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A life insurance beneficiary is a person that receives a death benefit in the event of the policyholder’s passing.

You can name more than one person as a beneficiary for your life insurance policy, like your partner or kids.

The Financial Consumer Agency of Canada explains, “You can name your spouse, another family member, friend or charitable organization as a beneficiary.

[...] If you [name multiple people], your insurance company will divide the death benefit among them. You may assign different proportions of your life insurance benefits to each beneficiary.”

To decide who you should name as your beneficiary(ies) to receive the death benefit, ask yourself if the person would be able to support themselves without you.

There are a few different types of life insurance in Canada to know about. As a quick summary, here’s a breakdown of the top four most common policy types:

• Term life insurance: Term life insurance provides coverage for a specific period. Terms are available from 1 to 40 years. Renew, convert, or let the policy expire if you outlive the term.
• Whole life insurance: Whole life insurance is a type of life insurance policy that provides coverage for your entire life, as long as you continue to pay the premiums. Whole life insurance policies are much more expensive than term, but they may be a good option for some, such as high-net-worth individuals.
• Universal life insurance: Universal life insurance is a type of permanent life insurance that provides both life insurance protection and a savings component. Universal tends to be more complex than other life insurance products and needs continual monitoring.
• No medical life insurance: No medical life insurance, also known as guaranteed or simplified issue life insurance, is a type of life insurance policy that doesn't require a medical exam or health questions to be answered. No medical policies are a popular option for those with health issues or have been declined for traditional life insurance policies.

The best age for you to get life insurance depends on your individual circumstances and financial goals. While there isn't a one-size-fits-all answer, it's generally recommended to consider purchasing life insurance when you have dependents or big financial responsibilities. For example, most of our customers decide to get covered after having kids or buying a house.

Getting life insurance at a younger age can be advantageous because you’ll lock in lower premiums. This is important because premiums tend to go up as you get older. By buying a policy early, you can ensure financial protection for your loved ones while potentially saving money in the long run.

Life insurance works for couples in a similar way as it does for individuals. But depending on the type of life insurance the couple gets, the payout will work slightly differently. Joint first-to-die life insurance will payout upon the passing of the first person on the policy and joint last-to-die insurance will payout upon the passing of the last person on the policy.

Another alternative: some life insurance companies offer discounts for couples applying together – but aren’t a “traditional” joint policy. PolicyMe offers a couple’s discount of 10% on the first year of premiums for couples that apply for life insurance together, but they each will have their own individual policy with their own payout.

This money can help cover various expenses, like final expenses, debts/loans, mortgage payments, and everyday living costs.

If you need to change or cancel your life insurance application after applying online, contact the insurer or their customer service team immediately. Depending on the status of your application, you can make changes or cancel the policy altogether. If you have already been approved and you signed the life insurance policy, you will need to contact the insurer to know what their policy is for cancelling or changing coverage. And be aware that there may be penalties or fees at this point.

Yes, you will typically need to provide medical information when you apply online for life insurance. Insurers use this information to determine your risk level and set your premiums accordingly. You may need to answer a series of health-related questions, provide medical records or do a medical exam, unless you opt for no medical life insurance. Be honest and accurate when providing medical information, as this will avoid any issues with future claims for the death benefit.

If you need to change or cancel your life insurance application after applying online, contact the insurer or their customer service team immediately. Depending on the status of your application, you can make changes or cancel the policy altogether. If you have already been approved and you signed the life insurance policy, you will need to contact the insurer to know what their policy is for cancelling or changing coverage. And be aware that there may be penalties or fees at this point.

Temporary or provisional insurance isn’t usually included when you apply online for life insurance. Some insurers may offer temporary coverage during the underwriting (risk assessment) process, but this temporary coverage is usually limited and may not be available for all types of policies. PolicyMe does not offer temporary insurance for its term life insurance product.

There are three main things that factor into how your life insurance quote is calculated, broadly speaking. Here’s a quick look:

1. Your basic personal information: life insurance quotes will start by using your age, gender, and smoking status.
2. Your health, occupation, and lifestyle: risky jobs, hobbies, and health issues may increase your life insurance rates.
3. Your policy choice: the type of coverage you choose will impact the cost of the policy (i.e. the coverage amounts, term or whole, etc.)

You'll need a few key pieces of information to get a life insurance quote in Canada. First, you'll want to know the type and amount of coverage you're looking for. This helps determine the cost and options available to you.

Next, you'll need to provide some personal details, such as your age, gender, and whether or not you smoke. And insurers may also ask about your medical history and any pre-existing conditions.

Finally, be prepared to answer questions about your lifestyle and occupation. Remember, the more accurate and detailed information you provide, the more accurate your life insurance quote will be.

You'll need a few key pieces of information to get a life insurancThere are two main types of life insurance: term and permanent. Term life insurance provides coverage for a specific period, usually 10-30 years, and is generally more affordable. Permanent life insurance, like whole or universal life, offers lifelong coverage and can sometimes include a cash value component. Each type has its benefits, so it's important to choose one that aligns with your needs and budget.

