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Notification
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Term Life Insurance Product Information
Details about PolicyMe's term life insurance product, including coverage, eligibility, and policy terms.
PolicyMe Term Life Insurance information
- When it pays out: If you die while the policy is in force during the term, your beneficiaries receive a single, tax-free lump-sum payment.
- What triggers a claim: Death of the insured during the active policy term.
- Who receives the benefit: Your designated beneficiaries receive the full death benefit amount.
Your coverage lasts for the length of your selected term.
Available term lengths:
10, 15, 20, 25, or 30 years.
From $50,000 to $5,000,000
Choose your coverage amount between $50,000 and $5 million based on your needs and financial situation. Applicants under 51 can select a minimum of $100,000, while those 51 and over can begin at $50,000.
At the end of your term you can choose to renew, convert to a permanent policy (subject to conversion terms), or let the policy expire.
What does the policy cover?
Paid tax-free
Paid tax-freeDeath benefit
If you die while the policy is in force, your designated beneficiaries receive a single, tax-free lump-sum payment — money they can put toward the mortgage, everyday bills, or whatever life needs next.
Included at no cost
Included at no costChild coverage
Every policy automatically includes $10,000 in coverage for each of your current and future children between the ages of 6 months and 18 years — built in from the moment your policy starts.
What is not covered
When you apply, you must disclose all material facts that could affect whether your policy is issued or what terms apply. This includes your health, medical history, lifestyle, and any other information relevant to your insurability. When a claim may not be paid or may be adjusted:
Features | What it means | Increase vs. clean record (%) |
|---|---|---|
Suicide exclusion No death benefit is paid if death occurs by suicide within 2 years of the policy effective date or reinstatement date. All premiums paid since that date are refunded. | No death benefit is paid if death occurs by suicide within 2 years of the policy effective date or reinstatement date. All premiums paid since that date are refunded. | $16.20 |
Misstatement of age or gender If your date of birth or gender at birth was misstated, the death benefit will be adjusted to the amount that the premiums paid would have purchased based on your correct age or gender. If the correct information would have made you ineligible for coverage, the policy will be void and all premiums will be returned. | If your date of birth or gender at birth was misstated, the death benefit will be adjusted to the amount that the premiums paid would have purchased based on your correct age or gender. If the correct information would have made you ineligible for coverage, the policy will be void and all premiums will be returned. | $18.45 |
Misrepresentation or non-disclosure If you misrepresent or fail to disclose any material fact in your application or evidence of insurability, we have the right to contest the policy's validity and deny a claim. | If you misrepresent or fail to disclose any material fact in your application or evidence of insurability, we have the right to contest the policy's validity and deny a claim. | $55.35 |
Features | Average annual premium* |
|---|---|
Suicide exclusion $16.20 | $16.20 |
Misstatement of age or gender $18.45 | $18.45 |
Misrepresentation or non-disclosure $23.40 | $19.80 |
Misrepresentation or non-disclosure $55.35 | $55.35 |
Convertibility
PolicyMe's term life insurance policies are convertible, meaning policyholders may convert to a longer term or lifetime coverage without new health questions or another medical exam. Your conversion window depends on whether you want to convert to a longer term (i.e. turn a 10-year policy into a 20-year policy) or opt into permanent coverage:
From: | To: | When a change option is allowed: |
|---|---|---|
10-year policy | 15-year, 20-year, 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
15-year policy | 20-year, 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
20-year policy | 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
25-year policy | 30-year policy | At any point before the fifth anniversary of the Effective Date |
10-year, 15-year, 20-year, 25-year or 30-year policy | A lifetime policy | At any time, up to and including the policy anniversary nearest to your 69th birthday |
Automatic renewal
Yes. PolicyMe's term life insurance policies automatically renew on a yearly basis after the end of the term, until age 85, unless you cancel. No new medical underwriting is required, even if your health has changed. Renewal premiums will be higher than your original term premium, based on your age at the time of renewal.
- No health questions: renewal is guaranteed regardless of health changes
- Premium increases: yearly renewal rates are higher than your original term premium
- Cancel anytime: no fees or penalties
Term-to-100 (lifetime option)
With a Term-to-100 (T100) policy, you make premium payments until your 100th birthday. At that point, your policy becomes "paid up," meaning that your coverage remains in force for your entire life, but you don't owe another cent in premiums. Your beneficiaries will receive the death benefit whenever you pass away, whether that's at 101 or beyond.
- Guaranteed rates: your premium stays the same for the entire term length.
- Flexible payment options: pay monthly or annually—your choice.
Who is eligible for PolicyMe Term Life Insurance?
Age
You can apply if you're between 18 and 75 years old.
Residency
You need to be a Canadian resident at the time you apply.
Health
Your application is subject to a health assessment before approval.
Want to understand what happens after you apply?
Two ways to apply
Start online in a few minutes, or bring a licensed advisor along — whichever feels right for you.
Most people start here
Most people start hereApply online yourself
Complete your application at your own pace. No phone calls, no waiting on anyone.
