Looking for a Bounc3 review? Do you ever worry about how your children or dependents will get by when you are no longer around to provide for them?
Like you, many also have the same questions. This is where insurance brokers like Bounc3 come into the picture.
With Bounc3, you can easily apply for different insurance products at rates that are reasonable. If you are also interested in disability or serious illness insurance, you can get coverage.
Sure, the future and all the uncertainties in it can make one truly anxious, but insurance can offer you a chance to be proactive against whatever unpleasant card life may deal you with in the future.
In this comprehensive Bounc3 review, you will learn all about how Bounc3 can connect you to some of the best insurance companies out there, 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.
Through their various partnerships with reputable insurance companies, they make it easy for Canadians to apply for different insurance products at rates that are reasonable and affordable.
Since freelancers and owners of businesses are so often underinsured, Bounc3 is a great platform for them to get personalized quotes and insurance products quickly without a stressful application process.
Dr. Olga Morawczynski is the founder of Bounc3. She is a licensed broker who has a doctorate in digital finance.
In this Bounc3 review, we will tell you about Bounc3’s application process, benefits, downsides, legitimacy, and other important information you should know about the platform.
You can read also this article to be in the know about the best insurance companies in Canada.
Insurance Products on Bounc3
On Bounc3, there are three different insurance products you can have access to. They are:
- Life insurance
- Disability insurance
- Critical illness insurance
In addition to these, you can apply for the Health Spending Account (HSA) on Bounc3. Now, let’s discuss the insurance products outlined above:
1. Life Insurance
A life insurance policy is simply a contract you enter with an insurance company where they are bound to pay your beneficiary a certain lump sum in the event of your death.
In order for them to hold up their end of the bargain when you pass away, premiums have to be paid to the insurer by you.
The are broadly two types of life insurance policies you are likely to get out there: term life insurance and permanent life insurance.
Life insurance payout assists your family get by in the event of your untimely demise. If you have robust insurance coverage, the insurance payout may even cover your mortgage and the tuition for the kids as well.
Generally, term life insurance premiums are usually cheaper when compared to permanent life insurance, and the premiums are paid for the duration of your insurance coverage (for example, 10, 20, 30 years, and so on).
In addition, you get flexibility with term life insurance because you may switch your policy to permanent life insurance if you later wish to.
Related: Best Life Insurance for Seniors in Canada in 2022
2. Critical Illness Insurance
Critical Illness insurance offers a lump sum benefit in cash in the event of you being diagnosed with a critical/serious illness like a stroke or cancer.
In addition to the fact that it is tax-free, you can use the money for what you wish you.
This kind of coverage is particularly important if you are a self-employed individual. This is because it helps you get by and pay for the essentials when you are ill and you cannot work.
It also assists in paying medical bills that do not have coverage by private or provincial health plans.
Related: Travel Medical Insurance: Top 5 Travel Insurance Plans in Canada
3. Disability Insurance
A disability insurance policy is an income protection/income replacement policy that offers you between 60% to 85% of your normal income if you cannot perform core work functions or earn income as a result of an injury or disability.
There are two major types of disability insurance coverage: short-term and long-term disability insurance.
Disability insurance provides coverage for a broader list of injuries and illnesses and also provides continuous financial for a longer period of time as opposed to critical illness insurance which provides only a lumpsum payment when you have a terminal illness.
In addition to that, some disability insurance coverage may assist you with job re-training support.
If you are self-employed, it is recommended that you buy some disability insurance coverage for you and the key persons in your business.
Related: Disability Insurance for Self-Employed Canadians: The Ultimate Guide
4. Health Spending Account
Do you have a registered corporation or a sole proprietorship with at least one employee? Then you could be eligible to set up a health spending account (also known by the acronym HSA).
HSAs are often used to offer benefits to workers. They are also used to pay medical expenses that are not already covered by a provincial or private healthcare plan.
Bounc3 Pros and Cons
The following are the benefits and downsides of using Bounc3 as your insurance broker:
Benefits
- You can compare insurance products offered by different companies 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.
- To get a quote, you need to apply first and prices differ from time to time.
- Not enough options for hard-to-insure people.
- Seniors generally pay higher rates on the platform.
How Much Does Life Insurance Cost on Bounc3?
On the Bounc3 website, the exact prices are not listed. However, the following factors can 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
This Bounc3 review will gladly walk you through how you can successfully apply on the platform.
First off, pick the type of coverage you want on the dropdown menu, then fill in your personal details. You have to indicate the amount and coverage term, of course.
It will take you about a minute or two to get your instant preliminary quotes, 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.
As far as all the information available about them indicates, Bounc3 is legit and trustworthy. So, your information should be safe with them.
Bounc3 Compared to Other Insurance Brokers
There are other online insurance brokers out there that offer similar services to Bounc3. Some of the best include PolicyMe review 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 |
Conclusion of Bounc3 Review
For small-scale business owners or people who get paid off gigs like freelancers, we understand how underinsured people can be.
This is why signing up for a platform like Bounc3 that can give you options for different insurance products is important.
It does not take long to get quotes as you are guaranteed to have your quotes in a minute or two. You can also speak to a licensed advisor if you feel the need to.
All you have to do is meet the eligibility requirements, correctly and honestly fill in your details when you sign up, and watch them wave their magic wand.
Don’t let life’s uncertainties get the best of you. Be proactive and get the services of an insurance broker that can connect you to some of the best insurance products out there.
This Bounc3 review is definitely positive and unreservedly recommends Bounc3.
FAQs on Bounc3 Review
Is Getting Approved Guaranteed If I Apply for Life Insurance Through Bounc3?
Not necessarily guaranteed. Factors that determine whether you will qualify include your age, the type of coverage you want, the presence of any preexisting health conditions, substance use, hobbies and occupations, and weight.
So, this Bounc3 review advises you to have all your relevant information ready 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 that you have a preexisting medical condition or you engage in high-risk sporting activities.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
