insurance with prices that stay the same for the entire term.
Our Cover Direct life insurance review
Our rating for Cover Direct life insurance: ★★★☆☆ (3/5)
Looking for quick-issue term life insurance? Cover Direct Life Insurance Company is a good place to start looking—but only for short-term life insurance.
Cover Direct boasts excellent customer service with a whopping 4.8/5 score on Trustpilot. Most reviews mention they got approved via phone or email within minutes.
The main problem is that their products' premium rates are age-based. This means your premiums go up yearly, though you can now choose level premiums instead (ones that stay the same for the entire term). What we don't know is whether this level premium life insurance is as cheap as their age-based life insurance.
Who is Cover Direct?
What is cover direct life insurance? Cover Direct skips the traditional life insurance hassle, offering quick-issue, yearly renewable life insurance plans. Confused by "direct life insurance"? Just imagine cutting out the broker: you deal directly with Cover Direct, streamlining the process and potentially saving on premiums.
No medical exams or health checks required! This makes life insurance accessible to everyone, especially those who might struggle with traditional applications due to pre-existing conditions or time constraints.
Cover Direct quick facts:
They offer term plans from 10 to 30 years, with coverage ranging from $100,000 to $1.5M.
Yes, Cover Direct is a legitimate company, though they're new to the Canadian life insurance scene. They began offering life insurance in 2021.
They are a division of Neilson Financial Services, a British insurance brand conglomerate specializing in 'hybrid' distribution. They are also financially backed by Canadian Premier, same as PolicyMe.
Cover Direct life insurance rates for 2023
Let's compare how age-based renewal premiums add up over 15 years. We've put a typical term life insurance policy you can get with PolicyMe to show how much of a price difference your monthly payments can be.
With PolicyMe, your premiums start affordable and stay affordable. Get a side-by-side comparison and learn whether Cover Direct or PolicyMe is right for you. Ungated. No personal info needed!
Cover Direct versus competitors
Let's compare how Cover Direct's age-based renewal prices compare to rates from some of the best Canadian companies:
Cover Direct life insurance: pros and cons
Pros of Cover Direct life insurance
Cons of Cover Direct life insurance
How does PolicyMe stack up?
Curious how PolicyMe stacks up? Here's a few highlights of what we offer:
That's the PolicyMe advantage. See for yourself by getting a quick life insurance quote — no commitment required.
Cover Direct life insurance product breakdown
Cover Direct offers one type of product: "age-based" annual renewable life policies to customers between the ages of 18 to 65.
Let's see how yearly renewable life insurance works in the short term versus the long term.
Yearly renewable life insurance for short-term needs
Coverage lengths vary from a 10-year term to a 30-year term, and policyholders can select from coverage amounts up to $1.5M.
Cover Direct also offers policyholders some optional riders, like long-term disability coverage and critical illness coverage (for a cost!).
You might also consider yearly renewable term life insurance if:
Your term life insurance coverage is expiring but you still need just a couple of years' worth of coverage.
You have short-term debts that will be paid off in the near future.
You need coverage right away but are working on improving your health (ie. quitting smoking) for a lower term life insurance rate.
But because premiums increase yearly, it's not a good choice for those looking for longer-term solutions or comprehensive coverage options.
Yearly renewable life insurance for long-term needs
Cover Direct's yearly renewable policy can cover you until age 65 if you choose to renew for that long. The coverage lets you adjust the death benefit amount depending on your needs. It also allows you to invest in an account that can grow over time, like universal life insurance.
Here's a chart of the maximum insured amount you can get with Cover Direct depending on your age:
But if you're looking for some of the most competitive rates for universal life policies, look into Canada Life, Manulife and Sun Life first.
Child rider
Cover Direct Canada offers a child rider that can provide extra financial coverage to your basic insurance plan.
This rider covers burial expenses, pays out if a child passes before adulthood and covers any non-refundable medical costs associated with illnesses or events not covered by other policies.
Critical illness rider
Cover Direct Canada offers a critical illness insurance rider that covers up to 15 different illnesses. This policy can help pay for medical treatments, make up for lost wages, or cover other expenses incurred during a period of illness.
But there are other options out there if you're looking for comprehensive critical illness insurance.
PolicyMe provides affordable coverage for 44 conditions—more than any other Canadian insurer. That means more bang for your buck!
Cover Direct insurance reviews from customers
Positive Cover Direct life insurance reviews:
Negative Cover Direct life insurance reviews:
How do you get a life insurance quote with Cover Direct?
To get a quote, you have to apply for a life insurance product. Here's a summary of the process:
You'll need to go through the entire application process for a quote.
This includes a medical background check and a 12-question minimum interview on the phone.
After this, applying and getting approved for a policy is very quick.
Cover Direct boasts having one of the fastest online applications and approval time rate.
Once you complete the application process, your advising agent will let you know if you are in a pre-approval stage that requires further assessment.
Bottom line: Cover Direct life insurance review
Is Cover direct insurance legit? Cover direct is good to consider if you're looking for short-term coverage with instant approval, Canadian life insurance quotes and application process.
Unlike many life insurance companies, they offer a super fast application process, and applicants in good health can be instantly approved for an initially low cost.
But those affordable rates can get pricey fairly quickly.
Term life insurance with level premiums is the better option if you you're in good health and think you'll need coverage for more than just a few years. Your premiums will stay the same throughout your entire term, so you won't get the sticker shock of your monthly premiums going up each year.
FAQ: Review of CoverDirect.ca
Who owns Cover Direct?
Cover Direct Canada is a division of Neilson Financial Services, a British insurance company. Cover Direct is also backed financially and underwritten by Canadian Premier as of 2021, when the company launched their life insurance products for Canadian residents.
Does Cover Direct offer Accidental Death Coverage?
Yes, Cover Direct Canada offers accidental death coverageas part of its Family Life Insurance policy as an additional coverage option.
This accidental death coverage provides additional financial protection in the event of unexpected death due to an accident or illness.
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