Why I’m Cancelling My Life Insurance (And Why You Should Too)

Why I'm Cancelling my Life Insurance (and why you should too)

As a new mama, I’m always thinking about Poppy’s future, what that looks like and how I can keep her safe. Poppy’s safety is something I think about on a daily basis, but what about her future and what if something were to happen to Q and I? With that being said, I knew that life insurance was something I needed for my family, but my prior experiences getting life insurance have always been confusing and negative.

Let me tell you why I’m cancelling my life insurance…

The reason why I wanted to talk about life insurance on my blog is because I got sucked in to getting life insurance that I didn’t want when I bought my house. It was a part of the bank’s must- haves for me in order to qualify for my mortgage. Of course I wanted life insurance, but not being able to choose my coverage or have a simple yes or no choice was a deterrent. So it left me with a bad taste in my mouth and made me feel trapped.

Why I'm Cancelling my Life Insurance (and why you should too)

After the lengthy health questions over the phone, which were full of medical jargon that I didn’t understand, I was told I’d know if I qualified in a few weeks. About 3 or 4 weeks later I got a letter in the mail that said I am eligible for life insurance and my coverage was $xxx,xxx, based on my current health and age. It stated the monthly cost that would be automatically withdrawn with my mortgage, and provided a number to call if I had that if I had any questions. That’s it.

I didn’t have any understanding on what my life insurance covered. Literally nothing. I had questions, of course. But I knew I’d never call to find out, I didn’t want to waste time sitting on hold. It was something I’d pay for until I could cancel it. I was told after 6 months I could cancel it but before then I was basically stuck paying for something that I did want, but not on the bank’s terms – I wanted life insurance on my own terms.

*Enter PolicyMe*

PolicyMe has changed the way that life insurance is done, and guys, it’s honestly about time and it’s so refreshing. Instead of going the traditional way to get Life insurance (over the phone, which is an exhausting and long process), PolicyMe is an online only life insurance company that allows parents to buy term life insurance in minutes at the most affordable price.

The funny thing is, I thought the over- the- phone process was totally normal for getting life insurance. I figured all life insurers would have the same long and confusing process. But once I found out about PolicyMe and learned it was an instant quote done 100% online, I knew that I could finally find life insurance on my own terms. The PolicyMe website also explained to me the differences of various types of life insurances. I’ve included the blurb below because this was so eye- opening for me! What I’m trying to say with my story is that, even though I wanted life insurance to protect my family, my prior experiences left me feeling optionless and made me question whether it was for me. That is, until I found out that PolicyMe was changing the way life insurance is done!

Parents are purchasing four costly and, often unnecessary, life insurance products rather than more affordable term life insurance, including:

●Mortgage Life Insurance: A quarter of Canadian parents (25%) with children under the age of 18 have mortgage life insurance. This product is protection for banks and creditors, not for parents.

●Permanent Life Insurance (including “universal” or “whole life”):22%of parents with children under 18 have bought the very expensive, complicated and often unnecessary permanent life insurance product. Permanent life insurance is 5-15x the cost of term life insurance and unnecessary if you don’t expect to have dependents or debt in the future.

●Life Insurance for Children:23%of parents purchased their children their own life insurance policy, which is yet another unnecessary product. Often, parents buy these policies as a way to put money aside for their children, but a savings account is a better way to save for a child’s financial future.

●Group Life Insurance: 70% of parents with children under the age of 18 have group life insurance, or life insurance as a work benefit through their employer. Life insurance is a great employee benefit to have, however, it is often not sufficient on its own and should be viewed as complementary to a more robust term life insurance policy.


Why I'm Cancelling my Life Insurance (and why you should too)

Okay so should you get life insurance?

Of course this decision is personal and depends on the needs of you and your family. I am not here to convince you guys of anything, but just to provide some education on life insurance and PolicyMe, and to share my experience getting life insurance so you can make the best choice possible for you.

Before you get life insurance I encourage you guys to check out the PolicyMe’s website and to browse around, read the reviews, calculate your coverage and just really get a good understanding on what they do, because I honestly do feel like it’s an essential insurance that can provide your family with financial security in -case of the unexpected. Plus, PolicyMe offers the most affordable rates in Canada!

So why am I cancelling my life insurance? Because I can get a more affordable term life insurance rate with PolicyMe. Simple as that. I can choose my coverage, choose my rate and have it done all online without being confused on what I’m actually getting.

If you’re thinking about cancelling your current life insurance or getting life insurance for the first time then click here to start your quote.


xo Lauren