- Instant decision for most applicants
- Save and pick up where you left off
- No medical exam for most people
Apply with an advisor
A licensed PolicyMe advisor walks you through a needs assessment and and answer all your questions before you commit.
- A real person, not a call centre
- A coverage amount tailored to you
- Great if your situation is complex
How claims work
Step-by-step claims process
2
Claims specialist assigned
A designated Claims Specialist will work directly with your beneficiary through each step of the process.
3
Review
The insurer commits to a decision within 7 business days of receiving all required documents.
4
Payment
Once approved, the death benefit is delivered by courier directly to your beneficiaries.
Payout timeline: Processing time is dependent on receipt of all required documentation. Once all necessary documents are received and the claim is approved, the death benefit is paid out to the designated beneficiaries.
Policy details
Premium payments and grace period
- Guaranteed rates: Your premium stays the same for the entire length of the term.
- Grace period: A grace period of 30 days applies after a missed premium payment.
- Flexible payment options: monthly or annual payment options available.
Cancellation and refunds
- 30-day cancellation period: Receive a full refund if you cancel within 30 days of your effective date.
- No cancellation fees: Cancel your policy anytime without penalties.
- Prorated refunds: If you've prepaid premiums, we’ll issue a prorated refund for any unused coverage.
Coverage start & end conditions
- When coverage begins: Coverage starts on your policy effective date, once you're approved and your first premium is received.
- Options at the end of your term: Renew your coverage or convert to a permanent life insurance policy.
- When coverage ends: If you don't renew or convert — or those options aren't available — your coverage will end.
Documentation & important information
Official Product Name: | PolicyMe Term Life Insurance |
Plans | Securian Canada Email: service@canadianpremier.ca Phone (Toll-free): 1-855-883-6176 Website: securiancanada.ca/ AMF Client Number: 2000829775 AMF Website: autorite.qc.ca/en/general-public |
Distributor: | PolicyMe Corp. 199 Bay Street, Suite 4000, Toronto, ON M5L 1A9 AMF Client Number: 3002916818 General Inquiries: info@policyme.com Phone: 1-866-999-7457 Website: www.policyme.com |
Issue Ages | 18-75 |
Term Lengths | 10, 15, 20, 25, 30, 100 years |
Coverage Amounts | $50,000 to $5,000,000 (customers under the age of 51 are eligible for a minimum of $100,000) |
Lives Insured | Single (Individual Application) |
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:
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:
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. |
When your coverage begins | Your coverage will begin at 12:01 a.m. Standard Time at your address on the later of:
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When your coverage ends | Your coverage terminates at 12:01 a.m. Standard Time at your address on the earlier of:
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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. |
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. |
Convertibility | At any point before the fifth anniversary of your policy being active, you can convert your policy to a new policy with a longer available policy length and the same coverage amount, without providing evidence of insurability. This means that:
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 a form which we will provide, and pay the first premium required for the converted insurance. |
Cancellation | The PolicyMe Term Life Insurance product has a 30-day trial period from the effective date of the original policy. If the policyholder cancels within 30 days of the effective date, they will receive a full refund of any premiums paid. If the policyholder cancels after this 30-day period, they will only receive a prorated refund of any premiums they have prepaid, if applicable. The policyholder will not be charged any cancellation fees or penalties. Premium refunds will be calculated as such:
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Renewals | PolicyMe Term Life Insurance is a renewable product. You have the option to renew your policy at the end of your term at a guaranteed price, without having to reapply. This can be very helpful if your health has worsened or if you just need another few years of coverage once your policy term ends. This policy will auto-renew unless you tell us you want to cancel this policy. You can cancel at any time (both pre and post-renewal) without any penalties. |
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. |
Standard Exclusions | PolicyMe Term Life Insurance has the industry-standard exclusion for all policies where the insurer would not pay out any benefit:
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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. |
FAQ: Term Life Insurance
No, PolicyMe Term Life Insurance has guaranteed rates, meaning premiums do not increase during the duration of your term.
PolicyMe term life insurance is available to Canadian residents at the time of application, but once your policy is approved and in force, your coverage applies worldwide. If you move abroad, it’s important to let us know so we can keep your contact details and policy records up to date.
A grace period of 30 days applies. If payment is not received within the grace period, the policy will lapse.
Yes. Beneficiary changes can be made at any time through your PolicyMe account, unless an irrevocable beneficiary has been designated.
At PolicyMe, underwriting is the step where we review your application to confirm your eligibility and premium. Our digital underwriting process means many applicants receive a decision quickly, though some complex cases may require additional human review or medical requirements, such as a nurse visit, before a final decision is made.
Yes. PolicyMe's term life insurance is convertible, meaning policyholders can convert to a longer term or to permanent (lifetime) coverage without answering new health questions or taking another medical exam.
Yes. PolicyMe's term life insurance policies automatically renew on a yearly basis after the end of the term, until age 85, unless the policyholder cancels. No new medical underwriting is required, even if their health has changed.
Have a question we didn’t answer?
Call +1 (866) 999-7457 from 9AM-5PM EST Monday to Friday or email us. Our insurance expert team is happy to help!
