PolicyMe Term Life Insurance Sample Policy
Your coverage details
Canadian Premier Life Insurance Company, operating under the brand name Securian Canada (“Securian Canada”, “we”, “us” or “our”) has issued PolicyMe Term Life Insurance Policy [Policy #] (“Policy”) to [Customer Name] (“Policyholder”, “you”, “your”).
This Policy supersedes any policy previously provided to you under Policy [Policy #].
If you are not satisfied with this Policy, you may cancel it by submitting a Cancellation Request Form to PolicyMe (the Administrator) at any time.
If you submit a Cancellation Request Form within 30 days of the Effective Date, you will receive a full refund of any premiums you have paid.
Policyholder
[Customer Name]
[Address Line 1]
[Address Line 2]
[Phone Number]
[Email Address]
20-Year Term Life Insurance Policy
About Securian Canada
Securian Canada is the brand name used by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company to do business in Canada. Your life insurance will be underwritten by Canadian Premier Life Insurance Company – an AM Best, A rated insurance company.
Canadian Premier Life Insurance Company is a licensed insurance company in Canada, a wholly owned and independently operated subsidiary of US-based Securian Financial. For more than 65 years, we have been committed to giving families the confidence to face life’s uncertainties and make the most of every day.
For more about Securian Canada, visit securiancanada.ca or contact 1 (844) 894-0378 or service@securiancanada.ca.
Questions?
PolicyMe Corp. (“PolicyMe”) is the Administrator for your Policy. Any requirement outlined in this Policy to submit a form or provide a notification should be completed by contacting the Administrator directly at servicing@policyme.com or by phone at 1 (866) 999-7457.
1. How your Policy works
1.1 When your coverage begins
Your coverage will begin at 12:01 a.m. Standard Time at your address on the later of:
- the Effective Date shown on your coverage details page;
- the date your identification is verified;
- the date we receive payment for your first premium; or
- the date you receive an email notification from the Administrator confirming that your coverage has been reviewed, is complete, and that your coverage has begun and is in force.
1.2 When your coverage ends
Your coverage terminates at 12:01 a.m. Standard Time at your address on the earlier of:
- the Expiration Date shown on your coverage details page
- the day we receive your request to cancel the coverage through a submitted Cancellation Request Form;
- the day you die;
- 30 days after your Policy enters the grace period, if you have not paid the overdue amount; or
- as described under Section 2.2 – Contestability, if applicable.
1.3 Coverage Details
Life Insurance coverage for the Policyholder:
This Policy provides term coverage with level premiums guaranteed not to increase for the term length of your Policy.
If you die while this Policy is in force, we will, subject to all of the terms of this Policy, pay the Death Benefit stated on your coverage details page.
You may keep this Policy in force until the Expiration Date. Prior to that time, other than as provided in this Policy or under governing law, we will not:
- cancel your Policy;
- place any restriction on your coverage while your Policy is in force; or
- refuse a premium paid on or before the due date or within the grace period.
This Policy is non-participating, which means you will not receive dividends or other participation in a distribution of surplus or profits from it.
Life Insurance coverage for the Policyholder’s Children:
This Policy also provides coverage for each of your Children while the Policy is in force.
If any of your Children die while this Policy is in force and meet the following conditions at the time of the Child's death, we will pay a one-time amount of $10,000 to you for each Child who dies if:
- the Child is between 6 months and 18 years of age; and
- the Child is under your legal guardianship.
If multiple legal guardians submit a Child Coverage claim for the same Child under different policies, the $10,000 benefit amount will be divided by the number of valid guardian claimants and paid equally to each of them. This Policy remains in force after the payment of any Child Coverage claim.
You are eligible for the Child Coverage for each of your Children who meet the above criteria.
1.4 Exclusions
The exclusions in this section take precedence over any other provision or condition of this Policy. We will pay the Death Benefit stated on your coverage details page if you die while this Policy is in force, for any cause of death, excluding the following:
- Exclusion #1: Suicide, regardless of the state of mind and whether a mental health disorder is present or not at the time of death, 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.
1.5 Beneficiaries
Following your death, the Death Benefit will be paid to your Beneficiaries according to the following table:
If you have named specific persons as your Primary Beneficiaries and one or more but not all of them have passed away by the time you die, each pre-deceased Primary Beneficiary’s entitlement will be split among the surviving Primary Beneficiaries on a pro-rated basis according to the percentage allocation you assigned to the surviving Primary Beneficiaries.
