PolicyMe Term Life Insurance Product Summary
Official Product Name:
PolicyMe Term Life Insurance
Insurer:
Securian Canada
1400-25 Sheppard Avenue West
Toronto, ON, Canada, M2N 6S6
Email: service@canadianpremier.ca
Phone (Toll-free): 1-855-883-6176
Website: https://securiancanada.ca/
AMF Client Number: 2000829775
AMF Website: http://lautorite.qc.ca/en
Distributor:
PolicyMe Corp.
1300-60 Adelaide St E
Toronto, ON, Canada, M5C 3E4
AMF Client Number: 3002916818
General Inquiries: info@policyme.com
Phone: 1-866-999-7457
Website: www.policyme.com
What is this product:
Life insurance is a financial safety net. It protects your loved ones in the event that you die and your income is no longer around to support them. If you die with an active life insurance policy, your loved ones will receive a tax-free payment that they can use in any way they want.
How do I apply?
You may apply for PolicyMe Term Life Insurance directly on www.policyme.com using the online website application. All aspects of the application will be done completely online, and any communication will be done via email, text, or calls. You are required to answer health and lifestyle questions as part of the application and you may need to complete a nurse visit or other medical requirements, if deemed necessary during the underwriting process.
Sample policies of the PolicyMe Term Life Insurance product can be found at: www.policyme.com/legal/term-life-insurance-sample-policy.
1. Product Details
The below table has an overview of the PolicyMe Term Life Insurance product:
The PolicyMe Term Life Insurance product will pay out to the beneficiaries once a claim for the death benefit is submitted and approved by Securian Canada.
The premiums on this policy are payable until the term length ends. After this point, the policy will be automatically renewed on a yearly basis until you turn 85, unless you choose to cancel. You can cancel at anytime, without fees or penalties. The policy will remain active until a claim for the death benefit is submitted or until you cancel.
2. Product Benefits
2.1. Named Beneficiaries
You may name your beneficiaries for your PolicyMe Term Life Insurance policy. If the policyholder passes away while this policy is in effect, the insurer will pay the death benefit once the claim is approved to the named beneficiaries or the estate if no beneficiary is named.
2.2. Death Benefit
Death benefit means the amount payable to the beneficiary when the policyholder dies. The amount payable to the beneficiary is the coverage amount for the policy.
2.3. Death Benefit Payment Requirements
The death benefit will be paid to either the beneficiary or estate upon receipt of satisfactory evidence of the following:
- the death of the policyholder;
- the policyholder’s date of birth;
- the claimant’s right to be paid; and
- the name and age of any designated beneficiary, if applicable.
2.4. Cancellation
The PolicyMe Term Life Insurance product has a 30-day trial period from the effective date of the original policy.
If the policyholder cancels within 30 days of the effective date, they will receive a full refund of any premiums paid. If the policyholder cancels after this 30-day period, they will only receive a prorated refund of any premiums they have prepaid, if applicable. The policyholder will not be charged any cancellation fees or penalties.
Premium refunds will be calculated as such:
- Refund = premium paid for the current cycle * (number of days remaining in cycle/days in the cycle)
- e.g. if you paid your monthly premium of $50.00 on January 1st, 2024 and submit a cancellation request on January 15th, 2024, the refund made will be $50.00 * (16/31) = $25.80
You may request to cancel your policy by sending an email to advisor@policyme.com with your policy number.
2.5. Conversions
At any point before the fifth anniversary of your policy being active, you can convert your policy to a new policy with a longer available policy length and the same coverage amount, without providing evidence of insurability. This means that:
- A 10-year policy can be converted to a new 15-year, 20-year, 25-year or 30-year policy
- A 15-year policy can be converted to a new 20-year, 25-year or 30-year policy
- A 20-year policy can be converted to a new 25-year or 30-year policy
- A 25-year policy can be converted to a new 30-year policy
The premium of the new policy will be based on the Policyholder’s age on the birthday closest to the day the new policy becomes in force, and the premium class or comparable risk category and underwriting decisions applicable to the original policy. Any policy length conversion will be subject to our rules regarding maximum issue ages.
To exercise the conversion option, you must complete a form which we will provide, and pay the first premium required for the converted insurance.
