PolicyMe: Simple, Affordable Life Insurance for Canadians

You probably need life insurance if you have people who are relying on you financially, whether that's a partner, young children, elderly parents or anyone else. You should also consider life insurance if you have large debts like a mortgage or business loan.

The purpose of critical illness insurance is to provide financial protection to an individual in the event that they are diagnosed with a serious condition or illness. Critical illnesses can often require a lot of out-of-pocket expenses that are not covered by public healthcare or employment benefits and can often require you to take time away from work without pay.
The lump sum payment you get from critical illness insurance can help offset these expenses and provide additional financial security during this difficult time.

The cost of health and dental insurance in Canada can vary significantly based on factors like the level of coverage, your age, health status, and whether you're purchasing individual or family coverage. On average, individual plans can range from $50 to $150 per month, while family plans may cost between $100 and $300 per month.
The costs can be higher for more comprehensive plans that cover additional services like vision care, prescription drugs, and extended health services. It’s important to compare different plans and consider your healthcare needs to find a policy that balances cost and coverage.

In Canada, health insurance provided by an employer typically expires shortly after your employment ends, often at the end of the month in which you leave the job. Some employers may offer a grace period, but this is not guaranteed. It’s important to check the terms of your specific plan to understand when your coverage will end.

Illnesses typically covered by critical illness insurance in Canada include heart attack, cancer, paralysis, stroke, organ transplants, Alzheimer's, kidney failure and multiple sclerosis.

Canadian insurers have different definitions of what a critical illness is, but it is essentially a life-threatening illness. Some insurers will only cover serious illnesses like heart attack, while others will also cover early-stage diseases such as early-stage breast cancer.

In Canada, PolicyMe recently introduced the most complete critical illness insurance that covers 44 conditions: full coverage for 27 conditions and partial coverage for 17 conditions.