With PolicyMe, you get a fully underwritten policy with the protection your loved ones deserve, but at a more budget-friendly price. The end result? PolicyMe offers some of the most affordable term life insurance policies in Canada.

Generally speaking, if you miss a life insurance premium payment, most insurance companies offer a grace period during which you can make the payment without losing coverage (usually 30 days). But caution: if you fail to pay within the grace period, your policy may lapse, and you would lose the protection it provides.

Before betting on making a payment or not, make sure to check your policy’s specification first. Because your loved ones may be left without coverage.

The factors that affect your life insurance rates most commonly include:

• The policy type and coverage amount you’re getting quoted for, and the length of your term life insurance coverage. Permanent life insurance tends to cost (a lot) more than term.
• Your age, because the older you are, the more likely that the life insurance provider will need to pay out a death benefit.
• Your gender, as women tend to be in better health than men and will then have lower premium payments.
• Your health history, along with your family history is used to assess the likelihood that you get a serious illness while covered. This is sometimes through a simple medical questionnaire or with a medical exam.
• Your lifestyle and smoking status are also used to determine if you are a high-risk applicant and the probability of something life-threatening occurring. You can expect these questions to be in your life insurance application.

This is generally how life insurance companies calculate the chance they'll have to pay out a death benefit, which informs the cost of your life insurance premiums.

The benefits of buying life insurance online include convenience and affordability. This is because online applications and digital underwriting processes allow for faster policy approvals and issue without needing in-person meetings. Shopping online also lets Canadians compare quotes from multiple insurers, making it simple to find the best coverage for their life insurance needs and budget, whether you go with an online broker or digital provider like PolicyMe.

To give you a quote for your life insurance premiums, life insurance companies will ask you for some personal information like your age, gender and smoking status. This information establishes a base rate, and then your premiums might increase based on your medical history.

They use this information to calculate the potential risk of insuring you.

You should also keep in mind things like your desired life insurance policy type, how much coverage you want and policy length, so you can decide during the application process. This is put together with your personal information to give you a quote on your monthly premiums.

Online life insurance rates are calculated by life insurance providers on the likelihood that they'll pay out the claim. Life insurance companies each have a different way of calculating this rate, but the goal is to assess the risk in covering the applicant.

In essence, the life insurance company will predict future claims, using your application information (like your age, gender, smoking status, family medical history, etc.) to make an educated guess on whether a death benefit would be paid out.

To get life insurance quotes online, visit the website of various insurance companies to explore the options available to you in Canada. When you have chosen a life insurance product that fits your needs, you'll likely be asked to provide personal information such as your current age and lifestyle habits.

Once the insurer has compiled your information and calculated potential premiums, they will give you a quote. PolicyMe uses technology to streamline this process, so you can get an online quote in just a few clicks – without any commitment or credit card.

With a few prices in hand, you’ll have what you need to find the best life insurance quote and policy for your needs. You can then start the application process online.

PolicyMe is the administrator for insurance products which are underwritten by Canadian Premier Life Insurance Company – an A-rated insurance company by AM Best. Securian Canada is the brand name used by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company to do business in Canada.

The great news is that because we've automated operations, cut out the middleman and reduced underwriting requirements (like medical exams), we're able to pass along the savings to you, while still delivering the same quality of coverage.

You absolutely can buy life insurance online in Canada. And it is indeed safe to do so, as long as you do your research. For example, PolicyMe is one of Canada’s leading online life insurance solutions. Our policies are backed by Securian Canada and are federally regulated. PolicyMe can also approve Canadian citizens and residents, and those with work permits or student visas, so more people can take advantage of the convenience of buying life insurance online.

Taking the process online also makes premiums more affordable by cutting out unnecessary steps and administrative costs.

PolicyMe has some of the best term life insurance rates in Canada in comparison to other traditional term life insurance providers.

How is PolicyMe able to provide some of the most affordable premiums in the country?

Our term life insurance policies are fully underwritten with the same quality protection that your family deserves, but at a lower monthly premium. Using technology for good, we’ve cut out unnecessary costs in the process of getting coverage and pass those savings back to our customers.

Securian Canada is PolicyMe's trusted partner, and the insurer of your policy. PolicyMe is the administrator and your main point of contact that will manage all aspects of your policy going forward. Upon the instance of a claim, PolicyMe will directly work with Securian Canada – from making the insurance claim to getting the payout.

Canadian Premier Life Insurance Company has a Financial Strength rating of A (Excellent) from A.M. Best. Securian Canada is the brand name used by Canadian Premier Life Insurance Company to do business in Canada. Policies are underwritten by Canadian Premier Life Insurance Company. Canadian Premier Life Insurance Company is federally regulated, and they are the ones who pay out the claim.

PolicyMe only sells our own term life insurance (and critical illness) products. We’re not a broker, meaning we don’t give quotes for or sell other companies’ life insurance. We’ve used our proprietary technology to deliver a straightforward quotes and application process and prices that are 5-10% cheaper than comparable policies.