About PolicyMe’s Term Life Insurance
A lump-sum, tax-free payment your loved ones will receive in the unfortunate event of you passing away during your coverage period. Your beneficiaries can use the payout for whatever they need—mortgage payments, childcare, daily expenses, or anything else.
How to apply
Want to apply solo? Go for it. Need an advisor? We're here. We designed an online application that anyone can complete on their own, with licensed advisors standing by for those who prefer to speak with a human.
Complete your online application
Fill out your application entirely online. Answer straightforward questions about health, lifestyle, finances, and coverage needs.
Helpful resources
Know your approval status instantly
If you qualify, you'll get your decision right away in real time. If we need more info, we'll walk you through the next steps.
Approval scenarios
Scenario 1: Instant approval (most common outcome)
Scenario 2: Additional info needed
Set up your policy
Your coverage usually begins as early as the next business day after we receive your payment.
To activate your coverage
- Select your beneficiaries
- Provide a digital consent on your policy
- Make your first payment
- Wait for our team to review the information provided
Eligibility requirements: You must be a Canadian resident and be between 18 and 75 years old.
Coverage details
Choose your coverage amount between $50,000 and $5 million based on what your loved ones would need in the event of your death. Applicants under 51 can select a minimum of $100,000, while those 51 and over can begin at $50,000.
Select a term length that matches your financial timeline, with your coverage extending as long as you expect your major financial obligations (i.e. childcare, mortgage) to last. When you apply, our system automatically shows all the term lengths available for your age.
How your premium is calculated
Your exact premiums will depend on the specific details of your profile, including age, gender assigned at birth, physical health, coverage amount, and term length.
Guaranteed rates
Your premium stays the same for the entire term length.
Flexible payment options
Pay monthly or annually—your choice.
Understanding Term-to-100 premiums
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.
Start policy
Pay premiums.
Age 100 Policy – paid-up
Your policy becomes "paid up" and your coverage remains in force for your entire life.
Lifetime coverage
Benefit paid anytime.
Convertibility
Upgrade your coverage without starting over: Change 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
Your policy continues after your term ends—unless you cancel. It renews yearly until age 85, even if your health declines.
Why this matters
If you develop a serious condition, applying for a new policy elsewhere would likely result in denial. With automatic renewal, PolicyMe won’t turn you down—your coverage continues no matter what happens to your health.
- 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
Cancellation & money-back guarantee
30-Day risk-free trial
Receive a full refund if you cancel within 30 days of your effective date.
No cancellation fees
Cancel anytime without penalties.
Prorated refunds
If you've prepaid premiums, we’ll issue a prorated refund for any unused coverage.
Disclosure obligation
You are required to disclose every material fact that might influence our decision to issue this policy or affect its terms. Material facts include all information about your health, medical history, lifestyle, and any other circumstances relevant to insurability. Check when benefits may not be paid or may be adjusted.
If death occurs by suicide within 2 years of the policy effective date (or reinstatement date), no death benefit will be paid. All premiums paid since the effective date (or most recent reinstatement date) will be refunded.
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 you would have been ineligible for coverage based on the correct information, the policy will be void and all premiums will be returned.
If you misrepresent or fail to disclose any material fact in your application or evidence of insurability, we have the right to contest the validity of the policy and deny any claim.
This information is for informational purposes only and is not an insurance contract or offer of coverage. It is intended to provide a general overview of the insurance product available to help you make an informed decision. The information presented is subject to change and may differ from the actual policy issued. For full details on the insurance coverage, including terms and conditions, please refer to the final policy contract issued to you or speak with one of our licensed insurance advisors. PolicyMe Life, Critical Illness, and Health & Dental insurance plans are underwritten by Canadian Premier Life Insurance Company of Canada and sales are conducted by PolicyMe Corp. The insurance transaction is between the client and Canadian Premier Life Insurance Company. Securian Canada is the brand name used by Canadian Premier Life Insurance Company to do business in Canada. PolicyMe Corp., doing business as PolicyMe, a licensed Life and Accident & Sickness insurance agency, acts as the administrator and technology provider of PolicyMe Life, Critical Illness and Health & Dental insurance plans on behalf of Securian Canada. PolicyMe is compensated by way of commissions by Securian Canada for sales of insurance. For our full disclosure notices, please visit policyme.com/legal
What makes PolicyMe Term Life Insurance different
Apply with your partner and save 10%
If you and your partner both apply for PolicyMe Term Life Insurance, you’ll each get 10% off your first year's premiums. You'll have individual policies customized to your needs.