2.6. Renewals
PolicyMe Term Life Insurance is a renewable product. You have the option to renew your policy at the end of your term at a guaranteed price, without having to reapply. This can be very helpful if your health has worsened or if you just need another few years of coverage once your policy term ends. This policy will auto-renew unless you tell us you want to cancel this policy. You can cancel at any time (both pre and post-renewal) without any penalties.
3. Product Exclusions & Limitations
3.1. Standard Exclusions
PolicyMe Term Life Insurance has the industry-standard exclusion for all policies where the insurer would not pay out any benefit:
- Suicide within the first two years of the effective date or the effective date of the reinstatement of this policy. In this case, we will refund the total premium paid since the effective date or the most recent effective date of reinstatement but will not pay any death benefit.
3.2. Misstatement
If the policyholder’s date of birth or gender at birth has been misstated, the death benefit will be adjusted to the amount that would have been provided for the premiums paid based on the policyholder’s correct age or gender at birth. If the policyholder would have been ineligible for coverage had the correct information been provided in the application at the time coverage became effective, this policy would be void and we will return all of the premiums paid.
The policyholder has an obligation to disclose every fact that might influence our decision to issue or reinstate this policy or influence its terms (a material fact). The information we rely on from the policyholder includes anything the policyholder provides in the application and any other evidence of insurability. We use this information to make our decision and we have the right to contest the validity of this policy and denyany claim if the policyholder misrepresents or fails to disclose a material fact.
All statements made in the policyholder’s application and any other evidence of insurability will be deemed representations and not warranties. No statement will be used to void this policy or be used in defense of a claim unless it is contained in the policyholder’s application or any other evidence of insurability.
We will not contest this policy after it has been in force during the policyholder’s lifetime for two years from the effective date or the effective date of reinstatement, except for fraud, ineligibility due to misstatement of age, or if the policyholder does not pay premiums.
4. Product Eligibility
4.1. Financial Eligibility
PolicyMe bases the financial eligibility to buy the PolicyMe Term Life Insurance product on the customers’ income, mortgage, net worth, existing insurance coverage, and whether any existing coverage will be replaced with the insurance they have applied for.
4.2. Term Lengths & Eligibility
- Term lengths: 10 years, 15 years, 20 years, 25 years, 30 years
- Eligibility age minimum: Insurance Age 18
- Eligibility age maximum: Insurance Age 75
- You must be a Canadian resident.
4.3. Coverage Amounts
Coverage amounts for the PolicyMe Term Life Insurance must fall between $50,000 to $5,000,000.
5. How to make a claim
In the event of a policyholder death, you may visit www.policyme.com/make-a-claim for instructions on how to submit a claim. Please be prepared to submit the following documents alongside your claim application:
- Claim form (available on PolicyMe’s website), and
- Death certificate of policyholder.
5.1. How long does it take to get a decision on a death benefit claim?
It depends on the circumstances of the claim and whether any additional documents are needed. In many cases, it could take as little as a couple of weeks for benefits to be paid. If your loved one passes away in the first two years of their policy term, it could take a little longer.
5.2. How is the benefit paid?
A cheque will be delivered to the rightful beneficiary.
5.3. What if I want to appeal Securian Canada’s claim decision?
If your claim were to be denied, you may appeal the decision by writing to the PolicyMe within 2 years of the date of denial.
6. Complaints
PolicyMe and Securian Canada are committed to providing you with the best customer experience to purchase life insurance. If you are unhappy with your PolicyMe insurance and wish to make a complaint, you can do so by notifying PolicyMe in writing, either by email or letter, detailing the nature of your complaint and providing any relevant documentation.
Upon receipt of the complaint, PolicyMe will acknowledge your communication and initiate an investigation.The company will review your complaint and may request additional information if necessary. PolicyMe will aim to resolve your complaint in a timely and fair manner and provide you with a written response detailing the outcome of the investigation.
If you are not satisfied with the outcome of the investigation, you may escalate your complaint to PolicyMe at www.policyme.com/legal/complaints.
It is important to note that PolicyMe is committed to treating all complaints seriously and will work to ensure that any issues are resolved as quickly and effectively as possible.
CPL-PM-TL-10-EN-PS (03/2025)