Term Life Insurance: Affordable Financial Protection from PolicyMe

You can cancel a PolicyMe term life insurance policy at any point with no fees or penalties. If you cancel within the first 30 days of buying your policy, we’ll also refund any premiums paid until that point.

PolicyMe accepts all major credit cards for paying life insurance premiums.

PolicyMe’s term life insurance carries several industry-standard exclusions. Your beneficiaries won’t be eligible for a life insurance payout if you pass away by suicide within the first two years, misstate your age or gender; misrepresent yourself, your health, or your smoking status; or cease to pay your premiums. PolicyMe offers a 30-day missed-payment grace period to help you maintain coverage.

Over 60% of Canadian residents who apply for PolicyMe term life insurance don’t require a life insurance medical exam. If we need further information based on your answers to our health questionnaire, we will cover the cost of an in-home or in-clinic medical exam, scheduled at your convenience.

PolicyMe’s underwriting partner, Securian Canada, has processed over 900,000 claims during its 70+ year history in the Canadian insurance market. PolicyMe guarantees a final decision within seven business days of receiving the documents required to process your claim, and most beneficiaries receive a death benefit payment within two weeks.

PolicyMe’s life insurance coverage generally costs less than the industry average thanks to its cost-efficient technology and lack of broker commissions. Term life insurance premiums start at less than $20 per month and stay locked and level for your entire term.

You can convert your PolicyMe term life insurance to permanent term 100 life insurance at any time before your policy reaches the anniversary nearest to your 69th birthday. Your premiums will be recalculated based on your current age, but you won’t need to provide any new health information, and you can keep the same amount of coverage.

Every PolicyMe term life insurance policy includes $10,000 of free coverage per child, 10% off for couples who apply together, and the ability to manage your insurance online. Our streamlined life insurance process turns time savings into real savings, putting coverage within reach of more Canadian families.

At the end of your term life insurance policy with PolicyMe, you can either cancel it or let it automatically renew itself each year until you turn 85. Renewal allows you to maintain temporary coverage without a new application, but your premiums will increase year after year.

Unless you purchased a return of premiums insurance rider, your term life insurance provider won’t refund your premiums if you live to the end of your term. However, some term life insurance policies will give your premiums to your beneficiaries if you die by suicide within the first two years.

Term life insurance doesn’t have a cash value, making it the most affordable choice for most Canadians. Rather than paying high life insurance rates for an investment that could be cancelled if you miss a single payment, term life insurance provides straightforward financial protection, and generally leaves enough money left over to invest on the side.

In Canada, people don’t have to pay taxes when they receive a life insurance payout, but estates do. If you name a person to receive your life insurance payout and they pass away, then the payout might pass to your estate instead and be subject to certain taxes.

Term life insurance can be an affordable way to safeguard your family’s financial future without requiring a large amount of savings. Term policies provide cost-efficient protection against an unlikely but devastating event, and can be used to pay off a mortgage, raise a dependent child, pay for your children’s education, and more.

Term life insurance covers most causes of death while your chosen term is active, except for suicide within the first two years of your policy. Your beneficiaries can use the death benefit for whatever they need without restriction, making term life insurance more flexible than funeral insurance or mortgage insurance.

At the end of a term life policy, you generally have the option to cancel your coverage, convert it to permanent life insurance, or renew it for at least another year. Your life insurance options depend on which provider and policy you chose.

Term life insurance is a temporary life insurance policy. You choose a term length and a coverage amount, and if you pass away while your term is active, your loved ones receive your coverage as a tax-free, lump-sum payment.

Term life insurance policies last until your chosen term ends, while permanent life insurance policies last for life. The latter is a blanket term for three types of life insurance: term 100 life insurance (which has no cash value), whole life insurance (which includes an investment account), and universal life insurance (which includes a self-directed investment account).

Beneficiaries can be any number or combination of people or groups that you want to receive your life insurance payout, and you can choose to split it equally, or by amount or percentage. If your chosen beneficiary is a minor, they must have an adult hold the payment in trust for them until they turn the age of majority in their home province or territory.

Term life insurance policies mostly differ on price, features, and exclusions. First, decide on the coverage amount, term length, and features you need so you can make an apples-to-apples comparison between quotes. Next, read the product summaries or sample policies for the coverage that interests you to see if you’re okay with the exclusions and waiting period.

Depending on your age, gender, health, and chosen term, a $1 million PolicyMe term life insurance policy can cost as little as $22 per month for 10 years for an 18-year-old non-smoking woman. The price climbs to $40 per month for 20 years for a 35-year-old non-smoking woman, all the way up to $2,000+ per month for 10 years for a 75-year-old smoking man.

The more you shorten your term and decrease your coverage, the more likely you are to find cheap term life insurance, but your choice of provider also matters. PolicyMe’s term life insurance starts at just $6 per month for a 10-year policy with $100,000 in coverage for an 18-year-old, non-smoking woman.

Thanks to its affordable coverage and stellar customer reviews, PolicyMe offers one of the best term life insurance policies in Canada. Coverage starts at less than $20 per month and every policy includes $10,000 of free coverage per child.

Canadians can buy term life insurance through a life insurance broker, a life insurance quote comparison site, or directly from a life insurance provider. You can buy PolicyMe term life insurance online or over the phone.

Convertible term life insurance policies can provide cost-effective, permanent life insurance coverage if your health ever changes. Instead of making a new life insurance application, you can convert your term policy without providing any new health information, pay an updated rate based solely on your age, and keep or decrease your policy’s coverage amount.

Renewable term life insurance renews your coverage for another year at the end of your term, so you can keep your existing policy without making a new application. Just remember that, going forward, your life insurance premiums will increase every year on your policy’s anniversary date.