PolicyMe Term Life Insurance review

Term lengths and the lifetime option

PolicyMe is a digital insurance brand, and its term policies are issued by Canadian Premier Life Insurance Company, operating as Securian Canada, according to its product pages. The product summary uses a slightly different version of the insurer’s name, so check your policy documents for the exact legal entity. You can choose a term of 10, 15, 20, 25 or 30 years.

The policy details page also lists a Term-to-100 lifetime option, with premiums payable until your 100th birthday. The product summary lists only the 10 to 30-year terms, so confirm the lifetime option is offered when you apply.

Coverage amounts and who can apply

The policy details page and product summary give a coverage range of $50,000 to $5,000,000. If you’re under 51, the minimum is $100,000; at 51 and over you can start at $50,000. PolicyMe’s main term life page lists $100,000 as the starting point, so expect the lower minimum only if you’re 51 or older.

You must be a Canadian resident between 18 and 75. PolicyMe doesn’t list age limits by term length, so check which terms are offered at your age when you get a quote.

No medical exam for most applicants

PolicyMe says there is no medical exam for most people. Instead you answer health and lifestyle questions, and the application goes through a health assessment. Most applicants get an instant decision. Some complex cases need extra human review or medical requirements, such as a nurse visit, so allow more time if you have a significant health history.

Renewal, conversion and included coverage

When the term ends, the policy renews automatically every year until age 85 unless you cancel, with no new medical underwriting. Conversion works in two ways, both subject to maximum issue age rules:

• Convert to a longer term, at the same coverage amount and without evidence of insurability, any time before the fifth anniversary of the effective date
• Convert a 10, 15, 20, 25 or 30-year policy to a lifetime policy up to the policy anniversary nearest your 69th birthday (described on the policy details page only)

Riders and how to apply

Every policy includes $10,000 of coverage for each current and future child. We found no critical illness, waiver of premium or return-of-premium riders on PolicyMe’s product pages, and critical illness is sold as a separate product.

The application is fully digital: you get a quote, answer the questions online and, in most cases, receive a decision right away. If you’d rather talk it through, PolicyMe also lets you apply with a licensed advisor. Once your policy is in force, a 30-day trial period runs from the effective date of the original policy.