If you have named specific persons as your Primary Beneficiaries and none of them are living upon your death, then your Death Benefit will be paid to your Secondary Beneficiaries according to the following table:
If you have named specific persons as your Secondary Beneficiaries and one or more but not all of them have passed away by the time you die, each pre-deceased Secondary Beneficiary’s entitlement will be split among the surviving Secondary Beneficiaries on a pro-rated basis according to the percentage allocation you assigned to the surviving Secondary Beneficiaries. If all of your Primary Beneficiaries and Secondary Beneficiaries are no longer living upon your death, then your Death Benefit will be paid to your estate.
All Beneficiaries listed in this section are revocable by default unless the beneficiary type is specified as irrevocable.
For revocable Beneficiaries, you can change their beneficiary designation at any time by submitting a signed Change of Beneficiary Form that is available by contacting the Administrator. Once we record the change, it will take effect as of the day you signed the request, subject to any claim payment made before such recording. The consent of a revocable Beneficiary is not required for the change. You cannot withdraw or replace an irrevocable Beneficiary, written consent is required along with the Change of Beneficiary Form. In Quebec, if you designate your spouse to whom you are married or in a civil union, your spouse is automatically considered an irrevocable Beneficiary unless specifically indicated as revocable.
Any payment made under this section will fully release us to the extent of the payment.
1.6 How to claim the Death Benefit
To claim the Death Benefit, the person entitled to the Death Benefit should contact the Administrator. That person will then be given instructions about the documents we require to enable us to pay the correct amount to the appropriate person.
We typically require at least proof 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.
The Death Benefit provided for in this Policy will be paid upon receipt of appropriate proof. The Death Benefit is payable in accordance with any Beneficiary designations in effect at the time of death.
The expiry of this Policy will not affect any claim which occurred during the period in which this Policy was in force.
1.7 How to claim the Child Coverage
To claim the Child Coverage, the Policyholder should contact the Administrator.
We typically require at least proof of the following:
- the death of the Child;
- the Child’s date of birth and relationship to the Policyholder; and
- the claimant’s right to be paid.
The Child Coverage provided for in the Policy will be paid upon receipt of appropriate proof. The Child Coverage is payable to the Policyholder of the in-force Policy. If the Policyholder and Child die at the same time, or the Policyholder is deceased at the time that the Child Coverage is payable, the Child Coverage will be paid to the Policyholder’s Beneficiaries in accordance with Section 1.5 – Beneficiaries.
The expiry of this Policy will not affect any claim which occurred during the period in which this Policy was in force.
1.8 Converting your Policy
At any point before the fifth anniversary of the Effective Date, you can convert your Policy to a new policy with a longer available policy length and the same Death Benefit, without providing Evidence of Insurability.
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 an application form, which we will provide, and pay the first premium required for the new policy.
1.9 Cancelling your Policy
If you are not satisfied with this Policy, you may cancel it at any time by submitting a Cancellation Request Form to the Administrator.
If you cancel within 30 days of the Effective Date, you will receive a full refund of any premiums you have paid. If you cancel after this 30-day period, you will only receive a pro-rated refund of any premiums you have prepaid, if applicable.
You will not be charged any cancellation fees or penalties.
1.10 Payment of premium
We determine the premium payable by you for this Policy based on the Death Benefit coverage you selected and your personal information. This information is shown on the coverage details page. We will not increase your premiums unless you make a change to your coverage.
All premiums due by the terms of this Policy shall be paid by the Policyholder in Canadian dollars on or prior to the day they are due.
You have the choice to pay your premiums annually or monthly.
If paying monthly, payments are due on the monthly payment date shown on your coverage details page.
If paying annually, payments are due on the anniversary of the Effective Date.
Payments will be made using the latest payment information that you have authorized the Administrator to charge on a recurring basis.
If at any time you wish to stop payments from being charged, you must notify the Administrator at least seven days prior to the day the next premium is due.
1.11 Grace period
Starting after your first premium payment, if a premium is not paid when due the insurance shall be in default. We will allow a 30-day grace period to pay each premium, during which time your insurance stays in force. A notice will be sent to you at least 15 days prior to the expiration of the grace period. If your premium is not paid before the end of the grace period, the insurance shall automatically terminate. If you or any of your Children die during the grace period, your Death Benefit or the Child Coverage, as applicable, will be reduced by the amount owing to us as of the date of death.
