Term life insurance made affordable. Finally.

The best time to get life insurance is when you need it, or expect to need it. But the younger you are when you buy term life insurance, the better.

Younger individuals tend to get lower term rates, because as we age, the likelihood of developing health issues increases. You may not need a medical exam to get a term life insurance plan, but if you do, you’ll want to do it when you’re younger and healthier.

PolicyMe has some of the most affordable term life insurance rates in Canada.

We have reduced cost barriers to term life insurance by delivering the same high-quality coverage but at a lower, more affordable price. Get your own term life insurance quote today.

The amount of term life insurance you need will depend on your financial situation. Some financial experts will give you a general rule of thumb as an easy answer (for example, your salary times ten), but there’s really no blanket method that’ll work for everyone. 

Your term policy payout, or death benefit, should be enough to protect your family during this tough time. Think end-of-life costs like a funeral, medical expenses, any debts you carry, supplemental income for your spouse or partner, as well as childcare and tuition costs.

For example, the most common term length and coverage amount at PolicyMe is 20 years for $500,000. Most Canadians do not need coverage for life.

Term policies end when the term ends – so whatever age you happen to be by then! For example: if you are 32 when you apply for a 30-year term policy, then it’ll expire when you are 62.

At PolicyMe, term coverage can be offered up to the age of 85, with the available term lengths of 10, 15, 20, 25 and 30 years. So the oldest age to apply (with minimum term length) is 75.

When your term life insurance expires, you have the option to reapply or forgo additional coverage.

Term life insurance is intended to cover you during the years you need it most, so when the plan expires, your life insurance needs should be different.

Note: it is typically cheaper to reapply than it is to renew your existing policy. If you find yourself in a position where you can’t get new insurance, worst case, you can renew the soon-to-expire policy.

Yes, you can convert your term life insurance coverage in the first five years of your policy being active to a 15, 20, 25 or 30-year policy (with PolicyMe). After five years, or when you reach the end of your term, you’ll need to reapply.

If you renew your policy, it's almost guaranteed that you'll pay higher premiums. Why? Because now that you're older, your risk of dying is higher. And that makes it more likely that your insurer will have to pay a death benefit during your renewed policy term.

Unlike whole or universal life insurance, term life insurance does not have a cash value. When your term ends, or if you cancel your policy before the end of your term, there’s no refund.

Sounds like a bad deal? Think of it this way: term life insurance is like auto insurance or home insurance. If you don’t make a claim on your car insurance, you don’t get your money back. Same deal with term life insurance.

Here’s one thing for sure: you should pay less for term life insurance than you would for a permanent life insurance policy.

The exact amount you’ll pay for term life insurance every month will depend on your age, your health status, the insurer providing you a quote, as well as the length and amounts of your coverage.

From age 20 to 35, prices stay pretty similar. After that, they start increasing quickly. For example, a 35-year-old non-smoking woman would pay $25.44 a month for $500,000 in coverage and a 20-year term. A 50-year-old woman buying the same policy would pay $93.28 a month.

No, there is no cash value associated with term insurance policies. Once the policy expires, the coverage ends. And if you don’t die before your term expires, you or your beneficiaries don’t get a payout either, nor do you get any of your premiums back. There are also no refunds in the event of the policy lapsing or if you choose to cancel your policy early.

You can choose to arrange automatic monthly or annual payments with your credit card or visa debit for your term life insurance policy. This prevents you from being late or missing payments, as long as there are enough funds in your account to cover the premium each month.

PolicyMe’s term life insurance policies are sold by PolicyMe, a licensed life insurance agency, and are insured by Canadian Premier Life Insurance Company.

Term life insurance covers anyone that the policyholder names as a beneficiary. Generally speaking, people get term life insurance to cover family members and financial dependents – like their kids. 

If the policyholder passes away during the term, the beneficiaries get a lump sum payout. The payout (also known as the death benefit), can be used for whatever the beneficiaries need during this difficult time. This can include anything from supplementing income, to childcare costs, to paying off the mortgage and more. 

You do not necessarily need to be Canadian or a Canadian resident to get a term life insurance policy. But note that it is extremely rare to find a company that will approve coverage for you in this case. If you do find a company that offers coverage to non-Canadians and non-residents, chances are that your coverage amounts will be much more limited.

For PolicyMe’s term life insurance coverage, you’re either required to be Canadian or be a resident of Canada. Further to this, you’d need to be a Canadian resident at the time of application. And, in addition, the contract must also be signed while in Canada and cannot be signed while overseas.

Term life insurance covers accidental death, as well as other causes of death. But there are two major caveats to this. Firstly, most life insurance policies have a two-year contestability period, in which suicide is excluded from coverage. This can also be referred to as a “suicide clause”. 

Second, each company will have a different approach to this. The majority of which will have a contestability period and suicide clause mentioned above. But there may be other particularities to your policy. Make sure to read your policy closely before signing to avoid any misunderstanding!