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Monthly term life insurance rates for anon-smoker,$450,000in coverage over20 years
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Get My QuoteTerm life insurance 2.0: affordable, straightforward, reliable.
Rates stay the same for the full term
Coverage from $100,000 to $5 million
Terms from 10 to 30 years
10% discount for couples in the first year
Free $10,000 in child coverage
Cancel anytime; no fees or penalties
30-day grace period if you miss a payment
Beneficiaries get 100% of the payout, tax-free
Automatic yearly renewals
Answer 5 quick questions and get an estimated rate
Start your application at your own pace
Most eligible applicants get approved instantly
Payment is only needed when you’re ready to hit “go!”
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Your basic details
Health and lifestyle
Your policy choice
The PolicyMe way
PolicyMe only sells our own term life insurance (and critical illness) products. We’re not a broker, meaning we don’t give quotes for or sell other companies’ life insurance. We’ve used our proprietary technology to deliver a straightforward quotes and application process and prices that are 5-10% cheaper than comparable policies.
Absolutely. Our licensed advisors are available Monday to Friday via phone and email in both English and French. They also happen to be non-commissioned, meaning you won’t be upsold or pressured. Just honest advice, when you need it.
PolicyMe has partnered with Canadian Premier, a subsidiary of Securian Financial, which just happens to be one of North America’s most reputable insurers. Canadian Premier is federally regulated and has a Financial Strength rating of A (Excellent) from A.M. Best, and they are the ones who pay out the claim.
A life insurance beneficiary is a person that receives a death benefit in the event of the policyholder’s passing.
You can name more than one person as a beneficiary for your life insurance policy, like your partner or kids.
The Financial Consumer Agency of Canada explains, “You can name your spouse, another family member, friend or charitable organization as a beneficiary.
[...] If you [name multiple people], your insurance company will divide the death benefit among them. You may assign different proportions of your life insurance benefits to each beneficiary.”
To decide who you should name as your beneficiary(ies) to receive the death benefit, ask yourself if the person would be able to support themselves without you.
There are a few different types of life insurance in Canada to know about. As a quick summary, here’s a breakdown of the top four most common policy types:
The best age for you to get life insurance depends on your individual circumstances and financial goals. While there isn't a one-size-fits-all answer, it's generally recommended to consider purchasing life insurance when you have dependents or big financial responsibilities. For example, most of our customers decide to get covered after having kids or buying a house.
Getting life insurance at a younger age can be advantageous because you’ll lock in lower premiums. This is important because premiums tend to go up as you get older. By buying a policy early, you can ensure financial protection for your loved ones while potentially saving money in the long run.
Life insurance works for couples in a similar way as it does for individuals. But depending on the type of life insurance the couple gets, the payout will work slightly differently. Joint first-to-die life insurance will payout upon the passing of the first person on the policy and joint last-to-die insurance will payout upon the passing of the last person on the policy.
Another alternative: some life insurance companies offer discounts for couples applying together – but aren’t a “traditional” joint policy. PolicyMe offers a couple’s discount of 10% on the first year of premiums for couples that apply for life insurance together, but they each will have their own individual policy with their own payout.
This money can help cover various expenses, like final expenses, debts/loans, mortgage payments, and everyday living costs.
If you need to change or cancel your life insurance application after applying online, contact the insurer or their customer service team immediately. Depending on the status of your application, you can make changes or cancel the policy altogether. If you have already been approved and you signed the life insurance policy, you will need to contact the insurer to know what their policy is for cancelling or changing coverage. And be aware that there may be penalties or fees at this point.
Yes, you will typically need to provide medical information when you apply online for life insurance. Insurers use this information to determine your risk level and set your premiums accordingly. You may need to answer a series of health-related questions, provide medical records or do a medical exam, unless you opt for no medical life insurance. Be honest and accurate when providing medical information, as this will avoid any issues with future claims for the death benefit.
