The better way to buy life and critical illness insurance
Fast, affordable insurance coverage that’s there for Canadians when they need it most.
Select a product to get an online quote:
Still need that $500,000 in coverage?
Everything online, with coverage and term advice tailored to your needs. Need help? Our non-commissioned advisors are available Monday to Friday.
Answer 4 questions, adjust your coverage amount and length (if you like), and get a quote in seconds.
Most people are approved without any medical follow-ups.
Your approval lasts for 90 days, so take your time! You can buy your policy whenever you’re ready.
Affordable and fully underwritten policies. Rates that never increase. An empathy-first mindset.
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Financial protection for your loved ones if you were to pass away
Coverage amounts ranging from $100,000 to $5M
Term lengths ranging from 10, 15, 20, 25 or 30 years
Couples Coverage: Save 10% off your rates in the first year when you apply with your partner
Child Coverage: Get $10,000 in free life insurance for each of your kids (or future ones!)
Option to renew your policy annually until you turn 85, without any additional medical testing or questions required
Rates are locked-in for the full term
Option to convert your policy to a new policy with a longer duration within the first 5 years
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Financial protection for you in case you're diagnosed with one of the covered conditions
Coverage amounts ranging from $10,000 to $1M
Term lengths ranging from 10, 15, 20, 25 or 30 years
44 conditions covered
No waiting period for 80% of conditions
Can be used to cover any expenses and support any time off of work while you recover from the critical illness
Rates are locked-in for the full term
Option to convert your policy to a new policy with a longer duration within the first 5 years
Here’s why Canadians are choosing PolicyMe for their insurance needs.
Power50: PolicyMe named one of Canada's most impactful companies in 2021
"Best of all, you won’t need to haggle with an insurance agent or fill out mountains of paperwork.
PolicyMe will take care of your application for you, free of hassle and free of charge."
Women of the Year 2021: PolicyMe Co-Founder and COO Laura McKay is putting families first by redefining the insurance industry
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You probably need life insurance if you have people who are relying on you financially, whether that's a partner, young children, elderly parents or anyone else. You should also consider life insurance if you have large debts like a mortgage or business loan.
It depends on your financial situation, but for most Canadian families, yes. Term life insurance is for those who want financial protection for a set period of time, usually between 5-30 years while raising a family or paying off debt.
It’s a much more affordable option than whole life insurance, which can be more than 8x more expensive. And because we believe term life insurance is the better option for most Canadians, term is the only option we offer.
To read a comprehensive review of the best life insurance companies, click here.
You bet it is. Health, occupation, and lifestyle questions are asked upfront, giving you greater certainty at claim time.
It’s the tax-free amount that your loved ones would receive if you were to pass away.
Nope! During your policy term, your monthly price is locked in and will not increase.
If this happens, we’ll be here for your loved ones to help them through the claims process. We provide an experienced Claims Concierge as the single point of contact for your family – from making the insurance claim to getting the payout.
Critical illness means being diagnosed with a serious health condition that is often life-threatening.
Insurance companies have different definitions of what a critical illness is and what conditions qualify. Common conditions such as stroke, cancer and heart attack are usually covered in critical illness insurance policies.
The purpose of critical illness insurance is to provide financial protection to an individual in the event that they are diagnosed with a serious condition or illness. Critical illnesses can often require a lot of out-of-pocket expenses that are not covered by public healthcare or employment benefits and can often require you to take time away from work without pay.
The lump sum payment you get from critical illness insurance can help offset these expenses and provide additional financial security during this difficult time.
Illnesses typically covered by critical illness insurance in Canada include heart attack, cancer, paralysis, stroke, organ transplants, Alzheimer's, kidney failure and multiple sclerosis.
Canadian insurers have different definitions of what a critical illness is, but it is essentially a life-threatening illness. Some insurers will only cover serious illnesses like heart attack, while others will also cover early-stage diseases such as early-stage breast cancer.
In Canada, PolicyMe recently introduced the most complete critical illness insurance that covers 44 conditions: full coverage for 27 conditions and partial coverage for 17 conditions.
Some conditions specify an amount of time that has to pass after you are diagnosed before you qualify for a critical illness payout. This differs by insurance company and by the condition that is covered. Usually, cardiovascular conditions (like heart attacks) are most likely to have a waiting period. That said, most of PolicyMe's covered conditions don't have waiting periods to qualify.
Critical illness insurance typically pays out between $10,000 to $1M in Canada. You choose your coverage amount when you apply for and sign your critical illness policy. If you want a higher coverage amount, your monthly premium will also be higher, though this rate is also determined by your health status, age and other factors.
Critical illness insurance is always paid out as a single lump-sum amount.
Yes, you can always cancel your critical illness insurance with any Canadian provider.
With PolicyMe, you get a full refund on any premiums you have paid if you cancel within 30 days of the date your critical illness policy became active.
If you cancel after this 30-day period, you will only receive a pro-rated refund of any premiums you have prepaid. You won’t be charged any cancellation fees or penalties.
Yes, you can buy critical illness insurance by itself in Canada. At PolicyMe, you can buy critical illness coverage by itself, you can buy it with term life insurance or you can add it on to existing term life insurance coverage after the fact.
We protect Canadian families with insurance. We’ve used technology to streamline the insurance application process and help Canadian families get personalized advice. By doing so, we've cut out inefficiencies in the process and cut down costs. This makes our insurance policies 5-10% lower on average than the market in cost.
We've partnered with Securian Canada, a federally-regulated and wholly-owned subsidiary of Securarian Financial - one of North America's most reputable insurance companies.
In other words: rest easy. We’ll get you covered today, then give you long-term peace of mind knowing that your life insurance claims will get paid.
No, and we think that's a good thing! Our insurance advisors are non-commissioned, so you can rest assured that you are getting the best advice for you and your family.
For full transparency, we take a fixed percentage from each policy, just like any other insurance company. This goes towards marketing, underwriting, and administration costs, while also allowing us to make some profit.
What makes us different is we've cut down on so many inefficiencies in the process that we can still pass on lots of savings to you!
It’s our promise to you that if the worst happens, we’re here for you and your loved ones, every step of the way.
Your dedicated PolicyMe claims concierge works with you or your beneficiary to walk through the required documentation and process. This can be done by Zoom or phone.
Your claim is then submitted to our partner, Securian Canada, who reviews the case. We provide support if any follow-ups are required.
We notify you or your beneficiaries when the claim is approved. The claim is made as a tax-free, lump-sum payment paid by e-transfer or cheque.
We’re a no-obligation kind of company. Cancel at any time without penalty. But we hope that doesn’t happen. We’d really miss you!
Not interested in our glowing reviews? We get that. Just click “Filter Reviews” to read the 1-and-2 star reviews that we’ve worked to make better. (See, we told you we were honest.)
