Wealthsimple x PolicyMe - Terms and Conditions
These Terms & Conditions explain how the Wealthsimple x PolicyMe complimentary premium period works on eligible policies. The complimentary premium period is detailed in one or more endorsements that form part of the PolicyMe insurance contract (the “Policy Documents”) issued to an eligible Wealthsimple client (“you,” “your”), whose application through the designated Wealthsimple x PolicyMe co‑branded link has been approved. If there is any conflict, your Policy Documents, including the applicable endorsement(s), govern.
1. Complimentary Premium Period
Complimentary premium applies only to eligible coverage amounts and is subject to the conditions outlined below.
Your premiums are waived for an initial period after your policy’s effective date on new eligible PolicyMe Term Life Insurance and PolicyMe Critical Illness Insurance policies applied for through the designated Wealthsimple x PolicyMe co-branded links.
During your complimentary premium period:
- You pay no premiums on the eligible portion of your policy (see 4.1 below)
- Your coverage stays in force as if all required premiums had been paid
After your complimentary premium period ends, premiums are charged at the amount shown on the “Your coverage details” page of your policy for the rest of the policy term. The complimentary premium period has no cash value and cannot be transferred or sold.
2. Eligibility
You may qualify for a complimentary premium period under this offer if:
- You or a spouse or common‑law partner are a valid Wealthsimple client and hold one of the required Wealthsimple client tier statuses on the date of application submission
- You apply through the designated Wealthsimple x PolicyMe co‑branded links
- You meet all underwriting and eligibility criteria for the selected product
- The policy issued is a new policy
Being a Wealthsimple client does not guarantee approval for insurance or for any complimentary premiums.
If it is later determined that you or your spouse or common‑law partner were not a valid Wealthsimple client, did not hold the required client tier status, or misrepresented that status, PolicyMe may:
- Terminate your policy
- Revoke or shorten your complimentary premium period
- Retroactively charge premiums at the rate stated on the “Your coverage details” page for some or all of the period that is no longer considered complimentary, as permitted by your Policy Documents and applicable law
To verify your eligibility for this offer, PolicyMe and Wealthsimple may share limited information with each other, such as your email address.
3. Complimentary Premium Periods by Tier
Your complimentary premium period starts on the effective date of your policy and is determined by your Wealthsimple client tier status at the time of application, as follows:
- Core: premiums are waived for the first 3 months of coverage
- Premium: premiums are waived for the first 6 months of coverage
- Generation: premiums are waived for the first 12 months of coverage
If the amount of your death benefit under a qualifying PolicyMe Term Life Insurance policy or your policy coverage amount under a qualifying PolicyMe Critical Illness Insurance policy changes during your complimentary premium period, premiums for the eligible portion continue to be waived only for the remainder of your original complimentary premium period, subject to the coverage caps described in 4.1 below.
If you convert your policy to a new policy with a longer policy length:
- Your complimentary premium period does not restart
- Premiums for your new policy are waived only for the remainder of your original complimentary premium period, measured from the effective date of your original policy
If your policy is cancelled during the complimentary premium period, you are not entitled to any payment or refund related to waived premiums.
You can cancel at any time without fees or penalties, consistent with our typical cancellation terms.
4. Limits to the Offer
4.1 Coverage Caps
For PolicyMe Term Life Insurance, the complimentary premium period applies only to a maximum death benefit of $1,000,000 per insured person. Any death benefit above $1,000,000 is not covered by the complimentary premium period, and regular premiums are payable on that portion from the policy effective date.
For PolicyMe Critical Illness Insurance, the complimentary premium period applies only to a maximum policy coverage amount of $250,000 per insured person. If the total policy coverage amount for an insured person exceeds $250,000, the complimentary premium period will not apply to the portion of that policy coverage amount in excess of $250,000, and regular premiums will be payable on that portion from the effective date.
4.2 One‑time Use and Stacking
For each product type, an eligible Wealthsimple client (including a spouse or common‑law partner) can receive a complimentary premium period only once in their lifetime for that product under this offering. It is not available again on any later policies, including a policy that lapses, is cancelled, surrendered or replaced, or if you later qualify for a different Wealthsimple client tier or apply for a new policy.
The complimentary premium period can be combined with any joint savings offers available for couples during the first year, but only for any portion of the first policy year after the complimentary premium period ends, as described in your Policy Documents and any product‑specific materials.
5. Corrections and Program Changes
If it is later determined that your date of birth, sex at birth, Wealthsimple client status or other information was misstated, or that the offer was misused or misrepresented, we may cancel or shorten the complimentary premium period and retroactively charge premiums for some or all of the period that is no longer considered complimentary, as permitted by your Policy Documents and applicable law.
We may change or end this program for new applications at any time. Any change will not affect a complimentary premium period already in effect for an issued policy, except as allowed under these Terms & Conditions, your Policy Documents and applicable law.
6. Governing Documents and Questions
Your Policy Documents, including any applicable endorsement(s), describe:
- Your coverage
- Your complimentary premium period and any coverage caps
- Your premium obligations after the complimentary period
- Any changes to policy provisions that apply to your coverage
Your Policy Documents constitute a binding contract.
These Terms & Conditions summarize how the complimentary premium period offering works and do not replace your Policy Documents. If you have questions about how the complimentary premium period applies to you, please contact PolicyMe.