If you need to change or cancel your life insurance application after applying online, contact the insurer or their customer service team immediately. Depending on the status of your application, you can make changes or cancel the policy altogether. If you have already been approved and you signed the life insurance policy, you will need to contact the insurer to know what their policy is for cancelling or changing coverage. And be aware that there may be penalties or fees at this point.
Temporary or provisional insurance isn’t usually included when you apply online for life insurance. Some insurers may offer temporary coverage during the underwriting (risk assessment) process, but this temporary coverage is usually limited and may not be available for all types of policies. PolicyMe does not offer temporary insurance for its term life insurance product.
The factors that affect your life insurance rates most commonly include:
This is generally how life insurance companies calculate the chance they'll have to pay out a death benefit, which informs the cost of your life insurance premiums.
Life insurance costs anywhere from $15 to $100 a month on average, though the exact price depends on factors like your age, gender, smoking status, health, lifestyle and the type of policy you buy. You can spend hundreds of dollars a month on a permanent policy (like whole life) or if you’re higher risk.
The average cost of term life insurance per month in Canada is $34, based on industry data. In general, the younger and healthier you are, the lower your premiums will be.
The benefits of buying life insurance online include convenience and affordability. This is because online applications and digital underwriting processes allow for faster policy approvals and issue without needing in-person meetings. Shopping online also lets Canadians compare quotes from multiple insurers, making it simple to find the best coverage for their life insurance needs and budget, whether you go with an online broker or digital provider like PolicyMe.
To give you a quote for your life insurance premiums, life insurance companies will ask you for some personal information like your age, gender and smoking status. This information establishes a base rate, and then your premiums might increase based on your medical history.
They use this information to calculate the potential risk of insuring you.
You should also keep in mind things like your desired life insurance policy type, how much coverage you want and policy length, so you can decide during the application process. This is put together with your personal information to give you a quote on your monthly premiums.
Online life insurance rates are calculated by life insurance providers on the likelihood that they'll pay out the claim. Life insurance companies each have a different way of calculating this rate, but the goal is to assess the risk in covering the applicant.
In essence, the life insurance company will predict future claims, using your application information (like your age, gender, smoking status, family medical history, etc.) to make an educated guess on whether a death benefit would be paid out.
To get life insurance quotes online, visit the website of various insurance companies to explore the options available to you in Canada. When you have chosen a life insurance product that fits your needs, you'll likely be asked to provide personal information such as your current age and lifestyle habits.
Once the insurer has compiled your information and calculated potential premiums, they will give you a quote. PolicyMe uses technology to streamline this process, so you can get an online quote in just a few clicks – without any commitment or credit card.
With a few prices in hand, you’ll have what you need to find the best life insurance quote and policy for your needs. You can then start the application process online.
PolicyMe operates like any other insurer: we sell insurance products, which are underwritten by Canadian Premier. The great news is that because we've automated operations, cut out the middleman and reduced underwriting requirements (such as medical exams), we're able to pass along the savings to you, while still delivering the same quality of coverage.
You absolutely can buy life insurance online in Canada. And it is indeed safe to do so, as long as you do your research. For example, PolicyMe is one of Canada’s leading online life insurance solutions. Our policies are backed by industry heavyweights, Canadian Premier and Securian Financial, and are federally regulated. PolicyMe can also approve Canadian citizens and residents, as well as those with work permits or student visas, so more people can take advantage of the convenience of buying life insurance online.
Taking the process online also makes premiums more affordable by cutting out unnecessary steps and administrative costs.
PolicyMe has some of the best term life insurance rates in Canada in comparison to other traditional term life insurance providers.
How is PolicyMe able to provide some of the most affordable premiums in the country?
Our term life insurance policies are fully underwritten with the same quality protection that your family deserves, but at a lower monthly premium. Using technology for good, we’ve cut out unnecessary costs in the process of getting coverage and pass those savings back to our customers.
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