- 10% discount on both policies (year one)
- Individual coverage for each partner
- Streamlined joint application
- Single platform for both policies
$10,000 complimentary child coverage included
Every PolicyMe Term Life Insurance policy includes $10,000 in complimentary coverage for each of your children between the age of 6 months and 18 years old at no additional cost. This coverage applies to any future children you have while your policy is active.
One-on-one human support from a dedicated claims specialist
In the unfortunate event of you passing away, a dedicated Claims Specialist will guide your beneficiaries through the entire claims process—handling the details and answering their questions.
Your beneficiary should reach out
Phone: 1-866-999-7457
Email: servicing@policyme.com
A personal guide
A Claims Specialist will be assigned to the case, walking them through each step and answering every question.
Decisions
The insurer commits to a decision within 7 business days of receiving all required documents.
Secure delivery
Once approved, the death benefit is delivered by courier directly to your beneficiaries.
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: https://securiancanada.ca/ AMF Client Number: 2000829775 AMF Website: https://lautorite.qc.ca/en/general-public |
Distributor: | PolicyMe Corp. 207 Queens Quay W, Suite 400, Toronto, ON M5J 1A7 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
Term life insurance is a temporary life insurance product that offers a single lump-sum payout in the event of the policyholder’s death prior to the end of a specific term. In plain English, term life insurance is an affordable way to make sure that your loved ones will receive financial assistance that meets their real-world needs if you die while your chosen policy is active. It’s different from other types of life insurance, such as whole or universal life insurance, in that it only covers a specific period of years rather than the policyholder’s entire life.
We will not contest this policy after it has been in force for 2 years from the effective date (or reinstatement date), except for:
- Fraud
- Ineligibility due to misstatement of age or gender
- Non-payment of premiums
After the 2-year period, the policy cannot be voided for innocent errors or omissions made in the application.
For most Canadians with major financial obligations, like children or mortgage debt, term life insurance is worth the minor expense. While most term life policies don’t end up paying out, the low cost of this type of life insurance means your loved ones will be covered against serious financial hardship during the most vulnerable period of your lives — without adding to the household’s financial burdens.
Term life insurance covers your beneficiaries’ financial needs in the event of your death during the policy term. There’s no universal standard payout for term life insurance — in order to make sure that all of your loved one’s needs are covered, you’ll need to calculate the expenses they would need to cover and the income they would lose if you passed away.
Permanent life insurance covers the policyholder’s entire life with a payout to beneficiaries regardless of when they die. This type of life insurance often includes a cash value or investment component that builds value during the life of the policy. Term life insurance only offers coverage and potential payouts if the policyholder dies during the selected term, and there’s no cash value component. For most Canadians, term life insurance is a better fit for real-world needs.
No, there’s no cash value or investment component to a term life insurance policy. While that may seem like a disadvantage if you’re trying to maximize your investments, the reality is that life insurance isn’t a great investment tool. By opting for a term life insurance policy with low premiums rather than a permanent plan with a cash value component, you’ll free up your finances to invest the difference in cost elsewhere with a better return on your investment.
Yes, you can cancel term life insurance. With PolicyMe, there’s no fee or penalty if you choose to cancel your policy.
At the end of your term life policy, you may have the option to renew your coverage or convert a term policy to a permanent life insurance policy. If you don’t choose either of these options, or if they’re not available, your coverage will end.
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!
