Bounc3 is a Canadian life insurance broker that offers life, disability, and critical illness insurance for self-employed Canadians. They ensure that all self-employed Canadians have easy and affordable access to insurance, offering high-quality information from licensed brokers and quick access to insurance products.
With Bounc3, you can easily apply for different insurance products and get reasonable rates. In this comprehensive Bounc3 review, you will learn how Bounc3 can connect you to some of the best insurance companies, so you can always stay a step ahead.
What is Bounc3 and How Does It Work?
Bounc3 is an online insurance broker licensed to practice in Ontario, British Columbia, and Alberta. The company uses your personal information to compare and suggest life insurance policies.
Their various partnerships with reputable insurance companies make it easy for Canadians to apply for different insurance products at reasonable and affordable rates.
Since freelancers, self-employed, and business owners are often underinsured, Bounc3 is a great platform for them to get personalised quotes and insurance products quickly without a stressful application process.
Bounc3 was founded by Dr. Olga Morawczynski, a licensed broker with a digital finance doctorate.
RELATED: Best Insurance Companies in Canada.
What Type of Insurance Products Does Bounc3 Offer?
Bounc3 Life Insurance offers four basic types of insurance coverage for self-employed Canadians: there are three different insurance products you can have access to. They are:
1. Term Life Insurance
Bounc3 allows Canadians to buy term life insurance coverage to protect families in the case of premature death. The policy offers coverage for a fixed amount of years or up to a certain age.
RELATED: 9 Best Life Insurance Companies in Canada
2. Critical Illness Insurance
Bounc3 offers critical Illness insurance to protect Canadians in the event of sudden and severe illness. They offer a lump sum benefit in cash in the event of you being diagnosed with a critical/serious illness like a stroke or cancer.
3. Disability Insurance
Bounc3 offers disability insurance coverage to protect you and your income in the case of a disability which prevents you from working and earning an income. A disability insurance policy offers you between 60% to 85% of your normal income if you cannot perform core work functions or earn an income due to an injury or disability.
Related: Disability Insurance for Self-Employed Canadians: The Ultimate Guide
4. Health Spending Account
With the Bounc3 Health Spending Account (HSA), you can save money on taxes and provide health benefits to your workers. It offers a tax-advantaged way to cover medical expenses.
If you own a legal corporation, you can easily apply for the HSA and enjoy the tax advantages while lowering your annual tax bills.
Pros and Cons of Bounc3 Life Insurance
Like every other life insurance provider in Canada, Bounc3 has some good and ugly sides. You should carefully consider all sides before applying for an insurance policy. Here are the benefits and downsides of using Bounc3 as your insurance broker:
Benefits
- You can compare insurance products different companies offer and choose the one that best suits you.
- You can easily get quotes and get your policies delivered to you.
- They have different forms of coverage, including critical illness, disability, and term life insurance.
- Access to the health spending account for your employees.
Downsides
- The number of providers on Bounc3 is limited.
- You need to apply first to get a quote, and prices differ occasionally.
- Not enough options for hard-to-insure people.
- Seniors generally pay higher rates on the platform.
How Much Does Life Insurance Cost on Bounc3?
There are no insurance prices listed on the Bounc3 website. However, Bounc3 uses the following factors to determine how much you will pay:
- The type of insurance you want
- Your age
- Your health history
- History of substance use
- Your weight
- Hobbies and things that keep you occupied
How to Apply for Insurance with Bounc3
To apply for an insurance policy with Bounc3, you can browse the different types of insurance offered and select the one the suits your needs. Once you select the insurance policy, you input your personal information.
Upon submitting your information, Bounc3’s robust algorithm will scour and find plans best suited to your budget and requirements.
Then, you can choose from the listed plans and apply online through the Bounc3 website. When you submit your application, it will be reviewed by licensed insurance experts who will accept or reject your application.
You will receive a copy of your insurance policy if your application is approved. The Bounc3 website is sleek, user-friendly and easy to navigate. Getting your instant preliminary quotes will take about a minute or two. Then you can go online to wrap up the remainder of the application process.
Is Bounc3 Safe and Legit?
Yes, Bounc3 is safe and legit. Bounc3 partners with several insurance companies that have assessed the platform’s credibility and legitimacy before entering partnerships.
The founder, Dr. Olga, has a PhD in Digital finance and is a licensed insurance broker in Ontario. She has worked with the World Bank and the United Nations.
Bounc3 has helped thousands of self-employed Canadians obtain suitable insurance products and can help you find the best for your requirements.
As far as all the information available about them indicates, Bounc3 is legit and trustworthy. So, your information should be safe with them.
How Does Bounc3 Compare To Other Insurance Brokers in Canada?
Several online insurance brokers are offering similar services to Bounc3. Some of the best include PolicyMe and PolicyAdvisor.com.
To help you make an informed decision on which one you can pick that will suit your needs, we’ve put together the table below:
Bounc3 PolicyMe PolicyAdvisor Insurance Types Term life, critical illness, disability Term life Life insurance, Ages of Issue 18 - 70 18 - 75 18 - 85 Medical Exam No No No Province Availability Ontario, Alberta, BC AB, BC, MB, NS, ON, PEI, SK, NL, NB, YT, NT, NU Ontario Selling point Access to health spending account for employees Instant decisions, low rates, and no medical tests required No medical test or doctor's statement needed for some insurers
critical illness,
mortgage protection
disability insurance
Final Thoughts on Bounc3 Review
Bounc3 is a reliable and trustworthy Canadian life insurance broker that offers life, disability, and critical illness insurance products for self-employed Canadians.
With licensed brokers and quick access to insurance products, Bounc3 ensures that all self-employed Canadians have easy and affordable access to insurance.
Bounc3 offers quick, personalised quotes and insurance products, making it a great platform for self-employed individuals to get the right insurance coverage.
While Bounc3 has some limitations, such as limited providers and higher rates for seniors, it remains a great choice for self-employed Canadians seeking affordable insurance coverage. Overall, Bounc3 is a legit and safe platform to help you find the best insurance products for your requirements.
FAQs on Bounc3 Review
Is Getting Approved Guaranteed If I Apply for Life Insurance Through Bounc3?
Not necessarily guaranteed. Several factors determine whether you will qualify, including your age, the type of coverage you want, any preexisting health conditions, substance use, hobbies and occupations, and weight.
So, this Bounc3 review advises you to prepare all relevant information before the application process.
What Can Void an Insurance Plan on Bounc3?
In certain situations, life insurance policies from Bounc3 can be voided. Individuals who die in the act of committing a crime (like drinking while intoxicated) or by suicide will not be covered.
You may also not be covered if you fail to (or falsely) provide certain information about yourself when applying. For example, you should mention your preexisting medical condition or engage in high-risk sporting activities.
