Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (âCanadian Premierâ), this new product covers 44 conditionsâ10-15 more than the average Canadian insurer. This launch follows PolicyMeâs Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMeâs Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness.
âHaving personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be,â says Jeff McKay, Co-Founder & CTO of PolicyMe. âBy offering Critical Illness Insurance, we hope that weâre able to remove the financial stress of a diagnosis so our customers can focus on whatâs most important: their recovery.â
How PolicyMe is building a better Critical Illness Insurance product
Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMeâs research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers.
âFrom our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experienceâcancer, strokes, and heart attacks. But those arenât the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesnât get the financial resources they need, and a lower chance that someone thinks theyâre insured for something when they really arenât,â states Andrew Ostro, Co-Founder & CEO of PolicyMe.
How PolicyMe is bringing more critical illness coverage to Canadians
PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions).
- Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability.
- Keeping with PolicyMeâs simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application.
âWe wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs,â said Ostro. âBy removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage.â
Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders.
âWeâve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity,â says Ostro. âOver the next 12 months, weâll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so.â
For more information about PolicyMe, visit policyme.com.
All data and comparables are based on publicly available rates and benchmarks.
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