Cover Direct life insurance review 2024
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Discover the methodologyNavigating through the myriad of life insurance options in the Canadian market can be a daunting task. Among the choices available, Cover Direct life insurance emerges as a potential consideration.
Let's delve into what this provider offers in terms of coverage and available plans, and weigh its pros and cons to help you make an informed decision.
You can also use our free comparator to compare Canada's best life insurance plans, get personalized quotes in seconds, and find a plan that truly fits you best.
Cover Direct Life Insurance: 5 Key Takeaways
- Cover Direct is renowned for its swift and uncomplicated application process.
- You can obtain a quote and gain approval for coverage in just 15 minutes.
- Its term life insurance policies are relatively cost-effective.
- Cover Direct's premiums are age-based, increasing each year.
- Helpful customer service to assist applicants and policyholders.
Our 2024 review of Cover Direct life insurance
Cover Direct is known for its quick and easy application process. Applicants can get a quote and be approved for coverage in as little as 15 minutes, without the need for a medical exam.
This makes Cover Direct life insurance a good option for people who need life insurance quickly or who have health conditions that could make it difficult to qualify for coverage from a traditional life insurance company.
Cover Direct's term life insurance policies are also relatively affordable, especially for young and healthy applicants. However, it's important to note that Cover Direct's premiums are age-based, which means they will increase every year. This can make Cover Direct's policies less affordable for older applicants or people with health conditions.
If you want to take a quick look at how Cover Direct fares against other life insurance plans in Canada, you can do it right here using our comparator below. Compare multiple plans and get quick quotes in seconds.
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Pros of Cover Direct life insurance
- Quick and easy application process
- No medical exam required
- Relatively affordable premiums for young and healthy applicants
- Good customer service
Cons of Cover Direct life insurance
- Premiums are age-based and can increase every year
- Limited coverage options
- Not as well-known as some other life insurance companies
- Not available in Quebec yet
What are the types of Cover Direct life insurance?
Cover Direct's Family Life Insurance provides financial support to your loved ones in the event of your unexpected passing. What makes it appealing is that there are no medical examinations or blood tests required for approval; you only need to answer a few health and lifestyle questions.
You can choose from the following types of life insurance plans from Cover Direct:
- Term Life Insurance: It offers coverage for a specified period. If you were to pass away during this period, your family would receive a lump sum payment. Based on your needs, you can choose a suitable term ranging from 10 to 30 years.
- Whole of Life Insurance: Also referred to as permanent life insurance, it provides coverage for the entirety of your life. As long as you maintain your monthly payments, your loved ones will receive a lump sum payout upon your passing. This can provide you with peace of mind, knowing that they will have support when the time comes.
Cover Direct Eligibility
If you are a Canadian citizen between the ages of 18 and 70, you are eligible to apply for life insurance through Cover Direct. The company considers factors such as your overall health and lifestyle, but there is no requirement for medical records or blood tests during the application process.
What does Cover Direct life insurance cover?
As we discussed, Cover Direct provides two types of single policies: age-based and level premium coverage.
- An age-based policy offers comprehensive coverage for the entirety of your life, with monthly premiums that increase annually as outlined in the policy's terms and conditions.
- Alternatively, if you opt for a level premium policy, you can choose a term that suits your needs (between 10 and 30 years, depending on your age), and your monthly premiums will remain constant throughout the term policy's duration.
When you acquire a policy from Cover Direct, you also have the option to add extra coverage as the following:
Critical Illness Insurance
Critical illness insurance offers your family additional protection in case you are diagnosed with a covered critical condition by a medical professional.
- The covered conditions encompass heart attacks, cancer, strokes, and coronary artery bypass grafts.
- With a payout of $50,000, critical illness insurance can provide valuable support to you and your loved ones during a challenging period, especially if you face income loss or medical expenses.
Children’s Coverage
Regrettably, accidents and illnesses can affect individuals at any stage of life, including children. Providing care for a seriously ill child can place a significant burden on any family.
With a Cover Direct policy, you can extend coverage to children under your care between the ages of 1 and 17 at the policy's commencement, and this coverage extends until they reach the age of 21.
You can file a claim if your child passes away within 90 days of an accident or is diagnosed with any of the following injuries:
- Bacterial meningitis resulting in permanent symptoms
- Permanent and irreversible blindness
- Permanent and irreversible deafness
- Encephalitis resulting in permanent symptoms
- Loss of hands or feet (permanent physical severance)
- Total and irreversible paralysis
- Traumatic head injury resulting in permanent symptoms
Good to know
Your policy does not provide coverage for suicide-related deaths until 24 months after the policy's inception. Additionally, the optional children's coverage and critical illness insurance will exclusively cover the specific categories of death, injury, or illness explicitly outlined in the policy's terms and conditions.
How much does Cover Direct life insurance cost?
Cover Direct policies are designed to be straightforward and uncomplicated, making it easier for you to obtain life insurance with confidence. The cost of your Cover Direct Family Life Insurance policy may be influenced by several common factors, including:
- Your age at the time of application
- Your gender
- Your smoking status
- Your selected benefit amount
- Your responses to health, lifestyle, and occupational underwriting questions
With Cover Direct, you enjoy the flexibility to request policy changes at any stage without incurring additional fees.
Cover Direct life insurance premiums start at just $9.66 per month, but the exact amount you'll pay each month depends on various elements we just discussed.
Here are a couple of other things to keep in mind:
- Your age when you initially obtain the policy determines the coverage amount available to you.
- The earlier you apply, the greater the coverage we can offer. Below is a breakdown of the available coverage amounts:
We recommend that you get personalized quotes from other providers to see if Cover Direct is truly the best fit for you. You can use our comparator below to compare plans and get free quotes from Canada's best life insurance plans in seconds.
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How to make a claim for Cover Direct life insurance?
You can initiate this process by emailing Cover Direct at [email protected], or you can contact them via phone or regular mail.
Subsequently, Cover Direct will dispatch the necessary documents to the address we have on file. Here are the next steps:
- Once you've received the documents via mail, fill out and finalize the forms.
- After completing and signing the relevant paperwork, you can return it to us by mail.
- Cover Direct’s mailing address is as follows: Cover Direct Insurance Agency, PO Box 64004, Royal Bank Plaza, Toronto, Ontario, M5J 2T6
Following the aforementioned steps, Cover Direct will manage the remaining procedures. Once your claim is approved, the benefit amount will be disbursed to the legally entitled recipient.
In the event that no beneficiary is designated by the policyholder, the payment will be made to their estate and distributed in accordance with the policyholder's Will or relevant legal provisions. The payment will be transferred via direct deposit.
How to contact Cover Direct life insurance?
Contacting Cover Direct and obtaining life insurance through the company is a straightforward process. To initiate the process:
- You can either obtain a rapid online quote or reach out to their approachable agents at 1-844-990-4254.
- Someone from the team will get in touch with you and assist you in completing your application swiftly, typically in just a few minutes.
What are the best ways to get cheap life insurance?
- Buy life insurance when you're young and healthy: The younger and healthier you are, the lower your premium will be.
- Review your life insurance needs regularly: As your life circumstances change, your life insurance needs may change as well. Be sure to review your coverage regularly to make sure it still meets your needs.
- Keep your beneficiaries up to date: If you get married, divorced, or have children, be sure to update the beneficiary information on your life insurance policy.
Also, shop around and explore different options before buying a life insurance policy. Compare their coverage and cost to get the best deal. You can get quotes from different providers, but that might be time-consuming. Instead, use our comparator to get personalized life insurance quotes in minutes.
