Life insurance · Canada
Coverage, terms, sample prices and who each policy suits, from Blue Cross Life and PolicyMe.
Best for families
Term life from a name most Canadians know, with $10,000 of free coverage for each child and 10% off the first year for couples.
Continues on bluecross.ca
Most flexible
Term life you can apply for up to age 75, with smaller amounts available and a 30-day full refund.
Continues on policyme.com
If you got sick
A tax-free lump sum if you're diagnosed with a covered illness like cancer, a heart attack or a stroke, to cover bills while you recover.
Continues on policyme.com
| Blue Cross Life term life | PolicyMe term life | PolicyMe critical illness | |
|---|---|---|---|
| Pays out if | You die during the term | You die during the term | You're diagnosed with a covered illness |
| Coverage | $100K to $5M | $50K to $5M | $10K to $1M |
| Terms | 10 to 30 years | 10 to 30 years | 10 to 30 years |
| Sample price* | ~$21/mo | ~$21/mo | Quote online |
| Extras | $10K free per child | Apply up to age 75 | Partial payout, early stage |
* Each company's published example: $500,000 for 20 years, non-smoking woman aged 30. Your price depends on age, health, amount and term.
A common starting point for term life is enough to replace your income until your youngest is independent, plus the mortgage. Pick a term that ends around when you'd no longer need it: when the kids leave home or the mortgage is paid.
Blue Cross Life and PolicyMe are sold through the same online platform (PolicyMe distributes Blue Cross Life's policies), so the application feels similar. The difference is the insurer and the extras: Blue Cross's free child coverage, PolicyMe's wider age range.
Usually not. You answer health questions online and most people get a decision right away; sometimes the insurer asks for more.
PolicyMe gives 30 days to cancel for a full refund. Check Blue Cross Life's policy for its terms.
They are each company's published examples ($500,000, 20 years, non-smoker). Your price depends on your age, health, amount and term.