coronavirus

Candian Life Insurance News

PolicyMe Launches Fully Digital Life Insurance Product

Up To $5 Million in Coverage

New partnership with Canadian Premier Life Insurance Company results in a 100% digital process that’s faster and has the most competitive pricing in Canada

Toronto, ON (Apr. 7, 2020) – PolicyMe, a digital life insurance platform, is pleased to introduce a completely digital way for Canadians to purchase life insurance. In partnership with Canadian Premier Life Insurance Company (“Canadian Premier”), PolicyMe now enables Canadians to purchase up to $5 million in life insurance coverage entirely online — no unnecessary paperwork, phone calls, or in-person visits — with prices more competitive than offerings currently on the market. The fully underwritten digital product also speeds up the process, with the majority of users receiving an approval within 20 minutes, down from an average four- to six-week waiting period.

Canadians can now purchase up to $5 million in life insurance coverage entirely online — no unnecessary paperwork, phone calls, or in-person visits — with prices more competitive than offerings currently on the market. (PolicyMe)

Today’s announcement follows a record year for PolicyMe, which saw over 700 per cent YoY growth as one of Canada’s leading digital life insurance platforms, processing thousands of applications amidst a pandemic that saw a surge in demand for life insurance protection. PolicyMe found almost one quarter (24%) of Canadian adults who did not have life insurance prior to the pandemic reported either purchasing it or considering purchasing it since the onset of COVID-19.

“Now more than ever, consumers are demanding the ability to buy life insurance completely online, and we’re happy to deliver,” says Andrew Ostro, Co-Founder & CEO of PolicyMe. “By slashing distribution costs and using advanced underwriting technology, we’re able to pass savings along to the consumer and speed up the process. It’s a major step forward in terms of making life insurance easier, faster, and more affordable for Canadians protecting their families.”

Life Insurance 2.0: A Better Way for Canadians to Stay Protected

According to PolicyMe, 51 per cent of Canadian policyholders say they would purchase life insurance through an online platform, and that number jumps to 65 per cent for people aged 18-34. Consumers are increasingly ready for a fully digital life insurance product.

PolicyMe’s new digital offering, in partnership with Canadian Premier, is eliminating barriers associated with the traditional way of purchasing life insurance, including in-person meetings with agents, medical exams, physical paperwork, and weeks of wait time. In addition to the peace of mind afforded by a contactless process, the new product means Canadians will also get covered faster and at a lower price. Powered by an algorithmic underwriting engine, PolicyMe is designed to determine risk and give consumers an immediate decision, without having to work with an agent or endure lengthy applications. The majority of users are approved instantly and can buy their policy directly on the platform.

“Canadian Premier is embracing digital solutions to make the customer journey and purchase process an informed, fast and easy one,” explains Suzette Huovinen, CEO of Canadian Premier. “The pandemic has accelerated overdue change in the life insurance industry. Our partnership with PolicyMe expands our footprint in the Canadian market, while protecting our customers and those they care about most.”

Notes

Pricing comparisons are based on a review of publicly available rates. In some cases, additional underwriting and medical exams may be necessary and require additional time. Currently not available in Quebec, New Brunswick and Newfoundland.

About PolicyMe

PolicyMe is a new kind of digital life insurance platform built for the modern consumer who values ease and affordability. PolicyMe makes it easy to get a quote, apply for coverage, and get approved in minutes, not weeks. The fully-underwritten term life insurance policies we offer are stripped of unnecessary bells and whistles, resulting in fewer steps, lower costs, and the same high quality coverage you deserve. PolicyMe is licensed to operate in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, Yukon Territories, Northwest Territories & Nunavut. For more information, visit www.policyme.com.

About Canadian Premier

For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians and their families in the face of uncertainties. Canadian Premier offers individual term and group life, accident & sickness, credit and creditor insurance solutions to a number of leading financial institutions, retailers and affinity groups, insuring over 2 million Canadians and families coast-to-coast. Canadian Premier is a wholly-owned subsidiary of Securian Financial Group. To learn more about Canadian Premier, visit www.canadianpremier.ca.

Source: PolicyMe

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Read the original article at Insurance-Canada.ca

Ontario’s budget highlights pension benefits, ongoing support for employers and employees

Ontario’s budget highlights pension benefits, ongoing support for employers and employees

Read: What do pension benefits guarantee fund changes mean for plan sponsors?

The budget stated while the fund is currently in a strong financial position, the number of plans covered is decreasing as defined benefit plans continue to close. “At the same time, conversions to the jointly-sponsored pension plan model, while providing benefits such as shared governance and efficiencies, also decrease the number of covered plans. The declining number of plans paying into the [pension benefits guarantee fund] further concentrates risk among fewer employers.”

In other news, in light of ongoing economic hardship caused by the coronavirus pandemic, the Ontario government is providing a second round of small-business support payments to eligible recipients in the form of grants ranging between $10,000 and $20,000, while expanding eligibility for these businesses to receive up to $1,000 for the purchase of personal protective equipment. But, unions representing education staffers criticized the budget for not spending on adequate in-school safety measures, noting health impacts on employees during the pandemic including hospitalizations from the virus.

Read: Ontario’s 2020 budget highlights employer health tax, pension reviews

The province is also extending the wage enhancement for more than 147,000 personal-support services workers until June 30, 2021, and will continue to review the extension, the budget stated. It’s also proposing a 20 per cent top‐up to the 2021 tax credit for child-care access and relief from expenses, increasing support from $1,250 to $1,500, on average.

And in response to the pandemic’s uneven economic impact, the province is dedicating $117.3 million in targeted employment and training supports to assist women, racialized individuals, First Nations peoples, youth and people with disabilities.

Meanwhile, NDP Leader Andrea Horwath and CUPE Ontario President Fred Hahn called out the absence of a paid sick-day policy to protect employees as the province faces down a third wave. The federal government currently offers paid sick leave via its Canada Recovery Sickness Benefit program, but critics argue the process of applying and waiting for payments creates unnecessary barriers for employees to navigate during the ongoing coronavirus pandemic. In 2019, the provincial government eliminated a paid two-day entitlement and replaced it with three new unpaid leaves of absence, available to any Ontario employee regardless of the size of employer.

Read: Calls for Ontario to reinstate paid sick leave intensify amid lockdown

Read the full article at BenefitsCanada.com