2. General provisions
2.1 Entire contract
The Policy, the Application, and any endorsements and attachments form the entire contract of insurance. No agent has authority to change this Policy or waive any of its provisions. No change to this Policy will be valid unless approved by an officer of Securian Canada and such approval is endorsed hereon or attached hereto.
You or any claimant may request a copy of this Policy, Application and any written Evidence of Insurability (other than confidential information exempted from disclosure by applicable law) by contacting the Administrator.
2.2 Contestability
You have 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 you includes anything you provide 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 deny any claim if you misrepresent or fail to disclose a Material Fact.
All statements made in your 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 your Application or any other Evidence of Insurability.
We will not contest this Policy after it has been in force during your 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 you do not pay premiums.
2.3 Misstatement of date of birth or gender
If your date of birth or gender at birth has been misstated, your Death Benefit will be adjusted to the amount that would have been provided for the premiums paid based on your correct age or gender at birth. If you would have been ineligible for coverage had the correct information been provided in your Application at the time coverage became effective, this Policy is void and we will return all of the premiums paid.
2.4 Reinstatement
This Policy may be put back in force after it has been terminated if all of the following requirements are met:
- you are alive;
- a Request for Reinstatement Form has been submitted within two years of the date this Policy was terminated;
- the coverage length of your Policy has not yet expired;
- Evidence of Insurability is acceptable to us;
- all past due premiums are paid; and
- interest is paid by you on all past due premiums at the then applicable prime rate posted by the Bank of Canada (not to exceed six percent per annum).
You can obtain a Request for Reinstatement Form by contacting the Administrator.
The two-year incontestability period described in Section 2.2 – Contestability will restart on the Effective Date of Reinstatement.
2.5 Legal action
Every action or proceeding against an insurer for the recovery of insurance money payable under the contract is absolutely barred unless commenced within the time set out in the Insurance Act (for actions or proceedings governed by the laws of Alberta and British Columbia), The Insurance Act (for actions or proceedings governed by the laws of Manitoba), the Limitations Act, 2002 (for actions or proceedings governed by the laws of Ontario), or in other applicable legislation. For those actions or proceedings involving residents of Saskatchewan, New Brunswick, Nova Scotia, Newfoundland, P.E.I., Yukon, Northwest Territories and Nunavut: No legal action may be brought against Securian Canada unless it is brought within the longer of: (a) 12 months from the date you are notified in writing that no benefits are payable; or (b) the shortest applicable limit of time established by law in the province in which you reside. For those actions or proceedings governed by the laws of Quebec, the prescriptive period is set out in the Quebec Civil Code.
If any time limitation specified is less than that permitted by the law of the province or territory in which you reside at the time of the Effective Date, then the time limitation will not be less than that provided for by such provincial or territorial law.
2.6 Waiver
We shall not be deemed to have waived any term or condition of this Policy either in whole or in part, unless the waiver is clearly expressed in writing and signed by us.
2.7 Policy not assignable
Neither this Policy, nor any of your rights or interests under this Policy, are assignable, in whole or in part, to any person.
2.8 Governing laws
This Policy shall be governed by and interpreted in accordance with the laws of the province or territory of your residence on the Effective Date. Any terms of this Policy which are in conflict with the requirements of such laws are amended to conform to the minimum requirements thereof.
2.9 Changes to administrative rules
We may change the Administrator for this Policy and our administrative rules (such as how to change the Beneficiary and how your premium is collected) from time to time. You will be notified of any such changes and they will not affect the amount of your Death Benefit provided by this Policy.
2.10 Complaints
To obtain information about how to make a complaint and our complaints handling process, please contact the Administrator.
2.11 Communication methods
You agree that all communications made pursuant to this Policy, including all notices and documents that we or the Administrator are required to provide under applicable law, will be exchanged through email, downloads available through a link to a website that we provide, or via any other electronic means existing now or in the future and that these electronic communications are the legal equivalent of paper documents. You also agree that the electronic consents associated with the electronic documents that we and the Administrator exchange with you authenticate those documents and are the legal equivalent of manual signatures.
2.12 Contact information
Any requirement outlined in this Policy to submit a form or provide a notification, should be completed by contacting the Administrator at the email address or phone number below.
Administrator
PolicyMe Corp.
servicing@policyme.com
1 (866) 999-7457
www.policyme.com
3. Definitions
Product Code CPL-PM-TL-10-EN (03/2025)